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Graphisoft's Releases Q4 2001 Preliminary Results

Fourth quarter and year-end revenues fall below 2000 figures, while new Facility Management business revenues increase substantially

Budapest, February 14, 2002 - Graphisoft today announced preliminary revenues of €8.21M and €29.4M for the fourth quarter and year-end. Revenues from Graphisoft's new computer-aided facility management (CAFM) product, ArchiFM® tripled for the year. Year 2001 revenues are still dominated by ARCHICAD®; its continuing profitability was however, unable to offset the costs of new investments.

Through strict cost cutting and control measures implemented in 2001, the company was able to reach its targets in keeping the increase in operational expenses (net of depreciation) below 10% for the year. It was achieved despite the strong appreciation of the Hungarian Forint, and increased R&D costs. This coupled with lower sales, foreign exchange loss, and a consolidated income tax resulted in a net loss of €4.1M including the €3.1M impairment charge reported in Q3.

While the share of new product lines within software revenues has not changed from 2000 to 2001, the individual product lines have shown significant differences. The facility management business as a whole grew by over 20%, including a threefold sales increase of ArchiFM, from €153 thousand to €455 thousand. Revenues of GDL however, which in 2000 reported strong sales figures due to contracts with at that time, booming Internet companies, dropped by €904 thousand in 2001, leading the Company to redirect its market strategy towards manufacturers.

"With all the new products established on the market for more than a year, we have received valuable market feedback for adjusting the direction of strategic implementation," said Gábor Bojár, CEO and Chairman of Graphisoft. "The goal for year 2002 is to streamline, stabilize and implement the necessary structural, organizational and cultural changes in order to prepare the company for a new growth path and return to stable profitability in the more consolidated IT industry environment."

KEY FIGURES*

3 months ended December 31

% change

12 months ended December 31

% change

2001

2000

2001

2000

Revenues

8,210

9,201

-10.8%

29,390

31,914

-7.9%

Gross profit

7,020

7,985

-12.1%

25,192

27,004

-6.7%

Operating expenses, excluding impairment charge

7,523

6,794

10.7%

25,668

22,950

11.8%

Impairment charge

(45)

0

-

3,090

0

-

Operating income

(458)

1,191

-138.5%

(3,566)

4,054

-188.0%

EBITDA**

169

1,710

-90.1%

2,077

5,974

-65.2%

Net income

(1,042)

483

-315.7%

(4,068)

4,298

-194.6%

Net income per share (EUR /share)

(0.10)

0.05

-323,1%

(0.40)

0.41

-198.6%

* All amounts in thousands of EUR, earnings per share in EUR. Unaudited.
**EBITDA: Earnings Before Income Taxes, Depreciation, Amortization and impairment charge

Telephone conference:
Graphisoft management will hold a telephone conference regarding this statement at 2pm CET, February 14, 2002 for its investors and analysts. To participate, please call: +49 69 27110400.

The complete report can be downloaded here.