Norman ASA had net revenues of NOK 76 million in the fourth quarter 2003. This is an increase of 11% compared with the fourth quarter 2002. The EBITDA-result for the quarter was NOK 15 million (2002: NOK 13 million), a margin of 20% (2002: 20%), and the pre-tax profit was NOK 13 million (2002: NOK 10 million), a margin of 18% (2002: 14%).

"We had a strong fourth quarter. After the first half-year which was weaker than expected, we have shown again in the second half-year that we are a growth company", says President and CEO, Henning Hansen. "The market for our products and services is increasing and Norman has continued the positive development seen in the third quarter".

In 2003, Norman ASA had net revenues of NOK 260 million (NOK 245 million), an EBITDA-result of NOK 48 million (2002: NOK 50 million) and an EBITDA-margin of 19% (2002: 21%). The pre-tax profit for 2003 was NOK 42 million (2002: NOK 37 million) and the earnings per share was NOK 3.65 (2002: NOK 3.08).

Virus control with a good growth in export sales

Norman’s largest business unit, virus control, had net revenues of NOK 55 million in the fourth quarter 2003. This is 15% more than for the same period last year. The EBITDA-result for the period was NOK 13 million, a margin of 23% (2002: 24%). Revenue growth outside of Norway was 23% in the fourth quarter, and it was especially the operations in Germany and Switzerland that showed a positive development. The share of revenue outside Norway is now 63%.

During the fourth quarter 2003, Norman has entered into important agreements with the following companies:

• Telenor, Norway - delivery of Norman Virus Control to its Freesurf, internet customers
• Sparebank 1- group, Norway - delivery Norman Internet Control to its internet banking customers
• Microsoft - delivery of Norman Virus Control for the internal testing of software prior to release to customers
• 9Telecom in France - delivery of Norman Virus Control to its internet customers

In the fourth quarter 2003, Norman Virus Control has been given the "best product" award in two independent tests in the Netherlands and Belgium. Both tests were carried out in competition with the other leading anti-virus vendors where products were ranked on the basis of support quality, performance and price. In addition, Norman Virus Control was recognised for the uniqueness of its Norman SandBox technology.

Ibas with its best quarterly revenue in 2003 and an improved EBITDA-margin

In the fourth quarter 2003, Ibas had net revenues of NOK 21 million, which was the same as for the fourth quarter 2002. The EBITDA-result for the period was NOK 3 million, a margin of 13% (2002: 9%). Compared to the first half-year 2003, net revenue in the second half-year 2003 increased by 25% to NOK 42 million.

In the fourth quarter 2003, Ibas established an operation in Poland and the company now has nine subsidiaries as well as being represented in a series of other countries through distributors. The company is now well positioned for future expansion.

The market for Ibas services is linked to the development in demand for data storage. This means not only traditional storage on computers, but also other devices such as PDAs, digital cameras, backup media, fax machines, copy machines and other units which store data. It is expected that this market will develop positively in future.

Financial situation and future expectations

Norman ASA increased its cash balances by NOK 22 million in the fourth quarter to NOK 105 million, and the board of directors will propose to the annual general meeting the payment of a dividend for 2003 of NOK 2.50 per share.

The company will continue its strong focus on profitability and expects continued good profitability and a continuing positive cash flow in 2004.