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McAfee Reports Results For First Quarter
SecurityProNews
Staff Writer
2005-05-06
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McAfee announced that for the first quarter ended March 31, 2005, consolidated net revenue was $236 million.
On a GAAP basis, McAfee's first quarter net earnings were $35.9 million, or $0.21 per share -- diluted. On a non-GAAP basis, first quarter net earnings were $45.6 million, or $0.27 per share -- diluted.
New McAfee revenue in the quarter grew by 36% year over year. New McAfee revenue excludes the Magic and Sniffer businesses sold in 2004 and the McAfee Research business sold in April 2005.
Pro-forma operating margins for the first quarter improved to 24%, led by sequential decreases in operating expenses.
McAfee IntruShield revenue grew in the quarter by 100% year over year with bookings increasing by 93%.
Overall, McAfee consumer revenue in the quarter grew by 114% year over year to $100 million. Revenue from the online consumer services in the quarter grew by 79% year over year and added 2.5 million net new subscribers in the quarter, with the average number of subscriptions per subscriber of 1.45.
Deferred revenue grew by $13 million in the quarter to end the quarter at $615 million.
McAfee ended the first quarter with cash and cash equivalents and investments of $980 million.
McAfee's Board of Directors approved a $175 million expansion of the share repurchase program. As of today, McAfee has a total of approximately $250 million in authorization available for share repurchases through August 20, 2006.
McAfee expects revenue for the second quarter of 2005 to be between $220 million and $230 million and non-GAAP net earnings of $0.24 per share at the middle of the range.
McAfee is raising its full year 2005 revenue guidance to between $955 million and $975 million and non-GAAP net earnings to between $1.15 and $1.20 per share.
"McAfee continues to demonstrate strong growth across the business, with exceptional growth in the IntruShield and consumer spaces," said George Samenuk, chairman and chief executive officer of McAfee, Inc. "Our strategy is working, customers continue to validate it as we move forward in developing best of breed intrusion prevention and risk management solutions to protect their systems and networks and enable them to focus on their business."
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