To Present at ThinkEquity Partners Growth Conference
SAN JOSE, Calif., September 10, 2003--Secure Computing Corporation
(Nasdaq:SCUR), the experts in protecting the most important networks
in the world, today announced that John McNulty, chairman and
chief executive officer, will review the company's recent accomplishments
and business strategy at the ThinkEquity Partners Growth Conference
in San Francisco, Calif., on Tuesday Sept. 16, 2003 at 3:00 p.m.
Pacific.
The
presentation is expected to last 25 minutes and will be Webcast
live. A replay will be archived for 30 days. Investors interested
in accessing the Webcast should go to http://www.securecomputing.com/invest.cfm?script=1000&skey=1051
at least 10 minutes prior to the event's broadcast.
About
Secure Computing
Secure
Computing (Nasdaq:SCUR) has been protecting the most important
networks in the world for over 20 years. With broad expertise
in security technology, we develop network security products that
help our customers create a trusted environment both inside and
outside of their organizations. Our global customers and partners
include the majority of the Dow Jones Global 50 Titans and the
most prominent organizations in banking, financial services, healthcare,
telecommunications, manufacturing, public utilities, and federal
and local governments. The company is headquartered in San Jose,
Calif., and has sales offices worldwide.
Return
to headlines
Announce
Date of Shareholder Meeting to Approve Acquisition of N2H2
SAN JOSE, Calif.
and SEATTLE, Sept. 2, 2003 -- N2H2, Inc. (BB:NTWO), a global Internet
content filtering company, and Secure Computing Corporation (Nasdaq:
SCUR), the experts in protecting the most important networks in
the world, today announced additional developments in N2H2's pending
acquisition by Secure Computing. A special meeting of N2H2's shareholders
to approve the acquisition is set for October 13, 2003.
On July 29, 2003 N2H2 and Secure Computing announced a definitive
merger agreement for Secure Computing to acquire all the outstanding
stock of N2H2, Inc. in an all-stock transaction valued at approximately
$19.9 million, based upon the close of market price on July 28,
2003. Under the merger agreement, Secure will issue 0.0841 shares
of Secure Computing common stock for each outstanding share of
N2H2 common stock, or approximately 1.861 million shares.
On August 29, 2003, the registration statement for the shares
to be issued by Secure Computing in the transaction was declared
effective by the United States Securities and Exchange Commission.
Proxy statements for the special meeting will be mailed on September
5, 2003 to all N2H2 shareholders as of the record date, which
is August 27, 2003.
A special meeting of N2H2 shareholders to approve the acquisition
is scheduled for October 13, 2003 at 1:00 P.M., PST. The meeting
will be held at the Bank of California Building, 5th Floor in
Seattle, Washington. If shareholders approve the merger at the
meeting, and the other conditions to the closing of the acquisition
are satisfied, the acquisition is expected to close on or about
October 13, 2003.
About N2H2
N2H2 is a global Internet content filtering company. N2H2 software
helps customers control, manage and understand their Internet
use by filtering Web content, monitoring Internet access and delivering
concise reports on user activity. These safeguards are designed
to enable organizations of any size to limit potential legal liability,
increase user productivity and optimize network bandwidth.
Based in Seattle, Wash. and serving millions of users worldwide,
N2H2's Bess and Sentian product lines are powered by the company's
premium-quality filtering database -- a list consistently recognized
by independent and respected third-parties as the most effective
in the industry. N2H2's Sentian and Bess software (v2.0) is integrated
with the Cisco Routers running IOS firewall (v12.2(15)T) and PIX
firewall (v6.2 or later), Cisco Content Engine (ACNS v4.1 or later).
N2H2's software is Microsoft Gold Certified for the Microsoft
ISA firewall, Check Point OPSEC compliant and available for major
platforms and devices.
About Secure Computing
Secure Computing has been protecting the most important networks
in the world for over 20 years. With broad expertise in security
technology, Secure Computing develops network security products
that help customers create a trusted environment both inside and
outside of their organizations. Global customers and partners
include the majority of the Dow Jones Global 50 Titans and the
most prominent organizations in banking, financial services, healthcare,
telecommunications, manufacturing, public utilities, and federal
and local governments. The company is headquartered in San Jose,
Calif., and has sales offices worldwide.
Additional Information About the Acquisition and Where to Find
It
On August 29, 2003, Secure Computing filed with the Securities
and Exchange Commission Amendment No. 1 to the Registration Statement
on Form S-4 (No. 333-107804) containing a definitive proxy statement/prospectus
and other relevant materials. The proxy statement/prospectus will
be sent on or about September 5, 2003 to shareholders of N2H2
seeking their approval of the proposed transaction. N2H2 shareholders
are urged to read the proxy statement/prospectus, because it contains
important information about Secure Computing, N2H2 and the merger.
You may obtain a free copy of the Registration Statement and the
proxy statement/prospectus and other documents filed by Secure
Computing with the Commission at the Commission's web site at
www.sec.gov. The proxy statement/prospectus and these other documents
may also be obtained without charge by N2H2 shareholders by directing
a request to: N2H2, Inc., 900 Fourth Avenue, Suite 3600, Seattle,
WA 98164, Attn: Investor Relations.
Investors and security holders are urged to read the proxy statement/prospectus
and the other relevant materials before making any voting or investment
decision with respect to the acquisition.
N2H2 and its respective executive officers and directors may
be deemed to be participants in the solicitation of proxies from
the shareholders of N2H2 in favor of the merger. Information about
the executive officers and directors of N2H2 and their ownership
of N2H2 common stock is set forth in the proxy statement for N2H2's
2003 Annual Meeting of Shareholders, which was filed with the
Commission on January 27, 2003. Investors and security holders
may obtain more detailed information regarding the direct and
indirect interests of N2H2 and its executive officers and directors
in the merger by reading the Registration Statement and the proxy
statement/prospectus regarding the acquisition.
N2H2 FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements regarding
N2H2, including statements about the anticipated closing of N2H2's
acquisition by Secure Computing. Forward-looking statements are
based on the judgment and opinions of management at the time the
statements are made. Inaccurate assumptions and known and unknown
risks and uncertainties can affect the accuracy of forward-looking
statements. Actual results could differ materially from those
expressed or implied by the forward-looking statements for a number
of reasons, including, without limitation, the risk that the conditions
to the closing of the transaction with Secure Computing are not
satisfied and the acquisition does not close. More detailed information
regarding these and other factors that could affect actual results
is set forth in our filings with the Securities and Exchange Commission,
including our most recent Quarterly Report on Form 10-Q for the
quarter ended June 30, 2003 (Commission file No. 0-26825). You
should not unduly rely on these forward-looking statements which
apply only as of the date of this release. We undertake no obligation
to update publicly any forward-looking statements to reflect new
information, events, or circumstances after the date of this release
or to reflect the occurrence of unanticipated events.
