Bricsnet Announces Second Quarter 2001 Results

Consolidated Revenues for the First Half Year Are Up By 69% Gross Profit for the Quarter Increased to 74% of Revenue

GENT, Belgium - August 22, 2001 - Bricsnet [Nasdaq Europe:BSNT], the global provider of owner-oriented, integrated software technology, services and information for the process of engineering, construction and operations of commercial buildings, today announced its financial results for the second quarter which ended June 30, 2001.

The consolidated revenues for the quarter were up by 70% from Euro 2,536 thousand in the second quarter of 2000 to Euro 4,302 thousand this year. The increase from quarter to quarter was 5% from Euro 4,088 in the first quarter of 2001. The gross profit increased from 40% of revenue in the second quarter of 2000 to 74% this quarter. The net loss for the quarter was Euro 3.9 million, 0.49 per share, compared to a net loss of Euro 4.8 million, 0.68 per share, in the second quarter of 2000.

Commenting on the results, Michel Vander Eecken, COO and Chairman of the Board, said, "An important evolution this second quarter is the increase of recurring revenue from licenses and products which represent 23%, or Euro 1,005 thousand, of the quarter's revenue. A material contribution to these revenues comes from the sale of our Building|Center ASPREE licenses (Application Service Provider Real Estate Engine) which forms the base engine for additional Building|Center applications that are currently under development. The increase in software-related revenue allowed us to also increase the gross profit this quarter. The operating expenses for the quarter were 4% above the operating expenses of the first quarter of 2001, due to additional expenses related to the reduction of headcount from 166 to 150 during the second quarter." Commenting on the recent developments in July he added, "We are very pleased with the acquisition of Constructeo in the third quarter. Since we and Constructeo have a shared market vision, their integration into Bricsnet will be accomplished rapidly during the coming weeks. We remain confident that Bricsnet will reach our EBITDA (Earnings Before Interests, Taxes, Depreciation and Amortization) target in the fourth quarter of this year."

Erik De Keyser, president and CEO of Bricsnet stated, "July was a very important month for the company. The acquisition of Constructeo has immediately enhanced our European operations and sales reach. Further, in a difficult capital markets environment, we were able to raise Euro 10 million from existing and new investors. These funds provide Bricsnet with more than adequate resources to execute our business plan. We have also added Vinci, the world's leading company in construction and associated services, as an important strategic partner and as a customer for our comprehensive product suite. This is further validation that we have developed the right solution for real estate owners and their related construction projects."

Read the complete Press Release online at: http://www.bricsnet.com/about/investors/BricsnetQ2results.pdf 

 

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