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Cadmus Reports Half Year Result

PRESS RELEASE
FOR IMMEDIATE RELEASE

Cadmus Reports Half Year Result

Payment solutions and data management services provider, Cadmus Technology Limited (NZSE: CTL) today announced unaudited earnings before interest, tax, depreciation, share of associate company losses, and amortisation (EBITDA) of $414,000, for the half year ended 31 December, 2001. This compares with an EBITDA of $478,000 for the seven months ended 31 December, 2000 and is based on sales revenues of $3,508,000 (1H ¡¥00: $3,419,000).
Cadmus Technology Limited
Condensed statement of financial performance
(unaudited)
(NZ$000)

2001 2000
Revenues 3,508 3,419
Earnings before interest, tax, depreciation & amortisation 414 478
Operating surplus before abnormal items, tax & share of associate company profit (losses) (599) 405

Operating deficit before tax (894) (379)

Net operating cashflow 164 379
Net investing cashflow (1,110) (1,593)
Net financing cashflow 900 1,623
Net increase (46) 409
Cash at beginning of half year 462 133
Cash at end of half year 416 542

The group reported a net positive operating cashflow of $164,000 (1H ¡¥00: $379,000) and a deficit of $894,000 after depreciation, interest, share of associate company losses and amortisation of $783,000.

¡§During the half year we have consolidated our gains in the New Zealand payment solutions market and have started to build our presence in the Australasian and Asia Pacific markets,¡¨ says Cadmus Managing Director, Ian Bailey. ¡§We have invested in developing unique products to meet the evolving needs of these wider markets, basing our efforts on products and technologies that we have proven in the relatively advanced New Zealand industry.

¡§Our sales channels are now beginning to deliver results and the company¡¦s sales growth has also been matched by operational efficiencies leaving us in a good position to meet our targets during the second half.¡¨

¡§Cadmus is attracting increased international recognition and sales in a high growth sector,¡¨ adds Mr Bailey. ¡§We are now New Zealand¡¦s largest exporter of proven payment solution products. With current orders on the books for over $2,000,000 and further agreements pending, Cadmus is on track with its offshore strategy and well placed for the second half of the year.¡¨

To implement its international strategy, Cadmus also plans to review and undertake strategies to fund this growth. This includes the recently approved First Secured Notes offer which will be released to the market shortly.


¡§Cadmus has invested in the development of its own product range and is now a manufacturer and exporter of these products, with valuable intellectual property. This frees us from the constraints of the New Zealand market. Further, all of the company¡¦s new products have received New Zealand bank certification and are ready for sale,¡¨ says Mr Bailey.

In addition to the company realising its first Australian agreement, Cadmus has also increased sales of new products to the local taxi industry (SmartTaxi) and continued development of the company¡¦s proprietary technology base (PosPower).

Recent highlights and milestones for Cadmus include:
„h Rollout of the world¡¦s first debit/credit domestic payment terminal system (POS Power)
„h Licensed Cadmus developed systems (M-Builder) to agents in Australia and Malaysia
„h Signed an international agreement to supply over 1,000 Cadmus AC4500G terminals to Australian E-commerce company, On Q Business Systems Pty Ltd
„h Attained Electronic Transaction Services (ETSL) EFTPOS network certification for the entire range of Cadmus terminals
„h Received approval for a First Secured Notes issue to fund international growth

¡§It is still our intention to cautiously expand the Group¡¦s operations and acquire profitable payment technology and data management companies in the medium term,¡¨ adds Mr Bailey.


ENDS

Company Background
Cadmus Technology Limited is an end-to-end payment solutions and data management services provider. It operates a number of unique interfaces into the NZ EFTPOS infrastructure enabling the capture and processing of information relating to customer spend, as well as the processing of in-house and private label cards.

The facilities offered includes database marketing, loyalty programmes and services, transactional processing and switching, e-Commerce solutions, ISP services, bespoke hardware and software developments, electronic marketing, data capture terminals and EFTPOS terminals. Clients include the New Zealand Warriors Rugby League, Bartercard, Stihl, TrustPower, and many of the major motor vehicle importers and distributors.

For more information please visit www.cadmus.co.nz


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