14 Juli 2008
TANDBERG Reports Second Quarter 2008 Results
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=0D=0A =0D=0ATANDBERG Reports Second Quarter 2008 Results =0D=0A =0D=0ARevenue=
of 194.9 MUSD and Operating Profit of 41.2 MUSD in 2Q08 =0D=0A =0D=0AOSLO=
and NEW YORK, July 14, 2008 - TANDBERG=AE (OSLO: TAA.OL), today announced=
=0D=0A =0D=0Aunaudited financial results for the second quarter ended June=
30, 2008. =0D=0A =0D=0AOverview of 2Q08: =0D=0A =0D=0A*Revenue of 194.9=
MUSD with volume of 16,483 units =0D=0A*Operating profit of 41.2 MUSD=
and pre-tax profit of 40.7 MUSD =0D=0A*Cash flow from operations of 36.0=
MUSD =0D=0A =0D=0AFINANCIALS =0D=0ASecond quarter revenues were 194.9=
MUSD compared with 143.8 MUSD in the same =0D=0A =0D=0Aquarter last year,=
representing 35.5% year-over-year growth. Gross margin =0D=0Afor the quarter=
was 65.9%, compared with 67.1% in the same quarter last =0D=0Ayear. Selling,=
general & administrative (SG&A) expenses for 2Q08 totaled =0D=0A77.0 MUSD,=
compared with 57.1 MUSD in the same quarter last year. Operating =0D=0Aprofit=
was 41.2 MUSD compared with 33.3 MUSD in the same quarter last year. =
=0D=0AEarnings per share (after tax) were 0.26 USD in 2Q08 compared with=
0.21 USD =0D=0Ain the same quarter last year. =0D=0A =0D=0AThe Company=
generated cash flow from operations of 36.0 MUSD in the quarter =0D=0Awhich=
after a net cash outflow from investments and financing of 42.0 MUSD, =
=0D=0Agave a total cash outflow of 6.0 MUSD. As of June 30, the Company=
had a cash =0D=0A =0D=0Abalance of 53.5 MUSD and an equity ratio of 66.7%.=
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=0D=0A =0D=0AOPERATIONS =0D=0AReviewing second quarter results, Fredrik=
Halvorsen, Chief Executive =0D=0AOfficer, stated, “Our customers are seeing=
video transform their businesses, =0D=0A =0D=0Aleading to the deployment=
of more endpoints and requiring the support of a =0D=0Ascalable and reliable=
network. TANDBERG’s revenues in the second quarter =0D=0Areflect leadership=
in network products as well as a strong partner base with =0D=0A =0D=0Athe=
ability to sell a complete video solution.” This leadership was further=
=0D=0Astrengthened by the unveiling of an unrivaled portfolio of new products.=
=0D=0A =0D=0AThe Company announced the High Definition (HD) platform for=
the future, a =0D=0Atelepresence engine with more power and flexibility=
than any codec on the =0D=0Amarket