Secure Computing Reports Record Billings, Revenues and Cash from Operations
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Comprehensive gateway security portfolio drives 29 per cent increase in revenue
February 25, 2008
Secure Computing Corporation (Nasdaq: SCUR), a leading enterprise gateway security company, has announced fourth quarter record Generally Accepted Accounting Principles (GAAP) revenue of USD 66.5 million. This represents a 29 per cent increase in revenue compared to USD 51.6 million in the same quarter last year. Fourth quarter non-GAAP revenue was a record USD 69.9 million, representing an 11 per cent increase compared to the same quarter last year.
On a GAAP basis, net loss was USD 3.5 million or USD 0.07 per share. Fourth quarter non-GAAP net income was USD 7.2 million or USD 0.10 per fully-diluted share. The company also generated a record USD 15.7 million of cash from operations and reduced the long term debt balance by USD 12.0 million. Billings for the quarter were a record USD 82.2 million, a 6 per cent increase compared to the same quarter last year.
Nimer Ghazal, Regional Sales Manager, Secure Computing, said, "Secure Computing delivered a record quarter, based on good execution across the company. Our momentum is clearly building - the threat environment on the Internet is only increasing, especially in growth areas such as the Middle East whose internet use has increased by a phenomenal 920 per cent from 2000 to 2007. As our comprehensive product portfolio uniquely protects individuals and companies from online threats, we are optimistic about the outlook for the company and expect to deliver consistent growth and profitability going forward."
GAAP gross profit in the fourth quarter was 70 per cent of revenue or USD 46.6 million. Non-GAAP gross profit in the fourth quarter was 73 per cent of revenue or USD 51.1 million. These non-GAAP results compare to 75 per cent of non-GAAP revenue, or USD 47.2 million, in the year ago quarter and 77 per cent of non-GAAP revenue, or USD 50.0 million, in the prior quarter.
Fourth quarter GAAP operating expenses were USD 50.2 million, or 76 per cent of revenue. Non-GAAP operating expenses for the quarter were USD 42.6 million or 61 per cent of non-GAAP revenue. These non-GAAP results compare to 61 per cent of non-GAAP revenue in the year ago quarter and 63 per cent in the prior quarter.
GAAP operating loss for the fourth quarter was USD 3.6 million. Fourth quarter non-GAAP operating income was USD 8.5 million or 12 per cent of non-GAAP revenue, compared to 14 percent in the same quarter last year and 13 percent in the prior quarter.
In the fourth quarter, deferred revenue increased USD 14.4 million, or 9 per cent, bringing the total deferred revenue balance to a record USD 168.2 million at the end of December.
Total cash and restricted cash was USD 12.6 million at December 31, 2007. Cash generated from operations in the quarter was a record USD 15.7 million.
"In today's market, we view billings and cash generated from operations as two key metrics," said Tim Steinkopf, Senior Vice President of Operations and Chief Financial Officer. "Specific to these metrics, our financial results for the fourth quarter produced record billings, up 11 per cent sequentially, and record cash generated from operations. For the full year 2007, we generated USD 0.72 per fully diluted share in cash from operations."
About Secure Computing
Secure Computing (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 www.securecomputing.com.
For further information, please contact:
Secure Computing
P.O. Box 500414, Dubai Internet City
Dubai UAE
Tel: 00 971 4 3913500
Fax: 00 971 4 3918668
Email: info@securecomputing.com
Website: www.securecomputing.com
Orient Planet, PR & Marketing Communications
P.O. Box 23345, Dubai UAE
Tel: 00 971 4 3988901,
Fax: 00 971 4 3988941
Email: info@orientplanet.com
Website: www.orientplanet.com
