TPPP looks like a big rebound in Q4 earnings. Down from last year, but a sharp improvement over the last few quarters. Converting to US Dollars, looks like they earned .05/share in the quarter. Could see a nice bounce from .50.
Triple P Reports Preliminary Results of Operations for Fourth Quarter and Fiscal Year 2004
Thursday March 17, 9:25 am ET
VIANEN, Netherlands--(BUSINESS WIRE)--March 17, 2005--Triple P N.V. (Nasdaq:TPPP - News) announced that it closed the fourth quarter of 2004 with net revenues of EUR 26.1 million and a net profit of EUR 1.2 million.
Fourth quarter 2004
In the fourth quarter of 2004, Triple P earned income before taxation of EUR 1.4 million, a decrease of approximately 2.1% compared to the same period of 2003.
The Company reported net revenues of EUR 26.1 million for the fourth quarter of 2004, an increase of 10.8% compared to the same period of 2003. Systems revenues were up 26.6% compared to the prior year, and services revenues were down 22.1% due primarily to the restructuring that was implemented last September and weak market conditions. As a result, gross margin dropped from 17.7% to 13.4%.
Key figures for the fourth quarter Q4 2003 Q4 2004 Diff.
(amounts in thousands of euros unless EUR EUR
otherwise indicated) %
-------------------------------------------------- ----------- -------
(unaudited) (unaudited)
Net revenues 23,556 26,107 10.8 %
Gross margin 17.7% 13.4% (24.0)%
Operating expense 2,659 2,104 (20.9)%
Income before taxation 1,403 1,374 (2.1)%
Net income 1,403 1,162 (17.2)%
Restructuring
In the third quarter of 2004, the Company adopted a restructuring plan designed to implement its strategic plan of focusing on higher margin activities, such as Mission Critical and IP & Wireless solutions, Managed Services and Procurement Services. The Company has completed most of the reductions in headcount and the strategic focus areas are imbedded in the organization. The Company incurred a restructuring charge of EUR 1.75 million in the third quarter of 2004 related to the anticipated costs of the restructuring plan. In addition, the Company incurred an additional EUR 0.96 million in expenses related to a revision of the 2003 restructuring, resulting in total non-operational expenses in 2004 of EUR 2.7 million.
Fiscal Year 2004
Net revenues for fiscal year 2004 were EUR 74.3 million, a decrease of 7.6% compared to last year. Gross margin decreased from 17.6% to 15.4%. Operating expenses decreased by 2.8%, as savings from the Company's restructurings were offset in large part by the above mentioned EUR 2.7 million of restructuring expense.
The Company sustained a net loss of EUR 2.0 million. At December 31, 2004 Triple P had a total cash position of EUR 6.5 million, an increase of 5% compared to December 31, 2003.
Key figures for the fiscal year 2003 2004 Diff.
(amounts in thousands of euros unless EUR EUR
otherwise indicated) %
-------------------------------------------------- ----------- -------
(unaudited)
Net revenues 80,371 74,265 (7.6)%
Gross margin 17.6% 15.4% (12.5)%
Operating expenses 13,485 13,102 (2.8)%
Income (loss) before taxation 442 (1,835) na
Net income (loss) 442 (2,047) na
Liquidity
As previously disclosed, the Company is considering various alternatives to meet its funding needs, including actions designed to increase stockholders' equity. The Company expects to complete this review and implement a financing plan in the first half of 2005.
About Triple P
Triple P (Nasdaq:TPPP - News) designs, supplies, builds and manages ICT-solutions that in an efficient way contribute to your company's results. The three p's - people performance and partnership - are the basis for long-lasting and successful relationships with our customers.
This release contains a number of forward-looking statements based on current expectations, including potential financing plans and the impact of restructuring plans. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. Actual results may differ materially due to a number of factors which include, but are not limited to: overall ICT- spending and demand for ICT services in the Netherlands; the timing of significant orders; the ability to hire, train and retain qualified personnel; the total amount of severance and other costs needed to complete the Company's restructuring plans and fierce competition. For a more thorough discussion of these risks and uncertainties, see the Company's filings with the Securities and Exchange Commission, particularly its most recent annual report on Form 20-F.
