Exact Holding N.V. (Exact) realised total revenue of € 56.0 million (Q3 2009: €54.8 million) in the third quarter of 2010, a growth of 2.0% compared to the same quarter last year.
License revenue started to show growth in Q2 2010 compared to the same period last year, led by the Americas and the Netherlands regions. Maintenance revenue showed improvement compared to Q2 2010 and came in slightly ahead of Q3 2009. Service revenue stabilised at almost the same levels as Q3 2009.
The revenue developments benefited from favourable foreign exchange rates, predominantly that of the US dollar. The foreign exchange rate effect of the US dollar had a negative impact on operating expenses.
Combined with additional investments in commercial initiatives such as Exact Online and an increase of third party products sold in Q3 2010 the operating expenses increased by about 4% compared to Q3 2009.
As a result EBITDA amounted to € 12.4 million (Q3 2009: € 12.9 million), a decrease of 4%. EBIT amounted to € 10.3 million (Q3 2009: € 10.7 million).
Notwithstanding an interim dividend payment amounting to € 11.9 million in August 2010, the cash position at the end of the third quarter increased to € 40.1 million (Q3 2009: € 34.1 million), an increase of 17.6%.
Exact Online continued its strong growth in the Netherlands and Belgium with the total number of customers exceeding 16,600.
At the Extraordinary General Meeting of Shareholders on August 23, 2010 Mr. Martijn Janmaat was appointed member of the Board of Managing Directors and CEO of Exact.
On October 19, 2010 Exact announced the sale of its 70% shareholding in Informática y Gestión (Colombia). The total revenue of Informática y Gestión in 2009 amounted to € 8.0 million.
Management has not provided the market with a formal outlook for 2010.
Exact aims to restore profitable organic revenue growth and programs have been initiated to become more market-driven and increase focus on offering targeted solutions to customers and prospects. The effects of these programs are expected to have a positive impact on Exact’s top-line performance as of 2011.
Exact Software is an information technology company that has grown from a start-up to a global software solutions provider employing about 2,200 employees in 40 countries and serving over 100,000 local and international companies in more than 125 countries