2 Februar 2009
TANDBERG Reports Fourth Quarter 2008 Results
=0D=0A=0D=0AClick here if you have trouble viewing this e-mail.=0D=0A[http://now.eloqua.com/es.asp?s=3D206&e=3D9e17b7a57b23466d8ccaa33198f1cbc5&elq=3DFB6552EC1FF8417C8C60DE656103368B]=
=0D=0A=0D=0A[http://www.tandberg.com/index.jsp?elq=3DFB6552EC1FF8417C8C60DE656103368B]=
=0D=0A=0D=0ATANDBERG Reports Fourth Quarter 2008 Results=0D=0A=0D=0ARevenue=
of 225.5 MUSD and Operating Profit of 52.8 MUSD in 4Q08=0D=0A=0D=0AOSLO=
and NEW YORK, February 2, 2009 - TANDBERG=AE (OSLO: TAA.OL), today announced=
unaudited financial results for the fourth quarter ended December 31, 2008.=
=0D=0A=0D=0AOverview of 4Q08:=0D=0A. Revenue of 225.5 MUSD with volume of=
17,584 units=0D=0A. Operating profit of 52.8 MUSD and pre-tax profit of=
67.8 MUSD=0D=0A. Cash flow from operations of 90.9 MUSD=0D=0A. Delivered=
well against 2008 priorities=0D=0A=0D=0AFINANCIALS=0D=0AFourth quarter=
revenues were 225.5 MUSD compared with 192.9 MUSD in the same quarter last=
year, representing 17% year-over-year growth. Gross margin for the quarter=
was 66.6%, compared with 66.2% in the same quarter last year. Selling,=
general & administrative (SG&A) expenses for 4Q08 totaled 85.3 MUSD, compared=
with 74.2 MUSD in the same quarter last year. Operating profit was 52.8=
MUSD compared with 44.9 MUSD in the same quarter last year. Earnings per=
share (after tax) were 0.42 USD in 4Q08 compared with 0.30 USD in the same=
quarter last year.=0D=0A=0D=0AFor the full year, revenue totaled 808.8=
MUSD in 2008 compared with 630.5 MUSD in 2007, or 28% growth. Operating=
profit was 176.7 MUSD for 2008 and 146.1 MUSD for 2007.=0D=0A=0D=0AThe=
Company generated cash flow from operations of 90.9 MUSD in the quarter,=
which after a net cash outflow from investments of 11.9 MUSD, gave a total=
cash inflow of 79.0 MUSD. As of December 31, the Company had a cash balance=
of 174.8 MUSD and an equity ratio of 65.2%.=0D=0A=0D=0AFINANCIAL TABLES=
=0D=0A=0D=0AClick for financial tables.=0D=0A[http://www.tandberg.com/collateral/ir/qr_2008_q4.pdf?elq=3DFB6552EC1FF8417C8C60DE656103368B]=
=0D=0A=0D=0AOPERATIONS=0D=0AReviewing fourth quarter results, Fredrik Halvorsen,=
Chief Executive Officer, stated, “The fourth quarter was a good conclusion=
to a strong year for TANDBERG.=0D=0A=0D=0AChallenging economic times require=
a break with past practices. Companies are being forced to reduce travel,=
and limit partner meetings, customer events and employee gatherings. But=
efficient teamwork and strengthened customer relationships are even more=
critical in difficult times, making communication paramount. Telepresence=
and video conferencing address these communication needs in an efficient=
manner. As such, longer term, the current economic downturn should increase=
video usage.=0D=0A=0D=0AComing out of 2008, TANDBERG is uniquely positioned=
in the product cycle, with the industry’s broadest range of telepresence=
solutions for executives, traditional 1080p High Definition video conferencing=
for teams, and a suite of network products enabling integration with Microsoft=
and other Unified Communications environments.=0D=0A=0D=0AWhile business=
leaders are evaluating the ROI of video favorably, purchasing cycles are=
lengthening due to capital expenditure constraints and conservative market=
monitoring.”=0D=0A=0D=0AMARKETS=0D=0AIn 4Q 2008, TANDBERG sold 17,584 endpoint=
units compared with 16,787 endpoint units in the same quarter last year.=
Endpoint revenues increased 9%, and revenue from network products grew=
51% year-on-year. With Codian successfully integrated, the TANDBERG solution=
has become the de facto standard for customers in need of a scalable HD=
video deployment.=0D=0A=0D=0AAMERICAS=0D=0ARevenue in the Americas during=
