NAI Posts Flat Earnings

 
 
By Dennis Fisher  |  Posted 2003-10-23 Print this article Print
 
 
 
 
 
 
 

During the third quarter, NAI added about 709,000 new subscribers to its McAfee Security Consumer offerings.

Network Associates Inc. on Thursday reported earnings of $0.06 per share on revenue of $226.9 million for the third quarter. In the same period last year, the company earned the same amount on revenue of $232.2 million. The Santa Clara, Calif., company has had a tumultuous year thus far, including two major acquisitions, the launch of a new company-wide strategy, two ongoing accounting investigations and the settlement of shareholder lawsuits. And NAI officials are still working to complete restatements of the companys financial results for 2002 and the first and second quarters of 2003, which were necessitated by an accounting change and the subsequent investigations. NAI intends to file the restatements by the end of the month. The restatements are the result of an investigation by the Securities and Exchange Commission into the companys accounting methods in the last few years. Separately, the company recently agreed to pay $70 million to a group of shareholders who had sued over the accounting practices.
During the third quarter, NAI added about 709,000 new subscribers to its McAfee Security Consumer offerings. The company also unveiled its new intrusion prevention strategy, which integrates products it inherited from the two companies it bought earlier this year, Entercept Security Technologies and IntruVert Networks Inc.
NAI officials said the companys pro forma net earnings should be between $0.20 and $0.22 per share in the fourth quarter on projected net revenue of $255 million to $260 million.
 
 
 
 
 
 
 
 
 
 
 

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