2008-02-07
Birdstep Technology Focus on Connectivity Offering
(Oslo, February 7th, 2007) Birdstep Technology ASA’s revenues in the fourth quarter 2007 grew to NOK 35.9 million, from NOK 23.8 million in the third quarter.
EBITA, exclusive a restructuring cost of NOK 2.9 million in connection with the CEO change late in the fourth quarter, was positive for the first time in the company’s history. As a part of developing the company from a product/project developer to a profitable software vendor, Birdstep is focusing its wireless division and will report four business segments going forward: Secgo Software, ServiceFactory, EasyConnect product family and Database.
− Birdstep reports for the first time in the company’s history an underlying positive EBITA result and we are encouraged by the underlying business fundamentals of ServiceFactory and Secgo Software. At the same time, we are experiencing a changing market for mobility solutions, driven by the rapid consumer market adaption of USB modems. To enhance this development, Birdstep will focus our connectivity product offering and split the company into four reporting business segments, says Terje Christoffersen, CEO of Birdstep Technology.
Birdstep Technology’s fourth quarter 2007 consolidated revenues was NOK 35.9 million, compared to NOK 23.8 million in the third quarter 2007. Consolidated EBITA excluding restructuring and stock option cost for the fourth quarter 2007 was NOK 1.7 million, while profit before taxes ended at NOK (3.1) million.
Operating cashflow for the quarter was NOK 1.5 million
Cash and cash equivalents at the end of the quarter were NOK 113.4 million for the group.
With reference to the 2007 reporting, Birdstep Technology`s wireless revenues, which included Segco Software, ServiceFactory and Birdstep Wireless, sequentially increased to NOK 30.5 million, from NOK 21.0 million, in the fourth quarter. EBITA for Birdstep wireless was NOK 5.0 million in the period, compared to NOK (2.2) million for third quarter 2007.
The management and board of directors of Birdstep Technology has during the latest months carried out a thorough strategy process, aiming at developing the company from a product/project developer to a profitable software vendor. As a part of this process, Birdstep will focus its connectivity offering and report four business segments going forward: Segco Software, ServiceFactory, EasyConnect product family and Database. Following the restructuring of its connectivity business, Birdstep Technology plans to reserve restructuring costs of NOK 6-8 million in the first quarter of 2008.
- The restructuring will make Birdsteps business model more transparent and easy to communicate. At the same time, the focusing of our EasyConnect product portfolio will significantly reduce our cost base going forward, says Christoffersen
For further information, please contact:
Terje Christoffersen, CEO of Birdstep Technology ASA, phone +47 92 82 95 00
About Birdstep (www.birdstep.com)
Birdstep Technology ASA is a public company listed on the Oslo Stock Exchange (OSE) under ticker `BIRD`. The company is headquartered in Oslo, Norway with five wholly-owned subsidiaries: Birdstep Technology AB in Sweden, Birdstep Technology Inc. in Seattle, Birdstep Technology in San Francisco, US, Birdstep Technology in Finland and Birdstep Technology Ltd in Cambridge, UK.
Birdstep Technology is a global software development, marketing and sales company offering seamless connectivity and mobility client software for mobile data users on laptops, pocket PC and Smartphones as well as state-of-the-art embedded database technologies.
Birdstep has an installed base at more than 50 operators globally including T-mobile Group, Vodafone Group, Orange, TIM, Turkcell, TMN, KPN, Sprint, Telenor and TeliaSonera as well as more than 30 Enterprise Customers including Nordea, Ministry of Justice in Finland, Finnish defence force, etc. The company also cooperates with global partners such as Nokia, SonyEricsson, CMG Logica/VMdata, Motorola, Cisco, Intel, Ericsson, Nortel Networks, HP and Fujitsu Siemens Computers.