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TIE Holding N.V. (AMS:TIE) Master Data Management Software Company TIE Holding N.V. ("TIE") listed on the NYSE EuroNext Amsterdam Stock Exchange hereby publishes it's Third Quarter 2008 Unaudited Condensed Consolidated Interim Financial Statements. TIE reports Third Quarter 2008 Total Income of EUR 2.64m and Net Income of EUR 25k (Q3 2007: Total Income EUR 2.43m and Net Income EUR -291k). Total income is EUR 0.3m above the Second Quarter 2008 Total Income (EUR 2.35m). The fx rate effect (EUR/$) on Total Income amounts to EUR -0.16m (2007: EUR -0.1m).
Total Income for the third quarter increased almost 9% (EUR 216k) due to increased sales on Consultancy, Software as a Service and other sales. Operating expenses have decreased over 6% (EUR 154k) over the third quarter compared to previous year.
Net Income amounts to a profit of EUR 25k for the quarter, prior year comparative amounted to EUR -291k. For the nine months however Net Income amounts to EUR -2,101k (2007: EUR -613k). Shareholder's Equity amounted to EUR 0.2m, with Equity totaling EUR 1.25m (At the end of the third quarter of 2007: EUR 4.79m).
The net cash position of the Company as per June 30, 2008 amounted to EUR -83k (June 30, 2007 -258k). The credit facility was drawn to an amount of EUR 365k on June 30, 2008 (June 30, 2007: EUR 376k). Management has secured an uncollateralized Credit Facility with ABN AMRO Bank amounting to EUR 500k ending October 1, 2008. Jalak Investments BV is acting as guarantor. The Company is currently in the process of arranging a new facility.
Jan Sundelin, CEO said: "We are satisfied to be able to report that our restructuring plan, consisting of cost cutting measures and a strong focus on marketing and sales, starts to pay off! Despite the changed economical conditions in 2008, we managed to increase Total Income for the third quarter and are profitable for the first time since October 2006. We have confidence in the Company's ability to grow as underlined earlier already by our management, as well as third party investors, by investing in TIE.
We are pleased to announce that we will release in the near future the next version of our Data Quality Solutions and Data Synchronization Software as well as additional functionalities (Invoice In and Out) for the TIE e-Invoicing solution. TIE runs several promising pilots throughout Europe and the USA for our new Digital Content Distribution System DCM. The release of new products will further expand our abilities to create a bright future for the Company and strengthen our position as market leader in Electronic Data Exchange."
Further details with respect to these Third Quarter Results can be found in the separate Condensed Consolidated Interim Financial Statements for the three month period ended on June 30, 2008, which are attached hereto. These Condensed Consolidated Interim Financial Statements are unaudited.
Profile TIE TIE bridges the gap between online and traditional business. TIE helps industry and supply chain partners to achieve electronic business collaboration with solutions in the traditional and upcoming markets like Data Quality Management, e-Invoicing, Master Data Management and Digital Channel Communications. Our solutions are proven to lower costs, increase revenue and optimize business processes. Because we have decades of experience to share, TIE remains a key contributor to the development and implementation of global eCommerce standards. TIE is a publicly held company with offices in the United States, France, and the Netherlands.
Further information:
TIE Holding N.V.
Jan Sundelin, CEO
Antareslaan 22-24 2132 JE Hoofddorp The Netherlands Tel: +31-20-658 93 33 Fax: +31-20-658 90 01 e-mail: info@TIEglobal.com Web site: http://www.TIEglobal.com
