With such a strong balance sheet, we are poised for accelerated growth in 1999. Growth in ArchiCAD unit sales accounts for the company's 1998 revenue gains. Graphisoft sold almost 14,000 new professional units of ArchiCAD in 1998 and more than 15,000 upgrades. The slower rate of increase in operating expenses in the fourth quarter is attributable to cost-saving measures implemented by management in September. Sales and Marketing expenses increased for the year, due to an increased presence in the US, the first full-year operation of Graphisoft's offices in the UK and Spain, and an expanded sales and marketing staff in Budapest.
Figures are in Thousand German Marks.
Per share figures are in German Marks. Founded in 1982 in Budapest, Hungary, Graphisoft is ranked today among the largest AEC CAD software developers in the world with offices in Budapest, Munich, San Francisco, Tokyo, Hong Kong, London and Madrid. Graphisoft's flagship product, ArchiCAD, is used by more than 55,000 architects worldwide and distributed in 25 languages and 80 countries. This press release contains statements that are forward looking. These statements are based on current expectations that are subject to risks and uncertainties.