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Cadmus Reports Operating Surplus

FOR PUBLIC RELEASE

Cadmus Reports Operating Surplus for Extended First Half

Payment solutions and data management services provider, Cadmus Technology Limited (NZSE: CTL) today announced an operating surplus of $405,000 for the seven months ended 31 December, 2000.

This is the company's first Half Yearly Report to the market since listing in November 2000 and follows a change in balance date to 30th June.

The group recorded sales revenue of $3.4M with an operating surplus of $405,000. After recording $783,000 in amortisation of goodwill, the company reported a deficit before tax of $378,000. This relates to a forecast full year operating surplus of $1,200,000 (equating to a deficit of $1,051M after depreciation, amortisation and asset write down) presented in the listing profile, published prior to the company's listing on 17 November, 2000. The company had net positive operating cashflow for the period of $379,000.

While not required to do so under NZSE listing rules, the company will voluntarily issue quarterly reports to the exchange.

"This result effectively records the seven months of activity pre and post listing," says Managing Director, Ian Bailey, " It shows positive cash flows and a result in line with internal budgets." Cadmus Technology Limited


Condensed statement of financial performance
(unaudited)

Seven months ended 31 December, 2000.
(NZ$000)

2000
Revenues 3,419
Operating surplus before unusual items 405
Amortisation of goodwill (783)
Operating deficit (378)

Net operating cashflow 379
Net investing cashflow (1,593)
Net financing cashflow 1,623
Net increase 409
Cash at beginning of half year 133
Cash at end of half year 542


"Over the past six months the business has acquired strategic holdings, entered joint ventures and transformed from a New Zealand-based EFTPOS terminal distributor into a payment solutions and data management services provider."

Highlights and milestones for the reporting period include: Major contract wins – Supply and support agreement with Bank of New Zealand Joint ventures with Trustpower Limited and E-Smart Card Technologies Limited.

Highlights and milestones post December 2000 include: Loyalty card programme agreement with the Warriors Database marketing programme agreement with Subaru New Zealand Estimated $2 million contract with Bartercard (NZ) Limited Acquiring a 4.55% strategic holding in Insight Technologies (Asia Pacific) Pty Limited.

Jeremy Holbrook Company Secretary

For enquiries please contact: Ian Bailey Managing Director Phone 09 357 5889

ENDS


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