| A day after winning approval for a $225 million buyout bid for
majority-owned subsidiary McAfee.com, Network Associates
reported net profits in the first quarter reached $15.7 million, or 10 cents
per share.
The improved results bettered analysts' projections for a profit of seven
cents per share in the quarter for Network Associates, the Santa Clara,
Calif. firm which markets PC security software. During the same year-ago
period, the company posted a net loss of $47.4 million, or 35 cents per
share.
Network Associates also raised its revenue and earnings targets for fiscal
year 2002, projecting revenue to come in between $875 million and $900
million, up from guidance of $860 million to $890 million provided in
January this year.
The new guidance excludes revenues from McAfee and Network Associates said
it would provide updated projections if and when its acqui
sition of the anti-virus firm is consummated.
For the second quarter this year, Network Associates is projecting revenues
of $210 million to $220 million and earnings of between 11 and 13 cents per
share.
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In the first quarter, the company said it generated $53 million in cash from
operations, ending the quarter with cash and marketable securities totaling
approximately $1 billion. Revenues jumped more than 30 percent to $220.7
million, up from $167.2 million during the same year-ago period.
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"Throughout the last several quarters we have remained committed to growing
Network Associates despite a constantly changing global environment and we
are very pleased with the results," said George Samenuk, CEO of Network
Associates.
Our focus is paying off and customers are voting with their dollars. We've
made a lot of progress and are aggressively moving forward toward the
billion dollar threshold and beyond."
McAfee, which reported results separately, said a growth
in sales and Web-based subscriptions helped swing its fiscal first quarter
earnings into the black. Excluding items, the company said pro forma
profits reached $3.9 million (8 cents per share), up from last year's net
loss of $1.4 million, or 3 cents a share
McAfee, which sells anti-virus and other security tools on the Internet,
said revenues in the quarter jumped 46 percent to $18.8 million, up from
$12.8 million. The company said its paid-subscription base bypassed the
100,000 mark with a renewal rate of approximately 80 percent for premium
services.
Network Associates, which currently owns about 75 percent of McAfee, has
offered 0.78 of a share of its common stock in exchange for each outstanding
share of McAfee.com stock. The value of the share exchange bid is in the
range of $225 million.
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