December 1, 2004

Mandrakesoft 2003/2004: Back to Profitability Gross Margin 84.6%, up 49%, Operating Income 16.6%

In fiscal year 2003/2004, Mandrakesoft's consolidated sales revenue reached 5.18 million euros and operating revenue reached 6.29 million euros. This represents strong growth of 33% and 58%, respectively, compared to FY 2002/2003. The additional growth in operating revenue, beyond the portion attributable to the growth in sales revenue, is due to R&D grants received, amounting to 0.67 million euros, and to a reversal of provisions for doubtful accounts, amounting to 0.27 million euros. Please note that the above 0.27 million euros reversal is offset by an operating expense of the same amount that is included in operating and net income. As a result, the reversal has no effect on operating or net income.


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