- Group revenue down 5% to EUR 15.7 million
- Consulting revenue unchanged at EUR 13.4 million
- Software business down by 24%
- EBIT at minus EUR 1.0 million
- Increased cash flow and net cash and cash equivalents
Walldorf, April 24, 2009. REALTECH AG recorded revenue of EUR 15.7 million in the first quarter of 2009, 5% down on the figure for the previous year (first quarter of 2008: EUR 16.5 million). In particular, this development can be attributed to Germany and the USA. However, because of its small share of Group revenue, the USA did not have a major bearing on this figure. In Germany revenues fell by 19% to EUR 5.9 million.
Whereas at EUR 13.4 million revenues from Consulting were unchanged compared to Q1/2008, revenues from the Software segment fell by 24% to EUR 2.3 million (EUR 3.1 million).
EBITDA (earnings before interest, tax, depreciation, and amortization) declined to minus EUR 0.8 million (EUR 1.3 million) while EBIT (earnings before interest and tax) fell to minus EUR 1.0 million (EUR 1.1 million).
Net income suffered accordingly, falling from EUR 0.6 million to minus EUR 1.5 million, which corresponds to earnings per share of minus EUR 0.29 compared to EUR 0.12 in Q1/2008.
In the first three months of 2009, the company recorded a EUR 2.7 million cash flow from operating activities (EUR 1.6 million). The rise was essentially due to the increased reduction in trade receivables. At the end of March 2009, net cash and cash equivalents stood at EUR 8.9 million, compared with EUR 6.4 million at the end of 2008 and EUR 29.6 million at the end of last March. It should be noted here that the company distributed cash to shareholders in December 2008 based on an ordinary capital reduction amounting to EUR 21.0 million.
The Executive and Supervisory Boards continue to propose a dividend of EUR 0.50 per share at the General Meeting to be held on May 19.
REALTECH will be publishing its quarterly report for Q1/2009 on May 7, 2009.
Contact:
Volker Hensel
Investor Relations
REALTECH AG
69190 Walldorf
Tel.: +49.6227.837.500
Fax: +49.6227.837.9134