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| SonicWALL Reports Fourth Quarter and Fiscal Year 2008 Financial Results | |
| Posted: Mon Feb 16, 2009 10:22:00 AM | |
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Company Reports Fourth Quarter Operating Margin of 15% and Annual Revenue Growth of 10% SUNNYVALE, Calif., Feb. 11 /PRNewswire-FirstCall/ -- SonicWALL, Inc. , today reported performance in the quarter ended December 31, 2008, with revenue of $54.3 million. The Company shipped 42,000 revenue units in the quarter. Cash flow from operations was $5.4 million. Net income for the fourth quarter of 2008 calculated in accordance with U.S. generally-accepted accounting principles (GAAP) was $3.5 million, or $0.06 per diluted share. In comparison, GAAP net income for the fourth quarter of 2007 was $23.0 million, or $0.35 per diluted share, reflecting a one-time, positive tax benefit of $24 million. Non-GAAP net income for the fourth quarter of 2008 was $5.9 million or $0.11 per diluted share. In comparison, non-GAAP net income for the fourth quarter of 2007 was $3.9 million, or $0.06 per diluted share. Non-GAAP net income excludes amortization of purchased intangible assets, restructuring charges, in process research and development, and share-based compensation expense primarily associated with the expensing of stock options in accordance with Financial Accounting Standards No. 123R (FAS 123R). An explanation of our use of non-GAAP measures is included in the section in this press release entitled "Use of Non-GAAP Financial Measures." For fiscal year 2008 SonicWALL reported revenue of $218.6 million, representing revenue growth of 9.8% over fiscal year 2007. GAAP net income for fiscal year 2008 was $4.9 million, or $0.08 per diluted share, compared to a GAAP net income of $28.6 million, or $0.43 per diluted share, in fiscal 2007. Non-GAAP net income for fiscal year 2008 was $16.9 million, or $0.29 per diluted share, compared to $18.8 million, or $0.28 per diluted share in fiscal year 2007. Non-GAAP net income excludes amortization of purchased intangible assets, restructuring charges, in process research and development, and share-based compensation expense primarily associated with the expensing of stock options in accordance with Financial Accounting Standards No. 123R (FAS 123R). An explanation of our use of non-GAAP measures is included in the section in this press release entitled "Use of Non-GAAP Financial Measures." "I am proud of what we accomplished in 2008," said Matt Medeiros, CEO of SonicWALL. "In a challenging environment, we gained market share, improved operating margin, and generated strong operating cash flow, all while investing heavily in technology advancement and infrastructure development that will support the future growth of SonicWALL." Guidance for Q1 2009 SonicWALL expects first quarter 2009 revenue to be in the range of $48 million to $52 million. The Company expects non-GAAP gross margin to be in the range of 71% to 72% of revenue. SonicWALL expects earnings per share in the first quarter of 2009 to be in the range of $0.04 to $0.06 per diluted share on a non-GAAP basis. On a GAAP basis, inclusive of a total of approximately $4.0 million, before taxes, in combined amortization of purchased intangibles assets, and share-based compensation expense, the Company expects earnings per share to be in the range of $0.00. to $0.02. Share-based compensation expense associated with the expensing of stock options is estimated to be approximately $2.8 million for the first quarter of 2009. This is the only statement SonicWALL will be giving during the quarter with respect to guidance, unless a decision is made to provide an update. Conference Call A conference call to discuss fourth quarter and fiscal year 2008 results will take place today, February 11, 2009, at 2:00 p.m. PT (5:00 p.m. ET). SonicWALL President and CEO Matt Medeiros and SonicWALL CFO Rob Selvi will host the call. A web cast of the live call can be found at http://www.sonicwall.com/us/company/2518.html. A replay of the call will be available beginning at approximately 5:00 p.m. PT (8:00 p.m. ET) today at the Company's website or by telephone until 5:00 p.m. PT on February 16 at 888-203-1112 (toll-free) or 719-457-0820 (International), passcode 2614744. To Purchase SonicWALL Products Visit http://www.sonicguard.com |