- caatoosee announces results for the first six months
- Revenues increased by 32 percent year on year

Leonberg, November 27, 2002

In the first six months of the fiscal year 2002/2003, the caatoosee Group augmented its sales revenues, while at the same time achieving a slight above-par performance in terms of operating income. Despite the prevailing economic malaise, revenues rose by 32 percent over the period from April to September 2002, taking the overall figure for this period to EUR 27.5 million (1st half 2001/02: EUR 20.9 million). The percentage of license-related revenues in relation to total sales rose to 24 percent in the period under review (1st half 2001/02: eight percent). As was the case in the first three months of the fiscal year, caatoosee once again was able to post slightly above-par earnings before interest and taxes (EBIT) in the amount of EUR 0.2 million for the first half of the fiscal year (1st half 2001/02: loss before interest and taxes of EUR 17 million). Based on the increase in its licensing activities, the gross margin on sales improved by 20 percent to 32 percent overall compared with the same period a year ago. Due to losses in connection with financial income, the Group posted a consolidated net loss of EUR 1.7 million (1st half 2001/02: net loss of EUR 18.9 million). As of September 30, 2002, caatoosee had 753 employees (1st half 2001/02: 764 employees).

Gross income amounted to EUR 8.8 million in the first six months of the current fiscal year (1st half 2001/02: EUR 2.6 million). This corresponds to an increase of 238 percent. Selling expenses totaled EUR 2.9 million (1st half 2001/02: EUR 3.0 million), which equates to eleven percent of sales. General and administrative expenses amounted to EUR 4.0 million in the period under review. This figure represents 15 percent of sales, an improvement on the previous year's performance (1st half 2001/02: 23 percent). An amount of EUR 2.3 million was invested in product development (1st half 2001/02: EUR 2.7 million), corresponding to eight percent of sales..

The net loss of EUR 1.7 million for the period (1st half 2001/02: net loss of EUR 18.9 million) includes financial losses in the amount of EUR 1.6 million. Based on a total number of shares of around 17.3 million, the loss per share for the first six months of the current fiscal year stood at EUR 0.1 (1st half 2001/02: loss per share of EUR 1.1). The equity ratio as of September 30, 2002, was 62 percent. Thus, caatoosee continues to have a comparatively solid equity base.

"The caatoosee Group has succeeded in increasing its sales by 48 percent from the first to the second quarter of the current fiscal year, taking overall sales to EUR 16.4 million. As was the case in the first quarter, our EBIT is slightly above par. This performance reflects the upward trend and forward momentum currently witnessed at caatoosee," said CEO Guido Alt in response to the results announced by the company. "Operating against the backdrop of rather tentative growth, we have managed to generate revenue growth that more than compensates for the discontinuance of activities within the fields of Content Management and E-Commerce Platforms." Alt continued: "We are firmly committed to continuing our incisive consolidation schedule initiated in the previous fiscal year."

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