PSI announces that the first quarter has proceeded as planned

Berlin, 24 April 2003 – PSI has achieved its operative goals in the first quarter of 2003. Incoming orders amounted to 37.5 million Euro. Despite a decline in the telecommunications sector this comprises an increase of 5 million Euro over last year. At approximately –1 million Euro the operative result (EBIT) lies within the predicted range. The number of PSI employees as of 31 March was, as planned, 1,245 (31 March 2002: 1,348).


The restructuring measures introduced in the subsidiaries PSIPENTA and PSI logistics in the fourth quarter of 2002 were implemented according to plan. They lead to a steady improvement in results over the course of the first quarter and to an improved capacity utilization in these segments. As planned, both companies will break even in the second quarter. On 31 March 2003 group liquidity was 21 million Euro (31 March 2002: 20,4 million Euro).


The managing board of PSI AG will pursue the streamlining of PSI company structures in the second quarter as announced. In addition, for the coming year PSI still expects positive operative results and revenues on level with last year.


PSI AG develops individual solutions, on the basis of its own software, for the management of large networks (electricity, gas, oil, telecommunications, transport), cross-company production management (steel, chemicals, machinery, automotive, logistics) and information management for government and service providers. PSI was founded in 1969 and currently employs 1,250 persons in the group.