Select countryOslo, 16 October 2002
Norman ASA had net revenues of NOK 57.5 million in the third quarter 2002. This is an increase of 23% compared to the third quarter 2001. EBITDA for Norman this quarter was NOK 12.4 million, a margin of 22%.
"Both business units have continued their strong organic growth and profitability", says Henning Hansen, President & CEO of Norman ASA. "In a third quarter which is characterised by summer holidays and reduced spending, it is particularly impressive that our Ibas business unit delivered a growth rate of 31% and that anti-virus sales continue to grow at faster than market growth".
Virus control with 19% organic growth and 22% EBITDA margin
Virus control, Norman's largest business unit, had net revenues of NOK 35.0 million in the third quarter, an increase of 19% compared to third quarter 2001. EBITDA for the quarter was NOK 7.6 million, a margin of 22%. It was especially the European countries outside Scandinavia that contributed to this strong growth. Norman also signed an agreement with Fujitsu Siemens Computers where Norman's software will be delivered as standard to the consumer market in the Nordic region.
The third quarter saw relatively few, new serious viruses, but there is nothing to suggest that the threat of virus attack has changed significantly from 2001. Research undertaken by several companies, shows that computer viruses still represent the biggest threat within IT security and that many companies are planning to improve their protection.
In the third quarter, Norman released a new version of its main product, Norman Virus Control - version 5.4. This version includes significant new functionality for the network administration of the product as well as improved speed. In addition, there is a new module, Norman Internet Protection, which ensures that all incoming, infected e-mails are stopped before reaching the user's e-mail inbox.
In August, Norman received its eighteenth "100% award" from Virus Bulletin, the independent test organisation. Norman is therefore one of the three best vendors when it comes to awards from this external test organisation.
Ibas with 31% growth and 21% EBITDA margin
In the third quarter, Ibas had net revenues of NOK 22.5 million, a growth of 31% compared to the same period last year. EBITDA was NOK 4.8 million, a margin of 21%.
This growth has come mainly from Europe outside of the Nordic countries. The start-ups in Singapore and France in the first quarter have given better results than expected. In addition, Ibas was engaged to provide services in connection with the flood catastrophy in Europe this summer, and among others had a contract to reconstruct data from back-up tapes for an Austrian company.
Both computer forensics and Expert Erasure have continued their good development during the third quarter. In September, Ibas hired Svein Willassen, who has previously worked with computer forensics for the Central Computer Crime Unit of the Norwegian Police Force. Willassen's experience of technical and operational investigations will be an important addition to Ibas's computer forensics team.
Financial situation
Norman increased its cash balances to NOK 71 million in the third 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 good profitability and a continuing positive cash flow in the fourth quarter 2002.
Enclosed is a summary of the preliminary financial statements for the 3rd 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