Norman ASA had 18 per cent growth in revenues in the second quarter and profit before tax improved by 10 per cent. For eight consecutive quarters Norman has delivered double digit growth and good profits. The company also achieved sequential growth compared to first quarter 2005.

Net revenues for Norman were NOK 56,7 million in the second quarter compared to NOK 48,1 million in the same period last year. The company’s EBITDA was NOK 6,5 million compared to NOK 6,2 million last year.

Profit before tax for the second quarter was NOK 5,6 million compared to NOK 5,1 million last year. Earnings per share were NOK 0,34 in the second quarter.

The number of new virus attacks is increasing rapidly, even though there has been no significant highly spreading or highly damaging viruses in the second quarter.

- The market for antivirus products has in general developed positively also in the second quarter, but we are especially satisfied with a strong finish of the quarter. We have also signed a new and important OEM agreement, says Norman CEO & President Henning Hansen.

In second quarter Norman also entered into agreements with Arla Foods, The Norwegian Tax Authority and Fujitsu Siemens Computers.

With OEM agreements partners can use Norman’s technology in their products. This market represents great possibilities for Norman. The company’s SandBox technology for proactive detection of data viruses is experiencing increasing recognition as the leading edge technology. Norman is experiencing increasing interest and attention from the market in general and potential partners in particular. In the second quarter Norman signed several agreements that will contribute to further strengthen the company in the future.

An upgrade of SandBox, Norman SandBox 2005, was released in the second quarter. The new version has improved functionality in many areas.

In the second quarter Norman had revenue growth of 31 per cent in Europe outside Norway compared to the same period last year. While Europe now represents 68 per cent of Norman’s net revenues the Norwegian market represents 25 per cent of net revenues.

Financial situation and future expectations

Norman’s financial position is solid. The company has no interest-bearing debt and have a significant positive cash flow. Norman generated NOK 14 million from operations in first half 2005. The cash balance at the end of first half 2005 is NOK 75 million.

The growing number of new viruses is expected to continue and at the same time the virus authors are writing new damaging viruses faster than before. The need for next generation of virus protection seems to be evident, which strengthens the position for the company and its Sandbox Technology. Norman will continue to extend its market by entering into strategic alliances, as well as extending its distribution network.

The company expects growth and profitability to continue.

For further information, please contact Chairman of the board Svein Ramsay Goli (mobile +47 907 56 757) or CEO Henning Hansen (tel + 47 6710 9717, mobile: +47 908 81 192).