SECURE COMPUTING FORWARD-LOOKING STATEMENTS
The statements contained in this release, which are not historical
facts, are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Examples of such forward-looking statements
include Secure Computing's belief that N2H2 is an excellent fit
with Secure Computing and that the acquisition of N2H2 will strengthen
Secure Computing's current activities, add a base of new education
customers, expand the scope of Secure's product line and be accretive
in the first quarter of combined operations. These statements
are subject to uncertainties that could cause actual results to
differ materially from those set forth in or implied by forward-looking
statements. These risks and uncertainties include, among others,
the following risks: that the transaction will not close, that
the closing will be delayed, that customers and partners will
not react favorably to the merger, risks associated with acquiring
other companies, including integration risks, and other risks
described in Secure Computing's and N2H2's Securities and Exchange
Commission filings, including Secure's Annual Report on Form 10-K
for the year ended December 31, 2002 and its Quarterly Report
on Form 10-Q for the quarter ended June 30, 2003 under the captions
"Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations." Secure undertakes no obligation
to update these forward-looking statements to reflect events or
circumstances after the date of this press release.
Return
to headlines
To
Present at Pacific Crest Securities Investor Conference
SAN
JOSE, Calif, August 6, 2003 -- Secure Computing Corporation
(Nasdaq: SCUR), the experts in protecting the most important
networks in the world, today announced that John McNulty, chairman
and chief executive officer, and Elissa Lindsoe, vice president
and treasurer, will review the company's recent accomplishments
and business strategy at the Pacific Crest Securities Investor
Conference in Vail, Colorado on Wednesday August 13, 2003 at
9:30 AM Mountain (11:30 AM Eastern).
The
presentation is expected to last 45 minutes and will be Webcast
live. A replay will be archived for 30 days. Investors interested
in accessing the Webcasts should go to http://www.vcall.com/CEPage.asp?ID=84413
at least 10 minutes prior to the event's broadcast.
About
Secure Computing
Secure
Computing (Nasdaq: SCUR) has been protecting the most important
networks in the world for over 20 years. With broad expertise
in security technology, we develop network security products
that help our customers create a trusted environment both inside
and outside of their organizations. Our global customers and
partners include the majority of the Dow Jones Global 50 Titans
and the most prominent organizations in banking, financial services,
healthcare, telecommunications, manufacturing, public utilities,
and federal and local governments. The company is headquartered
in San Jose, Calif., and has sales offices worldwide. For more
information, see http://www.securecomputing.com .
Return
to headlines
Announces
Plans to Acquire N2H2, Inc.
SAN JOSE, Calif.
and SEATTLE, July 29, 2003 -- Secure Computing Corporation (Nasdaq:
SCUR), the experts in protecting the most important networks in
the world, and N2H2, Inc. (BB:NTWO.OB), a global Internet content
filtering company, today announced that they have signed a definitive
merger agreement for Secure Computing to acquire all the outstanding
stock of N2H2, Inc. in an all-stock transaction valued at approximately
$19.9 million, based upon the close of market price on July 28,
2003. Under the merger agreement, Secure will issue 0.0841 shares
of Secure Computing common stock for each outstanding share of N2H2
common stock, or approximately 1.861 million shares.
"N2H2 is an excellent fit with Secure," said Tim McGurran, president
and chief operating officer of Secure Computing. "This acquisition
increases our market share and critical mass in the Internet content
filtering marketplace and adds an impressive base of over 2,000
new customers. By combining the strengths and complementary aspects
of both companies, we will be able to offer customers more features,
a wider range of Web filtering platforms and extended URL list
capabilities. We also believe that the acquisition will be accretive
to Secure's earnings in the first full quarter of combined operations
due to expected cost savings from consolidation and operating
efficiencies," continued McGurran.
"N2H2 has proven success in delivering best of breed content
filtering solutions to education, corporate and government customers,"
said Philip Welt, president and chief executive officer of N2H2,
Inc. "Combined with SmartFilter(R) from Secure Computing, the
industry's leading On-Box(TM) filtering solution, as well as with
Secure's award-winning customer support and global presence, we
will deliver to the marketplace the most comprehensive Internet
content filtering solutions."
About the Transaction
Under the terms of the definitive agreement, all of the outstanding
shares of N2H2 common stock will be exchanged for Secure Computing
common stock. The merger is subject to the satisfaction of customary
closing conditions, including the approval of N2H2's shareholders,
and is expected to close during the fourth calendar quarter of
2003. Certain officers and directors holding more than 30% of
N2H2 common stock in the aggregate have agreed to vote in favor
of the merger. The foregoing summary is a general description
of certain pricing and related terms contained in the definitive
agreement for the transaction, and is qualified in its entirety
by the definitive agreement, a copy of which will be filed by
Secure Computing and N2H2 with the Securities and Exchange Commission
on Form 8-K.
Additional Information about the Proposed Merger and Where to
Find It
Secure Computing intends to file a proxy statement/prospectus
with the Securities and Exchange Commission in connection with
the transaction. N2H2 expects to mail the proxy statement/prospectus
to shareholders of N2H2. These documents contain important information
about the transaction. Investors and security holders are urged
to read these documents carefully when they are available. Investors
and security holders will be able to obtain free copies of these
documents through the website maintained by the Securities and
Exchange Commission at www.sec.gov.
About Secure Computing
Secure Computing has been protecting the most important networks
in the world for over 20 years. With broad expertise in security
technology, Secure Computing develops network security products
that help customers create a trusted environment both inside and
outside of their organizations. Global customers and partners
include the majority of the Dow Jones Global 50 Titans and the
most prominent organizations in banking, financial services, healthcare,
telecommunications, manufacturing, public utilities, and federal
and local governments. The company is headquartered in San Jose,
Calif., and has sales offices worldwide.
About N2H2
N2H2 is a global Internet content filtering company. N2H2 software
helps customers control, manage and understand their Internet
use by filtering Web content, monitoring Internet access and delivering
concise reports on user activity. These safeguards are designed
to enable organizations of any size to limit potential legal liability,
increase user productivity and optimize network bandwidth.
Based in Seattle, Wash. and serving millions of users worldwide,
N2H2's Bess(R) and Sentian(TM) product lines are powered by the
company's premium-quality filtering database -- a list consistently
recognized by independent and respected third-parties as the most
effective in the industry. N2H2's Sentian and Bess software (v2.0)
is integrated with the Cisco Routers running IOS firewall (v12.2(15)T)
and PIX firewall (v6.2 or later), Cisco Content Engine (ACNS v4.1
or later). N2H2's software is Microsoft Gold Certified for the
Microsoft ISA firewall, Check Point OPSEC compliant and available
for major platforms and devices.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995
The statements contained in this release, which are not historical
facts, are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Examples of such forward looking statements
include Secure Computing's belief that N2H2 is an excellent fit
with Secure Computing and that the acquisition of N2H2 will strengthen
Secure Computing's current activities, add a base of new education
customers, expand the scope of Secure's product line and be accretive
in the first quarter of combined operations. These statements
are subject to uncertainties that could cause actual results to
differ materially from those set forth in or implied by forward-looking
statements. These risks and uncertainties include, among others,
the following risks: that the transaction will not close, that
the closing will be delayed, that customers and partners will
not react favorably to the merger, risks associated with acquiring
other companies, including integration risks, and other risks
described in Secure Computing's and N2H2's Securities and Exchange
Commission filings, including Secure's Annual Report on Form 10-K
for the year ended December 31, 2002 and its Quarterly Report
on Form 10-Q for the quarter ended March 31, 2003 under the captions
"Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations," and N2H2's Annual Report
on Form 10-K for the year ended September 30, 2002 and its Quarterly
Report on form 10-Q for the quarter ended March 31, 2003 under
the captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations." Neither Secure
nor N2H2 undertake any obligation to update these forward-looking
statements to reflect events or circumstances after the date of
this press release.
