Select countryOslo, 18 April 2002
Norman ASA had net revenues of NOK 57.4 million in the 1st quarter 2002. This was an increase of 19% compared to the 4th quarter 2001. EBITDA for Norman this quarter was NOK 10.8 million, a margin of 19%.
"The 1st quarter was a good quarter for Norman. That we were able to deliver the same revenue as our best ever quarter (4th quarter 2001) as well as further improve our profit margins was a strong performance", says Henning Hansen, President & CEO of Norman ASA. "We were especially satisfied with the 24% organic growth in virus control revenue as well as the continued positive development of Ibas".
Virus control with 24% organic growth and 21% EBITDA margin
Virus control, Norman's largest business unit, had net revenues of NOK 40.3 million in the 1st quarter, an increase of 24% compared to 1st quarter 2001. EBITDA was NOK 8.4 million, a margin of 21% and an increase from 17% in the 4th quarter 2001. It was especially the European countries outside Scandinavia that contributed to this strong growth, and as well as sales to the SMB market, new agreements have also been signed with larger companies such as Den norske Bank in Norway and Zurich Insurance AG in Switzerland.
The 1st quarter was characterised by few new serious viruses but there is little to indicate that the risk and proliferation of this type of threat will be any less than it was in 2001. New methods of spreading viruses have been seen this quarter which mean that the majority of organisations will have to continue to invest in effective virus protection.
Norman was selected as the best anti-virus software in the category of price/performance by the German magazine "PC Welt" (4/2002). The magazine tested a total of 12 different products and it is notable that only two vendors managed to detect all known viruses. PC Welt has 2 million readers. In addition, Norman was awarded its sixteenth "100% award" from Virus Bulletin, the independent test organisation.
Ibas continues its development
In the 1st quarter Ibas had net revenues of NOK 17.1 million, an organic growth of 7% compared to the same period last year. EBITDA was NOK 2.4 million, a margin of 14%.
Revenue growth in the 1st quarter, as adjusted for a larger computer forensic case carried out in the 1st quarter 2001, was 20% and the underlying growth in the market for Ibas' services and products continues to be good.
As part of its further development and strategy, Ibas established a presence in some new markets in the 1st quarter. Both France and Singapore have strategic importance for Ibas and are already expected to give a positive contribution this year. The establishment of Ibas France SAS together with Adstore will allow Ibas to compete more effectively in Europe's third largest IT market with a local presence and competence to recover data. The acquisition of a majority share in Re-G Data Recovery Pte Ltd, Singapore will also give Ibas a strong presence in Asia, where none of Ibas' competitors have a major market presence.
Ibas also entered into a distribution agreement with Redemtech Inc for the distribution of ExpertErasure in the US and Canadian markets.
Financial situation
Norman increased its cash balances to NOK 48 million in the 1st quarter 2002 and will continue its strong focus on profitability.
Future expectations
The market for Norman's products and services continues to be good and the company has the aim of outperforming market growth rates which according to the leading research companies are forecast to be 14-15% in 2002. The company expects continued strong profitability and a positive cash flow in 2002.
Enclosed is a summary of the preliminary financial statements for the 1st quarter 2002.
For further information, please contact Svein Ramsay Goli, Chairman of the Board (mobile + 47 907 56 757) or Henning Hansen, President & CEO, (office + 47 67 10 97 17; mobile + 47 908 81 192) /www.norman.no