Business News

Secure Computing Announces Preliminary First Quarter 2008 Results

SOURCE:

Secure Computing

2008-04-07 13:00:00

Secure Computing Announces Preliminary First Quarter 2008 Results

SAN JOSE, CA–( EMWNews – April 7, 2008) – Secure Computing Corporation (NASDAQ: SCUR), a

leading enterprise gateway security company, today announced preliminary

results for the first quarter ended March 31, 2008. Based upon preliminary

financial data that has not yet been reviewed by the company’s auditors,

the company anticipates that GAAP revenue for the first quarter will be in

the range of $60 to $61 million, and non-GAAP revenue will be in the range

of $65 to $66 million. Billings for the quarter are expected to be

approximately $69 million. In its financial results press release on

February 4, 2008, the company provided first quarter 2008 guidance for GAAP

revenues to be in the range of $64 to $66 million, non-GAAP revenues to be

in the range of $67 to $69 million, and billings to be in the range of $76

to $79 million.

The company expects GAAP net loss to be in the range of $8.5 to $9.5

million, compared to the company’s prior guidance of a GAAP net loss of

$5.0 to $6.0 million, before the impact of any NOL utilization on tax

expense. Fully diluted non-GAAP earnings-per-share is expected to be

between $0.06 and $0.07, compared to the company’s prior guidance of $0.07

to $0.09.

The above non-GAAP financial measures are reconciled to GAAP in the table

at the end of this press release.

Secure Computing will host a conference call to discuss its preliminary

results today, Monday, April 7, 2008 at 4:30 p.m. EDT / 1:30 p.m. PDT.

John McNulty, chairman and chief executive officer, and Tim Steinkopf,

senior vice president of operations and chief financial officer, will

discuss the preliminary results, followed by a question-and-answer session

with analysts. If you would like to participate in the conference call,

please dial-in five minutes prior to the start time at:


     North America:  888-455-3616

     International:  210-234-0007

     Leader:         Jane Underwood

     Passcode:       SCUR

This call is being web cast by Thomson Financial and can be assessed at the

Investor Relations section of the Secure Computing web site at:

www.securecomputing.com.

A rebroadcast of the call will be available at the Investor Relations

section of the Secure Computing web site. In addition, a telephone replay

will be made available through April 14th by accessing 800-846-6758 for

North America or 203-369-3363 for international.

First Quarter 2008 Results Conference Call

Secure Computing will report its full financial results for the first

quarter of 2008 on Thursday, May 1, 2008 after the market close. A

conference call has been scheduled at 4:30 p.m. EDT / 1:30 p.m. PDT. If

you would like to participate in the conference call, please dial-in five

minutes prior to the start time at:


     North America:  888-455-3616

     International:  210-234-0007

     Leader:         Jane Underwood

     Passcode:       SCUR

This call is being web cast by Thomson Financial and can be accessed at the

Investor Relations section of the Secure Computing web site at:

www.securecomputing.com.

A rebroadcast of the call will be available at the Investor Relations

section of the Secure Computing web site. In addition, a telephone replay

will be made available through May 8, 2008 by accessing 800-964-4597 for

North America or 203-369-3648 for international.

About Secure Computing

Secure Computing Corporation (NASDAQ: SCUR), a leading provider of

enterprise gateway security, delivers a comprehensive set of solutions that

help customers protect their critical Web, email and network assets. Over

half the Fortune 50 and Fortune 500 are part of our more than 22,000 global

customers, supported by a worldwide network of more than 2,000 partners.

The company is headquartered in San Jose, Calif., and has offices

worldwide. For more information, see http://www.securecomputing.com.

Forward-Looking Statements

This release contains forward-looking statements and projections that

involve risks and uncertainties, including statements concerning our

estimated preliminary first quarter revenues, billings, net loss, earnings

per share, gross profit, cash and restricted cash, which are made pursuant

to the safe harbor provisions of the Private Securities Litigation Reform

Act of 1995. Investors are cautioned that forward-looking statements in

this release involve risks and uncertainties that could cause actual

results to differ materially from current expectations. In order to meet

these projections, the company must continue to obtain new enterprise

relationships with major clients and overall demand for its products must

continue to grow at current or greater levels. The company also must be

able to motivate and retain key employees and staff current and future

projects in a cost-effective manner and must effectively control its

marketing, research, development and administrative costs, including

personnel expenses. There can be no assurance that demand for the company’s

products will continue at current or greater levels, or that the company

will continue to grow revenues, or be profitable. There are also risks that

the company’s pursuit of providing network security technology might not be

successful, or that if successful, it will not materially enhance the

company’s financial performance; that changes in customer requirements and

other general economic and political uncertainties and weaknesses in

geographic regions of the world could impact the company’s relationship

with its customers, partners and alliances; and that delays in product

development, competitive pressures or technical difficulties could impact

timely delivery of next-generation products; and other risks and

uncertainties that are described from time to time in Secure Computing’s

periodic reports and registration statements filed with the Securities and

Exchange Commission. The company specifically disclaims any responsibility

for updating these forward-looking statements.


Reconciliation of Projected Financial

Measure to Non-GAAP Financial Measures

(Unaudited, in thousands, except per share amounts)



                                                       Three Months Ended

                                                         March 31, 2008

                                                      --------------------

REVENUES:



  GAAP revenue range                                  $ 60,000  - $ 61,000

  Fair value adjustment to acquired deferred

   revenue                                        (A)                1,300

  VSOE adjustments to bundled product revenue     (B)                3,700

                                                      --------------------

  Non-GAAP revenue range                              $ 65,000  - $ 66,000

                                                      ====================



(LOSS)/INCOME BEFORE TAX IMPACT OF NOL UTILIZATION

  GAAP loss                                           $ (9,500) - $ (8,500)

  Fair value adjustment to acquired deferred

   revenue                                        (A)                1,300

  VSOE adjustments to bundled product revenue     (B)                2,500

  Stock-based compensation                        (C)                3,700

  Amortization of acquired intangibles            (D)                4,200

  Non-recurring expenses                          (E)                1,800

                                                      --------------------

  Non-GAAP income before tax impact of NOL

   utilization                                        $  4,500  - $  5,000

                                                      ====================



Shares used to compute income per share                 74,800      74,800



Non-GAAP income per share                             $   0.06    $   0.07



Editorial Contact:
Shawn Wolfe

408-979-6165

Investor Contact:
Jane Underwood

408-979-6186

free cash grants, free grant money, free money, cash grants, scholarships, business grants, foundation grants, government grants, debt grants, consolidation, college tuition, financial aid, medical grants, personal grants, medical bills, unsecured loans, no interest loans, financing, loans, capital, non profit organizations

Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89

Get Unlimited Organic Website Traffic to your Website 
TheNFG.com now offers Organic Lead Generation & Traffic Solutions





























Blake Masterson

Freelance Writer, Journalist and Father of 5

Related Articles

Back to top button