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Cadmus Exports to Success

FOR IMMEDIATE RELEASE

MEDIA RELEASE

Cadmus Exports to Success

AUCKLAND – Thursday, 28 August, 2003 – Payment solutions company, Cadmus Technology Limited (NZX: CTL), today announced audited earnings before interest, tax, depreciation and amortisation of goodwill (EBITDA) of $1,437,000 for the twelve months to 30 June 2003 – a significant improvement over a deficit of $1,814,000 for last year.

The result was achieved on sales revenues of $13,278,000, up 116 per cent from $6,152,000 last year. The Company recorded a net profit after tax of $406,000, compared with a net loss of $18,185,000 for the previous year.

“Cadmus has made outstanding progress in achieving this result,” said Chairman, Keith Phillips. “Revenues have more than doubled, with approximately 45 per cent now coming from the international marketplace, while costs have been held close to last year’s levels.

“The Board regards this result as a demonstration of the Company’s ability to deliver ongoing growth, based on the strategy of exporting technologies, proven in the domestic market, into targeted market segments throughout the Asia Pacific region. Our focus to date has been on quantifying the international market opportunity for Cadmus’ payment solutions and building the capabilities and capital needed to further exploit the Company’s export potential.”

Cadmus Technology Limited
Condensed statement of financial performance (NZ$000)

2003 2002
Revenues 13,278 6,152
EBITDA 1,437 (1,814)
Surplus/(Deficit) before tax 406 (18,185)


According to Managing Director, Ian Bailey, the result validates the decision, taken two years ago, to focus on developing, manufacturing and exporting Cadmus’ own product range.

“That decision required us to deliver a solid performance in a number of areas. Not only did we have to win and fulfil sizeable export orders, we also had to put in place a scalable manufacturing capability, raise capital and establish strategic alliances with international partners who could support this level of expansion. As a consequence of those efforts we have been able to grow our share of the domestic market, establish channels into export markets and increase our sales into high value market segments.

“In addition, considerable investment has been made in Cadmus’ Intellectual Property,” adds Bailey. “We acquired 100 per cent of the technology and assets of POS Power Limited – our EFTPOS@Home joint venture with TrustPower – protecting our initial investment and ensuring full ownership of the Intellectual Property for both domestic and international market expansion. We are also developing new products for growing segments such as mobile payments, taxis, bill payment and pre-paid top-ups for mobile phones.”

Recent highlights and milestones for Cadmus include:

- A strategic alliance with CET Technologies Pte Ltd (CET) – a subsidiary of Singapore Technologies Engineering. Subject to Cadmus shareholder approval, CET will take a 9.9 percent stake in Cadmus Technology for a total of $1.2 million.

- Being the first New Zealand EFTPOS terminal manufacturer to meet the latest EMV (Europay, Mastercard and Visa) smart card certification standards.

- Acquiring 100 per cent of the Intellectual Property and assets of POS Power Limited.

- Selection by New Zealand Trade & Enterprise for its Fast Forward programme.

ENDS

About Cadmus Technology

Cadmus Technology Limited (NZSE: CTL) designs, develops and implements innovative point-of-sale payment solutions for merchant businesses worldwide. The company is moving towards being New Zealand’s largest manufacturer and exporter of payment terminals, which it sells into rapidly growing markets internationally. The company offers payment and data management solutions, including EFTPOS and data capture terminals, loyalty programs and customer relationship management solutions. Cadmus also provides end-to-end payment solution and data management services for retail, business payment and transactional processing requirements.

Clients include Bank of New Zealand, TAB, Wellington Combined Taxis, Bartercard Australia Pty Ltd, OnQ Business Systems Pty Ltd, eScience Systems Malaysia and
Paysys (M) SDN BHD.

ENDS

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