Jena, August 12, 2009 – Intershop Communications AG (ISIN: DE000A0EPUH1), a provider of integrated e-commerce solutions, today announced its results for the first half of 2009.
The company reported net revenues of EUR 13.6 million for the period under review, a 2% decline compared with the first six months of 2008. EUR 12.0 million of revenues are attributable to services, up 1% on the prior-year period. Net revenues of EUR 1.6 million were due to licenses. The corresponding figure in the first six months of 2008 was EUR 2.0 million. Gross profit increased by 17% year-on-year to EUR 6.0 million, resulting in a gross margin of 44% (previous year: 37%).
Intershop achieved a net profit of EUR 440 thousand for the first half of 2009, despite an extremely challenging overall economic environment. This was due to a significant 13% reduction in the cost of revenues to EUR 7.6 million. Compared with the first quarter of 2009, profitability in the period from April to June 2009 rose by 155% from EUR 124 thousand to EUR 316 thousand. Operating earnings before interest, tax, depreciation, and amortization (EBITDA) for the period under review amounted to EUR 1.1 million, up 3% on the prior-year period.
Cash and cash equivalents totaled EUR 6.2 million as of the end of June 2009, compared with EUR 8.1 million at the end of 2008. This was due to a rise in investing activities, an increase in receivables, and the valuation allowances recognized as a precautionary measure. As of the end of June 2009, Intershop's equity increased from EUR 16.3 million to EUR 16.9 million, corresponding to an equity ratio of 67%.
Despite the difficult economic situation, the Company is focusing on the ongoing trend towards online trading and is continuing to expect 7% to 9% growth in net revenues to more than EUR 30 million for full-year 2009.
Intershop Communications AG (founded in Germany 1992; Prime Standard: ISH2) is the leading independent provider of omni-channel commerce solutions. Intershop offers high-performance packaged software for internet sales, complemented by all necessary services. Intershop also acts as a business process outsourcing provider, covering all aspects of online retailing up to fulfillment. Around the globe more than 300 enterprise customers, including HP, BMW, Würth, and Deutsche Telekom run Intershop solutions. Intershop is headquartered in Jena, Germany, and has offices in the United States, Europe, Australia, and China. More information about Intershop can be found online at www.intershop.com.
This news release contains forward-looking statements regarding future events or the future financial and operational performance of Intershop. Actual events or performance may differ materially from those contained or implied in such forward-looking statements. Risks and uncertainties that could lead to such difference could include, among other things: Intershop's limited operating history, the unpredictability of future revenues and expenses and potential fluctuations in revenues and operating results, significant dependence on large single customer deals, consumer trends, the level of competition, seasonality, risks related to electronic security, possible governmental regulation, and general economic conditions.