TRIPLE P N.V.
CONSOLIDATED BALANCE SHEETS
(in thousands except per share amounts)
December December
31, 31,
2003 2004
-------- -----------
EUR EUR
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 5,732 6,495
Restricted cash 462 12
Accounts receivable 10,182 9,706
Inventories 1,255 1,948
Prepaid expenses and other current assets 2,186 2,317
-------- -----------
Total current assets 19,817 20,478
NON-CURRENT ASSETS:
Property and equipment, at cost 2,564 2,329
Less: accumulated depreciation and amortization 1,265 1,448
-------- -----------
Net property and equipment 1,299 881
-------- -----------
Total non-current assets 1,299 881
-------- -----------
Total assets 21,116 21,359
======== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term part of long-term liabilities 322 119
Accounts payable 7,470 8,105
Accrued liabilities 5,436 6,446
Customer deposits 622 1,154
Deferred revenue 3,767 3,034
Restructuring reserve 205 964
-------- -----------
Total current liabilities 17,822 19,822
LONG-TERM LIABILITIES:
Pension obligations 424 434
Other long-term liabilities 143 461
-------- -----------
Total long-term liabilities 567 895
-------- -----------
Total liabilities 18,389 20,717
SHAREHOLDERS' EQUITY:
Common Shares, EUR 0.04 par value per share
Authorised - 43,750,000 shares
Outstanding - 30,469,345 shares 1,219 1,219
Additional paid-in capital 53,293 53,293
Accumulated deficit (51,556) (53,603)
Accumulated other comprehensive loss (229) (267)
-------- -----------
Total shareholders' equity 2,727 642
-------- -----------
Total liabilities and shareholders' equity 21,116 21,359
======== ===========
TRIPLE P N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended
December 31
2003 2004
EUR EUR
(unaudited) (unaudited)
Net revenues 23,556 26,107
Cost of revenues 19,392 22,600
----------- -----------
Gross profit 4,164 3,507
Sales and marketing expense 2,002 1,760
General and administrative expense 657 344
Restructuring charge --
----------- -----------
Total operating expenses 2,659 2,104
Operating income (loss) 1,505 1,403
Interest income (expense) (21) 8
Other, net (81) (37)
----------- -----------
Total other income (expense), net (102) (29)
Income (loss) before taxation 1,403 1,374
Income tax - (212)
----------- -----------
Net income (loss) 1,403 1,162
=========== ===========
Net Income per share (1):
Basic 0.05 0.04
Diluted 0.05 0.04
Weighted average shares outstanding
Basic 30,469 30,469
Diluted 30,479 30,469
Twelve months ended
December 31
2003 2004
EUR EUR
(unaudited)
Net revenues 80,371 74,265
Cost of revenues 66,261 62,858
------- -----------
Gross profit 14,110 11,407
Sales and marketing expense 8,550 7,215
General and administrative expense 3,654 4,137
Restructuring charge 1,281 1,750
------- -----------
Total operating expenses 13,485 13,102
Operating income (loss) 625 (1,695)
Interest income (expense) (69) 5
Other, net (114) (145)
------- -----------
Total other income (expense), net (183) (140)
Income (loss) before taxation 442 (1,835)
Income tax - (212)
------- -----------
Net income (loss) 442 (2,047)
======= ===========
Net Income per share (1):
Basic 0.01 (0.07)
Diluted 0.01 (0.07)
Weighted average shares outstanding
Basic 30,469 30,469
Diluted 30,469 30,469
(1) The calculation of the number of ordinary shares used in computing diluted net income per ordinary share in 2004 does not assume the effect of the exercise of options issued under Triple P Stock Option Plans as such conversions and exercises would have an anti-dilutive effect.
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Contact:
Triple P NV
Phone: + 31 347 353650
Fax: + 31 347 353666
e-Mail: info@triple-p.nl
www.triple-p.nl
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Source: Triple P N.V.
