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Graphisoft Announced 2003 Fourth Quarter Results

2003: revenue increase and profitability

Budapest, February 16, 2004 - Graphisoft® today announced its 2003 fourth quarter results. In the twelve-month period, revenues are up by 4.0% to EUR 27.2 million and net income reverted from a EUR 2.6 million loss to a EUR 2.6 million profit. In Q4, operating profit is up by EUR 122 thousand, despite a 6.0% revenue decrease.

The Company has achieved its two key goals in 2003: the revenue decline was stopped and the operations were returned to profitability. In the 12-month period ended December 31, 2003, revenues grew to 27.2 million EUR, which is 1.0 million EUR or 4% higher than the 2002 figure for the same period. Operating income reached 2.8 million EUR or 10.3% operating margin this year, as compared to a 1.4 million EUR loss in 2002.

During 2003, revenues grew despite the depreciation of the USD and JPY against the Company's reporting currency. The estimated negative impact of this depreciation was 1.5 million EUR. Two business units: Architectural Design and Facility Management, accounted for revenue improvement.

On a year-on-year comparison, the Company's architectural design software-related revenues grew by 8.3% to 1 9.9 million EUR. The improvement is largely attributable to increased upgrade and maintenance revenues resulting from the localized versions of ARCHICAD® 8 and 8.1. The 7.1% decrease in ARCHICAD revenues in the last quarter reflects the release cycle: while in 2002 the Company had a major new version released in Q4, in 2003 there was no major upgrade released.

In the facilities management (FM) business, revenues grew substantially in Europe, while they were flat in North-America (in USD). Because of the weakness of the USD, when measured in EUR these revenues decreased, offsetting the improvement in Europe. On a year-on-year comparison FM revenues grew by only 2.7%.

Key figures *

3 months ended
December 31

% of
change

12 months ended
December 31

% of
change

2003
2002
03/02
2003
2002
03/02
Revenues
8,030
8,545
(6 .0)
27,248
26,211
4.0
Gross profit
7,193
7,483
(3.9)
24,389
22,465
8.6
Operating expenses
6,185
6,597
(6.2)
21,584
23,860
(9.5)
Operating income
1,008
886
13.8
2,805
(1,395)
n.a.***
EBITDA**
1,439
1,332
8.0
4,688
427
997.9
Net income (loss)
963
124
676.6
2,602
(2,569)
n.a.***
Net income (loss) per share (EUR /share)
0.09
0.01
688.9
0.26
(0.26)
n.a.***

*All amounts are in thousand €, earnings per share are in €.
** EBITDA: Earnings Before Interest, Tax, Depreciation, Amortization
*** n.a.: the exact calculation is ambiguous

Telephone conference:

Graphisoft management will hold a telephone conference regarding this statement at 2:00 pm CET, Monday, February 16, 2004 for investors, analysts and journalists. To participate, please dial +49 69 27110 400. The telephone conference will be recorded and made available on +49 69 920 53 444 for 24 hours after the conference call.

The complete report can be downloaded here.