WBSN ($17-20) P/E none... beats by 3 cents, rev's in line.., raises quidance for current quarter from 2 cents to 7 cents earnings...
Websense Inc. Announces Third Quarter 2001 Earnings, Achieves $9.5 Million in Revenue and $2.1 Million Pro Forma Net Income
Company's Deferred Revenue Grows to More Than $35 Million
SAN DIEGO--(BUSINESS WIRE)--Oct. 23, 2001--Websense Inc. (NASDAQ:WBSN - news), the world's leading employee Internet management (EIM) software company, today announced strong financial results for the quarter ended Sept. 30, 2001, achieving $9.5 million in revenue, generating $5 million in positive cash flow and earning more than $2 million in pro forma net income.
Pro forma net income for the third quarter was $2.1 million, or $0.09 per share diluted, compared to a pro forma net loss of $360,000, or $0.02 per share, in the third quarter of the previous year. Websense's total deferred revenue balance was $35.6 million as of Sept. 30, 2001. In addition, as of Sept. 30, 2001, Websense had $93.8 million in cash and investments on its balance sheet, or $4.15 per share, and no debt.
``Websense continues to exceed market expectations, even in these difficult economic times. This was the seventh consecutive quarter that we have achieved sequential top- and bottom-line growth,'' said John B. Carrington, chairman and CEO of Websense. ``We believe our growth continues for several reasons. First, although corporate IT managers are watching their spending, they are attracted to the productivity-enhancing and cost-saving attributes that Websense Enterprise offers at a very affordable price point. Second, the market for EIM software continues to grow as millions of employees continue to become Internet-enabled each month. Third, the driving forces behind the need for EIM products continue to accelerate, as employees have an increasing number of online distractions available to them, from downloading full-length Hollywood movies to streaming Internet radio at work. Finally, in these times of economic uncertainty, we are seeing customers place a premium on doing business with the highest quality vendors, and we are the clear-cut leader in the EIM market space.''
``We are particularly pleased we were able to achieve substantial revenue growth this quarter while firmly managing our cost structure. By leveraging the productivity of our existing personnel and controlling variable cost items, we were able to reduce operating expenses while keeping our investments in sales, marketing and engineering at appropriate levels in order to facilitate growth. Over the next few quarters, we expect to see operating expenses trending higher as we increase our investment in those activities that will enhance the sustainability of our competitive position,'' said Carrington. |
