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EXHIBIT 99.1
PRESS RELEASE
____________________________________________________
TRIPLE P REPORTS RESULTS OF OPERATIONS FOR FOURTH QUARTER AND FISCAL YEAR 2003
O IMPROVED PROFITABILITY DUE TO SIGNIFICANT COST REDUCTIONS;
O IMPROVED SOLVENCY AND STRONG CASH POSITION.
March 4, 2004 - Vianen, The Netherlands. Triple P N.V. (NASDAQ SCM: TPPP)
announced improved profitability, improved solvency and a stronger cash position
as a result of its operations in the fourth quarter of 2003.
FOURTH QUARTER 2003
In the fourth quarter of 2003 Triple P earned a net income of EUR1.4 million.
This is an improvement of EUR2.6 million compared to the fourth quarter of 2002
when the Company reported a net loss of EUR1.2 million. The Company furthermore
reported net revenues of EUR23.6 million for the fourth quarter of 2003, a
decrease of approximately 15% below the levels in the same period of 2002.
<Table>
<Caption>
Q4 2002 Q4 2003 DIFF.
Key figures for the fourth quarter ------- -------
(amounts in millions of euro's unless otherwise indicated) EUR EUR %
- ---------------------------------------------------------------------------------------------
KEY FIGURES PROFIT & LOSS
Net revenues 27.6 23.6 -15%
Gross margin 16.9% 17.7% 5%
Net income (loss) (1.2) 1.4 na
</Table>
FISCAL YEAR 2003
Net income for the fiscal year 2003 was EUR0.4 million. This is EUR0.9 million
above last year when the Company reported a net loss of EUR0.5 million.
The Company recorded net revenues of EUR80.4 million in 2003, approximately 17%
below last year.
Gross margin remained stable at 17.6%, and operating expenses decreased by 20%
compared with last year, which is the primary reason for the improvement in
profitability in 2003.
Triple P took a number of cost reduction measures in the second quarter of 2003
in response to the disappointing levels of net revenues in the first half of
2003, which led to a clear improvement in profitability in the second half of
2003. The Company recorded net income of EUR1.4 million in the second half of
2003 compared to a net loss of EUR1.0 million in the first half of 2003,
including a restructuring charge of EUR1.3 million.
As a result of the positive cash flow of EUR1.9 million, the Company's bank
balance increased to EUR6.2 million at December 31, 2003. Equity increased to
19% of the Company's total assets less cash and cash equivalents and restricted
cash.
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<Caption>
KEY FIGURES FOR THE FISCAL YEAR 2002 2003 DIFF.
(amounts in millions of euro's unless otherwise indicated) EUR EUR %
- ---------------------------------------------------------------------------------------------
KEY FIGURES PROFIT & LOSS
Net revenues 96.4 80.4 -17%
Gross margin 17.6% 17.6% 0%
Operating expenses 16.8 13.5 -20%
Net income (loss) (0.5) 0.4 na
KEY FIGURES BALANCE SHEET AS OF DECEMBER 31,
Equity 2.5 2.7 8%
Total assets 23.0 20.3 -12%
Bank balance (cash, cash equivalents and restricted
cash) 4.3 6.2 45%
Equity as percentage of total assets less cash, cash
equivalents and restricted cash 13% 19% 42%
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The Board is pleased with the improved profitability trend in the second half of
2003. "Despite difficult market conditions, we were able to improve our
financial position in 2003," says CEO, Mr. H. Crijns. "Although the focus on
aligning costs with expected sales level remains important, our focus will shift
more to improvement of our market position and our sales and marketing
organization."
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ABOUT TRIPLE P
TRIPLE P (NASDAQ SCM: TPPP) DESIGNS, SUPPLIES, BUILDS AND MANAGES ICT-SOLUTIONS
THAT IN AN EFFICIENT WAY CONTRIBUTE TO YOUR COMPANY'S RESULTS. THE THREE P'S -
PEOPLE PERFORMANCE AND PARTNERSHIP - ARE THE BASIS FOR LONG-LASTING AND
SUCCESSFUL RELATIONSHIPS WITH OUR CUSTOMERS.
