Ad-hoc-Announcement

Quarter Results

BRAIN FORCE HOLDING AG:

Ad hoc announcement transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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BRAIN FORCE reports significant revenue and earnings improvement in Q1/2008

The performance of BRAIN FORCE Holding AG in the first quarter 2008
represents a further important step towards a turnaround. The company
posted revenues of EUR 25.33 million, an increase of 8% year-on-year
despite the restructuring measures initiated in the fall of 2007 (Q1 2007:
EUR 23.56 million). Group EBITDA (operating result before depreciation and
amortisation) rose to EUR 1.62 million, up more than 300% from the previous
year’s level of EUR 0.40 million. BRAIN FORCE converted the negative EBIT
of EUR –0.69 million in the previous year to a positive EBIT of EUR 0.61
million in the first quarter of 2008. As a result, the EBIT margin rose 5
percentage points, improving from -3% to over +2%. Profit after tax
amounted to EUR 159,129, up from EUR –1.17 million in Q1 2007. This
corresponds to earnings per share of EUR 0.01 (previous year: EUR –0.08).

From a regional perspective, it is important to note the considerable
improvement in the profitability of BRAIN FORCE in Germany, the core market
of the Group. German revenues totalled EUR 11.77 million in the first
quarter 2008 (up +6% year-on-year; 46% of Group sales), whereas revenues of
the Region Central and Eastern Europe, including Austria, amounted to EUR
3.66 million (+23%), or 14% of Group sales. However, the profitability of
this region was negatively impacted by the weak performance of SolveDirect,
acquired by BRAIN FORCE in 2007, whose earnings were significantly below
expectations. The Region South West Europe (including Italy) developed as
planned, posting EUR 6.99 million in revenues (-4% year-on-year due to the
give-up of low-margin areas), contributing 28% of the Group total. The
development of the Region North Europe was also very favourable, with
revenues climbing by 29%, to EUR 2.92 million, or a 12% share of group
sales.

'The new strategy focusing on profitable business areas is beginning to
bear fruit, and we are on the right track to demonstrate the success of our
turnaround efforts in the current financial year. This has been
demonstrated by our performance in the first quarter 2008', says Günter
Pridt, Chief Executive Officer of BRAIN FORCE Holding AG, in commenting on
the results presented today.

BRAIN FORCE continues to have a sound balance sheet structure as at March
31, 2008. Total equity amounted to EUR 26.43 million, virtually unchanged
compared to the end of 2007. Net debt was EUR 7.34 million, which
represents a gearing (proportion of net debt to equity) of only 28%.

Thomas Melzer, Chief Financial Officer of BRAIN FORCE since April 2008,
agrees with the assessment of his fellow board member. 'Earnings
development and the current balance sheet are a solid basis upon which to
grow the company. Employees and management know their targets. Everyone is
pulling in the same direction to improve the profitability of the company
on a lasting basis'.

For the year 2008 as a whole, the Managing Board continues to expect
revenues in excess of EUR 100 million, as well as an EBIT of EUR 2 to 3
million. 'From today’s perspective, these goals seem to be quite realistic,
and I am confident we will achieve them. However, I would like to point out
that we will have to carry out a series of further optimisation measures at
SolveDirect in order to sustainably ensure the ambitious medium-term
business planning. Otherwise we run the risk that we will have to implement
extraordinary write-offs for this subsidiary due to the high acquisition
costs and the resulting balance sheet values'.

The detailed quarterly report is now available at
http://www.brainforce.com/en/investor-relations.htm where you can also find
information on tomorrow’s Annual General Meeting of BRAIN FORCE Holding AG.



Contact:
BRAIN FORCE HOLDING AG 
Thomas Melzer
IZD Tower / 34.OG
Wagramer Straße 19
A-1220 Wien
t  +43 (0)1 263 09 09 - 12
f  +43 (0)1 263 09 09 - 40
investorrelations@brainforce.com


(c)DGAP 27.05.2008 
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Language:     English
Issuer:       BRAIN FORCE HOLDING AG
              Wagramer Straße 19
              A-1220 Wien
              Österreich
Phone:        +43 (1) 2630909-0
Fax:          +43 (1) 2630909-40
E-mail:       postoffice@brainforce.com
Internet:     www.brainforce.com
ISIN:         AT0000820659
WKN:          919331
Listed:       Foreign Exchange(s) Wien
 
End of News                                     DGAP News-Service
 
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