N2H2 and their respective directors and executive officers may
be deemed to be participants in the solicitation of proxies from
the security holders of N2H2 in favor of the merger. The directors
and executive officers of N2H2 and their beneficial ownership
of N2H2 common stock are set forth in the most recent proxy statement
filed by N2H2 with the Securities and Exchange Commission. Copies
of those proxy statements may be obtained free of charge at the
Commission's website, www.sec.gov. Security holders of N2H2 may
obtain additional information regarding the interests of the foregoing
people by reading the proxy statement/prospectus when it becomes
available.
Return
to headlines
Reports Second Quarter 2003 Operating Results
SAN JOSE, Calif.,
July 17, 2003 -- Secure Computing Corporation (Nasdaq:SCUR), the
experts in protecting the most important networks in the world,
today announced second quarter Products and Services (P&S) revenues,
the company's primary area of emphasis, of $17.6 million, a record
for the company. This represents a 9% increase compared to P&S revenues
of $16.2 million in the prior quarter and a 13% increase compared
to $15.6 million in the same quarter last year. Second quarter Advanced
Technology (AT) contract revenues were $0.5 million, compared to
$0.8 million in the prior quarter and $1.0 million in the same quarter
last year. The company's focus for AT is to pursue only those development
contracts that add value to its P&S offerings. Total revenues were
$18.2 million, a 7% increase compared to revenues of $17.0 million
in the prior quarter and a 10% increase compared to $16.6 million
in the same quarter last year.
Gross margins in the second quarter were 87% of revenue, or $15.9
million. This compares to 88% of revenue, or $15.0 million, in
the prior quarter and 90% of revenue, or $15.0 million, in the
year ago quarter. Secure Computing's second quarter operating
expenses were $14.9 million, or 82% of revenue, down 7 percentage
points from the year ago quarter. Sales and marketing expenses
were $9.9 million, or 55% of revenue, down 4 percentage points
from the year ago quarter. Research and development costs were
$3.8 million, or 20% of revenue, down 2 percentage points from
the year ago quarter. General and administrative costs were $1.2
million, or 7% of revenue, down 1 percentage point from the year
ago quarter.
"The second quarter of this year marks our 16th consecutive quarter
of meeting or exceeding expectations from operations," said John
McNulty, chairman and chief executive officer at Secure Computing.
"We are very pleased with the interest that our products are generating
in the marketplace. The Sidewinder(R) G2 Firewall(TM) continues
to gain market momentum and our recently introduced SafeWord(R)
for Citrix(R) MetaFrame(R) offering has enjoyed an enthusiastic
market reaction worldwide."
Net income for the second quarter was $1.0 million, or $0.03
per fully diluted share compared to net income of $0.6 million,
or $0.02 per fully diluted share in the prior quarter and a net
loss of $7.1 million, or $0.24 per share in the year ago quarter.
On a year to date basis, net income was $1.6 million, or $0.05
per fully diluted share compared to a net loss of $8.4 million
or $0.29 per share in the prior year. The second quarter of 2002
included a $7.3 million charge for the class action lawsuit settlement.
Before the impact of this charge, operating results were net income
of $0.2 million, or $0.01 per fully diluted share, in the second
quarter of 2002 and a net loss of $1.1 million, or $0.04 per share,
for the year to date period ended June 30, 2002. The settlement
liability was satisfied via the distribution of 1,951,807 shares
of the company's common stock in April 2003.
"We continue to build upon our excellent worldwide reputation
in the marketplace as a leader in security technology to gain
market share and mind share from our competitors," said Tim McGurran,
president and chief operating officer at Secure Computing. "Recently
we announced a new partnership with Hewlett-Packard Korea and
Insung Digital, HP Korea's largest value-added distributor. Insung
Digital will be delivering Sidewinder G2's unparalleled security
on HP based platforms to the high growth Korean market" continued
McGurran.
Enterprise licenses were executed by a number of industry leaders
including: Total, one of the biggest petroleum companies in the
world; Louisiana Pacific, a premier supplier of commodity and
specialty building products serving retail, wholesale, homebuilding,
and industrial markets; Florida Power and Light, one of the largest
utility companies in America, serving nearly 8 million people;
LA County Department of Health Services; Inova Health System,
a not-for-profit health care system based in Northern Virginia;
NEOnet, the Northeast Ohio Network for Educational Technology;
Altera, the world's pioneer in system-on-a-programmable-chip (SOPC)
solutions; Halifax Regional Municipality, employing over 3,000
people to meet the needs of the capital city of Nova Scotia; 90
East, an Australian managed online security services provider;
Sabine Valley Center, serving as the governing authority for mental
health and mental retardation in six Texas counties; Westerville
Public Library, one of the nation's top-ranked libraries based
in Westerville, Ohio; The Mississippi Library Commission, offering
a wide variety of direct and indirect services to libraries, government
agencies and the citizens of Mississippi; The US Department of
Treasury and The United States Air Force.
"Strength in Products and Services revenues and our ability to
control operating expenses have enabled Secure to post another
quarter of solid financial performance," commented Tim Steinkopf,
senior vice president and chief financial officer at Secure Computing.
"In addition to record Products and Services revenues, we were
also able to increase both our deferred revenue and cash balances
as expected."
Other Q2 Financial Highlights:
-- Cash and investments were $22.2 million at June 30, 2003,
a $0.6 million increase from $21.6 million at March 31, 2003.
-- Deferred revenues were $14.5 million at June 30, 2003, a
$0.5 million, or 3% increase from $14.0 million on March 31, 2003.
-- Days sales outstanding were 64 at June 30, 2003, compared
to 55 at March 31, 2003. The primary driver of this increase was
the solid growth in deferred revenue.
Secure Computing's Outlook Publication Procedures
In connection with the SEC rules on corporate disclosure, Regulation
FD, Secure Computing publishes an Outlook section in its quarterly
operating results press release. The company continues its current
practice of having corporate representatives meet privately during
the quarter with investors, the media, investment analysts and
others. At these meetings Secure Computing refers any questions
regarding the current outlook back to the quarterly results press
release Outlook section. Unless Secure Computing is in a Quiet
Period (described below), the public can continue to rely on the
Outlook section that is part of this quarterly operating results
press release as still being the company's current expectations
on matters covered, unless Secure Computing publishes a notice
stating otherwise.
