CyberGuard Corporation Reports Second Quarter Results.FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Jan. 30, 1997-- 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 provider of certified See certification. network security solutions, today announced financial results for the second fiscal quarter of 1997 ended December 31, 1996. Revenues for the quarter were $3.0 million, an increase of 67 percent over revenues of $1.8 million for the same period of fiscal 1996. For the quarter, the Company reported a net loss of $0.8 million, or ($.12) per share compared to a $1.5 million loss, or ($.25) per share for the same period of fiscal 1996. CyberGuard also reported a significant sequential quarter gross margin improvement. Gross margins for the quarter improved to 51%, compared to 39% for the quarter ended September 30, 1996. "Record international revenues, strong customer acceptance of the CyberGuard Firewall Release 3.0 product line, and significantly improved gross margins were all highlights of our second quarter's performance," noted Robert L. Carberry, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CyberGuard Corporation. "We continue to build upon our National Computer Security Center B1-certified operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. and secure network product with this quarter's expected addition of the United Kingdom's ITSEC See NCSC. E3 certification of the firewall application." CyberGuard's firewall unit shipments for the quarter increased 17% compared to the previous quarter, and 332% compared to the quarter ended December 31, 1995. This represents the sixth consecutive quarter of increased unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. for the Company's firewall and related products. CyberGuard achieved a major milestone during the quarter by shipping nearly 50% of total unit volume in the form of the new Intel PC-based CyberGuard Firewall Release 3.0. "Strong acceptance of the CyberGuard Firewall Release 3.0 product line reflects our customer's continuing demand for strong security and high performance solutions for their enterprise Internet and intranet requirements. Based on these requirements, we intend to further expand this product line with a Microsoft NT-based firewall product with higher security and throughput capabilities than currently offered in the market," Carberry added. Further details of the NT firewall product will be announced at the DataNet Security '97 Annual International Conference and Exhibition on Wide Area Network Security in Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. , February 17 -20. For more information on this conference, see the conference web site at www.datasec.net CyberGuard recognized record international revenue and unit volume for the quarter which included Release 3.0 product introduced to the international distribution channels in December. In the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market, CyberGuard added ten new resellers to the CyberGuard Security Alliance Partners Program, including several SCO (The SCO Group, Lindon, UT, www.sco.com) A leading vendor of Unix operating systems for the x86 platform. SCO had also offered Linux, but abandoned the line in the spring of 2003. The SCO Group is the combination of two companies: Utah-based Caldera, Inc. Premium Resellers who began selling the CyberGuard Release 3.0 product to end user customers. During the quarter, the Company also received initial orders for the CyberGuard/Information Resources Engineering SafeNet/Enterprise Virtual Private Networking solution from customers in the financial industry segment. About CyberGuard CyberGuard Corporation (NASDAQ:CYBG), formerly the 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 of Harris Computer Systems Corporation, is a leading developer of network security solutions to Fortune 1000 companies and governments worldwide. The Company's CyberGuard Firewall and SafeNet/Enterprise Virtual Private Networking 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. Relevant articles include:
CyberGuard's unique firewall solution is available as an integrated hardware/software solution, as well as a software-only solution available on the Intel personal computer platform. The CyberGuard Firewall is renowned for its strong security, high throughput and related price/performance ratios In economics and engineering, the price/performance ratio refers to a product's ability to deliver performance, of any sort, for its price. For instance, if you have a whole day to travel 100 km, spending $50 to do the journey in two hours is a better price/performance ratio than . CyberGuard has undergone numerous third-party and government evaluations worldwide. In the U.S., the operating system and networking product have been evaluated by the National Computer Security Center (NCSC (National Computer Security Center) The arm of the U.S. National Security Agency that defines criteria for trusted computer products, which are embodied in the Orange Book and Red Book. ) at the B1 level of trust and by the National Computer Security Association (NCSA (1) (National Center for Supercomputing Applications, Urbana-Champaign, IL, www.ncsa.uiuc.edu) A high-performance computing facility located at the University of Illinois at Urbana-Champaign. ). In France, the CyberGuard Firewall has been tested by Celar. In Europe, the CyberGuard Firewall is the first firewall solution to undergo ITSEC E3 evaluation. The company has U.S. headquarters in Ft. Lauderdale, Florida, and international headquarters in Europe. Products are sold worldwide through a direct sales force, value added resellers See VAR. (company) value added reseller - (VAR, or "value added retailer") A company which sells something (e.g. computers) made by another company (an OEM) with extra components added (e.g. specialist software). , distributors, network integrators and Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. . For more information, please call (800) 666-4273 x5615 or (954) 977-5615; e-mail info@mail.cybg.com; or visit CyberGuard's web site at www.cyberguardcorp.com The Company notes that this press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which may be subject to change based upon material factors including but not limited to change in market conditions, competitive pressures, development delays and a number of other risks and uncertainties. Additional information regarding factors that may affect future results are detailed in CyberGuard Corporation's periodic reports and registration statements filed with the Securities and Exchange Commission. -0- Note to Editors: To retrieve a list of CyberGuard press releases via fax, please call (800) 344-4297. CyberGuard Firewall is a trademark of CyberGuard Corporation. All other trademarks are property of their respective owners. -0-
CYBERGUARD CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($000's except per share data)
Three Months Ended Six Months Ended
Dec.31, Dec.29, Dec.31, Dec.31,
1996 1995 1996 1995
Revenues:
Firewall Products
& Services $ 3,047 $ 1,825 $ 6,114 $ 2,722
Real Time Product
Revenues - 10,625 - 18,435
Total Revenues 3,047 12,450 6,114 21,157
Cost of Revenues:
Firewall Products
& Services 1,508 1,120 3,381 1,787
Real Time Product
Revenues 5,292 9,780
Total Cost of Revenues 1,508 6,412 3,381 11,567
Gross Margin 1,539 6,038 2,733 9,590
Operating Expenses:
Research & Development 1,011 307 2,067 557
Selling, General &
Administrative 2,552 1,602 4,896 2,887
Real Time Related 5,680 13,323
3,563 7,589 6,963 16,767
Operating Loss (2,024) (1,551) (4,230) (7,177)
Other Income & (Expense) 1,207 86 (4,848) 409
Net Loss $ (817) $(1,465) $(9,078) $(6,768)
Loss per Common Share $ (0.12) $ (0.25) $ (1.30) $ (1.14)
Weighted Average Number
of Shares 7,086,692 5,919,000 6,972,919 5,911,437
Note 1. Number of shared Note 1. Note 1.
outstanding adjusted for
a 3 for 1 split
-0-
SELECTED BALANCE SHEET DATA
(Numbers in $000)
Dec. 31, Dec. 29
1996 1995
Cash $ 6,845 $ 4,541
Securities Held For Resale 2,597 -
Accounts Receivable, net 3,364 12,657
Inventory 1,035 7,073
Other Current Assets 621 586
Total Current Assets 14,462 24,857
Property and Equipment, net 1,502 6,148
Other Assets 992 8,202
Total Assets $16,956 $39,207
Current Liabilities $ 4753 $ 8,539
Short Term Debt Borrowings -
Total Liabilities 4,753 8,539
Total Shareholders' Equity 12,203 30,668
Total Liabilities and
Shareholders' Equity $16,956 $39,207
CONTACT: CyberGuard Corporation Lisa Thornhill - Media/Investor Relations (954) 977-5615 or Carson Group Felise Glantz - Investor Relations Investor relations The process by which the corporation communicates with its investors. (212) 707-0687 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion