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Norman ASA had net
revenues of NOK 73 million in the first quarter 2004.
This is an increase of 17% compared with the first
quarter 2003. The EBITDA-result for the quarter was NOK
15 million (2003: NOK 10 million), a margin of 20%
(2003: 17%), and the pre-tax profit was NOK 13 million
(2003: NOK 9 million), a margin of 17% (2003: 14%).
"Virus control delivered growth of 44% in Europe outside
of Norway in the first quarter 2004, and in the last
three quarters this region has had an average growth of
35%. This indicates that Norman is taking market share
in our most important European markets", says President
and CEO, Henning Hansen. “It is also satisfying to see
that Ibas has once again delivered profitable
double-digit growth ".
Virus control
with a strong increase in export share
Norman’s largest business unit, virus control, had net
revenues of NOK 53 million in the first quarter 2004.
This is 18% more than for the same period last year. The
EBITDA-result for the period was NOK 13 million, a
margin of 24% (2003: 21%). The share of revenue outside
of Norway has now reached 70%, a strong increase from
57% for the same period last year. This is in line with
the strategy of making the company less dependent on
revenue from Norway.
"The first quarter has been an extremely demanding one
with respect to the many, serious virus outbreaks. A
‘virus war’ is raging between three different groups of
virus authors - NetSky, Bagle and MyDoom - and at its
most intense, Norman was issuing virus definition files
to its customers and partners up to three times a day.
This level of frequency has not been witnessed before,
and placed great demands on the performance of our
organization, technology and update infrastructure. This
period also proved that the Norman Sandbox Technology is
the world’s leading proactive, anti-virus solution,
giving immediate protection against the ever-increasing
number of new, unknown viruses without needing to wait
for updates. The development of this patent-applied
technology continues and rates of detection are
increasing. Norman’s Sandbox Technology puts the company
into a unique position compared to other traditional
anti-virus vendors," says Henning Hansen.
Ibas with 15% organic growth and an improved EBITDA-margin
In the first quarter 2004, Ibas had net revenues of NOK
20 million, which is 15% higher than for the same period
last year. The EBITDA-result for the period was NOK 2
million, a margin of 10% (2003: 6%).
"It is satisfying to see that Ibas has once again
delivered good growth, and in addition to this, that
revenue from the European market outside of Norway grew
by 27% during the period. Furthermore, while most of
this growth has come mainly from the data recovery
business, the computer forensic business has also
developed positively. An example of this was the
contract awarded to Ibas to reconstruct data from the
capsized Norwegian cargo ship, MS Rocknes, where
technical competence from both data recovery and
computer forensics was used. The company is well
positioned for further expansion both geographically and
within these businesses areas," says Henning Hansen.
Demerger plan
As previously communicated, the board is proposing that
Ibas is demerged into a separate, stock exchange listed
company. The demerger plan and prospectus have been
issued and an extraordinary general meeting will be held
on 18 May 2004. It is expected that Ibas Holding will be
separately listed in the middle of August 2004.
The demerger will give Ibas a significantly greater
opportunity to grow in a fragmented European market
where opportunities for consolidation exist. Norman will
continue to focus on its security software business.
Financial situation and future expectations
Norman ASA increased its cash balances by NOK 12 million
in the first quarter 2004, before taking into account
the dividend of NOK 26 million that was paid to
shareholders in March 2004.
The company will continue its strong focus on
profitability and expects continued good profitability
and a continuing positive cash flow in 2004.
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