Graphisoft Announces Q1 2003 Results
Second Consecutive Quarter of Operating Profit
Budapest, May 8, 2003 - Graphisoft® announced today revenues for the three months ended March 31, 2003 of € 6.4 million compared to € 6.7 million for the same period last year. The Company is reporting its second consecutive quarter with an operating profit. The operating profit of € 714 thousand for Q1 2003 represents a 262.4% increase compared to € 197 thousand for Q1 2002. While revenues declined 3.5% compared to the same quarter in 2002, gross profit increased, operating expenses decreased and EBITDA improved markedly.
First quarter revenue results improved in Europe, exceeding its 2002 first quarter results by 9.9%, but dropped considerably in North America, where economic and war-related uncertainty delayed purchasing decisions. On a product basis, Graphisoft continues to see revenue growth from the ongoing release of the latest version of its core architectural design product, ARCHICAD. However, 30.8% savings in cost of revenues and 8.1% decrease in operating expenses from Q1 2002 to Q1 2003 contributed to a strong operating result.
Revenues derived from the core ARCHICAD® and related products slightly increased compared to 2002 and the business unit grew in the first quarter of 2003. The roll-out of ARCHICAD 8 will continue throughout Q2 2003. Revenues in the Facilities Management division continue to grow, especially in Hungary and Germany, two of the focus markets for this nascent business.
The Management's outlook for 2003 remains unchanged. "We see growth opportunity for each of Graphisoft's products, but remain cognizant of the uncertainties that persist in our target markets and the global economy as a whole. The last two quarters leave us cautiously optimistic for the rest of the year", said Ray Small, CEO of Graphisoft.
|KEY FIGURES*||3 months ended 31 March||% of change 03/02|
|Earnings per share||0.08||(0.03)||n.a.***|
*All amounts are in thousand €, earnings per share are
** EBITDA: Earnings Before Interest, Tax, Depreciation, Amortization
*** n.a.: the exact calculation is ambiguous
Graphisoft management will hold a telephone conference regarding this statement at 2:00 pm CET, May 8, 2003 for its investors and analysts. To participate, please call: +49 69 27110400.
The complete report can be downloaded here.