Graphisoft Announces Q3 2002 Results
Revenues for quarter and year-to-date fall below 2001 figures; restructuring of the Company continues
Budapest, November 14, 2002 - Graphisoft®, a leading provider of design and building information management solutions, announced today revenues of 4.4 million EUR and 17.7 million for the 3- and 9-month periods ended September 30, 2002. These figures are below those of 2001 by 33.2% and 16.6%, respectively. Delayed launch of the latest version of Graphisoft's flagship product, ARCHICAD®, and continuing softness in Graphisoft's major markets resulted in lower than expected Q3 revenues.
"We extended the testing period for the latest release of ARCHICAD®," stated Ray Small, CEO of Graphisoft. "This has pushed some first license and upgrade revenues that were expected in Q3 into Q4 and early 2003, but will help regenerate revenue growth in the coming period."
ARCHICAD®8 International (UK) and German versions started shipping on November 7, 2002 and the US version will ship on the 15th. The effect on revenue growth is expected to continue through the first half of 2003 as localized versions are released to their respective markets throughout Q4 this year and Q1 of 2003.
The continuing softness in demand in some of Graphisoft's major markets and delayed investments due to the recession in Germany's building industry have also had a significant impact on Q3 results.
The decrease in license revenues from the company's main product, ARCHICAD®, and its related products (EUR -4.2M) were partly offset by significant growth in other product areas, such as facility management and GDL. In addition, Graphisoft realized more revenues through the provision of professional services, such as consulting.
Restructuring of the Company is proceeding. Operating expenses (17.3M EUR) were in line with the budget and 4.9% less than the same 9-month period in 2001. The changes instituted in the second half of 2002 are expected to have significant impact on operating results in 2003.
|Key figures*||3 months ended
|change||9 months ended
|2002||2001||% 02/01||2002||2001||% 02/01|
|Operating expenses, before impairment charge||5,961||6,27||(4.9)||17,263||18,145||(4.9)|
|Earnings per share||(0.19)||(0.31)||n.a.||(0.27)||(0.30)||n.a.|
*All amounts are in thousand EURO, except net loss per share
** EBITDA: Earnings Before Income Taxes, Depreciation, Amortization and impairment charge
*** n.a.: the exact calculation is ambiguous
Graphisoft management will hold a telephone conference regarding this statement at 2 p.m. CET, November 14, 2002 for its investors and analysts. To participate, please call: +49 69 27-11-0400
The complete report can be found at: www.graphisoft.com.