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Rubrik: World-wide News/Products & News WatchGuard:
Record Revenue in the Fourth Quarter Achieves
Record Gross Margins and Pro Forma Profitability (02.03.03)
- WatchGuard Technologies, Inc. (Nasdaq: WGRD), a provider of Internet
security solutions, announced its financial results for the fourth quarter
and year ended December 31, 2002. WatchGuard reported record revenues of 22.1
million dollar for the fourth quarter of 2002, up 10% from $20.1 million in
the previous quarter. Product revenue was 15.9 million dollar, up 12% from
14.2 million dollarin the previous quarter, and service revenue was 6.1
million dollar, up 5% from 5.9 dollar million in the previous quarter. For
the full year, WatchGuard reported revenues of 75.5 million dollar, up 17%
from 64.3 million dollar in 2001.
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For the
fourth quarter of 2002, WatchGuard reported record gross margins of 69%, up
from 66% in the previous quarter. For the full year, gross margins were 66%,
up from 59% in 2001. Excluding
non-cash stock-based compensation, amortization and impairment of
acquisition-related intangible assets, and restructuring charges, pro forma
net income for the fourth quarter was approximately 200,000 dollar, or 0.01
dollar per share, up from a pro forma net loss of 2.1 million dollar or (0.06
dollar) per share in the previous quarter. For the full year 2002, the pro
forma net loss was 9.8 million dollar or (0.32 dollar) per share, compared to
a pro forma net loss of 12.9 million dollar or (0.48 dollar) per share for
2001. On a GAAP
basis, WatchGuard reported a net loss for the fourth quarter of 11.7 million
dollar or (0.36 dollar) per share, and a net loss of 31.6 million dollar or
(1.02 dollar ) per share for the full year. In accordance with SFAS No. 144,
WatchGuard recorded a charge of 6.7 million dollar for the impairment of
capitalized software relating to its October 2000 acquisition of Qiave Technologies
Corporation. In addition, WatchGuard also increased its reserves under its
2001 and 2002 restructuring plans by 3.8 million dollar in connection with
the sublease of excess facilities. WatchGuard
ended 2002 with $89.3 million in cash and securities. (ma) Watch
Guard Technologies Contact: Miles Goda Tel. (001-206) 6130826 oder Tel.
(040) 320051-79, Fax (040) 320053-64 E-Mail:
anna.focks@watchguard.com Web: www.watchguard.com |
