Ad-hoc | 26 March 2003 07:17

Init AG english

init is again expecting a stronger growth for 2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– init is again expecting a stronger growth for 2003 init innovation in traffic systems AG has closed the very difficult 2002 financial year more positively than had most recently been expected. According to the final figures (US-GAAP) from the audited annual report, the sales targets, which were revised in November 2002, were reached and the planned value for the operating result (EBIT) was even exceeded by 33 percent. In the past financial year, the service provider for integrated telematics and payment systems for busses and railways realised, with Euro 31.5 million, 1.3 % more than the previous year (Euro 31.1 million). Business development was thus determined by two opposing tendencies. On the one hand, init was able to achieve spectacularly large orders in Europe and in the USA; on the other hand, there was an increasing delay in invitations to tender and in order placements during the second half of 2002 due to the cyclical downturn in Germany. Under these circumstances, the sales figures in Germany decreased to Euro 17.4 million (2001: Euro 23.8 million), while international sales nearly doubled to Euro 14.1 million (2001: Euro 7.4 million). Sales reached by the North American subsidiary INIT Inc. almost tripled to Euro 8.9 million (2001: Euro 3,2 million). The operating result (EBIT), at Euro 2.0 million, was much better than had been recently expected in the face of the cyclical situation; however, it lagged behind the results from the year before (Euro 4.1 million). The annual net income was Euro 1.4 million (2001: Euro 2.0 million) accordingly. The net earnings per share were reduced to Euro 0.14 (2001: Euro 0.26). The EBIT margin fell from 13.2 (2001) to 6.3 percent. Based on the backlog of orders (with Euro 32.4 million at 42 percent above that of the year before)and the continued strong foreign business, the company, listed in the Prime Standard segment of the Deutsche Börse (German Stock Exchange), is expecting a sales increase of 20 percent and a clear improvement of the result for the current year. For more information please contact Mr. Bernd Gorenflo, phone +49 / 721 / 6100358 or mail ir@initag.de end of ad-hoc-announcement (c)DGAP 26.03.2003 ——————————————————————————– WKN: 575980; ISIN: DE0005759807; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 260717 Mär 03