Ad-hoc | 9 November 2009 08:32
Intershop Communications AG / Quarter Results
09.11.2009
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
- Revenues of EUR 20.6 million at prior-year level
- Gross margin up from 37% to 43%
- Earnings impacted by impairment loss for Quelle
- EBIT and net result negative
- Payment of Quelle after quarterly statement leads to positive impact on
Q4 earnings
Jena, November 9, 2009 - Intershop Communications AG (ISIN: DE000A0EPUH1),
a provider of integrated e-commerce solutions, today announced its results
for the first nine months of 2009.
The company generated net revenues of EUR 20.6 million in the reporting
period, 1% below the comparable prior-year figure (EUR 20.8 million).
Despite the general reluctance to invest due to the economic crisis,
Intershop chalked up major customer contracts and offset lost revenue from
Quelle, a key client. At the same time, revenue quality improved - which is
clearly reflected in the increase in the gross margin from 37% to 43%.
On the earnings side, Intershop's figures were impacted by the insolvency
of the Quelle Group and the announcement of the discontinuation of Quelle
Deutschland's business operations. Impairment losses on receivables from
the mail order specialist totaled EUR 824 thousand in the reporting period,
of which EUR 268 thousand had already been charged in the second quarter.
After closing of the quarterly statements a part of these receivables were
paid by Quelle, which results in positive earnings of EUR 400 thousand in
the fourth quarter.
Earnings before interest, tax, depreciation, and amortization (EBITDA) fell
from EUR 1.8 million in the previous year to EUR 584 thousand in the first
nine months of 2009. The previous year's operating profit (EBIT) of EUR 1.5
million dropped to an operating loss of EUR 628 thousand; the company
recorded a net loss of EUR 469 thousand following a net profit of EUR 1.1
million in the prior-year period. In addition to Quelle, negative earnings
development was affected by higher software amortization and advance costs
for The Bakery, the subsidiary acquired in 2009.
Cash and cash equivalents amounted to EUR 5.3 million at the end of the
reporting period, compared with EUR 7.9 million in the previous year.
Equity declined slightly from EUR 16.3 million at the end of 2008 to EUR
16.1 million at the end of September 2009. The equity ratio remains
extremely sound at 65%.
The Management Board has adjusted its full-year 2009 forecast and expects
revenues to be at the previous year's level. For 2010, Intershop expects an
increase in revenues and a clearly positive result.
Investor Relations:
Stephan Leschke
T: +49-3641-50-1371
F: +49-3641-50-1309
ir@intershop.com
09.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Intershop Communications AG
Intershop Tower
07740 Jena
Deutschland
Phone: +49 (0)3641-50-0
Fax: +49 (0)3641-50-1002
E-mail: ir@intershop.de
Internet: www.intershop.de
ISIN: DE000A0EPUH1, DE000A0C4ZE3
WKN: A0EPUH, A0C4ZE
Indices: CDAX, PRIMEALL, TECHALLSHARE
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
---------------------------------------------------------------------------