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Jena, November 10, 2010 – Today, Intershop Communications AG, supplier of integrated e-commerce solutions, announced its results for the first nine months of 2010.
The company achieved EUR 10.5 million in net revenues in the third quarter of 2010 and therefore increased the accumulated net revenues after nine months by 34% to EUR 27.7 million. Main driver behind this considerable rise was again the strong consultancy business (+59%), especially with large existing customers (platinum accounts). In addition, maintenance (+9%) and online marketing (+57%) contributed to growth. Licensing business went up significantly compared to the previous quarter but fell short of expectations for the first nine months (-24%).
Gross profit after nine months rose by 32% to EUR 11.6 million and the gross margin was 42%. Research and development expenses went up by 29% to EUR 3.7 million year-on-year, mainly as a result of investments in product innovation and the increase of resources. General administrative expenses went up from EUR 3.0 million to EUR 3.9 million, partly due to extraordinary items such as costs for the extraordinary general meeting in spring as well as legal and consulting fees. Sales and marketing expenses fell 8% short of the previous year’s value.
The operating result (EBIT) amounted to EUR 1.1 million compared to kEUR -628 in the first nine months of 2009. Earnings before interest, taxes, depreciation and amortization (EBITDA) came to EUR 2.8 million in the reporting period after EUR 0.6 million in the previous year. As of September 30, 2010, cash and cash equivalents rose significantly by EUR 8.9 million to EUR 14.2 million. This rise was primarily attributable to operating cash flow of EUR 5.4 million and two capital increases carried out in the first half of the year.
The equity ratio increased from 64% at the end of 2009 to 68% on September 30, 2010.
For the entire year 2010, the Management Board confirms its forecast for revenues growth of around 20% and a positive operating result.
The 9-Month-Report 2010 can be downloaded at http://www.intershop.com/investors-financial-reports.html.
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.