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Press release BoxID: 166227 (caatoosee ag)
  • caatoosee ag
  • Riedwiesenstr. 1
  • 71229 Leonberg
  • http://www.caatoosee.com
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caatoosee presents its business figures for 2007

(PresseBox) (Leonberg, ) The Leonberg-based IT service provider today presented its 2007 Annual Report. Overall, caatoosee enjoyed sound business performance - particularly its subsidiary and operating unit Teraport GmbH. With a balanced result, consolidated net income developed positively in comparison to the previous year. The positive trend in the course of business documents the success of the increased sales activities and reinforces caatoosee s profile as a service provider in IT outsourcing and services.

During the financial year ended 31 December 2007, caatoosee generated revenue of EUR 18.4 million, down from EUR 19.6 million in the previous year. The positive performance of caatoosee was also reflected in the improved gross profit margin to 24.1% compared with the previous year s figure of 23.7%. Gross profit amounted to EUR 4.4 million, down from EUR 4.6 million in the previous year.

Earnings before interest and taxes (EBIT) from continued business operations fell from just under EUR 1.1 million in the previous year to EUR 0.2 million as a result of increased selling expenses and the rise in administrative expenses due to examination of potential acquisitions as part of the continued strategic development. The subsidiary Teraport generated EBIT of EUR 2.8 million, down from EUR 3.4 million in the previous year. The pre-tax earnings from continued business operations decreased from EUR 1.2 million to EUR 0.3 million. Net earnings from continued business operations decreased from EUR 1.2 million to EUR 0.3 million.

In financial year 2007, catoosee parted with its US subsidiary OuterBounds Technologies, Inc., concluding its strategy of focusing on high-margin parts of the Company. The company ceased operation in the first half of 2007 and its earnings contributions are presented as discontinued business operations.

Earnings from discontinued business operations amounted to EUR -0.3 million and were primarily due to the effect of deconsolidating OuterBounds. Furthermore, the earnings contributions posted in the course of the year until then were adjusted, resulting in overall balanced consolidated net income of EUR 0.002 million and earnings per share of EUR 0.00 (with an average of 24,098,988 shares as of the reporting date 31 December 2007). Last year's consolidated net income added up to EUR - 7,8 million with earnings per share of EUR - 0.32, in which both the Sigma Group and OuterBounds were still included in the earnings from discontinued business activities.

Total assets as of the reporting date amounted to EUR 20.8 million, falling from EUR 21.8 million. Cash and cash equivalents rose to EUR 11.8 million, up on the previous year s figure of EUR 11.3 million. The Group s equity ratio improved as of the 2007 reporting date to 78.0% from 74.0% in the previous year.

caatoosee will also be pursuing the implementation of acquisitions of IT companies in the consulting and services sector during the 2008 financial year. In so doing, the focus will be on the Company s earnings situation. One-off costs will also arise in the 2008 financial year for additional growth and the further strategic development of caatoosee.

The Supervisory Board saw the following changes in members at the start of 2008: Jürgen Gießmann resigned from his position on the Supervisory Board in January 2008. Rolf Huber and Jan Tenné were appointed as members of the Supervisory Board at the beginning of 2008 by court order.

caatoosee ag

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: Guido Alt (CEO), Stefan Ahrens (CFO), Michael Grünschloß (COO). Supervisory Board: Reimund Blessing (Chairman), Hans Ulrich Dörr, Dirk Alt, Rolf Huber, Günther Paul Löw and Jan Tenné.