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Jena (Germany), May 13, 2009 – Intershop Communications AG, a provider of integrated e-commerce solutions, today published its results for the first quarter of 2009.
At EUR 6.8 million, net revenues in the first three months of 2009 were on a level with the previous year (EUR 6.9 million), despite the substantial deterioration in the economic environment. Revenues from services and maintenance, which account for the lion's share of this figure, increased by 3% to EUR 6.1 million. License revenues amounted to EUR 0.8 million, compared with EUR 1.1 million in the first quarter of 2008. Overall, the gross margin (gross profit/net revenues) improved from 35% in the prior-year period to 43%.
Consolidated profit reflects increased research and development expenses and the acquisition in February 2009 of an interest in the Berlin software house TheBakery. Excluding the acquisition, Intershop's profit for the quarter amounted to EUR 0.25 million; after adjustment for the transaction, its consolidated profit was EUR 0.1 million. This means that Intershop generated a profit for the seventh successive quarter.
Substantial increase in liquidity
As in previous quarters, Intershop again improved its liquidity situation in Q1 2009. Unrestricted cash rose by around EUR 0.7 million compared with the end of 2008 to EUR 8.7 million. As of March 31, 2008, this item amounted to EUR 6.9 million. Equity increased from EUR 16.3 million at December 31, 2008 to EUR 16.6 million at the end of the first quarter. This corresponds to an equity ratio of 63%.
"Intershop is pursuing a clearly defined strategy and has made significant investments in this area – our leading-edge Enfinity Suite 6.3 product release, a new version of the Online Marketing Bid Manager, our interest in a software house, and the construction of the Fashion Solution are the hallmarks of this strategy," said Intershop Management Board member Henry Göttler. "Our results for the first quarter – both financial and in terms of our portfolio – are positive and in line with our planning. Intershop is rolling out these innovations by increasing its marketing activities, for example at CeBIT, and expanding its network of partners."
New key account, new software version
Intershop has gained its first key account in the full-service e-commerce segment. Together with partners, it redesigned the online shop and all related processes for the international fashion company Mexx. The total order volume for Intershop over five years will be up to EUR 6.0 million.
In January 2009, the Company launched the new version of its Enfinity Suite 6.3 e-commerce solution, which met with an extremely good reception. The solution is already being implemented at a large number of new and existing customers.
Intershop achieved its operational goals in the first three months of 2009. Broadening its offering and successfully expanding its full-service e-commerce business has enabled the Company to strengthen its competitive position for the long term.
"Despite muted investment by some customers due to the economic crisis, our booked business is healthy and gives us confidence going forward. Building on our excellent equity ratio and extremely good cash position, we will continue to focus on innovation and expand our portfolio to meet all e-commerce needs," commented Intershop Management Board member Henry Göttler.
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.