A great news from Raptor. I probably can break even tomorrow!!
Jin
FOR IMMEDIATE RELEASE
Contact:
Robert H. Fincke / Elliott O. May
Vice President and Treasurer / Investor Relations Counsel
(617) 487-7700 x122 / (617) 487-7700 x165
Raptor Systems, Inc. Reports Second Quarter 1996 Results
****************************************************************************
WALTHAM, MA -- July 23, 1996 -- Raptor Systems, Inc. (Nasdaq: "RAPT") today announced second quarter
revenues of $2,907,000, compared to $725,000 for the same period in 1995, an increase of 301%. Net income for the
quarter was $150,000 or $.01 per share, compared to a loss of $559,000 or $(.08) per share in the second quarter of 1995.
"Our second quarter performance exceeded estimates in all key categories, and we are very pleased to announce the first
profitable quarter in the Company's history," said Robert A. Steinkrauss, chairman and chief executive officer. "We continue
to see an increasing demand for our NT products which accounted for 54% of the quarter's sales. Our reseller base increased
by 25% to 162, with Pacific Bell Network Integration, GE Capital - Canada, Comdisco and Anixter, Inc. as notable
additions to our list of strategic partners and Coopers & Lybrand, L.L.P. to our teaming agreements."
"On July 15 we announced our 'Secure Business Practices' strategy which responds to customer requirements for
protecting, enabling and managing their network security systems. Products introduced in conjunction with this strategy
include EagleNT 3.05 which offers greater operating system integration and increased performance, Eagle 4.0, the first
firewall to add interpretable Virtual Private Network support and Raptor's Security Management Console, a suite of
sophisticated security management products that meet the current needs of our customers. These new products demonstrate
the continuation of our technological edge in the marketplace."
"During the quarter our Eagle product line was awarded National Computer Security Association certification and received
the prestigious LAN Times award as the best firewall tested in a comparison of leading firewall vendors."
The company noted that each of the above forward-looking statements is subject to change, based on various important
factors, including, without limitation, changes in the market and competition. Additional information on potential factors that
could affect the company's financial results is included in the company's prospectus, Form 10-Q and other documents filed
with the Securities and Exchange Commission.
Raptor Systems, Inc., headquartered in Waltham, Massachusetts, is a leading developer of network security software
products that provide comprehensive, enterprise-wide security for organizational networks. Raptor's award-winning and
NCSA-certified products protect corporate databases and networks in government, health care, pharmaceutical, education,
utility, telecommunications, technology, manufacturing, and financial services sites worldwide. Raptor has numerous
world-class partnerships which include companies such as Compaq Computer Corporation, Hewlett-Packard, Sprint, and
Shiva Corporation.
Product and security information can be accessed via Raptor's World Wide Web site at raptor.com. Raptor's
latest news releases are available at no charge by dialing 800-758-5804, ext. 110041 or at prnewswire.com on
the Internet. Raptor Systems, Inc. is a publicly held company and can be found on the Nasdaq Stock Exchange under the
symbol "RAPT".
Financial Information:
CONDENSED STATEMENTS OF OPERATIONS:
Three Months Ended
Six Months Ended
(Unaudited)
(Unaudited)
June 30,
June 30,
June 30,
June 30,
1996
1995
1996
1995
Revenue
$ 2,907
$ 725
$4,975
$ 1,143
Cost of revenue
209
66
361
95
Gross margin
2,698
659
4,614
1,048
Operating expenses:
Selling and marketing
1,944
635
3,541
1,035
Research and development
884
368
1,451
556
General and administrative
419
235
969
451
Total operating expenses
3,248
1,238
5,962
2,042
Operating loss
(551)
(579)
(1,349)
(994)
Interest income
700
20
1,070
21
Net income (loss)
$ 150
$ (559)
$ (279)
$ (973)
Net loss per common and common
equivalent share
$ .01
$ (.08)
$ (.03)
$ (.14)
Weighted average common and
common equivalent shares
outstanding
14,892,762
7,047,923
10,113,104
7,047,923
Selected Balance Sheet Data :
June 30
December 31,
1996
1995
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 51,541,741
$ 1,889,584
Accounts receivable, net
2,311,999
1,497,385
Other current assets
555,554
272,591
Total current assets
54,409,294
3,659,560
Net property and equipment
959,533
625,550
Total assets
$ 55,368,827
$ 4,285,110
Liabilities and Stockholders' Equity
Total current liabilities
$ 2,526,065
$ 2,738,116
Long-term bank debt
--
253,333
Mandatory redeemable convertible preferred stock
5,769,649
Total stockholders' equity (deficit)
52,842,762
(4,475,988)
Total liabilities and stockholders' equity ŠŠŠ.
$ 55,368,827
$ 4,285,110
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