DGAP-Ad hoc: Fantastic Corp.
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Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
Fantastic Announces Sixth Month Results 2001 Zug, Switzerland, August 3, 2001 - The Fantastic Corporation (Neuer Markt, Frankfurt: FAN), a leading provider of broadband multimedia software solutions, today announced financial results for the six months ending June 30, 2001. For the first six months, revenues were $3.4 million, a decrease of 71 percent compared to the revenue in the same period in 2000. Net loss was $34.6 million (net of non-cash compensation expenses), including the cost of restructuring of $6 million, for the period ending June 30, 2001. Rightsizing and cash-saving measures have been implemented: Both quarterly operational cash burn and head count have been reduced by approximately 50 percent, from $15.0 million down to $7.5 million and from 350 to 183, respectively, since end of December 2000, the full effect of which will occur in the third quarter 2001. Chief Financial Officer Andreas Emmenegger explained, "At the end of the second quarter 2001, the company`s cash balance was at $52.3 million. We expect that the implemented expense cuts and the ongoing cost control efforts will result in cash reserves for six quarters, not considering any revenue generation." Fantastic has reduced the revenue forecast for 2001 ranging between $10-20 million. It is unlikely that Fantastic will achieve operational break-even in the fourth quarter. The gating factor will be how fast reference deals with IBM and HP are achieved. Reference accounts with IBM and HP are expected in the second half of 2001, as announced earlier. Selected Financial Data, January 1 to June 30 (Amounts in thousands, US $) 2001 2000 Change % Revenues 3 433 11 852 -8 419 -71 Gross Profit 2 070 10 316 -8 246 -80 Operating Loss* -32 317 -18 429 -13 888 +75 Net Loss* -34 636 -21 621 -13 015 +60 Net Loss per Share -0.28 -0.18 -0.10 +56 Cash Flow from Operating Activities -25 120 -17 560 -7 560 +43 Cash, Cash Equivalent and Deposits 52 275 112 186 -59 911 -53 Shareholders` Equity 58 895 119 725 -60 830 -51 * Net of non-cash compensation expenses
end of ad hoc announcement (c) DGAP 03.08.2001
Issuer`s information/explanatory remarks concerning this ad hoc announcement:
Highlights Together with the resellers, Fantastic has developed solutions that respond to the needs of the corporate market. With HP Fantastic provides solutions for the infrastructure and corporate markets. HP is focusing on large infrastructure sales, because of it`s significant market share in Telcos worldwide.
With IBM, Fantastic identified retail, automotive and banking as three key industry verticals to approach. The first priority will be retail. Fantastic is bundling it`s technology with applications and services to provide complete solutions. The first proposals are in the customers` hands. The porting of Fantastic`s software to IBM`s Linux and AIX has been completed. Porting to the DB2 database will be finished in the third quarter.
As announced earlier, ZDF, a major German broadcaster, will use Fantastic`s software for new interactive digital terrestrial broadcast services that ZDF plans to unveil later this year. Fantastic is currently in the testing phase of this project, and Fantastic is acting as a consultant. The trial rollout will take place in the autumn.
In June, Fantastic acquired the Starburst OmniCast software, intellectual
property rights and the customer base from Adero. This brings a highly
successful file delivery software application into the Fantastic product suite.
It will give Fantastic and it`s resellers leverage for faster access to th
Autor: DGAP import (),08:43 03.08.2001
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