From the close of business on September 16, 2003, until publication
of a press release regarding the third quarter 2003 operating
results, Secure Computing will observe a Quiet Period. During
the Quiet Period, the Outlook section and other forward-looking
statements contained in this operating results press release as
well as in the company's filings with the SEC, should be considered
to be historical, speaking as of prior to the Quiet Period only
and not subject to update by the company. During the Quiet Period,
Secure Computing representatives will not comment concerning the
Outlook section or Secure Computing's financial results or expectations.
Current Outlook
The forward-looking statements in this Outlook are based on current
expectations and are subject to risks, uncertainties and assumptions
described under the sub-heading "Forward-Looking Statements."
Actual results may differ materially from the expectations expressed
below.
For the remainder of 2003, P&S revenues are expected to grow
year over year by 14% and 21%, for the third and fourth quarters,
respectively. This will result in full year P&S revenue growth
of 19%, up 1 percentage point from the Company's previous expectations
of 18%. AT revenue is projected to be between $0.5 and $0.8 million
in each of the remaining quarters of 2003. Aggregate gross margins
throughout the remainder of 2003 are expected to be approximately
88%. As a percent of total revenues (including AT revenue) operating
expenses are expected to be 78% and 72%, for the third and fourth
quarters of 2003, respectively. For each of the third and fourth
quarters of 2003, other income is expected to be consistent with
the second quarter, at approximately $.05 million. The company
reaffirms that fully diluted earnings per share are expected to
be approximately $0.06 and $0.10, for the third and fourth quarters
of 2003, respectively, assuming weighted average shares of 35
million and 36 million in each of the third and fourth quarters
respectively. This will result in total expected 2003 earnings
per share of $0.21, up $0.01 from earnings per share of $0.20
as provided in the company's previous outlook guidance.
Other Corporate Developments
The company is pleased to announce, effective August 1, 2003,
the promotion of Mike Gallagher to senior vice president of product
development. Mr. Gallagher joined Secure Computing in 1999 to
serve as vice president and general manager of Secure's Network
Security Division. Prior to joining Secure, he held various software
engineering positions with increasing responsibility at Unisys
Corporation and was the vice president of software and systems
engineering at Datakey. In his new role Mr. Gallagher will be
responsible for the product development functions of all products
as well as the AT division. "Mike has been a key player in the
continued development of our world class Sidewinder G2 Firewall/VPN
Software and Appliance and SmartFilter(R) products that are meeting
the needs of today's marketplace," said Tim McGurran. "This organizational
structure will further support our continued growth. Mike has
proven himself to be an outstanding contributor and is a perfect
fit for this position," continued McGurran.
About Secure Computing
Secure Computing (Nasdaq:SCUR) has been protecting the most important
networks in the world for over 20 years. With broad expertise
in security technology, we develop network security products that
help our customers create a trusted environment both inside and
outside of their organizations. Our global customers and partners
include the majority of the Dow Jones Global 50 Titans and the
most prominent organizations in banking, financial services, healthcare,
telecommunications, manufacturing, public utilities, and federal
and local governments. The company is headquartered in San Jose,
Calif., and has sales offices worldwide.
Forward-Looking Statements
This release contains forward-looking statements concerning revenues,
aggregate margins, operating expenses and profitability for this
and future quarters, which are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that forward-looking statements
in this release involve risks and uncertainties that could cause
actual results to differ materially from current expectations.
In order to meet these projections, the company must continue
to obtain new enterprise relationships with major clients and
overall demand for its products must continue to grow at current
or greater levels. The company also must be able to motivate and
retain key employees and staff current and future projects in
a cost-effective manner and must effectively control its marketing,
research, development and administrative costs, including personnel
expenses. There can be no assurance that demand for the company's
products will continue at current or greater levels, or that the
company will continue to grow revenues, or be profitable. There
are also risks that the company's pursuit of providing network
security technology might not be successful, or that if successful,
it will not materially enhance the company's financial performance;
that changes in customer requirements and other general economic
and political uncertainties and weaknesses in geographic regions
of the world, including possible disruption in commercial activities
related to terrorist activity, could impact the company's relationship
with its customers, partners and alliances; and that delays in
product development, competitive pressures or technical difficulties
could impact timely delivery of next-generation products; and
other risks and uncertainties that are described from time to
time in Secure Computing's periodic reports and registration statements
filed with the Securities and Exchange Commission. The company
specifically disclaims any responsibility for updating these forward-looking
statements.
Return
to headlines
To Announce Second Quarter 2003 Results July 17, 2003
SAN JOSE, Calif.,
July 2, 2003 -- Secure Computing Corporation , the experts in protecting
the most important networks in the world, will report its full financial
results for the second quarter of 2003 on Thursday, July 17, 2003
after market close. A one-hour conference call has been scheduled
at 1:30 p.m. PDT (4:30 p.m. EDT). John McNulty, chairman and chief
executive officer; Tim McGurran, president and chief operating officer;
and Tim Steinkopf, senior vice president and chief financial officer,
will discuss the results followed by a question-and-answer session
with analysts.
If you would like to participate in this conference call, please
dial in at 1:30 p.m. PDT (4:30 p.m. EDT): 888/593-6142 -- North
America 610/769-2923 -- International Pass Code: SCUR Conference
Leader: Tim McGurran
If you have any difficulty accessing the conference call, please
contact Beate Logan at our San Jose, Calif., headquarters at 408/979-6181.
We will also be conducting a live broadcast over the Internet
through our Web site at .
If you are unable to participate in the conference call, but
would like to hear a recording of the proceedings, an online replay
will be available on our Web site following the conference call
until 12:00 a.m. EDT on Thursday, September 18, 2003.
In addition, a telephone replay will be available until 12:00
a.m. EDT on Friday, August 1, 2003. To access this recording,
simply dial in to 800/666-0520 for North America or 402/998-1197
for international.
About Secure Computing
Secure Computing has been protecting the most important networks
in the world for over 20 years. With broad expertise in security
technology, we develop network security products that help our
customers create a trusted environment both inside and outside
of their organizations. Our global customers and partners include
the majority of the Dow Jones Global 50 Titans and the most prominent
organizations in banking, financial services, healthcare, telecommunications,
manufacturing, public utilities, and federal and local governments.
The company is headquartered in San Jose, Calif., and has sales
offices worldwide.
For more information, see .
For more information, visit Secure Computing Corporation at www.securecomputing.com,
or by calling 800/379-4944, or 408/979-6100.
This press release contains forward-looking statements which
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that forward-looking statements in this release involve risks
and uncertainties that could cause actual results to differ materially
from current expectations. We urge investors to review the risks
and uncertainties detailed from time to time in Secure Computing's
periodic reports and registration statements filed with the Securities
and Exchange Commission.
