Brainpower exceeds revenue forecasts in second quarter Thursday 2 August 2001 PDF Print Brainpower N.V. Quarter Results for the three months ended June 30, 2001 BRAINPOWER EXCEEDS REVENUE FORECASTS IN SECOND QUARTER - Revenue increased 112% to EU1,823,936 (Q2 2000: EU860,729) - Total backlog of revenue booked rises to EU10.6 million to be recognised over 2-3 years - Strong cash balance of EU19.5 million and shareholders equity of EU21.1 million - Loss of EU2.4 million, of which EU275,289 relates to non-cash charges, in line with management expectations Brainpower N.V. (Neuer Markt, BPW), a global provider of e-finance and intranet financial applications to both online financial service providers and investment professionals, has announced its second quarter results for the three months ended June 30, 2001. Rocco Pellegrinelli, CEO of Brainpower commented: “We are pleased that Brainpower exceeded revenue expectations while at the same time keeping our costs in-line with forecasts. Our Company continues to be very healthy, both financially and operationally, remaining on target to meet our business objectives. The growth of our customer base remains solid and consistent with our plans. We continue to add Blue-Chip clients and are pleased to have had two customers’ internet sites go live recently: Zurich Financial Services (Zurich.com) and DLJdirect (now part of Credit Suisse First Boston).” “A vital aspect of our strategy is to continue the development of international strategic partnerships. In the second quarter, we signed a pan-European alliance with S1 Corporation, a leading provider of e-Finance solutions with more than 1,500 clients globally, and in Italy the Company signed alliances with IrisCube and Prometeia Calcolo, two of Italy’s top independent IT consulting firms. Furthermore, Brainpower announced this week an agreement with GFA, a division of FERI Trust, the foremost mutual funds data provider in Germany.” Jennifer Wick, CFO, added: “Brainpower is in a strong financial position. We have a backlog of booked revenues of EU10.6 million, which will be recognized over the next 2-3 years. Revenues of EU1,823,936 for the three months ended June 30, 2001 exceeded our revenue expectations and represent an increase of 112% over last year. Our balance sheet is strong with cash and cash equivalents of EU19.5 million at the end of the period.” “The Company’s cash used in operations for the quarter was EU2.7 million of which EU265,290 related to recruitment costs and EU197,770 related to consultancy costs. In addition, the Company used EU0.5 million on office renovation costs, which will be capitalized and depreciated over 10-12 years. The equity as of June 30, 2001 was EU21.1 million. The losses of EU2.4 million, of which EU275,289 are non-cash items, are in line with our estimates, and lower than the net loss incurred during the first quarter.” --Ends-- Further details of Brainpower’s Q2 results can be found at http://www.brainpower.ch Contact: Brainpower N.V. Curtis E. Fox Director, Communications & Investor Relations Tel:+44 (0) 20 7392 7117 Fax:44 (0) 20 7392 7198 E-mail: firstname.lastname@example.org This press release was distributed by ResponseSource Press Release Wire on behalf of PR Artistry in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.