Ad-hoc | 13 November 2003 06:56

Init AG english

Earnings growing stronger than sales Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Karlsruhe, November 13, 2003. At the end of the first nine months of the year, init innovation in traffic systems AG continues to be on course for a successful conclusion of the 2003 financial year. According to the final figures of the nine-monthly report (US-GAAP), the supplier of complete telematics and fare management systems for buses and trains had generated a sales revenue of 18.5 million Euro by the end of September, corresponding to a slight increase compared with the previous year (18.2 million Euro). The earnings before interest and taxes (EBIT) as at the end of September could be increased by 33.6% to around -0.5 million Euro (2002: -0.8 million Euro). As against the previous year, the consolidated earnings of the company improved by around 20% as against the previous year, to -0.3 million Euro (2002: -0.4 million Euro). As a result, the earnings per share rose to -0.03 Euro (2002: -0.04 Euro). In the third quarter, the company experienced an unexpected lull in sales growth as against the excellent first six months of the year. Due to the pronounced decline in investments on the part of the local public transport companies in Germany, the sales revenue in the period from July to September fell behind the result of the previous year (9.5 million Euro), recording 6.2 million Euro. However, over the whole nine-month period, this could be made up by the strong growth in Europe and overseas. Thus, init gained a good 52% in foreign business, reporting 9.7 million Euro (2002: 6.3 million Euro). Sales on the domestic market in Germany, however, decreased by 25% to 8.8 million Euro as against the previous year (11.8 million Euro), occasioned by the poor third quarter. With a backlog of orders of 47.8 million Euro – corresponding to around one and a half times the 2002 annual sales result and an increase by more than 10 million Euro as against the previous year (37.4 million Euro) – init is well set for further growth in the coming months. Due to the characteristics of the project business, 50% of init sales are not, as a rule, entered up until the last quarter. For further details please contact Mr. Bernhard Schmidt, phone +49 / 721 / 6100 398 or Mail ir@initag.de. end of ad-hoc-announcement (c)DGAP 13.11.2003 ——————————————————————————– WKN: 575980; ISIN: DE0005759807; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 130656 Nov 03