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 (
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:
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:
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 (
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
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