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caatoosee reports figures for first nine months of 2008

(PresseBox) (Leonberg, ) In the first nine months of 2008, the IT specialist caatoosee again generated revenue of EUR 13.9 million. The net operating result was dominated by high non-recurring costs of EUR 2.2 million and, at EUR 2.2 million, was therefore down significantly on the previous year's earnings of EUR 0.6 million. Excluding these one-off effects, however, operating administrative costs were down significantly, both during the reporting quarter and over the nine-month period.

The unsatisfactory trend of the second quarter of 2008 continued in the third quarter. A key factor contributing to this was the business volume in the IT division of the Teraport subsidiary, which was up on the previous year yet failed to meet expectations. In addition, one-off effects had a negative impact in the third quarter and the first nine months, resulting in negative EBIT and negative consolidated net income for the period.

Revenue at Group level increased in the third quarter to EUR 4.9 million after EUR 4.5 million in the previous year. At EUR 13.9 million, revenue for the nine-month period remained at the level of the previous year. The operating result for the first nine months was reduced by non-recurring expenses of EUR 2.2 million. This is mainly attributable to severance payments to members of the Management Board whose employment contracts were terminated prematurely and to other employees amounting to EUR 1.6 million. Additionally, allowances for accounts receivable of EUR 0.4 million and provisions of EUR 0.2 million for risks related to external tax audits were recognised. Excluding these one-off effects, operating administrative costs were down significantly, both during the reporting quarter and over the nine-month period. Also, there were still costs from the first half of the 2008 financial year in connection with due diligence audits for acquisitions, increased sales efforts and a significant expansion of sales capacities.

In the third quarter of 2008, caatoosee generated EBIT of EUR 0.3 million (previous year: EUR 0.2 million). EBIT after nine months was EUR 2.3 million (previous year: EUR 0.8 million). The net income amounted to EUR -0.3 million for the third quarter of 2008 (previous year: EUR 0.2 million) and to EUR 2.2 million after the first nine months (previous year: EUR 0.6 million). Earnings per share amounted to EUR 0.01 in the third quarter (previous year: EUR 0.01) and EUR 0.09 after nine months (previous year: EUR 0.03). caatoosee's equity ratio as of 30 September 2008 was 75.6% after 78.1% as of 31 December 2007. The total cash and cash equivalents and securities amounted to EUR 9.9 million as of the balance sheet date after EUR 11.8 million as of the end of the 2007 financial year.

In order to improve the development of revenue and earnings, sales efforts were further intensified. caatoosee has had an excellent response to this. A new client has already been gained for the recently launched Teraport Infrastructure Platform Package (TIPP). In TIPP, SMEs are offered a comprehensive, fully scalable and standardisable outsourcing solutions as well as optional add-ons. Further positive effects from previous and ongoing sales efforts are also anticipated for the last quarter of the 2008 financial year. In 2008, the foundation is thus being laid for ongoing development and future revenue growth at Teraport.

However, this has already required investments in staff, training, the service portfolio and marketing and sales. These investments will also continue in the fourth quarter of 2008. For this reason, the earnings margin is likely to temporarily narrow significantly. Including the above one-off effects, a negative result overall is forecast for 2008 as a whole.

Furthermore, on 25 September 2008, caatoosee ag applied to withdraw the listing of shares/certificates representing shares from the section of the regulated market with extended listing obligations (Prime Standard) at the Frankfurt Stock Exchange. The application was approved by the Frankfurt Stock Exchange on 30 September 2008. The withdrawal is effective as of 30 December 2008. Listing on the regulated market (General Standard) remains unaffected.

On the basis of the resolutions of the Annual General Meeting on 26 August 2008 the amendment of the Articles of Incorporation to reduce the number of members in the Supervisory Board from six to three has been entered in the Commercial Register. Since this change, the Supervisory Board of caatoosee ag has consisted of four members. For this reason, Mr Rolf Huber and Mr Jan Tenné, both judicially appointed members of the Supervisory Board, stepped down on entry of the amendment of the Articles of Incorporation. The Management Board would like to thank Mr Rolf Huber and Mr Jan Tenné on behalf of the Company for their commitment to and support for the Company.

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