Select countryOslo, 7 February 2002
Norman ASA had net revenues of NOK 57.3 million in the 4th quarter 2001. This was an increase of 23% compared to 3rd quarter 2001 and 21% compared to 4th quarter 2000. EBITDA for Norman this quarter was NOK 9.5 million, a 17% margin.
"The 4th quarter was the first one for Norman after the closure of Security Solutions and we are extremely satisfied to have managed to achieve strong organic growth and profitability in both of our business units", says President & CEO, Henning Hansen. "That we also, quarter for quarter throughout 2001, have managed to improve our virus control growth rates proves that by focusing on our core competences we can grow faster than the market."
2001 has been a challenging year for Norman. The number of serious virus attacks has increased dramatically and with the increased focus on our core businesses our organisation has shown that it has both the willingness and ability to react to change. Norman is now positioned to continue this positive development into 2002.
Virus control with improved growth and increased profitability
Virus control, Norman's largest business unit, had net revenues of NOK 39.7 million in the 4th quarter, an increase of 18% compared to 4th quarter 2000. EBITDA this quarter NOK 7.2 million, an 18% margin. Most of the revenue increase in the 4th quarter is the result of the increased focus on sales to the SMB market. In the 4th quarter, Norman also signed agreements with larger companies such as Nettiporti in Finland, and Telia and Tiscali in Sweden where Norman's products are to be made available to their customers.
The 4th quarter was also a very challenging with respect to several major virus attacks such as Badtrans and Goner. In 2001, it is estimated that the number of infected e-mails has increased ten-fold compared to 2000 and expected that this trend will continue in 2002.
In the 4th quarter, Norman launched several new solutions for virus protection. Norman Virus Control for Lotus Domino, Norman Virus Control for Microsoft Exchange 2000, as well as solutions for Microsoft's Windows XP, are all products that will give customers a better and more effective virus protection, as well as giving Norman a broader product portfolio and larger market.
In November, Norman received its fifteenth "100% award" from Virus Bulletin, an independent test organisation. "This is confirmation that the product is highly competitive and actually does the job it is meant to do, namely finding and removing computer viruses. The tests also show that Norman can definitely compete with the larger international vendors", says Henning Hansen.
Ibas continues to deliver high organic growth and profitability
In the 4th quarter, Ibas had net revenues of NOK 17.6 million, an organic growth of 28% compared to the same period last year. EBITDA this quarter was NOK 3.1 million, an 18% margin. The secure eraser business has continued its growth from previous quarters and in 2001 had revenue growth of 100%. In order to extend the use of this software product, Ibas launched a network version in the 4th quarter to improve the effectiveness of this process in larger environments.
Financial situation
Norman generated a positive cashflow in the 4th quarter 2001 and increased its cash balances from NOK 30 million to NOK 43 million.
Enclosed is a summary of the preliminary financial statements for the 4th quarter 2001.
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