This release contains a number of forward-looking statements based on current
expectations. Actual results may differ materially due to a number of factors
which include, but are not limited to: overall ICT- spending and demand for ICT
services in the Netherlands; the timing of significant orders; the ability to
hire, train and retain qualified personnel and fierce competition. For a more
thorough discussion of these risks and uncertainties, see the company's filings
with the Securities and Exchange Commission, particularly its most recent annual
report on Form 20-F.
CONTACT
Triple P NV
Postbus 245
4130 EE Vianen
Nederland
Tel: +31 347 353650
Fax: +31 347 353666
e-Mail: info@triple-p.nl
www.triple-p.nl
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TRIPLE P N.V.
CONSOLIDATED BALANCE SHEETS
(in thousands except number of shares and per share amounts)
<Table>
<Caption>
DECEMBER 31, DECEMBER 31,
2002 2003
------------ ------------
EUR EUR
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents........................... 4,207 5,732
Restricted cash..................................... 59 462
------------ ------------
4,266 6,194
Accounts receivable................................. 12,090 9,888
Inventories......................................... 3,136 1,255
Prepaid expenses and other current assets........... 1,870 1,615
------------ ------------
TOTAL CURRENT ASSETS................................ 21,362 18,952
NON-CURRENT ASSETS:
Property and equipment, at cost..................... 3,999 2,564
Less: accumulated depreciation and amortization..... 2,375 1,265
------------ ------------
Net property and equipment.......................... 1,624 1,299
------------ ------------
TOTAL NON-CURRENT ASSETS............................ 1,624 1,299
------------ ------------
TOTAL ASSETS........................................ 22,986 20,251
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term part of long-term liabilities............ 470 322
Accounts payable.................................... 8,444 7,176
Accrued liabilities................................. 5,213 4,865
Customer deposits................................... 665 622
Deferred revenue.................................... 3,981 3,767
Restructuring reserve............................... 715 205
------------ ------------
TOTAL CURRENT LIABILITIES........................... 19,488 16,957
LONG-TERM LIABILITIES:
Pension obligations................................. 259 424
Other long-term liabilities......................... 725 143
------------ ------------
TOTAL LONG-TERM LIABILITIES......................... 984 567
------------ ------------
TOTAL LIABILITIES................................... 20,472 17,524
SHAREHOLDERS' EQUITY:
Common Shares, EUR 0.04 par value per share
Authorised - 43,750,000 shares
Outstanding - 30,469,345 shares................... 1,219 1,219
Additional paid-in capital.......................... 53,293 53,293
Accumulated deficit................................. (51,998) (51,556)
Accumulated other comprehensive loss................ - (229)
------------ ------------
TOTAL SHAREHOLDERS' EQUITY.......................... 2,514 2,727
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.......... 22,986 20,251
============ ============
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TRIPLE P N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except number of shares and per share amounts)
<Table>
<Caption>
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31 DECEMBER 31
2002 2003 2002 2003
----------- ----------- ----------- -----------
EUR EUR EUR EUR
(unaudited) (unaudited) (unaudited)
Net revenues................................. 27,561 23,556 96,373 80,371
Cost of revenues............................. 22,904 19,392 79,438 66,261
----------- ----------- ----------- -----------
GROSS PROFIT................................. 4,657 4,164 16,935 14,110
Sales and marketing expense.................. 2,404 2,002 9,777 8,550
General and administrative expense........... 1,862 657 5,660 3,654
Restructuring charge......................... 1,370 - 1,370 1,281
----------- ----------- ----------- -----------
Total operating expenses..................... 5,636 2,659 16,807 13,485
OPERATING INCOME (LOSS) ..................... (979) 1,505 128 625
Interest income (expense) ................... (98) (21) (417) (69)
Other, net................................... (140) (81) (231) (114)
----------- ----------- ----------- -----------
Total other income (expense), net............ (238) (102) (648) (183)
----------- ----------- ----------- -----------
NET INCOME (LOSS) ........................... (1,217) 1,403 (520) 442
=========== =========== =========== ===========
NET INCOME PER SHARE:
Basic........................................ (0.04) 0.05 (0.02) 0.01
Diluted...................................... (0.04) 0.05 (0.02) 0.01
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic........................................ 30,469 30,469 30,469 30,469
Diluted...................................... 30,469 30,469 30,469 30,469
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