Corporate | 19 May 2004 09:03

SHS announces results for Q1 2004: Restructuring measures prove effective

Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– SHS announces results for Q1 2004: Restructuring measures prove effective Munich, May 19, 2004. SHS Informationssysteme AG, Munich, today announced that it achieved an output of EUR 6.8 million in the first quarter of 2004. Despite the lower output compared to the same period of last year (EUR 7.9 million), the Group managed to record a balanced EBITDA (Q1/2003: EUR 0.2 million). This shows that the Group today has a healthy cost structure after having initiated aggressive restructuring measures in 2003. For SHS AG, the focus in the first three months of fiscal year 2004 clearly was on reducing the company’s debt. Once all measures have been carried out, the company’s liabilities to banks will almost be cut in half. SHS will then once again be on a solid financial footing and have a good foundation for future growth. Due to the restrained investments in IT systems on the side of customers, SHS AG was not able to increase its output in the first three months of the year. However, order backlog developed positively: as of March 31, 2004, the SHS Group had secured projects with a total volume of EUR 5.75 million. Today, SHS is able to react flexibly to market conditions. Compared to the same period of last year, the company managed to reduce personnel expenses and other administrative expenses by a further EUR 0.7 million. SHA AG currently has 460 employees, down 13% from last year. SHS AG will launch a marketing offensive for its GUARDEAN credit risk and customer value solution in the second quarter. In late March, the company completed the first stage of integrating GUARDEAN at a major US financial group and won several follow-up contracts. Dirk Roesing, chief executive officer of SHS AG, comments: “A key task in the next month will be to put our restructured Spanish subsidiary SHS Polar back on track for future growth.” Further information: SHS Informationssysteme AG Wolfgang Brand Tel.: +49/89/74 72 57-20 Fax: +49/89/74 72 57-10 E-mail: wolfgang.brand@shs.de end of message, (c)DGAP 19.05.2004 ——————————————————————————– WKN: 507240; ISIN: DE0005072409; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 190903 Mai 04