vwd Vereinigte Wirtschaftsdienste AG announced consolidated earnings results for the first quarter ended March 31, 2013. In the first quarter, consolidated sales totaled EUR 20,332,000, falling 4.9% below the previous year's record level, compared to EUR 21,378,000 a year ago. The decline in sales is largely due to the changed industry environment. The capitalization of internally produced assets plunged to EUR 104,000. By contrast, other operating incomeclimbed to EUR 1,619,000 compared to EUR 398,000 a year ago. Among other things, this increase resulted from a one-time compensation payment obtained from the settlement of a legal dispute. For this reason, the Group result of EUR 22,054,000 was only 0.2% below the level reached in the same quarter of last year. Earnings situation: personnel changes exert a drag Expenses for transmission costs, information procurement, fees for downloading exchange data and other sales-related items decreased as a result of the decline in sales. At the same time, the decline in material expenses did not match the decline in sales. As a result, the share of material expenses increased to 38.0%. Other operating expenses rose to 14.6% in relation to sales. Non-recurring expenses related to management changes drove up personnel costs. In relation to sales, the personnel-cost ratio climbed to 52.7%. These effects resulted in significantly lower earnings before interest, taxes, depreciation and amortization of EUR 633,000. Depreciation, amortization and impairment of tangible and intangible assets, which are largely related to purchase-price allocations involving companies acquired in the past, totaled EUR 1,288,000 and remained nearly unchanged. As a result, LBIT fell to EUR 656,000 compared to EBIT of EUR 742,000 a year ago, mirroring the drop in EBITDA. Nevertheless, loss before taxes recorded a significant loss at EUR 977,000 compared to earnings before taxes of EUR 407,000 a year ago. The earnings strength of individual Group companies resulted in an increase in tax expenses to EUR 301,000, leading to net loss before minority interests of EUR 1,278,000. In the first quarter of 2012, the Group recorded positive net income of EUR 191,000. Net loss after minority interests totaled EUR 1,380,000 compared to net income after minority interests of EUR 141,000 a year ago. In the quarter under review, loss per share amounted to EUR 0.05 compared to earnings per share of EUR 0.01 a year ago.

vwd Vereinigte Wirtschaftsdienste AG reported audited group earnings results for the fiscal year 2012. For the year, the company reported sales of EUR 87.025 million compared to EUR 80.886 million a year ago. EBITDA was EUR 8.423 million compared to EUR 9.064 million a year ago. EBIT was EUR 3.057 million compared to EUR 4.017 million a year ago. Net income was EUR 4.366 million compared to EUR 2.155 million a year ago. Loss per share was EUR 0.20 compared to EUR 0.10 a year ago. For 2013, the company expects consolidated sales will total between EUR 87.0 million and EUR 96.1 million. EBITDA is expected to amount to between EUR 9.4 million and EUR 10.5 million.

Management Board member Albrecht Kiel announced that he planned to resign from his position on the Management Board of vwd Vereinigte Wirtschaftsdienste AG effective February 28, 2013. The resignation is being submitted in connection with the acquisition of vwd AG by Vienna GmbH, and the delisting that will be a component of this takeover. The responsibilities of Mr. Kiel will be assumed by Mr. Edmund Keferstein. Mr. Kiel will serve as an adviser to the company through June 30, 2013. On February 5, 2013, the Supervisory Board of vwd AG relieved Mr. Spencer Bosse of his duties on the Management Board effective immediately and also terminated his employment contract effective immediately. Mr. Bosse's responsibilities will be assumed by Management Board member Dr. Ralf Kauther.