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Intec Telecom Systems Announces Q3 2004 results: revenues
increased by 41% and EBITA increased by 274%
Intec Telecom Systems PLC - Unaudited results for the 9
months ended 30 June 2004
Substantial new contracts signed, revenues increased by 41%
and EBITA increased by 274%
Intec Telecom Systems PLC (“Intec” or “the Company”), a leading
global provider of telecoms Operations Support Systems (“OSS”)
products, is pleased to announce its unaudited results for the
nine months ended 30 June 2004, (“Q3 2004”). A 96% increase in
new licence sales, with good activity across all product lines,
plus solid increases in both recurring income and professional
services, have driven revenues up by 41% and adjusted earnings
per share by 172%. Trading in the final quarter of the year
continues to be healthy, despite ongoing competition in the
telecoms sector, and the Board is confident of satisfying full
year expectations.
In addition the Company announced on 4 June 2004 that it has
agreed to acquire the ‘Singl.eView’ billing and customer care
division of ADC Telecommunications (“ADC”) for $74.5 million.
This transaction, which is subject to shareholder approval, is
expected to close later in the summer. The circular to
shareholders has been issued today and details can be found in a
separate statement made by the Company this morning.
Financial Highlights
- Turnover of £46.9 million increased by 41% (9 months ended
30 June 2003 (“9m 2003”): £33.2 million) with organic and
acquisition-driven growth in all key activities.
- Gross margin increased to 71% (9m 2003: 68%) reflecting
higher margin on improved licence revenue
- Earnings before interest, tax, and amortisation (“EBITA”)
increased to £3.7 million compared with £1.2 million for 9m
2003.
- Adjusted EPS increased by 172% to 1.44p (9m 2003: 0.53p).
- Revenue and earnings adversely affected by US dollar
depreciation, estimated at £2.0 million and £0.8 million
respectively.
- Operating cash inflow of £0.1 million (9m 2003: inflow of
£5.5 million) after working capital investment in acquisitions
and to support business growth.
- Loss before tax reduced to £2.2 million (9m 2003: loss of
£3.9 million), after depreciation and amortisation of goodwill
and intangible assets of £7.8 million (9m 2003: £6.7 million).
Operating Highlights
- 51 new contracts since the start of the financial year
of which 47 are with new customers. 25 new licenses signed
in the period plus 26 new bureau customers (9m 2003: 40 new
contracts signed, plus 31 through acquisitions).
- Notable customer wins announced in Africa, Asia, Eastern
Europe, Russia, and the USA.
- Customer installations reach 585 in 409 operators – up
from 574 at the end of Q2.
- 30% increase in investment in product development
- Intec retains balance sheet strength with cash and cash
equivalent investments of £12.9 million
(9m 2003 £14.0 million).
About Intec
Intec is the world’s leading billing and Operations Support
Systems (“OSS”) product vendor for fixed, mobile and
next-generation networks (i.e. WLAN, 3G and IP), with more than
570 installations of its products worldwide in over 400
customers. Founded in 1997, Intec was listed on the London Stock
Exchange (Code: ITL.L) in June 2000. In 2003 Intec reported
revenues of £50.7 million, with adjusted net earnings after tax
of £4.1 million.
Intec’s product portfolio includes:
• Inter-mediatE™ -
billing mediation software
solution
•
Interconnect and Billing -
inter-carrier
billing including US CABS and
ITU-based settlement
• Inter-activatE™ - flow-through provisioning and
wireless service activation
• Intec CPM™ - end-to-end content partner management
• Intec DCP™ (Dynamic Charging Platform) – a real-time
pre/post-paid charging interface between the network and the
back office
Intec’s
telecom software customer base includes, among others, BellSouth,
BellSouth Peru, Brazil Telecom, Cable & Wireless, Cesky Telecom
(Czech Republic), China Unicom, COLT Telecommunications, EBT
(Taiwan), Eircom (Ireland), Energis, France Telecom, Hutchison
3G, Maxis (Malaysia), Nitel (Nigeria), Reliance (India), Singtel
Optus (Australia), O2 Ireland, Orange, Telecom Argentina,
Telecom Egypt, Telecom Italia, Tiscali, TPSA (Poland), Swisscom,
T-Mobile International, Telia (Sweden), Telefonica, Telkom South
Africa, Telstra, US Cellular, Westel (Hungary), Vodafone,
VimpelCom (Russia), Vivo (Brasil) and Verizon.
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