Genesys: Interessanter Wert aus Frankreich

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Eröffnet am: 14.03.06 12:45 von: voivod Anzahl Beiträge: 2
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15790 Postings, 6735 Tage voivodGenesys: Interessanter Wert aus Frankreich

14.03.06 12:45
Das Unternehmen hat einen fantastischen Turnaround vollzogen => einstelliges KGV, profitiert durch Multimedia-Conferencing-Lösung von steigenden Ölpreisen (Flugkosten) und Terrorangst und befindet sich nun am Beginn eines Aufwärtstrendes.

Genesys Conferencing ist ein führender Anbieter integrierter Web-, Audio- und Video-Conferencingleistungen an Tausende von Unternehmen in aller Welt, darunter mehr als 200 der Fortune Global 500. Die Leistungen der Gesellschaft sind auf die Erfüllung des gesamten Spektrums der Kommunikationsanforderungen innerhalb eines großen Unternehmens abgestimmt, von kooperativen Teamsitzungen bis zu profilierten Online-Ereignissen. Das Spitzenprodukt der Gesellschaft, Genesys Meeting Center, bietet eine Multimedia-Conferencing-Lösung mit einer einzigen Plattform, die leicht einsetzbar und nach Bedarf verfügbar ist. Mit Niederlassungen in 24 Gebieten überall in Nordamerika, Europa und im asiatisch-pazifischen Raum bietet das Unternehmen einen unvergleichliche globale Präsenz und leistungsfähigen lokalen Support. Genesys Conferencing ist an der Euronext in France (ISIN FR0004270270) und an der NASDAQ in den USA (GNSY) notiert. Weitere Information sind auf zu finden.

Operating Highlights: Q3 2005 versus Q3 2004
Total volume increased 33.7% to 499.4 million minutes
Genesys Meeting Center automated services volume increased 37.2% to 463.5 million minutes
Volume utilizing Multimedia Minute pricing increased 272.6% to 124.3 million minutes
Revenue1 was up 8.4% to €36.1 million
Gross margin increased to 66.1% up from 58.8% in the third quarter of 2004
EBITDA2 was €6.0 million compared to €4.0 million in the third quarter of 2004
Net income was €2.0 million compared to a net loss of €(1.1) million in the third quarter of 2004
"Our flagship service, Genesys Meeting Center, holds one of the highest organic volume growth rates in the industry and continues to gain market share," stated François Legros, Chairman and Chief Executive Officer. "Overall, large enterprises around the world are turning more and more to multimedia collaboration services. Traditional users of stand-alone audio and web conferencing solutions are increasingly recognizing the benefits our multimedia collaboration tools and the value proposition of our Multimedia Minute. As such, Genesys is well positioned to lead an expected phase of mass end-user adoption of multimedia collaboration solutions."
Third Quarter 2005 Operating Performance
In the third quarter of 2005, revenue¹ was €36.1 million, up 8.4% compared with revenue of €33.3 million in the third quarter of 2004. In U.S. dollars, third quarter 2005 revenue was $44.0 million, up 8.2% compared to $40.7 million in the third quarter of 2004. On a sequential basis, Genesys Meeting Center volume and revenue were each down by approximately 2% due principally to seasonality. Revenue from Genesys Meeting Center services accounted for 76.1% of total revenue down sequentially from 77.4% in the second quarter of 2005 primarily as a result of greater than expected revenue from Genesys Event Services, the company's premium managed service. Long-term, the company continues to expect revenue from Genesys Meeting Center services will account for approximately 80% of total revenue.
Gross margin for the third quarter of 2005 was 66.1% compared to 58.8% for the third quarter of 2004. Gross margin continues to meet the company's target of greater than 60%. Overall, the company's cost structure continues to benefit from improved economies of scale while allowing the company to manage the greater migration of existing customers to Multimedia Minute-based services. Gross profit increased by €4.3 million, or 21.9%, in the third quarter of 2005 up to €23.9 million.
Selling, general and administrative expenses were €20.2 million in the third quarter of 2005 up €1.5 million, or 8.2%, compared to €18.7 million in the third quarter of 2004. The increase is due to: the increase of sales personnel during the second quarter of 2005; the recent implementation of marketing programs designed to promote greater customer adoption of Multimedia Minute-priced services; and additional legal and advisory expenses that were incurred this quarter, particularly in connection with the previously described Genesys Iberia arbitration process.
Earnings before interest, taxes, depreciation and amortization (EBITDA²) and before stock-based compensation expenses was €6.0 million for the third quarter 2005, a 16.7% EBITDA margin compared to €4.0 million and 12.0%, respectively, for the third quarter of 2004. Stock-based compensation expenses, as reported under IFRS, were €306,000 and €302,000 for the third quarters of 2005 and 2004, respectively.
Net income was €2.0 million, or €0.11 per diluted share, for the third quarter of 2005 compared to a net loss of €(1.1) million or €(0.06) per share in the third quarter of 2004. Net income growth is primarily the result of improved income from operations. Earnings before interest and taxes (EBIT) increased to €2.9 million in the third quarter of 2005 from €0.1 million in the third quarter of 2004. Net income also benefited by nearly €0.6 million in deferred tax credits.

"Third quarter results reflect our ability to achieve positive net income while we increase growth initiatives in operational areas, such as sales and marketing, technology development and global expansion," stated Michael Savage, Executive Vice President, and Chief Financial Officer. "The company expects to continue to reinvest in efforts to promote volume growth while managing through price competition."
As of September 30, 2005, the company's cash³ was €8.6 million after deducting bank overdrafts. On October 31, 2005, the company made semi-annual principal and interest payments under its existing senior credit facility. Additionally, on October 31, 2005, the company fully repaid the remaining principal due under its convertible bonds. Today, following the October repayments, the company's cash and cash equivalents total more than €6.0 million.
"Our 2005 debt repayments represent important steps in the company's ability to improve shareholder value," followed Savage. "On an enterprise value basis the repayment of debt this year translates into a meaningful increase of equity value per share."
The following contains forward-looking guidance regarding Genesys Conferencing's financial outlook and is based on expectations as of November 15, 2005. Actual results may differ materially and the company may not update any forward-looking statements made in this press release. Guidance continues to be based on a fixed rate of exchange of EUR 1.00 = USD 1.25.
The company noted the recent departure of one of its largest audio conferencing customers in connection with this customer's merger with a company that utilizes an in-house audio conferencing solution. Revenue and volume from this customer is expected to decline significantly over the next few months. Overall, this customer is expected to account for approximately 5.5% of 2005 revenue.
The company however, projects that revenue for the full-year 2005 will continue to be within the range of its previously disclosed guidance of €140 to €145 million and EBITDA will be within the range of its previously disclosed guidance of €23 million to €26 million.
(1) Please refer to the paragraph "Impact of Exchange Rates" below for information regarding the calculation of U.S. dollar amounts.
(2) See attached note to consolidated statements of operations for reconciliation of Operating Income and EBITDA. The company believes that EBITDA is a meaningful measure of performance, because it presents the company's results of operations without the non-cash impact of depreciation and amortization. EBITDA is reported excluding stock-based compensation expense.
(3) Cash includes cash and cash equivalents less bank overdrafts.

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