DOCdata Release Preliminary Year-End Results.VUGHT Vught ( (helpinfo)) is a municipality and a town in the southern Netherlands. It is a town where lots of commuters live and has recently been named "Best place to live" by the Dutch magazine Elsevier. , The Netherlands--(BUSINESS WIRE)--26 February February: see month. , 1999--DOCdata N.V.,(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DOCDF; AEX AEX See: Amsterdam Exchange :DOCD DOCD Development Operations Coordination Document ) the Netherlands-based independent producer of audio and multimedia CDs and related services, announced its preliminary year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results today together with restated results for the six month period ended 30 June June: see month. 1998. -0-
For the full year, DOCdata's preliminary unaudited results (in
accordance with Dutch GAAP) were as follows:
(In millions, except percentage
figures and per share data) 1998 1997
---------------------------------------
---------------------------------------
EUR NLG EUR NLG
---------------------------------------
Net Sales 103.6 228.4 100.0% 78.5 173.1 100.0%
Gross Profit 25.3 55.7 24.4% 24.3 53.6 31.0%
EBITDA 10.4 23.1 10.1% 15.5 34.2 19.7%
Operating Income 2.4 5.1 2.2% 9.8 21.7 12.5%
Extraordinary Income & Expenses 6.9 15.1 6.6% 0.0 0.0 0.0%
Net Income 6.5 14.2 6.4% 6.4 14.1 8.1%
Average Number of Shares 8.0 7.0
Net Income per Share 0.81 1.78 0.91 2.01
These results are generally in line with estimates announced on 15 January January: see month. 1999. DOCdata expects to publish its 1998 full year results on 1 March 1999. At that time further details on the 1998 results will be available. As previously announced on 15 January 1999, senior management of DOCdata, with the assistance of independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen , have conducted an investigation into accounting irregularities and errors in the financial reporting from its United Kingdom operations. That investigation indicates that the United Kingdom operation incurred an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the six month period ended 30 June 1998 of approximately NLG NLG The ISO 4217 currency code for the Dutch Guilder. 6.2 million (EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.8 million). The six months figures for DOCdata and its subsidiaries previously reported included in the consolidated results an operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the United Kingdom operations of approximately NLG 1.9 million (EUR 0.9 million). The restated numbers therefore indicate an operating income for the consolidated operations of approximately NLG 1.5 million (EUR 0.7 million) for the six months ended 30 June 1998, compared to an operating income of NLG 9.7 million (EUR 4.4 million) announced on 21 July July: see month. 1998 for the same period. DOCdata has restated its 1998 half year results, and the restated results are included in the attachment hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. . The mis-statements in the financial results of the United Kingdom operations were caused primarily by (i) the overstatement o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o of inventories, (ii) the overstatement of trade receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , (iii) the improper
v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. properly. Management of DOCdata has taken a series of actions to correct the irregularities and to improve the internal accounting control. The employment agreements with the financial director and the chief accountant for the United Kingdom operations have been terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: . An interim financial director seconded from DOCdata's U.S. operations is currently in place and a permanent replacement is expected to be appointed within several weeks. DOCdata is consulting with KPMG with respect to other internal reporting procedures which may be necessary or appropriate. DOCdata also announces the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of certain of its activities in order to concentrate on its core activities. The activities of DOCdata Connectivity & Media and CD-One are being discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: . The costs of the restructuring are within the NLG 7 million (EUR 3.2 million) provision announced on 3 November November: see month. 1998. For its future online needs, DOCdata will utilize third party vendors available in the market. DOCdata believes that its opportunities for profitable growth in the future will be in the area of services to the publishers of digital pre-recorded media in the music, multimedia and software markets. DOCdata N.V. is a leading independent producer of audio and multimedia CDs and provides related services with facilities in the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. , France, Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , the United Kingdom and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . DOCdata also design and builds production systems based on optical and laser technology. It is anticipated that DOCdata will publish its definitive full year results for 1998 on 1 March 1999. A press conference will be held at 10.00 a.m. Amsterdam Amsterdam, city, Netherlands Amsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. time with an analysts meeting at 1 p.m. Amsterdam time. A further conference call with analysts overseas will be held at 6 p.m. Amsterdam time. Note: Certain matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties including, but not limited to; uncertainty as to DOCdata's future profitability; DOCdata's ability to develop and implement operational and financial systems to manage its operations; competition in DOCdata's existing and potential future lines of business; DOCdata's ability to integrate and operate successfully acquired businesses and the risks associated with such businesses; DOCdata's ability to obtain financing on acceptable terms to finance DOCdata's growth strategy and for DOCdata to operate within the limitations imposed by financing arrangements; uncertainty as to the future profitability of acquired businesses; and other factors. Other factors and assumptions not identified above were also involved in the derivation derivation, in grammar: see inflection. of these forward-looking statements, and the failure of such other assumptions to be realized as well as other factors may also cause actual results to differ materially from those projected. DOCdata assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. -0-
