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Graphisoft Releases Q4 2002 Preliminary Results

Encouraging Strong Fourth Quarter to Close a Challenging Year

Budapest, February 13, 2003 - Graphisoft® announced today preliminary fourth quarter revenues of €8.55M, and full-year revenues of €26.2M. Revenues from the early November release of ARCHICAD®8 favorably influenced the last quarter's performance, especially in North America. Revenues from ArchiFM® generated by Graphisoft's facility management software division showed consistent strong growth throughout the year.

As a result of strong initial sales of the new ARCHICAD® release, as well as accelerated cost control measures, the Company met or exceeded the guidance given during the third quarter of last year. Revenue growth of 4.1%, coupled with a 12.3% decrease in operating expenses delivered an operating profit of €886 thousand, which reversed a fourth-quarter operating loss of €458 thousand in 2001. Similarly, net income for the quarter was €124 thousand, compared to the loss of €1,042 thousand in the respective period of 2001.

Although the new ARCHICAD® version was well received in the markets in which it had been released in November, the strong fourth quarter performance could only narrow, but not offset losses of the preceding nine months.
"The Company’s strong financial condition, combined with the positive initial market demand for ARCHICAD®8 and our continuing cost management give cause for cautious optimism for 2003," said Ray Small, CEO of Graphisoft. "We will continue to adjust to difficult market conditions to position the company for improved performance. Management expects the Company to return to modest growth and profitability in 2003."

KEY FIGURES*
3 months ended
December 31
change
12 months ended
December 31
change
2002 (unaudited)
2001 (unaudited)
%
02/01
2002 (unaudited)
2001 (audited)
%
02/01
Revenues
8,545
8,210
4.1
26,211
29,390
(10.8)
Gross profit
7,483
7,020
6.6
22,465
25,192
(10.8)
Operating expenses,before impairment charge
6,597
7,523
(12.3)
23,860
25,668
(7.0)
Impairment charge
-
(45)
n.a.
-
3,090
n.a.
Operating income/loss
886
(458)
n.a.
(1,395)
(3,566)
n.a.
EBITDA**
1,332
169
688.2
427
2,077
(79.4)
Net income/loss
124
(1,042)
n.a.
(2,569)
(4,068)
n.a.
Income/Loss per share
0.01
(0.10)
n.a.
(0.26)
(0.40)
n.a.

* All amounts are in thousand €, loss per share is in €
** EBITDA: Earnings Before Interest, Tax, Depreciation, Amortization (and Impairment Charge)
*** n.a.: the exact calculation is ambiguous

Telephone conference

Graphisoft management will hold a telephone conference regarding this statement at 2:00 pm CET, February 13, 2003 for its investors and analysts. To participate, please call: +49 69 27110400.

The complete report can be downloaded from www.graphisoft.com.