Return
to headlines
To Present at Two Upcoming Investment Community Conferences
SAN JOSE, Calif.,
May 5, 2003--Secure Computing Corp. (Nasdaq:SCUR), the experts in
protecting the most important networks in the world, today announced
that John McNulty, chairman and chief executive officer, and Elissa
Lindsoe, vice president and treasurer, will review the company's
recent accomplishments and business strategy at the following investment
community conferences in May:
31st Annual JP Morgan Technology & Telecom Conference Presenter:
John McNulty San Francisco May 5, 2003 11:30 a.m. Pacific (2:30
p.m. Eastern) Webcast link: http://www.securecomputing.com/goto/jpmorgan/may03
U.S. Bancorp Piper Jaffray 5th Annual Technology Conference Presenter:
Elissa Lindsoe New York May 13, 2003 1:05 p.m. Pacific (4:05 p.m.
Eastern) Webcast link: http://www.securecomputing.com/goto/piper/may03
Each of these presentations will be Webcast live and a replay
will be archived for 30 days. Investors interested in accessing
the Webcasts should go to the appropriate link listed above at
least 10 minutes prior to the event's broadcast.
About Secure Computing
Secure Computing (Nasdaq:SCUR) has been protecting the most important
networks in the world for over 20 years. With broad expertise
in security technology, we develop network security products that
help our customers create a trusted environment both inside and
outside of their organizations. Our global customers and partners
include the majority of the Dow Jones Global 50 Titans and the
most prominent organizations in banking, financial services, healthcare,
telecommunications, manufacturing, public utilities, and federal
and local governments. The company is headquartered in San Jose,
Calif., and has sales offices worldwide.
Return
to headlines
Reports First Quarter 2003 Operating Results
SAN JOSE, Calif--April
17, 2003--Company Reports 30% Year over Year Product and Services
Revenue Growth and Fully Diluted Earnings Per Share of $0.02. Secure
Computing Corporation (Nasdaq:SCUR), the experts in protecting the
most important networks in the world, today announced first quarter
Products and Services (P&S) revenues, the company's primary area
of emphasis, of $16.2 million. This represents a 30% increase compared
to P&S revenues of $12.5 million in the same quarter last year and
a 6% decrease compared to $17.2 million in the prior quarter. First
quarter Advanced Technology (AT) contract revenues were $0.8 million,
compared to $1.0 million in the same quarter last year and $0.9
million in the prior quarter. The company's focus for AT is to pursue
only those development contracts that add value to its P&S offerings.
Total revenues were $17.0 million, a 26% increase compared to revenues
of $13.5 million in the same quarter last year and a 6% decrease
compared to $18.1 million in the prior quarter.
Gross margins in the first quarter continued to be strong for
the company at 88% of revenue, or $15.0 million. This compares
to 86% of revenue, or $11.6 million, in the year ago quarter and
89% of revenue, or $16.0 million, in the prior quarter. Secure
Computing's first quarter operating expenses were $14.4 million,
or 85% of revenue, down 12 percentage points from the year ago
quarter. Sales and marketing expenses were $9.3 million, or 55%
of revenue, down 8 percentage points from the year ago quarter.
Research and development costs were $3.9 million, or 23% of revenue,
down 3 percentage points from the year ago quarter. General and
administrative costs were $1.2 million, or 7% of revenue, down
1 percentage point from the year ago quarter.
"During the first quarter, we exceeded our outlook guidance
for operating results, marking the 15th consecutive quarter of
meeting or exceeding expectations from operations," said John
McNulty, chairman and chief executive officer at Secure Computing.
"Given the seasonal challenges of the first quarter and the difficult
world wide market environment, our team takes great pride in our
first quarter results."
Net income for the first quarter was $0.6 million, or $0.02
per fully diluted share compared to a net loss of $1.3 million,
or $0.04 per share in the year ago quarter, and net income of
$1.4 million, or $0.05 per share in the prior quarter.
"Our outstanding products, employees and partners continue to
give us the winning combination for success," said Tim McGurran,
president and chief operating officer at Secure Computing. "In
the first quarter, we released on schedule the Sidewinder(R) G2
Firewall(TM). Sidewinder G2, which combines the best of Sidewinder
and Gauntlet(TM) firewalls, was recently honored with Network
Computing's `Editor's Choice Award' for highest protection application
layer firewall. In February we released SmartFilter 3.2 which
expands our customers' filtering options while giving them the
ability to create custom filters by using our pattern matching
feature. This week, we announced SafeWord(R) for Citrix(R) MetaFrame(R),
the first authentication product specifically designed for Citrix
environments, which will be available in early May," continued
McGurran.
Enterprise licenses were executed by a number of industry leaders
including: UFJ Holdings, holder of Japan's largest bank, UFJ Bank,
which was created by the merger of Sanwa Bank and Tokai Bank;
Moneytree, a pioneer in developing retail financial services;
Nordea, Scandinavia's largest financial Services Organization;
1-800-FLOWERS.COM, a leading multi-channel retailer of thoughtful
gifts for all occasions; Midwest Credit Union, a full-service
financial institution; The University of Notre Dame, a Catholic
academic community of higher learning; JAE Oregon, a world-class
manufacturer of technologically advanced, high quality, electrical
connectors; and the U.S. Army (see related release dated April
16, 2003).
"In the first quarter, we generated positive cash flow and $0.02
earnings per share," commented Tim Steinkopf, senior vice president
and chief financial officer at Secure Computing. "Our financial
goals for 2003 are centered on continued leverage of our current
structure to generate further increases in revenues, profitability
and cash flow."
Other Q1 Financial Highlights:
-- Cash and investments were $21.6 million at March 31, 2003,
a $0.2 million increase from $21.4 million at December 31, 2002.
-- Days sales outstanding were 55 at March 31, 2003, compared
to 57 at December 31, 2002.
-- Deferred revenues were $14.0 million at March 31, 2003, a
$0.8 million decrease from $14.8 million on December 31, 2002.
Secure Computing's Outlook Publication Procedures
In connection with the SEC rules on corporate disclosure, Regulation
FD, Secure Computing publishes an Outlook section in its quarterly
operating results press release. The company continues its current
practice of having corporate representatives meet privately during
the quarter with investors, the media, investment analysts and
others. At these meetings Secure Computing refers any questions
regarding the current outlook back to the quarterly results press
release Outlook section. The quarterly results press release,
which includes the Outlook section, is available to the public
on the company's Web site (www.securecomputing.com). Unless Secure
Computing is in a Quiet Period (described below), the public can
continue to rely on the Outlook section that is part of this quarterly
operating results press release as still being the company's current
expectations on matters covered, unless Secure Computing publishes
a notice stating otherwise.
From the close of business on June 13, 2003, until publication
of a press release regarding the second quarter 2003 operating
results, Secure Computing will observe a Quiet Period. During
the Quiet Period, the Outlook section and other forward-looking
statements contained in this operating results press release as
well as in the company's filings with the SEC, should be considered
to be historical, speaking as of prior to the Quiet Period only
and not subject to update by the company. During the Quiet Period,
Secure Computing representatives will not comment concerning the
Outlook section or Secure Computing's financial results or expectations.
