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Cadmus Posts Operating Surplus for Third Quarter

FOR IMMEDIATE RELEASE


Cadmus Posts Operating Surplus for Third Quarter

Auckland – April 30, 2001 – Payment solutions and data management services provider, Cadmus Technology Limited (NZSE: CTL) today announced an operating surplus of $349,000, based on revenues of $2,129,000 for the third quarter ended 31 March, 2001.

After 10 months trading, the group’s operating surplus was $754,000, based on YTD revenues of $5,548,000. This results in a YTD deficit of $553,000 after depreciation, amortisation and asset write down of $1,307,000. The operating profit result for the 10 months compares with the forecast full year deficit of $1,051,000 from the listing profile.

The group reported a net operating cashflow of $725,592.

These results are summarised in the table below.
Cadmus Technology Limited
Condensed statement of financial performance
(unaudited)

Three months ended 31 March, 2001.
(NZ$000)

Q3 YTD
Revenues 2,129 5,548
Operating surplus 349 754
Amortisation of goodwill (523) (1,307)
Deficit after amortisation of goodwill (174) (553)
Cash in hand 752 752

“This is a very satisfying result for our company,” says Cadmus Managing Director, Ian Bailey. “It shows positive cash flows - in line with internal budgets – and highlights the business is a profitable operation and has low gearing. Further a financing agreement has allowed us to factor off the group’s lease book, allowing us access to funding lines, which in turn lets us accelerate the growth of the equipment rental business.”

Highlights

Q3 highlights for the company include:

- Goldband Taxis – announced an agreement to install SmartTaxi terminals in Goldband’s 150 taxis (Christchurch based)
- Bartercard terminals – commenced rollout of the initial 1,200 Internet capable payment terminals for Bartercard

- TrustPower Joint Venture (PosPower) – the first 1,000 terminals are in the final stages of manufacture and are undergoing final regulatory approval (due for rollout next quarter).

Other highlights and milestones post December 2000, include a supply and support agreement with Bank of New Zealand, loyalty card programme agreement with the Vodafone Warriors and a database marketing programme agreement with Subaru New Zealand.

Since listing Cadmus has also entered into agreements with TrustPower - a 50/50 JV called PosPower Limited, a 50/50 JV with E-Smart Card Technologies Limited and also acquired a 4.55% strategic holding in Insight Technologies (Asia Pacific) Pty Limited.

Growth Strategy
“It’s our intention to enhance the value of the business by seeking to acquire profitable companies with positive cashflows in the payment technology and data management sectors,” adds Ian.

“We seek companies who can utilise our patented technologies to add value and reduce transactional cost. While we have substantial lines of funding in place, we plan to cautiously expand the group’s operations, subject to due diligence, in the medium term.”

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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