According to the final figures for first quarter 2004, the Brain Force Software group achieved turnover of EUR 15.46 million with an EBITDA of TEUR 766 and an EBIT of TEUR 406. Applying the new IFRS 3 provision published on 31st March 2004, no planned or unplanned goodwill depreciation was performed. Taking goodwill depreciation into account, the EBIT would have been TEUR 78, thereby exceeding the previous year's value by 241 percent and the provisional result published on 21st April 2004 by 40 percent.

The regional subsidiaries in Germany accounted for 53.49 percent of group turnover (EUR 8.27 million, an increase of 30.71 percent on the same quarter of the previous year). This figure includes the turnover of Brain Force Financial Solutions AG, a majority shareholding in which was acquired during second quarter 2003. Brain Force Software GmbH in Germany increased its turnover by 5.69 percent to EUR 6.68 million.

Turnover of EUR 3.96 million was achieved in Italy, a rise of 4.81 percent on the same value for first quarter 2003. Turnover in Austria was broadly stable at EUR 2.95 million.

The order balance as of 31st March 2004 stood at EUR 18.32 million, 27.73 percent above the value for first quarter 2003. As a result, the value as of 31st December 2003 could be improved by as much as 47.49 percent.

As per 31st March 2004, means of payment and short-term monies assessed in current investments of EUR 10.30 million were available to the Brain Force Software group (EUR 2.48 million on 31st March 2003).

The equity ratio stood at 51.97 percent, well above the previous year values of 40.95 percent as of 31st March 2003 and 40.38 percent as of 31st December 2003.

The quarterly report will be published on the company home page (www.brainforce.com) on 24th May 2004 under 'Investors Relations'.