Nýherji hf. - Financial Statement Release

- Nýherji's results for Q1 2009

•  Substantial improvement in operating performance from Q4 2008

•  Nýherji Group profit of ISK 3 million in Q1

•  1/3 of income originates from successful activities in Denmark and Sweden

•  Equity ratio increases and debt decreases in the quarter

•  Profit on product sales and operating services


Thordur Sverrisson, CEO:

“The performance of the Nýherji Group in the first quarter of 2009 has improved
significantly over the fourth quarter of 2008. The variety of measures taken in
order to curtail the Group's operating cost in view of the volatility and
uncertainty prevailing in the Icelandic economy has already brought partial
results. In February, a salary reduction of 10% was applied to all employees of
Nýherji hf. and its subsidiaries in Iceland. The number of employees has also
been reduced by 13% from the average number of full-time equivalent positions
last year, affecting technical, software and development work. Software
development projects have also been postponed. These actions will result in a
further reduction in operating cost in Q2. 

The performance of Nýherji hf. and its Icelandic subsidiaries providing
operating and technical services, as well as product sales, in Q1 was positive.
Activities of foreign companies overall are close to forecasts. The economic
climate of Nýherji's subsidiaries in Denmark and Sweden is steady and the
outlook good. On the other hand, demand for services of business software,
software solutions and consultancy in Iceland has contracted considerably. The
Nýherji Group therefore returned a profit of ISK 3 million in Q1 2009.” 


Further information 
For further information contact:
Thordur Sverrisson, CEO of Nýherji, tel. +354 893 3630.

Attachments:

press release nyherji q1 april 24th 2009.pdf