TIE: Q1_2012 Trading Update: Profitable Q1, Total Comprehensive Income € 113k
TIE Holding N.V. (“TIE”) reports the following highlights with regard to the first Quarter 2012 (October 1, 2011- December 31, 2011).
February 15 - 2012 -
Amsterdam, The Netherlands
During the first Quarter 2012 Total Income amounts to € 2,802k (Q1_2011: € 2,750k). Operating Income Q1 amounts to € 129k (Q1_2011: € 139k) and Total Comprehensive Income Q1 amounts to € 113k (Q1_2011: € 114k).
CEO Jan Sundelin said: “Our 3 year contracted value projection grew during Q1_2012 to € 19.4m (Q4_2011: € 18.5m). During Q1_2012 we signed up new orders amounting to € 2.4m (Q1_2011: € 1.5m). As a result we are now focusing on hiring more personnel for our TIE Kinetix E commerce Platform and TIE Kinetix Content Syndication Platform to ensure we can deliver our projects. During Q1 we worked on various larger E-commerce and Content Syndication projects, which will be delivered during Q2 and Q3 and start contributing to our SaaS revenue".
Starting fiscal year 2012, the Company reports the following highlights:
October 20, 2011: TIE announced that TIE is the technology provider in the European Union Project ‘Adventure’. The value of the contract for TIE amounts to € 500k;
December 22, 2011: TIE announced that TIE and The Online Company have agreed with
T-Mobile to deliver all webshop activities in the Netherlands for B2C and B2B. The value of the 3 year contract for TIE amounts to € 1.2m in SaaS;
January 21, 2012: TIE announced that TIE and Progress Software Corporation have expanded their partnership to a Global Strategic Alliance.
February 7, 2012: TIE announced that TIE and Newco Food Retail have opened a fourth online food webshop.
Legal & Financial:
November 23, 2011: TIE announced for financial year 2011, an Annual Result of € 393k, and a SaaS Revenue increase of 20%;
January 31, 2012: TIE announced publication of its Annual Report 2011 and agenda for the annual General Meeting of Shareholders.
Annual Accounts: The 2011 Annual Report (October 1, 2010 – September 30, 2011) was published on January 31, 2012. The annual report is available on the corporate website.
Cash/Financial Position: The Equity position of the company remains positive. Total Equity as at December 31, 2011 amounts to € 4,729k (September 30, 2011: € 4,580k). Shareholders’ Equity as at December 31, 2011 amounts to €4,684k (September 30, 2011: € 4,535k) including convertible bonds amounting to € 45k (September 30, 2011: € 45k).
On December 31, 2011 the company held a net cash and cash equivalents position of € 491k (the cash position as at September 30, 2011 amounted to € 380k).
Contracted Value: Projections The Contracted Value is calculated for the next three years, using the following assumptions: SaaS and Maintenance & Support Contracts run between 12 and 36 months with an automatic renewal for 12 months. As contracts may renew during this three-year period shown, the Contracted Value is adjusted based on historical churn rates.
The Total Contracted Value shows a growth from € 13,3 million as at April 1, 2011 to € 19,4 million as at January 1, 2012 for the next 3 years. As a result of the growth of SaaS Income for all TIE solutions from € 3,4 million to € 4,3 million for the year, the Contracted Value for SaaS increased from € 6,1 million as at April 1, 2011 to € 10,4 million as at January 1, 2012, for the next 3 years. Maintenance and Support Contracted Value shows a growth from € 7,1 million as at April 1, 2011 to € 7,3 million as at January 1, 2012. License and Consultancy activities have been included based upon their current contract values. EU projects (other income) are included based on the actual contracts.
Pending Litigations: Since December 2007 the company has been involved in discussions and subsequently in legal proceedings with Samar. All claims in the summary proceedings were instantly dismissed at the court hearing of February 15, 2008. On July 7, 2010, the court of Haarlem unexpectedly granted all claims by Samar. In Q4_2010, TIE paid damages to Samar. This amount may be adjusted upwards or downwards in the procedure regarding the assessment of the damages. TIE has filed an appeal and provided the court with its substantial filings. Samar has also provided the court with it findings and a hearing has been scheduled for April 2012.
Consolidated Income Statement
For the 3 months ending December 31, 2011 (unaudited)
Segment info: For the three months ending December 31, 2011 (unaudited)
For the three months ending December 31, 2010 (unaudited)
*) last years’ number adjusted for comparison, no effect on total comprehensive income.
The numbers stated in this Trading Update are unaudited
Profile TIE TIE (NYSE Euronext: TIE Holding) 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 and deliver online. Customers and partners of TIE constantly benefit from innovative, field tested, state-of-the-art technologies, which are backed by over 25 years of experience and prestigious awards. TIE makes technology perform, so our customers and partners can focus on their core business. TIE provides Total Integrated E-commerce solutions through its TIE Kinetix Content Syndication Platform, TIE Kinetix E-commerce Platform and TIE Kinetix Business Integration Platform. All solutions and professional services are designed to enhance the value of the relationship with and between all customers, partners, resellers and additional stakeholders. The solutions are offered in a license model or a Software as a Service model (SaaS/In the cloud). Today, TIE remains a key contributor to the development and implementation of global E-commerce standards. It continues to pursue partnerships with industry leaders for global success. Furthermore, TIE focuses on expanding its market share in vertical markets including: IT, Consumer Electronics, Telecommunications, Office Supplies, Home Improvement, Food Retail, Fashion, Financial Services and Automotive. TIE is a public company with offices in the United States, the Netherlands, France and Australia.
TIE Holding N.V.
Jan Sundelin, CEO
Antareslaan 22-24 2132 JE Hoofddorp The Netherlands