Revenues for Fiscal Year 2008/2009: -8%

+11% for Second Half

(PresseBox) ( St.Cloud, France and Vienna, VA, )
Systar (ISIN : FR0000052854 - SAR), a leading provider of performance management software, today announced its revenues for fiscal year 2008/2009 ending June 30, 2009.

Consolidated revenues for the 4th quarter 2008/2009 (April to June 2009) amount to 6.6 M€, up 48% compared to the same period of the previous fiscal year, due to the closing of a license over 500K€ in North America and to a favorable base of comparison.

During the second half, which traditionally has more significance than a quarter, revenues grew 11% compared to the same period of last fiscal year, and increased sequentially 31% compared to the immediately preceding half; license sales increased 140% sequentially. This evolution underscores both the intensity of the impact of the economic crisis on sales at the end of 2008 and the relative improvement witnessed in the past few months, partly linked to a "catch-up" effect.

Consolidated revenues for fiscal year 2008/2009 declined 8% to 17.9 M€. License sales declined 32%. Accompanying services (training, consulting, and implementation assistance) were up 13%, while recurring maintenance grew 11%. The continued growth of services and maintenance in this difficult environment highlights their defensive nature and the strength of the installed base of Systar's solutions.

During the fiscal year, 35% of consolidated revenues came from licenses and 65% from revenues with high predictability (26% from accompanying services and 39% from recurring maintenance), while traditionally the split was closer to 50%. This trend demonstrates that customers, particularly in the banking sector, tend to reduce their new investments but to continue existing projects in periods of crisis. Licenses coming from partners represented 21% of license sales.

In geographic terms, 53% of fiscal year revenues came from France, 26% from Europe out of France and 21% from North America. Revenues declined markedly in North America (-23%), whereas Europe showed better resistance (-13% in EMEA out of France, and +2% in France).

On June 30, 2009, cash stood at 4.9M€. Financial debts were 3.2M€, including a 4 year 3M€ loan repayable in eight 375k€ installments starting in September 2009. Net cash is positive at +1.7M€, in progress compared to December 2008 where it stood at +0.9M€ and slightly lower than the level of June 2008 where it stood at +2.2M€.


- Even though license sales were slower in the current challenging economic conditions, customers continue to deploy Systar solutions because they address strategic needs: operational risks control, performance optimization, cost reduction and quality of service improvement. However, visibility remains lower than normal for license sales, in particular concerning their closing dates.
- Service and maintenance contracts provide Systar with a large proportion of revenues with high predictability, which are less impacted by investment restrictions. These service and maintenance revenues should increase in line with the growing adoption of the solutions.
- Systar continues to give priority to its profit margin improvement program launched end of 2008; its first effects could be felt during the second half of the fiscal year, but its full impact will materialize in 2009/2010. The program is mainly focused on reducing general expenses and improving sales effectiveness.
- As the need for performance management software is being confirmed even during periods of investments restrictions, Systar will continue the necessary investments in marketing and in R&D, (i) to enhance its technological lead over competitors, (ii) to make Systar's solutions ever more powerful and easy to use, (iii) to launch additional targeted solutions to address new needs.
- With positive net cash, substantial equity, financing in place and a high ratio of regularly growing recurring revenues, Systar benefits from a solid financial base.

2008/2009 Income will be released on September 24th 2009
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