Titan N.V.
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Publicatie datum
24 nov 2010 - 07:31
Statutaire naam
Titan N.V.
Titel
TIE: 2010 Annual Result 1,7 million euro negative
Bericht
P R E S S R E L E A S E
The Netherlands, Hoofddorp, November 24, 2010
Trading Update
TIE: 2010 Annual Result 1,7 million euro negative
TIE Holding N.V. (“TIE”) reports the following highlights with regard to the fiscal year 2010 (October 1, 2009 – September 30, 2010) and the 4th quarter 2010 (July 1, 2010 – September 30, 2010)
Business Results:
During the fourth Quarter 2010 Total Income amounts to € 2,613k (Q4_2009: 2,802k). Operating Income Q4 amounts to € -1,103k (Q4_2009: € 219k) and Total Comprehensive Income to € -1,534k (Q4_2009: € 166k).
Total Income for the year amounts to € 11,013k (2009: € 11,190k), Operating Income amounts to € -1,393k (2009: € 759k) and Total Comprehensive Income amounts to € -1,763k (2009: € 540k). The net cash flow from operating activities for the year amounts to € -677k (2009: € 568k).
Our strategic investment in additional staff for the E-commerce and Content Syndication platforms needs more time to generate profit, also because of the increasing component of Software as a Service (Saas) generating an ongoing revenue stream as an annuity. We are in the process of reviewing our product portfolio, resulting for this reporting period in an amortization of Goodwill of € 171k for the software obtained in 2005 by the acquisition of Nspyre. Finally the company was engaged in two lawsuits. The costs associated with these suits amounted to € 987k. Additional onetime costs are € 250k. Thus the combined costs of the total onetime expenses for 2010 amounted to € 1,237k. The net cash flow for 2010 normalized for onetime expenses amounted to € 560k (2009: € 568k).
For more information, see attached pdf-document.
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