TIE’s first half year 2009: TIE profitable for four quarters in a row

Press release
Amsterdam, May 20, 2009

TIE’s first half year 2009: TIE profitable for four quarters in a row

TIE Holding N.V. (“TIE”) hereby publishes its First half year 2009 Unaudited Condensed Consolidated Interim Financial Statements, for the 6 months ended March 31, 2009.
TIE reports First half year 2009 Total Income of EUR 5.61m (6M_2008: EUR 4.58m) and EBIT of EUR 338k (6M_2008: EBIT of EUR -2,110k). The (Deferred) Tax charge for the first six months 2009 amounts to EUR 182k (6M_2008: EUR 3k).
Net Income for the First six months 2009 amounts to EUR 144k (6M_2008: Net Income EUR -2,126k).

Total Income, for the First six months 2009, in the Netherlands increased by 41%, in North America decreased by 6% (in $) and in the Rest of World (ROW) increased by 18% compared to the first six months last year. The foreign currency rate effect (EUR/USD) on Total Income for the First six months amounts to EUR 202k.

In the First six months, Saas Income increased by 46%, Consultancy Income increased by 29%, Maintenance Income increased by 7% and License Income decreased by 19%, all compared to the first six months 2008. Other Income, originating mainly from participation in European Commission Supported Projects, increased by 189% in comparison to 6m_2008. MamboFive (four months) contributed EUR 308k to Income.

Total Operating Expenses decreased by EUR 1,494k (25% in the First six months, compared to the first six months of 2008. The appreciation of the USD against the EURO had an adverse effect on costs of EUR 177k, and the costs effect of the MamboFive acquisition (adjusted for Sinfox as of February 22, 2008) is approximately EUR 350k. Shareholder’s Equity amounted to EUR 1.23m (at September 30, 2008 EUR 0.45m), with Equity totaling to EUR 3.18m (at September 30 2008: EUR 2.18m).
The Company generated a positive net cash flow, during the First six months 2009, from operating activities of EUR 603k (first six months 2008: EUR -282k).

The net cash position of the Company per March 31, 2009 amounted to EUR 569k (March 31, 2008: EUR 114K).

Jan Sundelin, CEO said: “As TIE has taken precautions before the economical crisis started, the Company now benefits from its cost reductions and reorganizations, our focus to generate continuous Income through Software as a Service (SaaS) sales and the improving occupation grade of Consultants. The Company now generates profits for four quarters in a row. We are pleased that the eCommerce platform of MamboFive completes our TIE Kinetix portfolio. Together with new product development for our Business Integration Platform and Content Syndication Platform, we foresee continuous growth.”

Further details with respect to these First Six Months Results can be found in the separate Condensed Consolidated Interim Financial Statements for the six month period ended on March 31, 2009, which are attached hereto and are reported in accordance with IAS 34 Interim Financial Reporting. These Condensed Consolidated Interim Financial Statements reported therein are unaudited.

On May 19, 2009 the Company completed the share transfer of 24,5% of the shares of MamboFive B.V. effectively April 1, 2009. In accordance with the Sale Purchase Agreement of December 11, 2008 the purchase price of € 450k has been paid on April 1, 2009 by the issue of Convertible Bonds to the old shareholders, at a fixed conversion rate of € 0,10, an one year lock-up and a 5 year maturity period. The Company now holds 75,5% in MamboFive with an option on the remaining 24,5%.

Profile TIE
Master Data Management Software Company TIE (NYSE Euronext: TIE Holding) bridges the gap between online and traditional business. TIE helps industry and supply chain partners to achieve electronic business collaboration with solutions in the traditional and upcoming markets like Data Quality Management, e-Invoicing, Master Data Management and Digital Channel Communications. Our solutions are proven to lower costs, increase revenue and optimize business processes. Because we have decades of experience to share, TIE remains a key contributor to the development and implementation of global eCommerce standards. TIE is a publicly held company with offices in the United States, France, and the Netherlands.

Further information:
TIE Holding N.V.
Jan Sundelin, CEO

Antareslaan 22-24
2132 JE Hoofddorp
The Netherlands
Tel: +31-20-658 93 33
Fax: +31-20-658 99 01
E-mail: info@TIEglobal.com
Web site: www.TIEglobal.com
 
End of press release

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