WatchGuard announces Q2 results

Internet security solutions provider, WatchGuard Technologies, announced its financial results yesterday for the second quarter, ended June 30, 2002.

The company reported net revenue of $17.8 million for the period, up 15 per cent from $15.5 million in the first quarter of 2002.

Product revenue was $12.5 million, up 18 per cent from $10.6 million in the previous quarter.

Service revenue was $5.3 million, up 8 per cent from $5.0 million in the previous quarter.

The company incurred higher operating expenses during the second quarter primarily as a result of transitional expenses relating to the acquisition and integration of RapidStream, and the accelerated rollout of the company's new Firebox Vclass and RapidStream appliances.

The second quarter results also include a $4.3 million restructuring charge to eliminate duplicate resources resulting from the acquisition of RapidStream, primarily related to a reduction in post-acquisition workforce, a consolidation of office facilities, and contract terminations.

Pro forma net loss for the second quarter, excluding amortisation of acquisition-related costs and acquired in-process technology, non-cash stock-based compensation, and restructuring charges, was $4.6 million, or ($0.14) per share, compared to a pro forma net loss of $3.3 million, or ($0.12) per share in the previous quarter.

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