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Websense Announces Record Revenue and Increased Billings for Q3'06
Continued International Strength and Renewed Growth in North America Drive Billings Above 53 Million USD
SAN DIEGO October 24, 2006 -- Websense, Inc. (NASDAQ: WBSN), a global leader in web security and web filtering productivity software, today announced its financial results for the third quarter ended September 30, 2006.
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Revenue in the third quarter was a record 46.1 million USD, an increase of 20 percent from the third quarter of 2005. Net income calculated using generally accepted accounting principles (GAAP) was 8.5 million USD, or 18 cents per diluted share. Third quarter non-GAAP net income, which excludes stock-based compensation expense and the related tax effects, was 11.5 million USD or 25 cents per diluted share, an increase of 14 percent from the third quarter of 2005.
Billings for the third quarter were 53.3 million USD, an increase of 13 percent from the third quarter of 2005. Billings represent the full amount of subscription contracts billed to customers during the quarter. The difference between billings booked and revenue recognized in the third quarter resulted in an increase in deferred revenue of 7.2 million USD from the end of June, bringing total deferred revenue to 189.4 million USD at the end of September.
"We were able to improve our year-over-year growth rate and exceed our guidance for billings in the third quarter due to continued strength in international markets and renewed growth in North America," said Gene Hodges, Websense chief executive officer. "While we still have work to do to complete the transition to a pure channel distribution model, we believe that our expanded commitment to indirect distribution encouraged resellers in North America to close new business and upgrade renewing subscriptions. Internationally, we continued to benefit from the growth in the total number of internet-connected employees and from market share gains, especially in developing regions of Europe and Asia."
The company ended the third quarter of 2006 with 300.4 million USD in cash and investments, a decrease of approximately 38 million USD from the end of the second quarter, and zero debt. During the quarter, the company generated approximately 19.5 million USD in net operating cash flow and used approximately 58.3 million USD to repurchase three million shares of the company's common stock at an average price of 19.44 USD.
Recent Business and Product Development Highlights
In addition to recognizing record revenue, highlights from the third quarter included:
* Announcement of a new distribution agreement for the United States and Canada with Ingram Micro Inc., the world's largest technology distributor, and a new North American channel partner program designed to boost partner profitability and success. The new program includes deal registration, lead distribution, technical support, and expanded training, education and certification programs.
* Announcement of Deep Content Control(tm) technology that acts as a "digital data guardian" to help control how sensitive data can leave the organization and under what circumstances. This new data leakage solution will integrate classification of internal data with detailed knowledge of destination sites to allow managers to define and automate detailed policies to protect their confidential information.
* Announcement of the Websense(r) Content Gateway(tm) (WCG) web proxy and cache technology, which will integrate with Websense Enterprise(tm) and Websense Web Security Suite(tm) to provide web content control and visibility along with improved web responsiveness. The integrated solution is currently available as part of the WebBlazer(tm) web threat management solution, a secure and flexible unified threat management (UTM) platform from Crossbeam Systems, and will be offered on additional appliance and UTM platforms in the fourth quarter of 2006.
* Attainment of Microsoft Gold Certified Partner status, with a competency in security solutions. This recognition brings enhanced access to Microsoft resources, training and support, allowing Websense to serve joint channel partners and customers.
Fourth Quarter 2006 Outlook
Websense provides guidance on its anticipated financial performance for the coming quarter based on its assessment of the current business environment and historical seasonal trends in its business. In providing quarterly guidance, the company emphasizes that its forward-looking statements are based on current expectations and disclaims any obligation to update the statements as conditions change. For the fourth quarter of 2006:
* Billings are expected to be in the range of 69 to 72 million USD.
* Subscription revenue is expected to be in the range of 47.5 to 48 million USD.
* Stock-based compensation expense, reported in compliance with FAS 123R, is expected to total approximately 5.5 million USD.
* Both GAAP and non-GAAP gross margin, which excludes stock-based compensation expense, are expected to be approximately 92 percent of revenue.
* GAAP operating margin is expected to be 20 to 21 percent of revenue. Non-GAAP operating margin, which excludes stock-based compensation expense, is expected to be 31 to 32 percent of revenue.
* The GAAP effective tax rate is expected to be approximately 38 percent. The non-GAAP effective tax rate, based on a pre-tax income calculation that excludes stock-based compensation expense, is expected to be approximately 35 percent.
* Fully diluted shares outstanding are expected to be approximately 45 million shares, depending upon the amount and timing of shares repurchased, if any.
* Based on the above revenue and expense structure and expected fully diluted shares outstanding, GAAP earnings are expected to be approximately 16 to 17 cents per diluted share. Non-GAAP earnings per diluted share, excluding stock-based compensation expense and related tax effects, are expected to be approximately 24 to 25 cents.
Non-GAAP Financial Measures
This press release provides financial measures for net income and earnings per diluted share that exclude stock-based compensation expense and the related tax effects, are therefore are not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management's and investors' ability to evaluate the company's operating results and to compare current operating results with historical operating results prior to the adoption of FAS 123R. A reconciliation of the GAAP and non-GAAP income statements for the third quarter is provided at the end of this press release.
This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company's sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the third quarter of 2006 is set forth at the end of this press release.
About Websense, Inc.
Websense, Inc. (NASDAQ: WBSN), a global leader in web security and web filtering software, is trusted to protect 24 million employees worldwide. Websense proactively discovers and immediately protects customers against web-based threats such as spyware, phishing attacks, viruses and crimeware with maximum protection and minimal effort. With diverse partnerships and integrations, Websense enhances our customers' network and security environments. For more information, visit www.websense.com.
VP, Investor Relations
Phone: 858 320 8072
Senior Manager, Public Relations
Phone: (858) 320-9493
Websense and Websense Enterprise are registered trademarks of Websense, Inc. in the United States and certain international markets. Websense has numerous other unregistered trademarks in the United States and internationally. All other trademarks are the property of their respective owners. This press release contains forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause Websense's results to differ materially from historical results or those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates" and similar words. These statements may include, among others, plans, strategies and objectives of management for future operations; any statements regarding proposed new products, services or developments; statements regarding planned investments in our channel strategy and the expected benefits of the investment; any statements regarding future economic conditions or financial or operating performance; statements of belief and any statements of assumptions underlying any of the foregoing. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, risks associated with changing distribution models and the potential for short term disruptive effects on new customer sales; customer acceptance of the company's services, products and fee structures; the success of Websense's brand development efforts; the volatile and competitive nature of the Internet industry; changes in domestic and international market conditions and the entry into and development of international markets for the company's products; risks relating to intellectual property ownership; and the other risks and uncertainties described in Websense's public filings with the Securities and Exchange Commission, available at (). Websense assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
Websense (Nasdaq: WBSN) mit Hauptsitz in San Diego, Kalifornien, ist der weltweit führende Anbieter von softwarebasierten Web Security-Lösungen. Mit der Web Security Suite können Unternehmen hoch wirksame Maßnahmen zur Abwehr der ständig zunehmenden Bedrohungen aus dem Internet wie Viren, Würmern, Spyware und bösartigem Code (Mobile Malicious Code) ergreifen. In seinen Security Labs beobachtet Websense pro Tag 75 Millionen Websites und analysiert, wie sich neue Bedrohungen aus dem Internet verhalten und auswirken. Websense wird weltweit in mehr als 24.000 Unternehmen genutzt, die insgesamt über 23,9 Millionen Lizenzen einsetzen. In Deutschland sitzt Websense in Köln. Weitere Informationen: www.websense.de.
Websense Deutschland GmbH
Regional Director Central Europe
Für den Inhalt der Pressemitteilung ist der Einsteller, Ulrike Glogger, verantwortlich.
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