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Cyberguard Says Fourth Quarter Revenue Jumps 61 Percent
SecurityProNews
Staff Writer
2004-08-18
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CyberGuard Corporation today reported revenues of $47.812 million for the fiscal year ended June 30, 2004, a 45 percent increase over revenues for the previous fiscal year of $32.98 million.
The company reported revenues of $14.520 million for the quarter ended June 30, 2004, an increase of $5.516 million or 61 percent over revenues of $9.004 million for the quarter ended June 30, 2003.
On a GAAP basis, net income for fiscal year 2004 was $1.77 million compared to $4.071 million for fiscal year 2003. On a pro forma basis (net of acquisition and other non-recurring charges as outlined in the attached financial statement that reconciles GAAP and pro forma numbers), net income for fiscal year 2004 was $7.906 million compared to $8.274 million for the fiscal year ended June 30, 2003.
CyberGuard recorded a net profit for the second consecutive fiscal year. On a GAAP basis, the net income to shareholders for fiscal year 2004 was $0.06 per diluted share compared to $0.16 per diluted share for fiscal year 2003. On a non-GAAP or pro forma basis, the net income to shareholders for fiscal year 2004 was $0.28 per diluted share compared to $0.33 for the prior fiscal year. For the quarter ended June 30, 2004, the net income to shareholders on a GAAP basis was $0.01 compared to a net loss of ($0.17) per diluted share to shareholders for the fourth quarter of fiscal year 2003. On a pro forma basis, net income to shareholders was $0.04 per diluted share for the quarter ended June 30, 2004, compared to $0.02 per diluted share for the fourth quarter of fiscal year 2003.
"Investing in our sales infrastructure has produced results," stated Pat Clawson, chairman and chief executive officer of CyberGuard Corporation. "Our revenues grew 45 percent this fiscal year over last - a substantial increase for the second consecutive year. Our growth rate for the fourth quarter was even greater - 61 percent. That rate of growth, which is well beyond much of the industry, enables us to invest in our development infrastructure so we can build a world-class security company and deliver value to our customers and our shareholders."
As an example, Clawson pointed to demand for the newest version of Global Command Center(TM), CyberGuard's next generation enterprise central management security offering - a key strategy for integrating new technologies under one management umbrella. He added that some of the results of the investment in research and development would become apparent in the coming week when the company would make some important new product announcements.
Significant events since the start of the fourth quarter include:
-- April 28 - CyberGuard's line of premium firewall/VPN appliances wins SC Magazine's award for best firewall for the third consecutive year besting Check Point, Cisco and Symantec in the 2004 Readers' Trust competition.
-- April 29 - CyberGuard acquires Webwasher, a high-end content security provider.
-- May 11 - The company begins shipping the newest version of its advanced central management solution - Global Command Center(TM) - the gateway to Total Stream Protection(TM); and the NetOctave division ships a new accelerator board that supports faster performance for IPsec, SSL and XML security.
-- May 18 - CyberGuard introduces a new firewall/VPN appliance for small offices and firewall PCI cards for critical servers to coincide with new branding of its SG Linux-based security offerings.
-- June 14 - The Kentucky Governor's Office for Technology selects a joint solution from CyberGuard's Webwasher and Network Appliance to provide Internet filtering and security for more than 40,000 employees in the state's executive branch agencies.
-- June 22 - CyberGuard names information security marketing executive Bryan Bain to lead worldwide marketing and branding efforts.
-- June 28 - CyberGuard announces that it will offer new proactive protection technology against viruses and worms as part of its Webwasher content security management so users can block attacks from new worms and viruses often referred to as a "Day Zero" attack.
-- June 30 - CyberGuard and Intel collaborate on a development kit that enables developers to produce customized secure solutions for VoIP and mobile wireless products with minimal time to market.
-- July 8 - CyberGuard launches new ONE partner program to integrate channels following recent acquisitions, selecting top producers to be part of worldwide distribution, education and support network.
-- July 11 - In a bold effort to combine two strong companies, CyberGuard offers to buy Secure Computing to achieve operational and financial synergies and create value for customers, employees and shareholders.
-- July 29 - Saudi Arabian Monetary Agency selects CyberGuard firewall/VPN appliances to secure SADAD Project, a new nationwide network that will enable people throughout the Kingdom of Saudi Arabia to pay utility, phone and other bills securely at ATM machines.
About the Author:
SecurityProNews is a daily online and email publication focusing on internet security issues.
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