Current Outlook
The forward-looking statements in this Outlook are based on
current expectations and are subject to risks, uncertainties and
assumptions described under the sub-heading "Forward-Looking Statements."
Actual results may differ materially from the expectations expressed
below.
For the remainder of 2003, P&S revenues are expected to grow
year over year by 11%, 14% and 21%, for the second through fourth
quarters respectively. AT revenue is projected to be between $0.5
and $0.8 million in each of the remaining quarters of 2003. Contract
award opportunities have recently been reduced due to a tight
funding environment. This trend is not expected to have a material
adverse impact on the company's financial results. Aggregate gross
margins throughout the remainder of 2003 are expected to be approximately
89%. As a percent of total revenues (including AT revenue) operating
expenses are expected to be 86%, 79% and 73%, for the second through
fourth quarters of 2003, respectively. The company reaffirms that
fully diluted earnings per share are expected to be approximately
$0.02, $0.06 and $0.10, for the second through fourth quarters
of 2003, respectively. This results in total expected 2003 earnings
per share of $0.20, up $0.02 from earnings per share of $0.18
as provided in the company's previous outlook guidance.
About Secure Computing
Secure Computing (Nasdaq:SCUR) has been protecting the most
important networks in the world for over 20 years. With broad
expertise in security technology, we develop network security
products that help our customers create a trusted environment
both inside and outside of their organizations. Our global customers
and partners include the majority of the Dow Jones Global 50 Titans
and the most prominent organizations in banking, financial services,
healthcare, telecommunications, manufacturing, public utilities,
and federal and local governments. The company is headquartered
in San Jose, Calif., and has sales offices worldwide.
Forward-Looking Statements
This release contains forward-looking statements concerning
revenues, aggregate margins, operating expenses and profitability
for this and future quarters, which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform
Act of 1995. Investors are cautioned that forward-looking statements
in this release involve risks and uncertainties that could cause
actual results to differ materially from current expectations.
In order to meet these projections, the company must continue
to obtain new enterprise relationships with major clients and
overall demand for its products must continue to grow at current
or greater levels. The company also must be able to motivate and
retain key employees and staff current and future projects in
a cost-effective manner and must effectively control its marketing,
research, development and administrative costs, including personnel
expenses. There can be no assurance that demand for the company's
products will continue at current or greater levels, or that the
company will continue to grow revenues, or be profitable. There
are also risks that the company's pursuit of providing network
security technology might not be successful, or that if successful,
it will not materially enhance the company's financial performance;
that changes in customer requirements and other general economic
and political uncertainties and weaknesses in geographic regions
of the world, including possible disruption in commercial activities
related to terrorist activity, could impact the company's relationship
with its customers, partners and alliances; and that delays in
product development, competitive pressures or technical difficulties
could impact timely delivery of next-generation products; and
other risks and uncertainties that are described from time to
time in Secure Computing's periodic reports and registration statements
filed with the Securities and Exchange Commission. The company
specifically disclaims any responsibility for updating these forward-looking
statements.
Return
to headlines
Announces Number of Shares of Common Stock
Contributed Toward Class Action Settlement
SAN JOSE, Calif--April
8, 2003-- Secure Computing Corporation (Nasdaq: SCUR ), announced
today that 1,951,807 shares of common stock were contributed by
the company toward the settlement of the class action securities
lawsuit that was announced in the company's second quarter 2002
operating results press release. The plaintiff's attorneys notified
the company that they were ready to make the distribution of the
settlement proceeds to the class members since the notice and approval
procedures were complete. All costs and associated cash outflows
related to this settlement were incurred in the second quarter of
2002.
About Secure Computing
Secure Computing (Nasdaq: SCUR) has been protecting the most
important networks in the world for over 20 years. With broad
expertise in security technology, we develop network security
products that help our customers create a trusted environment
both inside and outside of their organizations. Our global customers
and partners include the majority of the Dow Jones Global 50 Titans
and the most prominent organizations in banking, financial services,
healthcare, telecommunications, manufacturing, public utilities,
and federal and local governments. The company is headquartered
in San Jose, Calif., and has sales offices worldwide.
This press release contains forward-looking statements which
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that forward-looking statements in this release involve risks
and uncertainties that could cause actual results to differ materially
from current expectations. We urge investors to review the risks
and uncertainties detailed from time to time in Secure Computing's
periodic reports and registration statements filed with the Securities
and Exchange Commission.
Return
to headlines
To Present at Lehman Brothers Global Software and IT Services
Conference
SAN JOSE, Calif., March 10, 2003--Secure Computing Corp. (Nasdaq:SCUR),
the experts in protecting the most important networks in the world,
today announced that John McNulty, chairman and chief executive
officer, will present at the Lehman Brothers Global Software and
IT Services Conference at approximately 9 a.m. Pacific Time on
March 12, 2003. The presentation will focus on the company's product
offerings and its financial performance in 2002. The presentation
will be Webcast and archived until April 17, 2003 on Secure Computing's
Website at http://www.securecomputing.com.
About Secure Computing
Secure Computing (Nasdaq:SCUR) has been protecting the most
important networks in the world for over 20 years. With broad
expertise in security technology, we develop network security
products that help our customers create a trusted environment
both inside and outside of their organizations. Our global customers
and partners include the majority of the Dow Jones Global 50 Titans
and the most prominent organizations in banking, financial services,
healthcare, telecommunications, manufacturing, public utilities,
and federal and local governments. The company is headquartered
in San Jose, Calif., and has sales offices worldwide.
Return
to headlines
Strengthens Presence in Asia with Cybertek Distribution Agreement
SAN JOSE, Calif., March 4, 2003-- Secure Computing Corporation
(NASDAQ:SCUR), the experts in protecting the most important networks
in the world, and Cybertek Holdings, Inc. (Kosdaq: 3724), a leading
Korea-based technology company, today announced the signing of
a distribution agreement. Secure's SafeWord(R) PremierAccess(TM)
authentication, authorization and access control solution and
SmartFilter(R) Web filtering software will be available immediately
to Cybertek's resellers in South Korea. According to IDC, South
Korea's information technology (IT) market is forecasted to grow
to $13 billion in 2003, a 13.4 percent increase from 2002.
"Our partnership with Secure Computing strengthens our portfolio
with proven technologies that meet the demanding access control
requirements in today's enterprise networks," said S.B. Kim, CEO
of Cybertek Holdings, Inc. "With this agreement, we are able to
offer our customers world-class access control products that are
vitally important in today's enterprise network security environment."
PremierAccess adds strong authentication and controls access
to Web, VPN, Citrix, wireless and network applications. SafeWord
tokens generate a unique, one-time password every time a user
logs into the network remotely, eliminating the vulnerabilities
associated with fixed passwords. SmartFilter is a Web filtering
software solution that allows organizations to configure and manage
employee Web site access, leading to increased productivity, reduced
liability, and improved network performance.
