CyberGuard Corporation Reports Results for Quarter Ended June 30, 1996.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Sept. 12, 1996-- CyberGuard Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CYBG), a leading supplier of network security solutions, today announced revenues for the quarter ended June June: see month. 30, 1996 of $11.8 million, compared to $8.6 million for the period ended June 30, 1995. Net loss for the quarter was $22.9 million, or $3.78 per share, compared to a loss of $6 million, or $1.01 per share, for the quarter ended June 30, 1995. These results include the operations of the Company's Real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. Computer Division that was sold to Concurrent Computer Corporation  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . on June 27, 1996. For the 9 months ended June 30, 1996, which coincides with the Company's newly established fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. , revenues totaled $37.4 million, compared to $36.4 million for the period ended June 30, 1995. Net loss for the 9 months ended June 30, 1996, was $26.1 million, or $4.32 per share, compared to a loss of $5.8 million, or $.98 per share, for the period ending June 30, 1995. The fiscal 1996 results include a loss of $15.2 million as a result of the sale of the Company's Real-time Division. Other significant non-recurring charges for the June 1996 quarter include a $3.2 million write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of peviously capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. software development costs and approximately $1 million in expenses related to the Company's public stock offering which was canceled in July July: see month. , 1996. Separately, CyberGuard also reported results for its Trusted Systems In the security engineering subspecialty of computer science, a trusted system is a system that is relied upon to a specified extent to enforce a specified security policy. As such, a trusted system is one which failure may break a specified security policy. Division for the quarter ended June 30, 1996. The Company reported record revenues for its firewall and related security products of $2.9 million for the quarter, compared to $0.4 million in revenue for the quarter ended June 30, 1995. This represents the fourth consecutive quarter of strong quarterly revenue growth related to the Company's CyberGuard & Firewall and related security products. Bob Carberry, chairman, president and chief executive officer of CyberGuard Corporation, noted, "Concluding the sale of the real-time assets represented a major milestone for the Company. CyberGuard is now focused entirely on the Internet/intranet security market where our revenues continue to demonstrate strong growth - both domestically, and especially internationally. We continue to execute our product and channel development strategy, and anticipate the migration of the CyberGuard Firewall product to a software-only, Intel-based offering will soon be completed." "The Company's strategy to broaden our security solutions - as demonstrated by our recently announced combined CyberGuard/Information Resources Engineering (IRE) integrated firewall/encryption/ authentication system The combination of authentication server and authenticator, which may be separate devices or both reside in the same unit such as an access point or network access server. The authentication server contains a database of user names, passwords and policies, and the authenticator physically offering - continues to receive positive feedback from both customers and industry analysts. This combined offering was recently selected from over 500 submissions as a "Best of Show" finalist for the Networld + Interop trade show in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. ," Carberry added. CyberGuard Corporation, with headquarters in Fort Lauderdale, Florida Fort Lauderdale, known as the "Venice of America" due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. The city's population is described as metropolitan, where diverse culture is commonplace. According to 2006 U.S. , is the former Trusted Systems Division of Harris Harris, Scotland: see Lewis and Harris. Computer Systems Corporation. CyberGuard develops commercial network security products designed to protect data on computer networks from access by unauthorized users. The company targets organizations in industries such as finance, health care, communication, education, manufacturing and government that require a proven security solution. The CyberGuard Firewall family of products provide the strongest enterprise security solutions available because they are built on a secure operating system The term "secure operating system" is a misnomer. 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Note to Editors: For additional company or product information from CyberGuard Corporation via fax, please call 800/344-4297; via Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , access their home page at http://ww.cyberguardcorp.com. CyberGuard and CyberGuard Firewall are trademarks of CyberGuard Corp. All other trademarks are property of their respective owners. -0- CYBERGUARD CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS ($000's, except per share data)
Three Nine
Months Ended Months Ended
June 30, June 30,
1996 1995 1996 1995
(unaudited) (unaudited)
Revenues $11,845 $8,618 $37,409 $36,404 Cost of Revenues 7,691 7,286 21,021 20,609 Gross Margin 4,154 1,332 16,388 15,795 Operating Expenses Research & Development 1,780 2,080 5,360 5,970 Sales, G&A 7,764 5,157 19,030 15,739 Write-off Capitalized Software 3,244 0 3,244 0 Total Operating Expenses 12,788 7,237 27,634 21,709 Operating Loss (8,634) (5,905) (11,246) (5,914) Other Income/(expenses) Other Income/(expenses) 101 (265) 103 (232) Interest Income 26 154 181 361 Loss on Sale of Real-time Division (14,340) 0 (15,160) 0 Total Other Income/(expense) (14,213) (111) (14,876) 129 Net Loss (22,847) (6,016) (26,122) (5,785) Net Loss per Share ($3.78) ($1.01) ($4.32) ($.98) Weighted Average Number of Shares 6,046 5,928 6,046 5,928
SELECTED BALANCE SHEET DATA
($000's)
(unaudited)
June 30, 1996 June 30, 1995
Cash $3,617 $9,961 Securities Held for Resale 13,600 0 Accounts Receivable, Net 3,634 12,312 Inventory 134 9,896 Other Current Assets 565 2,240 Total Current Assets 21,550 34,409 Net Property and Equipment 1,152 6,626 Other Assets 4,978 8,794 Total Assets 27,680 49,829 Current Liabilities 9,467 8,713 Long-term Liabilities 0 3,372 Total Liabilities 9,467 12,085 Total Shareholder Equity 18,213 37,744 Total Liabilities and 27,680 49,829 Shareholder Equity CYBERGUARD CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED IN $000'S) TRUSTED DIVISION RESULTS ONLY
Three Nine
Months Ended Months Ended
June 30, June 30,
1996 1995 1996 1995
Firewall & Secure Product Sales $2,874 $431 $7,269 $3,153 Cost of Sales 1,674 370 4,589 2,157 Gross Margin 1,200 61 2,680 996 Operating Expenses Research & Development 352 156 930 713 Sales, G&A 3,340 834 6,670 3,721 Write-off Capitalized Software 3,244 0 3,244 0 Total Operating Expenses 6,936 990 10,844 4,434 Operating Loss (5,736) (929) (8,164) (3,438) Interest, Other Income 6 4 11 44 Net Operating Loss (5,730) (925) (8,153) (3,394) CONTACT: CyberGuard Corporation Lisa Thornhill Thornhill may refer to:
(954) 977-5615 or e-mail: lthornhill@mail.cybg.com |
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