TIE: Q1 Trading Update and announcement Annual General Meeting of Shareholders
TIE Holding N.V. (“TIE”) reports the following highlights with regard to the first quarter 2010 (October 1, 2009- December 31, 2009)
February 17 - 2010 -
Hoofddorp, The Netherlands
During the first Quarter 2010 Total Income amounts to €3,068k (Q1_2009: 2,805k). Operating Income Q1 amounts to € 222k (Q1_2009: € 181k) and Net Income to € 120k (Q1_2009: € 92k).
CEO Jan Sundelin said: “We are pleased to note that in the first quarter 2010 the US market seems to have rebounded nicely, which does not apply yet for the European markets and the Rest of World. We invested in a number of new marketing initiatives including the development of a new web site focusing on the merits of our unique Kinetix platform. A new communication tool has been created, the TIE Magazine for distribution to our customer base. We have added new personnel in key sales and marketing positions in our determined effort to increase sales in the coming quarters".
General Meeting of Shareholders The Annual General Meeting of Shareholders will take place on March 10, 2010, at the Transpolis Schiphol Airport building, Polarisavenue 1, Hoofddorp. All information with regard to access to the Annual General Meeting of Shareholders is available on the corporate website (www.TIEglobal.com). The Annual Report and the agenda, as well as other documents related to the Shareholders Meeting are also available on the corporate website. Shareholders who want to access the Shareholders Meeting (in person or by means of a written representative) are requested to register their shares at Kempen & Co B.V. on or before March 3, 2010.
Starting fiscal year 2010 and up to this moment, the Company reports the following highlights:
Customers/Products: • October 7, 2009: TIE and TIE Intertrade Systems announce new strategic alliance that includes the sale (net € 176k) of the EDGE Desktop business in the US to Intertrade Systems Inc.; • October 21, 2009: TIE announces the release of the new version of the Translator. Legal & Financial: • September 30, 2009: TIE announces that it shall place new shares following the conversion of a convertible bond with a principle amount of € 700k on October 1, 2009; • October 14, 2009: TIE announces that it has obtained a credit facility and that Rabobank becomes the new banker of TIE; • November 20, 2009: TIE announces that it is investigating a potential infringement on its Content Syndication Platform; • November 25, 2009: TIE announces the result for the year 2009 and Q4_2009, the highest yearly operating income € 759k in its history since the IPO; • January 5, 2010: TIE announces the launch of the Annual Stock Options plan offering stock options to its staff worldwide and the launch of the Options plan for the Managing Director of TIE France SAS. In total, TIE grants 1.62 million options at a strike price of € 0.216; • January 29, 2010: TIE announces the publication of the Annual Report 2009.
The 2009 Annual Report (October 1, 2008 – September 30, 2009) has been published on January 29, 2010. The annual report is available on the corporate website.
Cash/Financial Position: The Equity position of the Company remains positive. Shareholders’ Equity as per December 31, 2009 amounts to € 3,346k (September 30, 2009: € 2,417k). Total Equity as per December 31, 2009 amounts to EUR 4,307k (September 30, 2009: EUR 4,078k) including convertible bonds amounting to EUR 961k (September 30, 2009: EUR 1,661k). During the first quarter a Convertible Bond has been converted into shares amounting to € 700k.
On December 31, 2009 the Company held a net cash and cash equivalents position of € 406k (the net cash position per September 30, 2009 amounted to € 457k). The Company repaid a loan to Jalak Investments B.V., on November 30, 2009 amounting to € 100k and repaid a loan to Alto Imaging N.V., on December 31, 2009 amounting to € 200k.
Pending Litigations: Since December 2007 the Company has been involved in discussions and consequently in legal proceedings with SAMAR B.V. All claims in the summary proceedings have been instantly dismissed at the court hearing of February 15, 2008. Currently the Company awaits the outcome of the standard procedure, which is currently scheduled for March 24, 2010. The Management Board is confident in the outcome of the legal procedure and does not expect any further costs, except legal costs.
On November 20, 2009, TIE initiated an investigation on a potential infringement on the Content Syndication Platform. An independent third party has compared the software of both companies.
Consolidated Income Statement For the 3 months ended December 31, 2009:
*) comparative numbers adjusted for reclassification of WBSO subsidy from other income to employee benefits as of Q4_2009, comparatives Q1_2009 have been adjusted. No effect on companies’ Net Income.
Segment info: For the three months ended December 31, 2009 (unaudited)
For the three months ended December 31, 2008 (unaudited)
*) comparative numbers adjusted for reclassification of WBSO subsidy from other income to employee benefits as from Q4_2009, comparatives Q1_2009 have been adjusted. No effect on companies’ Net Income.
TIE (NYSE Euronext: TIE Holding) is a software company specializing in the supply chain integration. The company bridges the gap between traditional forms of trading and the Internet. With TIE Kinetix, the company provides a total electronic concept embracing three innovative platforms for Business Integration (including e-invoicing, XML/EDI data synchronization), Content Syndication and E-commerce. TIE uses these technologically advanced methods to connect companies to each other and achieve a balance between supply and demand. The state-of-the-art TIE Kinetix solutions contribute to greater productivity and higher sales. TIE has more than two decades of experience in developing and implementing global E-commerce standards. TIE is a listed company with offices in the United States, Australia, France and the Netherlands.
Further information: TIE Holding N.V. Jan Sundelin, CEO Antareslaan 22-24 2132 JE Hoofddorp The Netherlands T: +31-20-658 93 33 F: +31-20-658 90 01 E: info@TIEglobal.com W: www.TIEglobal.com