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May 25, 2011 - Hoofddorp, The Netherlands
TIE Holding N.V. (“TIE”) reports that its first half year 2011 Unaudited Condensed Consolidated Interim Financial Statements, for the 6 months ended March 31, 2011 and reports a Total Income of € 5.44m (6M_2010: € 5.62m), EBIT of € 208k (6M_2010: EBIT of
€ -234k) and a Total Comprehensive Income of € 39k (6M_2010: € -223k).
Both E-commerce and Content Syndication are starting to evolve in the US, rest of the world and the Netherlands. In addition the SaaS income of the Company reached over € 1m per quarter for both the first and the second quarter. Income from Business Integration is decreased.
During the first six months 2011 our recurring SaaS income increased by 32% partly at the cost of our License income which decreased by 35%; Consultancy income decreased by 5%; Maintenance income decreased by 2%; Other income decreased by 46% compared to the first six months of FY 2010.
Total Operating Expenses decreased by € 585k compared to first six months 2010. The cost reduction resulted predominantly from lower bad debt expenses € 130k, lower hiring costs of temporary staff € 106k, lower option costs € 80k and last year redundancy costs € 125k. The appreciation of the US dollar against the euro had a negative effect on costs of € 74k.
Shareholder’s Equity amounted to € 2.77m (at September 30, 2010 € 2.66m), with Equity totaling to € 4.14m (at September 30, 2010: € 4.03m). The Company generated a positive net cash flow, during the first six months 2011, from operating activities of € 867k (first six months 2010: € 495k). The net cash position of the Company per March 31, 2011 amounted to € 544k (March 31, 2010: € 517k).
Jan Sundelin, CEO said: “During the first six months of our fiscal year 2011 our strong cash flow performance from operating activities (€ 867k) enabled us to repay all of our external borrowings (Rabo credit facility € 316k and the loan of € 100k provided by Alto Imaging Group NV). Additionally, we were able to increase our cash and bank balance by € 221k during the first half year. This demonstrates that our strategy to move the Company into the E-commerce and the Content Syndication markets, and to offer Business Integration as SaaS solution is on course. The Company started several E-commerce projects and plans to deliver these, including Newco Food Retail, during the second half of the year. The Company will also pursue E-commerce internationally: the first project will be delivered in France in Q3. During the first half year the Company initiated and delivered Content Syndication projects with our partner CBS/CNET. The launch of the new Business Integration product SmartBridge in May 2011, available both as a License and as a SaaS solution, should contribute positively to Revenue starting in the fourth quarter of FY 2011. The launch of eVision6 in March 2011, in the US market, should contribute to further growth.
The revenue stream resulting from SaaS takes longer to build, but creates a more recurrent revenue stream for the Company. The decrease in License income in Business Integration will be compensated by a larger increase in SaaS income given the cumulative effect of SaaS. The deal size of SaaS projects in general is larger; however the lead time of sales takes longer”.
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, 2011, 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.
Profile TIE
TIE (NYSE Euronext: TIE Holding) delivers innovative web centric, software based solutions that enable all trading partners in the supply chain to work seamlessly together on the major E-commerce processes of marketing, sales and fulfillment. With its TIE Kinetix concept, it provides a Total Integrated E-commerce process, embracing three innovative platforms for Business Integration (including e-invoicing, XML/EDI data synchronization), Content Syndication and E-commerce. The Total Integrated E-commerce solutions minimize the energy needed for a transaction lifecycle throughout the supply chain giving organizations the advantage to reduce cost and maximize revenue and profit.
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@TIEHolding.com
W: www.TIEHolding.com
Submitted on Wed, 05/25/2011
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