WAALWIJK, the Netherlands, October 17, 2011 /PRNewswire/ --
- Good third quarter 2011 with continued growth
The Management Board of DOCDATA N.V. announces the following interim notice.
General
DOCDATA N.V. (Waalwijk) has closed the third quarter 2011 with a profit. The revenue has strongly improved compared to the third quarter 2010, predominantly as a result of the continued growth of the activities of the e-commerce service company Docdata in Germany and the Netherlands. The operating income (EBIT) and net profit of the Group for the third quarter 2011 improved considerably compared to the third quarter 2010.
DOCDATA N.V. maintained its strong financial position during the third quarter 2011. Per 30 September 2011, the solvency ratio amounted to 59.2% (30 June 2011: 58.2%) and the Company's liquidity resulted in a net cash surplus of over € 3.7 million (30 June 2011: € 4.5 million). The net cash surplus has decreased during the third quarter 2011, predominantly as a result of capital expenditure.
The management of DOCDATA N.V. does not give any quantified expectation regarding revenue and results for the whole year 2011. However, management expects that the company will continue to grow in the fourth quarter 2011 due to the growth of Docdata's clients and the delivery of orders by IAI industrial systems. DOCDATA N.V. will announce the 2011 full-year results on Wednesday 29 February 2012 before opening of the stock exchange.
E-commerce service company Docdata
The revenue of the e-commerce service company Docdata increased in the third quarter 2011 compared to the third quarter 2010, predominantly due to an autonomous higher transaction volume in 2011. The increase of 30% of the number of processed unique transactions in the first half-year 2011 has continued in the third quarter 2011. This number for the first three quarters of the year increased from 20 million in 2010 to 26 million in 2011.
The operating income of the e-commerce service company Docdata increased significantly in the third quarter 2011 compared to the third quarter 2010. The effect of non-recurring costs in 2010 has to be considered here. The elimination of these non-recurring costs in 2011 strengthened the improvement of the operating income.
Technology company IAI industrial systems
The revenue of IAI industrial systems was modest in the third quarter 2011, similar to the third quarter 2010. However, the delivery of a number of high quality systems is planned for the fourth quarter. As a result, IAI expects to realise significantly higher revenue and operating income compared to the third quarter. Compared to the fourth quarter 2010, IAI also expects an improvement. IAI is however dependent on its clients who also must have made preparations to actually install and test the systems.
The revenue value of the order book of IAI industrial systems increased to € 9.6 million as at 30 September 2011 (order book as at 30 June 2011: € 9.1 million). This is a combined result of new orders and deliveries during the third quarter 2011. The systems in the order book as at the end of September 2011, are for the major part planned to be delivered in the fourth quarter 2011. The order book of IAI is currently behind plan, but the pipeline is well filled. The management of DOCDATA N.V. estimates that during the fourth quarter 2011 and the first quarter 2012 some of these prospects can realistically lead to orders for IAI with deliveries in 2012 and thereafter.
Strategy
As the current strategy 'Vision 2012: Flywheel to Growth' runs till 2012, the management of DOCDATA N.V. has executed, as announced, a strategic study in recent months. The management has done this strategic study in cooperation with NIBC and all strategic options have been considered and discussed in-depth. The results of this study served as input for the strategic direction of the Company for the coming years. The main outcome of the strategic study is that the Management Board and the Supervisory Board of the Company see enough opportunities to further develop both lines of business of DOCDATA N.V. and to realise profitable growth. From a financial strategic perspective, the combination enables DOCDATA N.V. to ascend to a higher 'league' in the stock market in terms of the revenue level as well as the market capitalization ('market cap'), despite the fact that both lines of business Docdata and IAI industrial systems are two entirely different companies without any synergy. The management is of the opinion that this has a positive effect on the liquidity and the valuation of the share, resulting in a higher shareholder value.
The operational strategies for the coming years of the e-commerce service company Docdata on the one hand and the technology company IAI industrial systems on the other hand, will be further developed. The outcome of this will be presented in detail during the presentation of the full-year figures 2011 in February 2012. This will also be included in the annual report 2011 which will be published in April 2012.
The focus of Docdata for the coming years will be on offering an e-fulfilment service package, with an important role for geographical expansion within Europe. Docdata will also follow the international expansion of its clients. Docdata wants to capture a Top-5 position in Europe in the market for outsourced e-fulfilment services.
For IAI industrial systems the focus is on innovative applications of laser technology in which the processing of products and materials is important. In specific niche markets IAI wants to achieve a Top-3 position where the whole world is its market territory. In the market for 'Document security for government issued documents', IAI already is a Top-3 player.
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The listed DOCDATA N.V. exists of two lines of business:
E-commerce service company Docdata (http://www.docdata.com) is a European market leader with a strong basis in The Netherlands, Germany and the United Kingdom. Docdata offers a complete e-commerce service portfolio to clients, enabling them to be successful on the internet.
Technology company IAI industrial systems (http://www.iai-industrial-systems.com) is a high tech engineering company specialised in developing and building systems for very accurate and high speed processing of all kinds of products and materials. IAI delivers clients globally in the following sectors: securing and personalising of security documents, processing of solar cells and modules and processing of other materials and products.
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Financial calendar
29 February 2012 (**) Publication of 2011 results
2 May 2012 (*) Interim notice first quarter 2012
30 May 2012 (*) / (**) Annual General Meeting of Shareholders
19 July 2012 Publication of half-year results 2012
17 October 2012 (*) Interim notice third quarter 2012
(*) provisional date
(**) changed date
Corporate website: http://www.docdatanv.com
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