4Q08 totaled 108.9 MUSD compared with 86.7 MUSD the same quarter last year.=
Federal continued its strong performance from 3Q into 4Q. The Mid-Atlantic,=
Southeast and Midwest regions also performed well. Focused end-to-end solution=
sales yielded robust network revenue throughout all regions. Year-end budget=
spend resulted in a strong finish to the quarter.=0D=0A=0D=0ACommercial=
clients are leveraging TANDBERG solutions to lower costs and improve productivity.=
The TANDBERG Total Telepresence solution is drawing record levels of attention.=
=0D=0A=0D=0AGoing forward, the Americas theatre will focus on tight cost=
and margin control, and the roll-out of new products. The team will continue=
selling on the productivity benefits of the technology as well as ROI.=
=0D=0A=0D=0AEMEA=0D=0ARevenue in EMEA during 4Q08 totaled 91.0 MUSD, compared=
with 85.5 MUSD in the same quarter last year. Central Europe, Nordics and=
Italy held up well, while performance in Iberia and Russia was weaker.=
=0D=0A=0D=0ANetwork products continued to be a strong point of differentiation=
for larger deployments and advanced customers. The Total Telepresence portfolio,=
which includes the T3, T1 and the Telepresence Server, got strong reception=
from customers. In particular, the integration of TANDBERG telepresence=
with Microsoft desktop video generated excitement.=0D=0A=0D=0AThe EMEA=
theatre will focus on tight cost and margin control and partner training=
on the new product portfolio.=0D=0A=0D=0AASIA PACIFIC=0D=0ARevenue in APAC=
during 4Q08 totaled 25.6 MUSD, compared with 20.7 MUSD in the same quarter=
last year. Anticipated large deals closed in the quarter. However, the=
economic downturn is becoming a factor in parts of APAC, with several government=
contracts on hold.=0D=0A=0D=0AThe North Asia team had good execution on=
several large projects, and received awards for the telepresence engine=
C90 at ITPRO Japan. Continued investment in channels and organization remains=
a priority.=0D=0A=0D=0AIn South Asia, Singapore and Hong Kong are holding=
up well. Australia continued to perform well in a difficult environment.=
=0D=0A=0D=0A2008 HIGHLIGHTS=0D=0AIn the first quarter of 2008 the Company=
outlined three priorities for the year: 1) Capture market expansion, 2)=
Deepen strategic relationships, and 3) Enable true unified communications.=
=0D=0A=0D=0ACapture market expansion. TANDBERG expanded the market both=
at the high end and through mass adoption. At the high end, the TANDBERG=
Total Telepresence solution for executives included 1080p High Definition=
immersive telepresence systems, managed services and a telepresence server=
that bridges telepresence and video conferencing. The Company also introduced=
the E20 video IP phone, a personal video system priced for enterprise-wide=
adoption.=0D=0A=0D=0ATANDBERG has recently followed up with its next generation=
Profile series, providing telepresence-quality 1080p High Definition video=
conferencing for teams throughout the organization. With these introductions,=
TANDBERG offers the highest performing portfolio of High Definition products=
in the industry.=0D=0A=0D=0ADeepen strategic relationships. In one of the=
most significant alliance announcements made this year, TANDBERG and HP=
introduced a global managed service offering. Developed by HP, the HP Halo=
Video Collaboration Service is available for the full range of TANDBERG=
conferencing systems, including TANDBERG Total Telepresence offerings.=
HP and TANDBERG also expanded their reseller agreement, giving customers=
additional flexibility and choice in purchasing collaboration products=
and services.=0D=0A=0D=0AEnable true unified communications. With the Codian=
team fully integrated, network product development has surpassed expectations.=
