Ad-hoc | 14 May 2003 07:50

Init AG english

init AG exceeds anticipated sales clearly and improves operating results greatly Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– init AG exceeds anticipated sales clearly and improves operating results greatly Karlsruhe, 14 May 2003. Sales of init innovation in traffic systems AG increased by 36.4 per cent, reporting around 5.5 million Euro as against the same quarter of the previous year (4.0 million Euro), thus clearly exceeding the planned target for the first quarter of 2003. Compared with the previous year, init has managed to record a clear improvement in its earnings before interest and tax (EBIT) by around 23.5 per cent to -0.9 million Euro (1st quarter of 2002: -1.2 million Euro). As against the previous year, the quarterly deficit even fell by 26.4 per cent to -0.5 million Euro (end of March 2002: -0.7 million Euro). Accordingly, the net earnings per share rose to -0.05 Euro (1st quarter of 2002: -0.07 Euro). In the main, the reason for this is the shift of sales of the 2002 financial year to the 2003 financial year due to the change in the emphasis of orders from fare management systems on the domestic market to control systems within the scope of international contracts with clearly longer project periods. Thus, from business with North America, init gained 60.0 per cent to record 1.3 million Euro (1st quarter of 2002: 0.8 million Euro). In Europe, sales rose by 42.6 per cent to 1.5 million Euro (1st quarter of 2002: 1.0 million Euro). Sales in Germany also increased by 24.9 per cent to 2.7 million Euro (1st quarter of 2002: 2.2 million Euro). The level of orders on hand at init more or less remained at a high at around 30.6 million Euro (end of March 2002: 31.5 million Euro). Meanwhile the current level of orders on hand reached around 49.0 million Euro caused by several large orders. In principle, of the total sales revenue, still only 10 per cent is achieved in the first quarter, while still being burdened with 25 per cent of the accruing annual fixed costs. Due to the longer project periods of the large scale projects init expects for the 2003 financial year an unchanged increase in sales by around 20 per cent to 38.0 million Euro and a clear improvement in the operating result (EBIT 2002: 2.0 million Euro). For more information please contact Mr. Bernhard Schmidt, phone +49 / 721 / 6100398 or mail ir@initag.de. end of ad-hoc-announcement (c)DGAP 14.05.2003 ——————————————————————————– WKN: 575980; ISIN: DE0005759807; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 140750 Mai 03