USU Software AG / Quarter Results/Share Buyback
29.05.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Möglingen (Germany), May 29, 2008. - In the first quarter of 2008, USU
Software AG recorded strong performance in the Service Business division
while the Product Business division, which tends to be more volatile, was
initially muted. Overall, USUs Group sales amounted to EUR 7,349 thousand
(Q1 2007: EUR 7,576 thousand). The USU Groups earnings before interest,
taxes, depreciation and amortization (EBITDA) amounted to EUR 280 thousand
in the period under review (Q1 2007: EUR 613 thousand), its earnings before
interest and taxes (EBIT) totaled EUR -14 thousand (Q1 2007: EUR 320
thousand) and the net profit for the quarter reached EUR 44 thousand (Q1
2007: EUR 436 thousand), which corresponds to earnings per share of EUR
0.00 (Q1 2007: EUR 0.04).
The Group liquidity of USU Software AG saw extremely positive changes. In
line with this, cash and cash equivalents rose to EUR 10,985 thousand as of
March 31, 2008 from EUR 9,921 thousand as of December 31, 2007. Equity saw
a slight increase to EUR 46,545 thousand (December 31, 2007: EUR 46,479
thousand) compared with the reporting date December 31, 2007 which was
mainly due to the generated net profit for the quarter. With total assets
of EUR 54,925 thousand (December 31, 2007: EUR 53,269 thousand), the equity
ratio totaled 84.7% on March 31, 2008 (December 31, 2007: 87.3%).
Following the muted start to fiscal year 2008, the Management Board of USU
Software AG expects licenses revenues to increase in the second quarter of
2008 based on the positive feedback of numerous interested parties.
Maintenance and consultancy-related orders on hand grew at the same time,
totaling EUR 13,394 thousand (Q1 2007: EUR 10,093 thousand) as of March 31,
2008 and thus up EUR 3,301 thousand or 32.7% year-on-year. In the
historically stronger second half of the year, the international partner
business is expected to contribute to expansion of the Product Business
division chiefly in high-margin licensing and maintenance income in
addition to the domestic business. Overall, the Management Board of USU
Software AG confirms its target of above-average sales growth for the
relevant market segments for the year as a whole and 2009, as well as an
above-average rise in EBITDA.
Furthermore, the Management Board of USU Software AG has decided, with the
approval of the Supervisory Board on May 29, 2008 based on the sound
capital resources available and changes in liquidity, to acquire up to
2.52% of the Companys share capital, i.e. up to 260,000 shares of the
Company, in the period from May 29, 2008 to January 11, 2009 via the
electronic marketplace of the Frankfurt Stock Exchange (XETRA). At the
current share price, this corresponds to a total of around EUR 1 million.
This share buyback is based on the authorization granted by the Annual
General Meeting of USU Software AG on July 12, 2007 to acquire own shares
in accordance with Article 71 (1) No. 8 of the Aktiengesetz (AktG German
Stock Corporation Act). Shares bought back in this way are to be used to
reduce the share capital.
Landesbank Baden-Württemberg (LBBW) has been commissioned to carry out the
buybacks, complying with the trading conditions stipulated under Article 5
of European Commission Regulation (EC) No. 2273/2003 of December 22, 2003.
In accordance with the provisions of Article 5 (3) of this Regulation, more
than 25% may be acquired per day but no more than 50% of the average daily
transaction volume of USU shares. The average daily transaction volume must
be derived from the average daily trading volume on the 20 trading days
prior to the purchase date. LBBW will decide on when to acquire the Company
shares independently, without influence and not bound by instructions
insofar as the legal guidelines and requirements of USU Software AG
regarding volume and validity of the orders are complied with. The payment
in exchange for acquisition of the share may neither exceed the average
closing price of the Companys shares in electronic trading on the
Frankfurt Stock Exchange during the ten trading days preceding the
acquisition by 10% nor may it fall below this price by 10%.
If the authorization to acquire own shares in accordance with Article 71
(1) No. 8 of the AktG dated July 12, 2007 is replaced at the next Annual
General Meeting on June 19, 2008 by a new authorization, the share buyback
program will also be able to continue after January 11, 2009.
USU Software AG will regularly publish information on the progress of the
share buyback program on the Companys homepage at www.usu-software.de.
Contact:
USU Software AG
Investor Relations
Falk Sorge
Tel.: +49 (0) 71 41 - 48 67 351
Fax: +49 (0) 71 41 - 48 67 108
E-mail: f.sorge@usu-software.de
USU Software AG
Corporate Communications
Dr. Thomas Gerick
Tel.: +49 (0) 71 41 - 48 67 440
Fax: +49 (0) 71 41 - 48 67 909
E-mail: t.gerick@usu-software.de
DGAP 29.05.2008
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Language: English
Issuer: USU Software AG
Spitalhof
71696 Möglingen
Deutschland
Phone: +49 (0)7141 4867-0
Fax: +49 (0)7141 4867-108
E-mail: investor@usu-software.de
Internet: www.usu-software.de
ISIN: DE000A0BVU28, DE000A0LR4U4, DE000A0LR7V2
WKN: A0BVU2, A0LR4U,A0LR7V
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, München, Hamburg, Düsseldorf
End of News DGAP News-Service
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DGAP-Adhoc: USU Software AG: USU publishes figures for Q1 2008 and announces Management Board resolution to buy back own shares
| Source: EQS Group AG