Ad-hoc | 13 May 2003 07:59

Pandatel AG english

Pandatel responds to structural change – first quarter not satisfactory Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Pandatel AG, based in Hamburg, Germany, saw a quiet Q1 2003, booking sales of EUR 3.8m, as against EUR 7.1m in the year-before period. Owing to low demand, the Company reported a pre-tax loss as at March 31, 2003 of EUR 2.0m, compared with EBT of EUR 1.1m one year earlier. This amounts to a loss of EUR 1.3m, whereas Q1 2002 closed with a profit of EUR 0.4m. The main reasons for the unsatisfactory business performance: postponed investments by network operators, a weak US dollar, and the restructuring necessary at Pandatel. Nevertheless, the cash outflow from ongoing operating activities improved from EUR 4.0m in the year-before quarter to only EUR 0.7m in Q1 2003. Investing activities generated a very high cash inflow of EUR 2.4m as compared with a net outflow of EUR 0.3m in the same period one year earlier. As at March 31, 2003, Pandatel’s freely available cash and cash equivalents ran at just under EUR 26.5m, which translates into liquidity (incl. securities available for sale) of EUR 4.01 per share – which was quoted at EUR 2.50 on the same date. Pandatel is swiftly implementing its three-prong strategy announced in March 2003. The core elements are a more qualified, proactive sales approach, R&D outsourcing, and strategic acquisitions. The goals: to develop and manufacture new products more swiftly and cost-effectively while also kindling new demand among technology users. The Company has also responded to the faltering propensity among clients to invest and the increasing pressure they have brought to bear on prices: Pandatel is consistently exploiting cost-cutting potential. For example, sales activities in the United States are to be bundled at the base in Miami, closing the office in New Jersey. The swift implementation of these measures demonstrates that Pandatel is well able to act fast, consistently and successfully in difficult situations. For further information please contact: Pandatel AG – Investor Relations Dietlinde Bamberger Fasanenweg 25 – 22145 Hamburg Germany Tel.: +49-40-64414-244 Fax: +49-40-64414-108 E-mail: ir@pandatel.com end of ad-hoc-announcement (c)DGAP 13.05.2003 ——————————————————————————– WKN: 691630; ISIN: DE0006916307; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 130759 Mai 03