2007-11-06
56% Growth in Wireless Revenues
Filing to Oslo Stock Exchange
(Oslo November 6th, 2007) Birdstep Technology ASA’s wireless revenues in the third quarter 2007 grew with 56 % to NOK 21 million, from pro forma 13.5 million in the same quarter the previous year. The integration of the three acquired companies are entering completion and the company is on track reducing the operating cost base going forward.
- Birdstep’s revenue growth continued in the third quarter, with a solid top line performance from Birdstep and the acquired companies ServiceFactory and Secgo Software. During the quarter, Birdstep was also awarded a significant contract with one of the world`s largest PC manufacturers, strengthening the company’s position as the leading global provider for mobility solutions, says Petri Markkanen, CEO of Birdstep Technology.
Birdstep`s third quarter 2007 consolidated revenues was NOK 23.8 million, compared to NOK 11.5 million for the third quarter 2006, representing an increase of 107%. EBITA for Birdstep wireless improved with 50% to NOK (2.2) million from NOK (4.5) million for the third quarter 2006.
Consolidated EBITA before social security for the third quarter 2007 was NOK (8.2) million excluding NOK 5.5 million in restructuring costs. The profit before taxes was NOK (16.1) million. Cash and cash equivalents at the end of the quarter were NOK 125 million for the group.
Birdstep`s wireless revenues increased with 169% to NOK 21.0 million for the third quarter compared to NOK 7.8 million for third quarter 2006. The embedded database technologies segment revenue was NOK 2.8 million, compared to NOK 3.7 million in the corresponding quarter last year.
Even tough the company grows rapidly; we are continuously reducing our cost levels. In addition, we are now close to complete the integration of our three acquired companies and will reduce our operating cost additionally going forward, says Markkanen.
Birdstep is presenting the interim report at Felix Konferansesenter at 08:00 CET. The presentation is available at: http://www.cik.no/birdstep/071106_birdstep.php