Ad-hoc | 29 May 2002 20:22

NorCom Info. Tech. AG english

Q1 figures for 2002 Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Q1 figures for 2002 – Sales stable in the first quarter – Loss at the EBITDA level reduced to EUR 0.1 million – Further cost-cutting measures in the pipeline Munich, May 29, 2002 – In spite of extremely weak business conditions, NorCom Information Technology AG managed to stabilize its sales compared with earlier quarters and substantially reduce its costs. The Company posted sales of EUR 7.3 million in the first quarter of 2002, down from EUR 7.8 million one year earlier. Total revenues came to EUR 8.2 million (Q1/2001: EUR 8.7 million). The cost-cutting measures implemented in fiscal 2001 resulted in a substantial cut in loss at the EBITDA level. As a result, the loss at the EBITDA level contracted from EUR 1.4 million to EUR 0.1 million in the first quarter of 2002. The substantial reduction in amortization periods from 20 to 10 years caused goodwill charges to rise from EUR 0.7 million to EUR 1.1 million. As a result, the loss at the EBIT level came in at EUR 1.3 million, compared with a loss of EUR 2.1 million one year earlier. Additionally weighed down by deferred tax liabilities of EUR 0.3 million, net income for the period came to EUR 1.9 million. Operating cash flow in the first three months of 2002 stood at EUR -1.5 million, compared with EUR -0.3 million in the previous year; at the same time, however, total cash flow improved from EUR -2.1 million to EUR -0.8 million. Cash and cash equivalents including securities held as short-term assets were valued at EUR 16.5 million, down from EUR 17.3 million at the end of 2001. Optimizing internal processes and thereby reducing operational costs continues to be NorCom’s focus for the year 2002. Furthermore, the Company is currently engaged in talks with Dresdner Bank AG for the purpose of restructuring the joint activities between the two companies. In particular, there are plans to discontinue business via DreTec Software Ltd. in Ireland and instead to handle it directly via NorCom Information Technology AG in Germany in the future. Both sides are to gain cost advantages by this simplified form of cooperation. NorCom at a glance (EUR millions): Q1/2002 Q1/2001 Sales 7.3 7.8 Loss (EBITDA) 0.1 1.4 Loss (EBIT) 1.3 2.1 Net loss for the period 1.9 1.4 Operating cash flow -1.5 -0.3 You can download the complete financial report from NorCom’s website http://www.norcom.de/en/investor/ir_berichte.htm. For further information please contact: NorCom Information Technology AG Christa Maurer (press) Stefan-George-Ring 23 – D-81929 Munich Fon +49-89-939 48 248 – Fax +49-89-939 48 123 press@norcom.de – http://www.norcom-ag.com end of ad-hoc-announcement (c)DGAP 29.05.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: You can download this text straight from NorCom’s Web site at: http://www.norcom.de With headquarters in Munich and additional offices in Frankfurt, Dublin, Oslo, Milan and Silicon Valley in the United States and roughly 248 employees all over the world, NorCom Information Technology AG is one of the leading vendors of innovative security technologies. Established in 1989, the software and consulting company focuses on product solutions for e-security and e-business. As a full-chain supplier, NorCom offers products, consulting and project solutions in these two segments aimed at safeguarding IT infrastructures, e- business applications, portals and market places. One of the Company’s most successful technologies is the NGS product lineup: NGS Enterprise Framework, NGS for Tuxedo and NGS BeanGuard provide security for large heterogeneous client/server infrastructures, application server environments and latest netcentric web architectures. NorCom has been listed in the Neuer Markt segment of the Frankfurt stock exchange since October 1, 1999. The dynamic growth and the European expansion strategy into European and non-European markets is being supported by strategic alliances with international blue-chip partners such as BEA and Vignette. The acquisition of stakes in companies such as NSA and V&R is unleashing synergistic potential facilitating entry into new markets and sectors and boosting market penetration. NorCom AG’s primary target sectors are banks, financial-service providers, telcos, industry and the public sector. Its clients include renowned companies such as Dresdner Bank, Commerzbank, HypoVereinsbank, ADIG Investment, Allianz, S-Finanzgruppe Bayern and Ticket Online. NorCom Information Technology AG Christa Maurer (press) Stefan-George-Ring 23 – D-81929 Munich Fon +49-89-939 48 248 – Fax +49-89-939 48 123 press@norcom.de – http://www.norcom-ag.com ——————————————————————————– WKN: 525030; ISIN: DE0005250302; Index: Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München, Hannover und Stuttgart 292022 Mai 02