caatoosee announces figures for the first half of 2008

(PresseBox) ( Leonberg, )
The IT specialist caatoosee generated revenue of EUR 9.0 million in the first half of 2008, following EUR 9.4 million in the previous year. The net income/loss item was impacted by high non-recurring expenditures of EUR 1.6 million gross and at a loss of EUR 1.8 million was clearly below the previous year's profit of EUR 0.4 million.

The positive business performance of the first three months of the 2008 financial year did not carry through to the second quarter. Thus the first half-year did not proceed overall as we expected either: As a result of lower business volume in the IT subdivision of the Teraport subsidiary, revenue decreased significantly during the second quarter from EUR 4.7 million in the previous year to EUR 4.1 million. In addition to this reduction in revenue, earnings performance was impacted by non-recurring extraordinary expenditures during the second quarter and thus also the first half of the year, which negatively impacted the operating result by EUR 1.6 million. The non-recurring expenditure comprises settlement payments to a former member of the Management Board and other employees of EUR 1.0 million, write-downs charged on loans and advances of EUR 0.4 million and provisions of EUR 0.2 million for sales tax back payments. Due diligence audits in connection with acquisitions, increased sales efforts and a significant expansion of sales capacities gave rise to further costs.

During the second quarter of 2008, caatoosee generated EBIT of EUR -2.3 million (previous year: EUR 0.3 million). After six months, EBIT amounts to EUR -2.0 million, following EUR 0.6 million. Net loss for the second quarter of 2008 amounted to EUR 2.2 million following net income of EUR 0.2 million in the previous year and after six months amounted to EUR 1.8 million following net income of EUR -0.4 million. Earnings per share were EUR -0.09 (previous year: EUR 0.01) in the second quarter and EUR -0.08 (previous year: EUR 0.02) after six months. As at 30 June 2008, the equity ratio of caatoosee was 72.6%, following 78.1% as at 31 December 2007. On both reporting dates, total cash and securities amounted to EUR 11.8 million.

These increased sales efforts are already bearing fruit - in the core business of IT Outsourcing and Services and in the IT Engineering business unit, caatoosee has already built up its presence thanks to targeted marketing and communications activities. Contributing to this result were, first and foremost, the recognition by Initiative Mittelstand of Teraport Compact Center (TCC), the compact and mobile data centre, as 'Innovation Product 2008', and the great success of the Teraport modular IT system, which was recognised with an award at the most recent entrepreneurs' forum in Stuttgart last year. Particularly the Teraport Infrastruktur Plattform Paket (TIPP), included in the IT modular architecture, is generating much response. In TIPP, caatoosee offers small to medium-sized enterprises comprehensive, fully scalable and standardisable outsourcing solutions, as well as optional add-ons. The intention is to draw on the market interest this has prompted to generate positive effects during the second half of the year.

The continued implementation of caatoosee's organic growth strategy, which is aimed in several different directions, will call for investments in staffing, development of qualifications, the service portfolio, marketing and sales above all. The 2008 financial year thus lays the foundation for the further development of Teraport and the organic revenue growth. However, the margin may well tangibly narrow temporarily as a result of these investments. In light of the non-recurring effects of the first half-year, caatoosee thus anticipates an overall net loss for 2008 as a whole.

The Management Board caatoosee ag, which is listed in the Prime Standard (German Securities Code Number: A0EPUK; ISIN: DE 000A0EPUK5) and headquartered in Leonberg near Stuttgart, operates in the fields of IT outsourcing and services. Management Board: Stefan Ahrens (CFO) and Michael Grünschloß (COO). Supervisory Board: Reimund Blessing (Chairman), Hans Ulrich Dörr, Dirk Alt, Rolf Huber, Günther Paul Löw and Jan Tenné.
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