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Secure Computing Reports 1Q Results
SecurityProNews
Staff Writer
2005-04-21
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Secure Computing announced first quarter 2005 revenue of $25.6 million. This represents a 21% increase compared to $21.2 million in the same quarter last year, and is unchanged on a percentage basis, compared to revenues of $25.5 million in the prior quarter.
"The first quarter marked another period of strong performance and solid execution," said John McNulty, chairman, president and chief executive officer at Secure Computing. "Our growth in the quarter spanned all major geographic regions and industry sectors. Both the government and commercial teams executed very well, with our Federal Government vertical market contributing 21 percent of our revenue mix.
"Not only do our financial results show strong year-over-year growth, but the opportunities in all three areas of our business continue to expand as we gain momentum in the channel," added McNulty. "In the first quarter, we continued to aggressively expand our roster of North America channel partners, recruiting 118 new resellers. We currently have 772 partners worldwide, with 508 resellers in North America. Going forward, we will continue to focus on and enhance one of our most valued assets -- our worldwide channel network."
Gross margins in the first quarter were 86% of revenue or $21.9 million. This compares to 88% of revenue, or $18.7 million, in the year ago quarter and 87% of revenue, or $22.1 million, in the prior quarter.
First quarter operating expenses were $17.8 million, or 70% of revenue, nine percentage points lower then the year ago quarter. Sales and marketing expenses were $11.5 million, or 45% of revenue, down 7 percentage points from the year ago quarter. Research and development costs were $4.3 million, or 17% of revenue, down 2 percentage points from the year ago quarter. General and administrative costs were $1.9 million, or 8% of revenue. More specifically, on an actual percentage basis, up three-tenths of one percent from the year ago quarter.
Operating income for the first quarter was 16% of revenue, a 6 percentage point improvement over the same quarter last year.
Net income for the first quarter was $4.1 million, or $0.11 per fully diluted share, compared to net income of $2.2 million, or $0.06 per fully diluted share in the same quarter last year, and $4.5 million, or $0.12 per fully diluted share in the prior quarter.
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