HAMBURG, Germany and OXFORD, England, July 24 /PRNewswire-FirstCall/ -- Evotec AG today reported preliminary results of the second quarter 2006. Group revenues grew 2% over Q2 2005, to EUR 18.8 million (Q2 2005: EUR 18.4 million). The group net result improved markedly by over 90% to approximately EUR -1 million, compared to EUR -23.4 million in the same quarter last year. This improvement is the result of two extraordinary effects: (i) charges from amortisation of intangible assets and impairment of goodwill reduced by more than EUR 20 million compared to Q2 2005, as 2005 included acquisition related goodwill impairment of Evotec Neurosciences (EUR 18.5 million) and regular amortisation charges from Evotec's acquisition of Oxford Asymmetry International in the year 2000 (EUR 2.4 million), and (ii) total non-operating result improved to approximately EUR 6.5 million (Q2 2005: EUR -1.5 million), due to a profit from the sale of intellectual property assets by Evotec Technologies to Olympus as well as better results from currency hedging.
R&D spend for Evotec's proprietary drug development projects increased as planned.
The complete and final Q2 report will be published on 11 August 2006.
Contact: Anne Hennecke, Director, Investor Relations & Corporate Communications, Evotec AG, Schnackenburgallee 114, 22525 Hamburg, Germany, Phone: +49(0)40-560-81-286, email@example.com
CONTACT: Contact: Anne Hennecke, Director, Investor Relations & CorporateCommunications, Evotec AG, Schnackenburgallee 114, 22525 Hamburg, Germany,Phone: +49(0)40-560-81-286, firstname.lastname@example.org