"The Asian marketplace holds tremendous potential for our access
control solutions," said Vince Schiavo, senior vice president
of worldwide sales. "Working closely with Cybertek, we can expand
our presence in South Korea, bringing our best-of-breed products
to customers who demand cutting-edge technology for their enterprise
access control needs."
About Cybertek
Cybertek Holdings, Inc. (Kosdaq: 3724) was established in September
1995 under the motto "Leading the Changes" Cybertek is considered
one of the leading success stories within the Korean Venture industry
being noted for our historical growth rate, an understanding of
new business trends, and the expertise and talent to be the leader
of change. As the leading solution provider in information security
and e-Businesses with key strategic alliances with major overseas
corporations, Cybertek is realizing its goal to become a leader
in Cyberspace by focusing on technology research, core competencies,
and active response to technological change.
About Secure Computing
Secure Computing (NASDAQ:SCUR) has been protecting the most
important networks in the world for over 20 years. With broad
expertise in security technology, we develop network security
products that help our customers create a trusted environment
both inside and outside of their organizations. Our global customers
and partners include the majority of the Dow Jones Global 50 Titans
and the most prominent organizations in banking, financial services,
healthcare, telecommunications, manufacturing, public utilities,
and federal and local governments. The company is headquartered
in San Jose, Calif., and has sales offices worldwide.
All trademarks, trade names or service marks used or mentioned
herein belong to their respective owners.
This press release contains forward-looking statements relating
to the anticipated distribution relationship between Secure Computing
and Cybertek Holdings, Inc., and the expected benefits of such
relationship, and such statements involve a number of risks and
uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated by such forward-looking
statements are changes in customer requirements, general economic
conditions, delays in product development, undetected software
errors or bugs, competitive pressures, technical difficulties,
and the risk factors detailed from time to time in Secure Computing's
periodic reports and registration statements filed with the Securities
and Exchange Commission.
Return
to headlines
Reports Fourth Quarter 2002 Operating Results
SAN JOSE, Calif., January 23, 2003-- Secure Computing Corporation
(NASDAQ:SCUR), announced today fourth quarter Products and Services
(P&S) revenues, the company's primary area of emphasis, of $17.2
million, the highest quarterly P&S revenues in the company's history.
This represents a 21% increase compared to P&S revenues of $14.2
million in the same quarter last year and a 3% increase compared
to $16.7 million in the prior quarter. Fourth quarter Advanced
Technology (AT) contract revenues were $0.9 million, compared
to $1.0 million in the same quarter last year and in the prior
quarter. The company's focus for AT is to pursue only those development
contracts that add value to its P&S offerings. Total revenues
were $18.1 million, a 19% increase compared to revenues of $15.2
million in the same quarter last year and a 2% increase compared
to $17.7 million in the prior quarter.
Gross margins in the fourth quarter continued to be strong for
the company at 89% of revenue, or $16.0 million, a record margin
contribution. This compares to 88% of revenue, or $13.3 million,
in the year ago quarter and 89% of revenue, or $15.7 million,
in the prior quarter. Secure Computing's fourth quarter operating
expenses were $14.7 million, or 81% of revenue, down 7 percentage
points from the year ago quarter. Sales and marketing expenses
were $9.4 million, or 52% of revenue, down 7 percentage points
from the year ago quarter. Research and development costs were
$3.9 million, or 22% of revenue, consistent with the year ago
quarter on a percent of revenue basis. General and administrative
costs of $1.3 million, or 7% of revenue, remained consistent with
the year ago quarter.
"The fourth quarter of 2002 marked our 14th consecutive quarter
of meeting or exceeding expectations, I'm very proud of the Secure
team," said John McNulty, chairman and chief executive officer
at Secure Computing. "We posted solid results in 2002 despite
a very difficult market environment. As a company, we are very
proud of our growth, profitability from operations and positive
cash flow for the year."
Net income for the fourth quarter was $1.4 million, or $0.05
per fully diluted share compared to $0.2 million, or $0.01 per
share in the year ago quarter, and $0.5 million or $0.02 per share
in the prior quarter. The third quarter of 2002 included a $0.02
per fully diluted share, or $0.6 million, charge for separation
expenses related to the reduction in workforce that was completed
in July 2002.
Full year 2002 P&S revenues were $62.0 million, a 28% increase
compared to P&S revenues of $48.4 million in the prior year. Total
revenues, including AT contract revenues, were $65.8 million,
a 25% increase compared to total revenues of $52.5 million in
the prior year. Net loss for the year was $6.5 million, or $0.22
per share compared to net loss of $9.0 million, or $0.32 per share
in the prior year. Before the effects of the second quarter litigation
settlement and the third quarter separation costs, net income
for the year was $1.4 million or $0.04 per fully diluted share,
compared to a net loss of $9.0 million or $0.32 per share last
year.
"Coming off the solid improvement we made in 2002, our plan
for 2003 is to continue to improve all aspects of our business,"
said Tim McGurran, president and chief operating officer at Secure
Computing. "All of our products are progressing nicely, as an
example we are very excited about our next generation, enterprise
ready firewall which will be available this month. Outstanding
products in the hands of our strong sales force along with our
superb OEM and channel partners provide us with a winning combination
that we believe will ensure our continued progress and success,"
continued McGurran.
Enterprise licenses were executed by a number of industry leaders
including: The Coca-Cola Company, the world's largest beverage
company; US Army Program Executive Office for Intelligence, Electronic
Warfare & Sensors; Office National des Forets, the French forestry
commission; Lockheed Martin, the world's biggest aeronautics,
space, defense and technology services provider to the United
States and its allies; Scandinavian Airlines, Scandinavia's largest
passenger transport services company; Orion Pharma, the leading
pharmaceutical company in Finland; Georgia Public Library; Illinois
Century Network, the technology backbone for Illinois educational
institutions and Philadelphia Suburban Corporation, a provider
of water and wastewater services to approximately two million
customers.
"In the fourth quarter and for the full year of 2002, we posted
new record highs for P&S revenues, total revenues and margin contribution,"
commented Tim Steinkopf, senior vice president and chief financial
officer at Secure Computing. "Our financial goals for 2003 are
centered on continuing our improvement in converting this growth
into bottom line results."
Other Q4 Financial Highlights:
-- Cash and investments were $21.4 million at December 31, 2002,
a $2.0 million increase from $19.4 million at September 30, 2002
and a $0.4 million increase for the full year.
-- Days sales outstanding were 57 at December 31, 2002, compared
to 56 at September 30, 2002.
-- The December 31, 2002 deferred revenue balance of $14.8 million,
represents a $5.7 million, or 62%, increase for the year and a
$0.3 million, or 2%, decrease from the September 30, 2002 balance.
