Nýherji hf. - Financial Statement Release

Nýherji's Q3 operating profit (EBITDA) was ISK 169m

Highlights 

•  The EBITDA in the third quarter was ISK 169 million, but for the same period
   in 2009 EBITDA was by ISK 107 million. 

•  Total profit in the first nine months was ISK 132 million, while for the same
   period last year the total loss was ISK 178 million. 

•  Nýherji hf. increased its share capital by ISK 840 million at market value.
•  Agreements with the company's commercial bank on restructuring of long-term
   loans are finished. 

•  Nýherji's real-estate will be sold for ISK 1650 million, in parallel with the
   company entering into a 15-year lease agreement. 

•  Plans call for lowering the company's debt by ISK 2600 million.

Thordur Sverrisson, CEO:"During the year there has been very positive development in the operations of
Nýherji and its domestic subsidiaries, and the performance is excellent in the
third quarter of 2010. The demand for computers and technical equipment has
increased, and sales are above plan. After a considerable decrease in the
number of software consultants, a balance has been achieved with the demand for
domestic software services, and these operations are now profitable. 

Nýherji increased its share capital by ISK 120 million at nominal price and
sold it to investors at an price per share of 7.0. At the same time agreements
with the company's commercial bank on restructuring of long-term loans were
signed. The overall impact of the measures is that the company's equity will be
strengthened by nearly ISK 1 billion. The increase in share capital, sale of
real-estate and decrease in debt will lower interest-bearing debt by ISK 2600
million. At the conclusion of these measures, Nýherji's financial position will
again be strong, and the company's equity ratio will exceed 30% at the end of
the year. The company's main emphasis will be on further improving performance
with the continuing rationalization of operations."


Further information

Thordur Sverrisson, CEO Nýherji, Tel. +354 893 3630.

Nýherji hf.
Nýherji hf.'s mission is to create value for its customers with employees'
knowledge of IT, corporate operations and customers' needs. Nýherji offers
top-quality consulting and professional services in the field of IT as well as
professional computer equipment, office equipment and software. The Nýherji
Group comprises 18 companies, operating in both in Iceland and other countries
and having 540 full-time equivalent positions. Nýherji hf.'s shares are
registered on NASDAQ OMX Iceland hf. 

Nýherji's Board of Directors: Benedikt Jóhannesson, Chairman of the Board, Árni
Vilhjálmsson and Gudmundur Jóh. Jónsson. Thordur Sverrisson is Nýherji's CEO.

Attachments:

nyherji - news.pdf