Cranes Software FY 2003 revenues up 110% at Rs. 486.18 million, PAT increases 155% to Rs. 140.54 million

• The annual and quarterly figures in this document are provided on a stand-alone basis for Cranes Software International Limited (CSIL).
• CSIL’s group operations for FY 2003 include that of its fully owned subsidiaries Systat Software, Inc. USA, Systat Software UK Ltd., and Systat Software Asia Pacific Ltd. Therefore the consolidated group annual performance is also provided for reference.
• All annual revenue comparisons are against 12 months results of erstwhile CSIL.

Mumbai, June 11, 2003: Cranes Software International Ltd. (CSIL), a global scientific and engineering software solutions provider, today announced its audited results for the financial year ended 31st March 2003.

Commenting on the performance during FY 2003, Mr. Asif Khader, Managing Director, Cranes Software International Limited, said:

"I am pleased to report a strong performance, which continues to be driven by our strategy to focus on extending our business model to include new offerings through continuous investments in disruptive technologies and software products. During the year, we have undertaken several organic and inorganic initiatives that have translated into our progressive performance in fiscal 2003, with robust growth in both revenues and operating margins."

Annual review:

The Company has reported 155.59% increase in net profit to Rs. 140.54 million in FY 2003, as against Rs. 54.98 million last year. Net sales recorded a growth of 108.56% to Rs. 481.43 million as compared to Rs. 230.83 million last year. Revenues from overseas sales in FY 2003 has been Rs. 342.86 million, contributing 71.21% to the Company’s net sales. EPS for the year is at Rs. 16.34 compared to Rs. 9.46 last year.

The Board of Directors at their meeting today recommended a dividend of 12% (subject to the approval of shareholders) for the year, which amounts to a payout including dividend tax of Rs. 11.40 million.

Quarterly review:

For the quarter ended 31st March 2003, the company recorded a growth of 112.84% in net profit on a stand-alone basis to touch Rs. 69.34 million as compared to Rs. 32.6 million in the sequentially preceding quarter in FY 2003. Net sales touched Rs. 228.57 million recording a growth of 107.22% over the net sales of Rs. 110.3 million recorded in the sequentially preceding quarter. Revenues from overseas sales increased 139.45% to Rs. 175.28 million from Rs. 73.2 million in the previous quarter.

FY 2003 (Apr'02 - Mar'03)

• Net sales increases 108.56% to Rs. 481.43 million compared to Rs. 230.83 million
• PAT advances by 155.63% to Rs. 140.54 million, as compared to Rs. 54.98 million last year
• Operating margin expands to 58.38% from 51% in the previous fiscal
• EPS increases to Rs. 16.34 from Rs. 9.46

Q4 FY 2003 (Jan’03 - Mar’03) v/s Q3 FY 2003 (Oct’02 - Dec’02) review

• Net sales at Rs. 228.57 million, recording a growth of 107.22% over the sequentially preceding quarter
• PAT rises by 112.84% to Rs. 69.34 million compared with Rs. 32.6 million in the OND’02 quarter
• EPS for the quarter expands to Rs. 7.89 compared with Rs. 3.87

FY 2003 consolidated (Apr’02 - Mar’03)

• Consolidated revenue stood at Rs. 615.53 million
• Consolidated profit after tax is Rs. 140.53 million
• Cranes consolidated operating profit (EBIDTA) stood at Rs. 303 million, for March 31, 2003

• During the year 2002, Cranes Software International Ltd. expanded its international operations through its subsidiaries by acquiring scientific software products 'SYSTAT' from SPSS, USA, TableCurve 2D, TableCurve 3D and PeakFit from AISN, USA. Hence, previous years numbers are not comparable.

Key corporate highlights during the year:

• During the year, the Company completed the acquisition of SYSTAT from SPSS Science, USA, establishing a fully-owned subsidiary Systat Software Inc. The Company also added the products TableCurve 2D, TableCurve 3D and PeakFit from AISN Software, USA into its product portfolio.

• Systat Software UK Ltd, a wholly-owned subsidiary of Systat Software Inc., has been formed in fiscal 2003 to enable the Company to strengthen its footprint in the European market. The subsidiary provides marketing, sales and tech support for the SYSTAT, TableCurve 2D, TableCurve 3D and PeakFit product range. During the year under review, Systat Software Asia Pacific Ltd. became a subsidiary of CSIL.

• An R&D center with 68 scientists/engineers has been established in Bangalore to continually develop future updates and upgrades of the Company’s proprietary products to enable it to keep pace with evolving customer needs.

• The Company has also invested in disruptive technologies like MEMS to develop IPRs jointly with the Indian Institute of Science (IISc), Bangalore, and a CranesSci MEMS Lab has been established on the IISc campus with that objective.

Key operational highlights for the year:

• Customer perspective

  • Key customers added this year - NTT DoCoMo, GE, Novartis, Bayer AG, NASA, Wockhardt Research Center, Hewlett Packard, Delphi Automotive Research, Texas Instruments, Havard University, Department of Navy, US.

• General and Administrative perspective
  • General and Administrative expenses have been Rs. 114.67 million for the financial year.

• Balance sheet perspective
  • The Company’s cash reserves as on 31st March 2003 are Rs. 292.08 million.

About Cranes Software International Ltd. (CSIL) :

CSIL, a global scientific & engineering products and solutions provider, offers its customers products, consulting and training in the scientific and engineering field. The company is dedicated to excellence, which brings recognized leadership in technical software products and support capabilities. CSIL expertise in these fields comes with an early bird experience of over a decade.

CSIL with a definite and distinct focus on product development, consulting, distribution and training, has its network spread over nine direct offices and thirteen dealers all over India. With a mission statement to provide its customers the best in scientific technology and to enable its customers to define new limits, CSIL is setting new standards in the scientific software and engineering field.

About Systat Software Inc.

Systat Software Inc. provides specialized scientific software in the fields of Bio-Medical, Life Sciences, Environmental Sciences, Telecom, Automobile, Measurements, etc. The company is dedicated to excellence and committed to bringing the best to the areas of Statistical Analysis, Scientific Research, Data Analysis and Modeling through its recognized and qualified leadership.

Systat Software Inc.'s focused vision and mission is to provide specialized analytical and graphing software plus an application development platform to meet the evolving challenges of scientists, engineers, researchers and educators in the fields of statistics and scientific data analysis.

For further information on the company, its products and services please log on to www.systat.com

For further information, please contact :
Contact : Akila Lean (Cranes Software International Limited)
Phone : +91 80 238 1740 / 1 / 2
Fax : +91 80 238 4317 or 226 8410
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