Secure Computing's Outlook Publication Procedures
In connection with the SEC rules on corporate disclosure, Regulation
FD, Secure Computing publishes an Outlook section in its quarterly
operating results press release. The company continues its current
practice of having corporate representatives meet privately during
the quarter with investors, the media, investment analysts and
others. At these meetings Secure Computing refers any questions
regarding the current outlook back to the quarterly results press
release Outlook section. The quarterly results press release,
which includes the Outlook section, is available to the public
on the company's Web site (www.securecomputing.com). Unless Secure
Computing is in a Quiet Period (described below), the public can
continue to rely on the Outlook section that is part of this quarterly
operating results press release as still being the company's current
expectations on matters covered, unless Secure Computing publishes
a notice stating otherwise.
From the close of business March 14, 2003, until publication
of a press release regarding the first quarter operating results,
Secure Computing will observe a Quiet Period. During the Quiet
Period, the Outlook section and other forward-looking statements
contained in this operating results press release as well as in
the company's filings with the SEC, should be considered to be
historical, speaking as of prior to the Quiet Period only and
not subject to update by the company. During the Quiet Period,
Secure Computing representatives will not comment concerning the
Outlook section or Secure Computing's financial results or expectations.
Current Outlook
The company's outlook statements are based on current expectations
that assume no further erosion in the worldwide economy. The following
statements are forward-looking and actual results could differ
materially.
For the year 2003, the company expects P&S revenues to grow
18% year over year for the entire year. On a quarterly basis,
P&S revenues are expected to grow year over year by 26%, 11%,
14%, and 21%, for the first through fourth quarters of 2003, respectively.
AT revenue is projected to remain fairly constant at $1 million
in each quarter of 2003. Aggregate gross margins throughout 2003
are expected to be consistent with the 89% that was achieved in
the fourth quarter of 2002. As a percent of total revenues (including
AT revenue) operating expenses are expected to be 90%, 87%, 80%
and 74%, for the first through fourth quarters of 2003, respectively.
Fully diluted earnings per share are expected to be approximately
$0.00, $0.02, $0.06 and $0.10, for the first through fourth quarters
of 2003, respectively.
The forward-looking statements in this Outlook are based on
current expectations and are subject to risks, uncertainties and
assumptions described under the sub-heading "Forward-Looking Statements."
Actual results may differ materially from the expectations expressed
above.
Company Promotions
The company also announced today that three of its employees
were promoted to the vice president level. Elissa Lindsoe was
promoted to vice president and treasurer. Ms. Lindsoe came to
Secure in 1997 and was named treasurer and director of investor
relations in April of 2001. Jill Putman was promoted to vice president
and corporate controller. Ms. Putman joined Secure in 1997 and
has most recently served as director of finance and corporate
controller. The company also announced the promotion of Ron Bohn
to vice president of production and distribution. Mr. Bohn joined
Secure in 1991 and has most recently served as director of production
and distribution.
About Secure Computing
Secure Computing (NASDAQ:SCUR) has been protecting the most
important networks in the world for over 20 years. With broad
expertise in security technology, we develop network security
products that help our customers create a trusted environment
both inside and outside of their organizations. Our global customers
and partners include the majority of the Dow Jones Global 50 Titans
and the most prominent organizations in banking, financial services,
healthcare, telecommunications, manufacturing, public utilities,
and federal and local governments. The company is headquartered
in San Jose, Calif., and has sales offices worldwide.
Forward-Looking Statements
This release contains forward-looking statements concerning
revenues, aggregate margins, operating expenses and profitability
for this and future quarters, which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform
Act of 1995. Investors are cautioned that forward-looking statements
in this release involve risks and uncertainties that could cause
actual results to differ materially from current expectations.
In order to meet these projections, the company must continue
to obtain new enterprise relationships with major clients and
overall demand for its products must continue to grow at current
or greater levels. The company also must be able to motivate and
retain key employees and staff current and future projects in
a cost-effective manner and must effectively control its marketing,
research, development and administrative costs, including personnel
expenses. There can be no assurance that demand for the company's
products will continue at current or greater levels, or that the
company will continue to grow revenues, or be profitable. There
are also risks that the company's pursuit of providing network
security technology might not be successful, or that if successful,
it will not materially enhance the company's financial performance;
that changes in customer requirements and other general economic
uncertainties and weaknesses in geographic regions of the world,
including possible disruption in commercial activities related
to terrorist activity, could impact the company's relationship
with its customers, partners and alliances; and that delays in
product development, competitive pressures or technical difficulties
could impact timely delivery of next-generation products; and
other risks and uncertainties that are described from time to
time in Secure Computing's periodic reports and registration statements
filed with the Securities and Exchange Commission. The company
specifically disclaims any responsibility for updating these forward-looking
statements.
Return
to headlines
Announces Fourth Quarter 2002 Results
on Thursday, January 23
SAN JOSE, Calif., January 3, 2003--Secure Computing Corporation
(Nasdaq:SCUR), will report its full financial results for the
fourth quarter of 2002 on Thursday, January 23, 2003 after market
close. A one-hour conference call has been scheduled at 1:30 p.m.
PST (4:30 p.m. EST). John McNulty, chairman and chief executive
officer, Tim McGurran, president and chief operating officer and
Tim Steinkopf, senior vice president and chief financial officer,
will discuss the results followed by a question-and-answer session
with analysts.
If you would like to participate in this conference call, please
dial in at 1:30 p.m. PST (4:30 p.m. EST):
888/593-6142 - North America
610/769-2923 - International
Pass Code: SCUR
Conference Leader: Tim McGurran
If you have any difficulty accessing the conference call, please
contact Nicole Pina at our San Jose, CA, headquarters at 408-979-6181.
We will also be conducting a live broadcast over the Internet
through our Web site at http://www.securecomputing.com/.
If you are unable to participate in the conference call, but
would like to hear a recording of the proceedings, an online replay
will be available on our Web site following the conference call
until 12:00 a.m. EDT on Thursday, April 17, 2002.
In addition, a telephone replay will be available until 5:00
p.m. PST on Thursday, February 6, 2002. To access this recording,
simply dial in to 800-774-9244 or 402-220-0376.
About Secure Computing
Secure Computing Corporation (NASDAQ:SCUR) is a leading provider
of enterprise network access control solutions. Secure Computing
software products include SafeWord(TM) PremierAccess(TM) for strong
authentication and role-based authorization to Web, VPN, wireless
and network applications; Sidewinder(TM), the world's strongest
firewall and VPN gateway, complemented by the Gauntlet(TM) firewall;
SmartFilter(TM) Web filtering software for creating positive,
productive use of the Web in any organization; and the Embedded
Firewall, the world's first tamper-resistant distributed firewall
to defend against the insider threat. Secure Computing's worldwide
partners and customers include the majority of the Dow Jones Global
50 Titans and Fortune Global 50 Most Admired Companies--comprising
the largest banks, insurance and healthcare companies, brokerage
firms, telecommunications and manufacturing companies, public
utilities, and federal and local governments.
This press release contains forward-looking statements which
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that forward-looking statements in this release involve risks
and uncertainties that could cause actual results to differ materially
from current expectations. We urge investors to review the risks
and uncertainties detailed from time to time in Secure Computing's
periodic reports and registration statements filed with the Securities
and Exchange Commission.
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