Financial Information
Condensed Consolidated Balance Sheets
----------------------------------------------------------------------
June 30, June 30, December 31,
1998 1998 1997
restated press release
July 21, 1998
------------- ------------ -----------
(in thousands) (NLG) (NLG) (NLG)
(Unaudited) (Unaudited)
Assets
Current assets
Cash and cash equivalents 3,435 3,435 4,640
Trade receivables 61,858 64,301 59,866
Other receivables and
prepayments 8,331 9,644 5,198
Inventory 6,825 8,786 6,104
------------- ------------ -----------
Total current assets 80,449 86,166 75,808
------------- ------------ -----------
Fixed assets
Tangible fixed assets 86,585 85,489 85,118
Goodwill 27,781 27,781 20,942
------------- ------------ -----------
Total fixed assets 114,366 113,270 106,060
------------- ------------ -----------
Total 194,815 199,436 181,868
------------- ------------ -----------
Liabilities and shareholders' equity
Current liabilities
Current portion of
long term debt 3,231 3,231 3,326
Short term bank facilities 39,473 39,473 31,672
Trade payables 20,900 19,569 19,072
Tax and social security
charges 8,534 7,990 5,475
Other liabilities 13,408 11,823 9,872
------------- ------------ -----------
Total current liabilities 85,546 82,086 69,417
Loans and mortgages 11,939 11,939 12,199
Provisions 1,676 1,676 2,423
------------- ------------ -----------
Total liabilities 99,161 95,701 84,039
Government grants 605 605 630
Equity
Shareholders' equity
Paid up and called up
Share capital 1,600 1,600 1,600
Share premium 68,884 68,884 68,954
Cumulative translation
adjustment 2,182 2,182 1,762
Other reserves 23,579 31,660 25,776
------------- ------------ -----------
Shareholders' equity 96,245 104,326 98,092
Minority interest (1,196) (1,196) (893)
------------- ------------ -----------
95,049 103,130 97,199
------------- ------------ -----------
Total 194,815 199,436 181,868
----------------------------------------------------------------------
Condensed Consolidated Statements of Income (first six months)
----------------------------------------------------------------------
Six months ended Six months ended Six months
June 30, 1998 June 30, 1998 ended
restated Press release June 30, 1997
July 21, 1998
(In thousands) (NLG) (NLG) (NLG)
(Unaudited) (Unaudited) (Unaudited)
Net sales 111,025 113,360 62,813
Cost of goods sold 86,877 82,811 42,434
------------ -------------- -------------
Gross profit 24,148 30,549 20,379
Selling expenses 8,133 7,298 4,631
General and administrative
expenses 12,606 11,723 6,801
Amortisation expense 1,863 1,863 1,380
------------ -------------- -------------
Operating income 1,546 9,665 7,567
Net financial expenses 1,847 1,483 1,294
Other income - - 67
------------ -------------- -------------
Income before taxes (301) 8,182 6,340
Income taxes (2,219) (2,622) (2,119)
Minority interest 303 303 104
------------ -------------- -------------
Net income (2,217) 5,863 4,325
Earnings per share (0.28) 0.73 0.72
Average shares outstanding 8,000,000 8,000,000 6,000,000
----------------------------------------------------------------------
Condensed Consolidated Statements of Cash Flows (first six months)
----------------------------------------------------------------------
Six months Six months Six months
ended ended ended
June 30, 1998 June 30, 1998 June 30, 1997
restated Press release
July 21, 1998
(In thousands) (NLG) (NLG) (NLG)
(Unaudited) (Unaudited) (Unaudited)
Net income (2,217) 5,863 4,325
Adjustment on foreign
currency translation
to weighted average 70 (9) (44)
Depreciation and amortisation 10,046 9,770 5,507
(Profit) loss on sale of
tangible fixed assets (243) (14) (435)
Adjustment to reconcile
net income to net cash
provided by operating
activities:
Inventory (721) (2,682) 310
Receivables (5,124) (8,881) 583
Trade payables 1,828 497 (1,459)
Taxes and social security 3,059 2,515 (1,753)
Other liabilities 3,536 1,951 (1,066)
Government grants (25) (25) (25)
Other (1,051) (1,051) (331)
Net cash provided(used) by
operating activities 9,158 7,936 5,612
Cash flows from investing
activities:
Capital expenditures (9,603) (7,612) (6,827)
Acquisitions (8,701) (8,701) 304
Proceeds from sale of tangible
fixed assets 892 43 2,335
Net cash used in investing
activities (17,412) (16,270) (4,188)
Cash flows from financing
activities:
Repayment of loans (355) (355) (60,472)
Changes in bank overdraft 7,801 7,801 1,713
Proceeds from issuance of shares - - 69,725
Other (399) (319) (202)
Net cash provided by (used in)
financing activities 7,047 7,127 10,764
Effect of exchange rate
changes on cash 2 2 9
Net increase (decrease)
in cash and
cash equivalents (1,205) (1,205) 12,197
Cash and cash equivalents at
beginning of year 4,640 4,640 1,881
Cash and cash equivalents
at June 30 3,435 3,435 14,078
----------------------------------------------------------------------
Management DOCdata N.V. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion