Ad-hoc | 29 August 2002 08:06

NorCom Info. Tech. AG english

Figures for the first half of 2002 announced Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Figures for the first half of 2002 announced Business in the first half affected by muted business conditions / Cost-cutting program already showing effects / Operating profit at the EBITDA level achieved in the second quarter / Order receipts up Munich, August 29, 2002 – In the second quarter of this fiscal year, business conditions for the products and services offered by NorCom Information Technology AG had not yet improved. Strong pressure on prices and persistent surplus capacity in the German IT consulting market pushed consolidated sales down by roughly 17 % over the year-ago period to EUR 13.6 million in the first half of 2002. Consolidated sales in the second quarter of 2002 were down roughly 14% over the year-ago quarter, falling to EUR 6.3 million. Total revenues also fell short of the same period one year earlier, coming to EUR 15.1 million in the first half of 2002. Total revenues in the second quarter of 2002 came to EUR 6.9 million, compared with EUR 9.2 million in the second quarter of 2001. Order books as at June 30, 2002 were valued at EUR 15.1 million, up on the figure of EUR 14.2 million registered at the end of the previous quarter (June 30, 2001: approx. EUR 21 million). The cost-cutting measures implemented generated substantial savings in the first half of the year compared with the same period one year earlier. Thus, the cost of materials was reduced by approx. 54 %, the cost of purchased services by some 68 %, personnel expenses by approx. 19 % and other operating expenses by around 27%. As a result, the Company posted a profit of approx. EUR 0.1 million at the EBITDA level in the second quarter, marking a swing away from the loss at the EBITDA level of EUR 2.4 million in the second quarter of 2001. Loss at the EBITDA level for the entire first half of the year came in at roughly EUR 0.1 million, an improvement over the loss of EUR 3.9 million in the same period one year earlier. Operating cash flow in the first six months of 2002 was negative at EUR 2.1 million, compared with the negative figure of EUR 5.1 million for the first half of 2001. Total cash flow improved from a negative EUR 7.6 million (January – June 2001) to a negative EUR 3.0 million (January – June 2002). Cash and cash equivalents including securities held as short-term assets were valued at EUR 14.3 million on June 30, 2002, down from EUR 16.5 million on March 31, 2002. end of ad-hoc-announcement (c)DGAP 29.08.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: NorCom at a glance (EUR million): 1. HJ/2002 1. HJ/2001 Q2/2002 Q2/2001 Sales 13.6 16.4 6.3 8.6 Earnings+/Loss- (EBITDA) -0.1 -3.9 +0.1 -2.4 Loss (EBIT ) 2.3 5.3 1.0 3.2 Net loss for the period 3.6 3.4 1.7 2.0 Operating cash flow -2.1 -5.1 -0.6 -4.9 The complete financial report will be available in the course of August 29, 2002 at: http://www.norcom.de/en/investor/ir_berichte.htm Approx. 2,400 characters You can download this text straight from NorCom’s Web site at: http://www.norcom.de/en/presse/adhoc_info_2002.htm With offices in Germany, Ireland, Italy, Norway and the United States, NorCom Information Technology AG is one of the leading solution providers for secure e- business. Listed on the Neuer Markt segment of the Frankfurt stock exchange (securities code number 525030), it offers European Top 100 customers individual consulting services and proprietary software solutions on a single-stop basis. Its range encompasses the development and operation of complex secure IT structures as well as the integration of business processes in secure e-business solutions. In addition, NorCom’s NGS product family offers security software for large heterogeneous client/server infrastructures, application server environments and modern netcentric web architectures. Its customers particularly include companies in the financial-services, telecommunications, industrial and public sectors. With its 290 employees, NorCom posted revenues of EUR 32.5 million in its fiscal year 2001. For further information please contact: NorCom Information Technology AG Christa Maurer (Corporate Communication) 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.de ——————————————————————————– WKN: 525030; ISIN: DE0005250302; Index: Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München, Hannover und Stuttgart 290806 Aug 02