Triple P Reports First Quarter 2005 Results
12 Mai 2005 - 3:46PM
Business Wire
Triple P N.V. (NASDAQ: TPPP): -- Improved first quarter, break even
achieved Triple P N.V. (NASDAQ SCM: TPPP), announced that it closed
the first quarter of 2005 with net revenues of EUR 15.0 million and
net income of EUR 42,000. Net revenues for the first quarter of
2005 were EUR 15.0 million, a decrease of 13.1% compared to the
same period last year. The decrease in net revenues was fully
offset by the effects of a cost saving program adopted in 2004. As
Triple P is in the process of refocusing its strategy towards
higher margin activities, it has deployed resources to focus on
analyzing and developing strategic initiatives for these activities
and engaging in pre-sales consulting activities. The costs of these
efforts are included in the cost of revenues. Principally as a
result of these expenditures, gross margin decreased from 16.7% to
15.5%. Operating expenses decreased by EUR 0.8 million, or 25.7%,
compared to the same period last year. This decrease is primarily
due to the cost savings attributable to the 2004 restructuring. As
a result, we recognized a net income of EUR 42,000 at March 31,
2005, an increase of EUR 304,000 compared to the loss of EUR
262,000 in the quarter ending March 31, 2004. -0- *T Key figures
for the first quarter 1st quarter 1st quarterDiff. (amounts in
millions of euros unless otherwise indicated) 2004 2005
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EUR EUR %
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Net revenues 17.3 15.0 -13.1%
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Gross margin 16.7% 15.5% - 6.9%
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Operating expenses 3.1 2.3 -25.7%
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Net income (loss) (0.3) 0.0 n/a
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*T Strengthening equity The Company's cash position was EUR 5.0
million at March 31, 2005, compared to EUR 6.5 million at December
31, 2004. The Company continues to evaluate alternatives to improve
its cash position. At the annual shareholders meeting to be held in
June 2005, we will request that the shareholders approve a proposed
subordinated loan of approximately EUR 1.5 million, repayable in 20
quarterly installments. It is expected that shareholders that are
not U.S. persons will be provided the right to participate in any
such financing. About Triple P Triple P (Nasdaq SCM: TPPP) designs,
supplies, builds and manages ICT-solutions that in an efficient way
contribute to your company's results. The three p's - people
performance and partnership - are the basis for long-lasting and
successful relationships with our customers. This release contains
a number of forward-looking statements based on current
expectations, including potential financing plans and the impact of
restructuring plans. Any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, the words "believes,"
"anticipates," "plans," "expects," "intends," and similar
expressions are intended to identify forward-looking statements.
Actual results may differ materially due to a number of factors
which include, but are not limited to: overall ICT- spending and
demand for ICT services in the Netherlands; the timing of
significant orders; the ability to hire, train and retain qualified
personnel; the total amount of severance and other costs needed to
complete the Company's restructuring plans and fierce competition.
For a more thorough discussion of these risks and uncertainties,
see the Company's filings with the Securities and Exchange
Commission, particularly its most recent annual report on Form
20-F. - Tables follow - TRIPLE P N.V. CONSOLIDATED BALANCE SHEETS
(in thousands except number of shares and per share amounts) -0- *T
December 31, March 31, 2004 2005 -------------- ------------- EUR
EUR (Unaudited) (Unaudited) ASSETS CURRENT ASSETS: Cash and cash
equivalents 6,495 5,027 Restricted cash 12 12 Accounts receivable
9,706 9,838 Inventories 1,948 2,119 Prepaid expenses and other
current assets 2,317 2,896 -------------- ------------- Total
current assets 20,478 19,892 NON-CURRENT ASSETS: Property and
equipment, at cost 2,329 2,355 Less: accumulated depreciation and
amortization 1,448 1,584 -------------- ------------- Net property
and equipment 881 771 -------------- ------------- Total
non-current assets 881 771 -------------- ------------- Total
assets 21,359 20,663 ============== ============= LIABILITIES AND
SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Short-term part of
long-term liabilities 119 119 Accounts payable 8,105 7,122 Accrued
liabilities 6,446 6,877 Customer deposits 1,154 108 Deferred
revenue 3,034 4,070 Restructuring reserve 964 557 --------------
------------- Total current liabilities 19,822 18,853 LONG-TERM
LIABILITIES: Pension obligations 434 434 Other long-term
liabilities 461 692 -------------- ------------- Total long-term
liabilities 895 1,126 -------------- ------------- Total
liabilities 20,717 19,979 SHAREHOLDERS' EQUITY: Common Shares, EUR
0.04 par value per share Authorised - 43,750,000 shares Outstanding
- 30,469,345 shares 1,219 1,219 Additional paid-in capital 53,293
53,293 Accumulated deficit (53,603) (53,561) Accumulated other
comprehensive loss (267) (267) -------------- ------------- Total
shareholders' equity 642 684 -------------- ------------- Total
liabilities and shareholders' equity 21,359 20,663 ==============
============= *T TRIPLE P N.V. CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share amounts) -0- *T Three
months ended March 31 2004 2005 ----------- ----------- EUR EUR
(unaudited) (unaudited) Net revenues 17,255 15,001 Cost of revenues
14,381 12,674 ----------- ----------- Gross profit 2,874 2,327
Sales and marketing expense 1,769 1,397 General and administrative
expense 1,338 911 ----------- ----------- Total operating expenses
3,107 2,308 Operating income (loss) (233) 19 Interest income
(expense) (9) 6 Other, net (20) 17 ----------- ----------- Total
other income (expense), net (29) 23 ----------- ----------- Net
income (loss) (262) 42 =========== =========== Net Income per
share: Basic (0.01) 0.00 Diluted (0.01) 0.00 Weighted average
shares outstanding: Basic 30,469 30,469 Diluted 30,469 30,719 *T
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