F-Secure Group’s Financial Results January 1 – March 31, 2002
Cash flow positive for the second quarter in a row
Helsinki, Finland, April 25, 2002 – For the 1st quarter of 2002, F-Secure reported revenues of 10.0 million euros. This represents no change from the first quarter of 2001 and a decrease of 10% from the previous quarter. The decline was due to normal seasonal variation and a continuing slowdown in corporate spending.
The operating result for Q1 was EUR 0.7 million negative (0.8m negative in 4Q2001 and 4.8m negative in 1Q2001). Cash flow remained positive and was 1.1 million.
Traditional security solution sales continued to exhibit moderate strength despite the challenging economic conditions. The antivirus business continued stable with moderate growth, and good progress was made in selected niches, for example, in gateway-level anti-virus solution sales. The encryption business continued to face long lead times resulting from cautious IT spending.
“Our strategy is to extend our handheld leadership especially within the PocketPC and Symbian vendor communities and key service providers, while steadily growing our base business of delivering solutions to stop hostile code and hackers,” says Mr Siilasmaa, President and CEO of F-Secure Corporation. “We will also continue to focus on improving performance while enabling growth.”
During the first quarter of 2002, the Group continued to leverage its partnerships in the handheld and wireless content security space. New versions of the products were announced with Compaq. New handheld security partnerships were announced with Hewlett-Packard and Fujitsu-Siemens.
In addition to the recognized revenues, the Group had 12.2 million euros of deferred revenues on its balance sheet at the end of the year (10.1m a year ago, 11.5m at the end of 2001). The increase reflects the growth in support contracts, especially in antivirus.
A press and analyst conference will be arranged today, April 25, at 11 am Finnish time at the Group’s Headquarters, Tammasaarenkatu 7, Helsinki. A conference call for international investors and analysts will be arranged at 13.30 Finnish time (12.30 CET, 11.30pm UK time). For more information, see http://www.europe.f-secure.com/investor-relations/
About F-Secure Corporation
F-Secure Corporation is a leading developer of centrally managed security solutions for the mobile enterprise. The company’s award-winning, integrated antivirus, file encryption and network security solutions for handhelds, laptops, desktops, servers, mail servers and firewalls provide centralized policy based management of widely dispersed user communities. Founded in 1988, F-Secure is listed on the Helsinki Stock Exchange [HEX: FSC]. Corporate headquarters is in Helsinki, Finland with North American headquarters in San Jose, California. The company maintains offices in Germany, Japan, Sweden and the United Kingdom, and is supported by a network of VARs and Distributors in over 90 countries around the globe.