May 22 - 2013 - Breukelen, The Netherlands
TIE Kinetix N.V. (“TIE”) reports the following highlights with regard to the first half year of FY2013 (October 1, 2012 – March 31, 2013).
For the 6 months ending March 31, the Company reports the following key results:
TIE experienced an unusually turbulent first half year in FY2013, wherein TIE dealt with various consequences. Total onetime expenses in the first half year amounted to € 426k, which impacted the net income of the Company. In March 2013 the Annual General Meeting of Shareholders approved the proposals of changing the name of the company, the share consolidation and the redenomination of the nominal value of TIE’s share and in April 2013, TIE moved to its new offices in Breukelen, resulting in certain legal and administrative onetime costs.
In order to facilitate a successful growth path for TIE, the Supervisory Board has decided to strengthen the current Management Board, consisting of Mr Jan Sundelin, with a CFO in permanent employment, to be hired externally.
It is expected that the expiration of the contract with CNET and the start-up of selling TIE solutions in the DACH region will impact the net income in the short term. Projects have been started with new and existing customers in the Netherlands and the US. Furthermore, the launch of the Social Media Syndication Solution as an addition to the Content Syndication Platform will enable new opportunities for TIE.
Normalizing the EBITDA and the EBIT for the onetime expenses, which amounted to € 426k and onetime revenue from Adec, which amounted to € 296k, the EBITDA and EBIT net € 465k and € 165k, respectively. The normalized Net Income of the Company amounted to € 30k.
Mr. Jan Sundelin (CEO) said: “After the first six months we have been able to realize half of our 2013 revenue target of € 15mln. Normalizing onetime expenses and onetime income, then an EBITDA of € 465k has been realized. In line with the targets and priorities of this financial year, our efforts with respect to standardizing the packaging and pricing of our solutions has made a positive impact. The sales funnel is growing and the order backlog is robust. Our main focus will be on building new business and execution of current orders given our current operational capacity. We are also making a detailed assessment of our cost structure. In light of the expiration of the CNET contract we do expect a shortfall of revenues in Content Syndication for the next half year, which we expect to be made up by beginning of next calendar year.”
- During the First Half Year 2013 Total Income amounted to € 7,497k, an increase of 29% compared to the same period in FY 2012 (€ 5,814k).
- Onetime Income during the First Half Year 2013 amounted to €296k (2012: nil).
- Onetime Expenses during the First Half Year 2013 amounted to € 426k, an increase of 468% compared to the same period in FY 2012 (€ 75k).
- SaaS Revenue for the First Half Year 2013 amounted to € 2,471k, an increase of 14% compared to the same period in FY2012 (€ 2,167k).
- Consultancy Revenue for the First Half Year 2013 amounted to € 2,093k, an increase of 45% compared to the same period in FY2012 (€ 1,446k).
- Third Party Hire costs for the First Half Year 2013 amounted to € 382k, an increase of 431% compared to the same period in FY2012 (€ 72k).
- EBITDA for the First Half Year 2013 amounted to € 335k, a decrease of 35% compared to the same period in FY2012 (€ 519k). Normalized EBITDA for the First Half Year 2013 amounted to € 465k.
- EBIT for the First Half Year 2013 amounted to € 35k, a decrease of 82% compared to the same period in FY2012 (€ 190k). Normalized EBIT for the First Half Year 2013 amounted to € 165k.
- Total Comprehensive Income for the First Half Year 2013 amounted to a loss of € 82k, compared to € 99k profit for the same period in FY 2012.
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Profile TIE Kinetix
TIE Kinetix transforms the digital supply chain by providing Total Integrated E-commerce solutions. These solutions maximize revenue opportunities by minimizing the energy required to market, sell, deliver and analyze online. Customers and partners of TIE Kinetix constantly benefit from innovative, field tested, state-of-the-art technologies, which are backed by over 25 years of experience and prestigious awards. TIE Kinetix makes technology to perform, such that customers and partners can focus on their core business.
TIE Kinetix is a public company (NYSE Euronext: TIE Kinetix), and has offices in the United States, the Netherlands, France, Australia, UK, Germany, Austria and Switzerland.
TIE Kinetix N.V.
3621 ZA Breukelen
T: +31 88 369 8000
END OF PRESS RELEASE
Submitted by Investor Relations on Wed, 05/22/2013