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Artwork Systems Announces Q1 Results: Net Profit is Up by Close to 20%

Monday, February 27, 2006

Press release from the issuing company

Ghent, Belgium – February 24, 2006 – Artwork Systems Group N.V., a world leader in professional pre-press software, announces the financial results for the first quarter of its financial year 2006, ended December 31, 2005. Consolidated revenues for the quarter amounted to 12.01 million euro, a decrease of 2.40% compared to 12.31 million euro in the first quarter of fiscal year 2005, and net income(*) amounted to 3.34 million euro, an increase of 17.74% compared to 2.84 million in the first quarter of fiscal year 2005. Net income amounted to 3.34 million euro, 19.84% more than the 2.79 million euro in the first quarter of fiscal year 2005. First Quarter Highlights Compared to the fourth quarter of fiscal year 2005, this first quarter saw a healthy increase in business. Consolidated revenues increased from 10.79 million euro to 12.01 million euro, net income increased from 1.89 million euro to 3.34 million euro, and gross margin increased from 79.07% to 84.55%. One of the drivers for the first quarter was Artwork Systems’ participation in two major trade shows in September 2005, Print 05 (from Sept. 9-15, in Chicago, U.S.A.) and LabelExpo 2005 (from Sept. 21-24, in Brussels, Belgium), where more new products were introduced than at drupa 2004. The revenue generated from the sales during these trade shows ran into the first quarter of fiscal year 2006 and definitely contributed to the good start. During the first quarter of fiscal year 2006, the split in revenue was as follows: the ArtPro product range amounted to 20%, the Nexus product range amounted to 22%, the Odystar product range amounted to 6%, the Enfocus product range amounted to 20%, and services amounted to 32%. The percentage of revenues for each regional market changed slightly. The share of the Americas decreased from 43% to 39% while Europe increased from 50% to 54%. Asia’s share increased from 4% to 5% while the Rest of the World decreased from 3% to 2%. Guido Van der Schueren, Chairman of the Board, comments, “Last fiscal year we had a very weak second quarter; this year, however, it seems that we will be able to continue in the same trend as the first quarter.” Share Buy Back Program During the month of July 2005, Artwork Systems Group started implementing the share buy back program approved by the annual shareholders' meeting of January 28, 2005. At December 31, 2005, 823,138 euro is accounted for as Treasury Stock (deducted from equity), representing 79,011 shares. Transition to IFRS As of fiscal year 2006, which started on October 1, 2005, Artwork Systems Group NV reports its consolidated accounts according to IFRS. The transition did not have a material impact on the financial position, results of operations or cash flow. Dividend Payment The shareholders’ meeting of January 27, 2006 approved a dividend payment of 1.00 euro gross per share, which will be paid to the shareholders on April 3, 2006 (exdividend date April 3). New Headquarters Artwork Systems and Enfocus Software will be moving their Ghent headquarters to a new joint location, also in Ghent. All employees will occupy six floors in the building previously known as the “UCO Toren”. The building has now officially been renamed the “Artwork Toren.” Outlook 2006 The company confirms its outlook for this fiscal year of annual revenue between approximately 48.5 and 50 million euro, with a net profit between approximately 12 and 12.5 million euro.




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