A powerful example is the Telepresence Server, a telepresence-grade network=
component which has enabled multiple site calling with exceptional high=
quality and ease of use for telepresence participants. The telepresence=
server has broken the barriers between telepresence and video conferencing.=
=0D=0A=0D=0ATANDBERG also announced that users of Microsoft Office Communicator=
2007 can seamlessly connect face-to-face with other team members that use=
TANDBERG room-based video and telepresence systems. This interoperability=
with a Microsoft-based Unified Communications platform now enables Microsoft=
Office Communicator 2007 video users to join a TANDBERG telepresence meeting.=
=0D=0A=0D=0AOSLO and NEW YORK, February 2, 2009=0D=0AThe Board of Directors=
of TANDBERG asa=0D=0A=0D=0AJan Chr. Opsahl (sign.)=0D=0AChairman=0D=0A=
=0D=0AFredrik Halvorsen (sign.)=0D=0AChief Executive Officer=0D=0A=0D=0AWEBCAST/CONFERENCE=
CALL DETAILS=0D=0A=0D=0AToday at 5:45 pm Central European Time and 11:45=
am Eastern Time, Fredrik Halvorsen, Chief Executive Officer, will host=
a live webcast/conference call from Oslo, Norway. Additionally, a PowerPoint=
presentation will accompany the webcast /conference call. To access the=
webcast, please visit:=0D=0A=0D=0Ahttps://tandbergevents.webex.com=0D=0A[https://tandbergevents.webex.com/]=
=0D=0A=0D=0AFor those who prefer to dial-in, the conference call can be=
accessed at +1.617.614.4913 (international), +1.800.591.6949 (U.S. callers)=
and 0808.234.7616 (U.K. callers). The audience passcode for the call is=
TANDBERG.=0D=0A=0D=0AAudited 2008 financials will be available February=
18, 2009. First quarter results will be presented on April 23 2009 at 5:45=
pm CET / 11:45 am ET. For further information please contact Geir Olsen,=
ph. +44 7766254782.=0D=0A=0D=0AFINANCIAL TABLES=0D=0A=0D=0AClick for full=
press release plus financial tables.=0D=0A[http://www.tandberg.com/collateral/ir/qr_2008_q4.pdf?elq=3DFB6552EC1FF8417C8C60DE656103368B]=
=0D=0A=0D=0AFINANCIAL STATEMENTS - BASIS FOR PREPARATION=0D=0AThe enclosed=
consolidated condensed financial statements have been prepared in accordance=
with IAS 34, “Interim Financial Reporting”.=0D=0A=0D=0ASIGNIFICANT ACCOUNTING=
POLICIES=0D=0AThe accounting policies and methods of computation used in=
the preparation of the financial statements are consistent with the policies=
used in the annual financial statements for the year ended December 31,=
2007. The enclosed consolidated condensed financial statements should be=
read in conjunction with the 2007 annual financial statements, which include=
a full description of the Group’s accounting policies.=0D=0A=0D=0AABOUT=
TANDBERG=0D=0ATANDBERG is the leading provider of telepresence, high-definition=
videoconferencing and mobile video products and services. The Company has=
dual headquarters in New York and Oslo. TANDBERG designs, develops and=
markets systems and software for video, voice and data communication. The=
Company provides sales, support and value-added services in more than 90=
countries worldwide. TANDBERG is publicly traded on the Oslo Stock Exchange=
under the ticker TAA.OL. Please visit=0D=0A=0D=0Awww.tandberg.com=0D=0A[http://www.tandberg.com/]=
=0D=0A=0D=0Afor more information.=0D=0A=0D=0ATANDBERG is a registered trademark=
or trademark in the U.S. and certain other countries. All other trademarks=
are property of their respective owners.=0D=0A=0D=0ACopyright=A9 2007 TANDBERG=
=0D=0A1212 Avenue of the Americas. 24th Floor. New York, NY 10036 +212.692.6500=
=0D=0APhilip Pedersens vei 20. 1366. Lysaker. Norway +47.67.125.125 =0D=0AContact=
a TANDBERG office near you. =0D=0A=0D=0APlease click here to unsubscribe=
=0D=0A[http://now.eloqua.com/u.asp?s=3D206&elq=3DDFE99818753A4888BBC82E8838A00EFC]=
=0D=0A=0D=0A