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Secure Computing Reports Fourth-Quarter 2000 Operating Results
Secure Computing Reports Products and Services Revenues Up 87% From the Fourth Quarter of 1999, Record Gross Margins and Narrowed Net Loss
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 25, 2001-- Secure Computing Corporation (Nasdaq:SCUR - news), announced today fourth quarter revenues of $12.2 million, a 76% increase compared to revenues of $6.9 million in the same quarter last year, and a 15% increase over the prior quarter revenues of $10.6 million.

Products and Services (P&S) revenue, the company`s primary area of emphasis, was $11.1 million, an 87% increase compared to P&S revenues of $5.9 million in the same quarter last year and a 16% increase as compared to $9.5 million in the prior quarter. Advanced Technology (AT) contract revenue was $1.1 million compared to $1.1 million in the prior quarter as Secure continued its strategy of focusing only on development contracts that add value to its P&S offerings. This strategy results in a stable AT contract revenue stream.

Net loss for the fourth quarter was $2.1 million or $.08 per share, compared to a net loss of $7.6 million or $.34 per share in the year ago quarter. The net loss was reduced 58%, or $.11 per share, from $0.19 per share in the prior quarter. Net loss includes the effect of a $1.6 million gain, or $.06 cents per share, in other income related to the sale of the Professional Services group to Guardent, Inc. reported earlier this year. Without the effect of this gain, net loss would have been $3.7 million or $.14 per share.

``We are reporting a quarter that met or exceeded our outlook guidance on all fronts during a period when numerous companies have missed their targets,`` said John McNulty, chairman and chief executive officer at Secure Computing. ``During the fourth quarter we had great success with sales into major accounts worldwide,`` continued McNulty.

Enterprise licenses were executed by a number of industry leaders including Lucent, a leader in broadband and mobile Internet infrastructure; Chevron, one of the world`s largest integrated petroleum companies; the National Association of Securities Dealers and all of their affiliates including the NASDAQ; BASF, one of the world`s leading chemical companies; General Motors of Brazil, part of the General Motors Corporation; BAE Systems, a leading international aerospace, defense electronics and information systems organization; Gruntal & Co., a full service investment firm; Lam Research, one of the world`s largest makers of semiconductor processing equipment; NBCi`s AllBusiness.com, a comprehensive service and commerce platform for small business; and ITOCHU, North America, part of ITOCHU Corporation which is the tenth largest company in the world according to Fortune Magazine, and is a leader in telecommunications, information technology, the Internet, media and retail.

Gross margins continued to set new records for the Company at 73% for the quarter compared to 56% in the year ago quarter and 71% in the prior quarter. Gross margins of $8.8 million for the quarter increased $5.0 million, or 131% from the year ago quarter. Secure`s operating expenses were $12.8 million, up 1% compared with the previous quarter and up 12% from the year ago quarter. Sales and marketing expenses were $8.4 million, up 1% compared to $8.3 million in the previous quarter and up 16% from the year ago quarter. Research and development (R&D) costs of $3.4 million increased 6% from the prior quarter and increased 16% from the year ago quarter as the Company continues to invest in next-generation products.

Included in the current quarter`s R&D costs were approximately $0.5 million, or $0.2 per share, in accelerated expenses related to Secure`s next-generation Distributed Secure Architecture (DSA) product line. This represents a 25% increase over the prior quarter.

``As in our third quarter, these expenses were not included in the Company`s original plan and we are delighted that we were able to absorb these costs and still make our numbers. This allows us to continue accelerating our DSA product development and efforts with partners such as Hewlett Packard and 3Com,`` said Tim McGurran, senior vice president of operations and chief financial officer.

General and administrative costs of $1.0 million were down 15% when compared to the prior quarter and declined 23% from the year ago quarter, reflecting a streamlined executive management team and a tight-fisted approach to cost containment. ``Our accelerating revenues, expanding margins and control over all expense categories resulted in a further narrowing of our net loss,`` continued McGurran.

Days sales outstanding were 50 days; a decrease of 21 days from the year ago quarter and significantly better than the industry average. Cash and investments remained healthy at $26.3 million compared to $19.8 million in the prior quarter due to the call of the final tranche from the Series F preferred financing by Elliott & Associates, and its affiliate, Elliott International L.P. Approximately 90% of this final tranche has already been converted to common shares.

Secure`s Outlook Publication Procedures

In connection with the SEC rules on corporate disclosure, Regulation FD, Secure publishes an Outlook section in its quarterly operating results press release. Secure continues its current practice of having corporate representatives meet privately during the quarter with investors, the media, investment analysts and others. At these meetings Secure refers any questions regarding the current outlook back to the quarterly results press release Outlook section. The quarterly results press release which includes the Outlook section is publicly available on Secure`s Web site (www.securecomputing.com). The public can continue to rely on the Outlook section that is part of the quarterly operating results press release as still being Secure`s current expectations on matters covered, unless Secure issues a new press release stating otherwise.

Current Outlook

The Company`s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially.

The Company reaffirms its previous guidance and expects that beginning with the first quarter of 2001 and continuing throughout 2001 P&S revenue growth will be 45% to 50% year-over-year in each quarter and in total for the year. AT revenue is projected to remain fairly constant at approximately $1 million per quarter in keeping with the Company`s strategy to focus only on development contracts that add value to its P&S offerings.

Aggregate gross margins are expected to continue ramping between 1 and 2 percentage points in each sequential quarter until stabilizing at approximately 80%. Operating expenses are expected to grow on an actual dollar basis in each sequential quarter. On a percent of revenue basis, operating expenses are expected to decline when full year 2001 is compared to full year 2000. Profitability is expected in the fourth quarter of 2001.

The forward-looking statements in this Outlook are based on current expectations and are subject to risks, uncertainties and assumptions described under the sub-heading ``Forward-Looking Statements.`` Actual results may differ materially from the expectations expressed above.

About Secure Computing

Headquartered in San Jose, Secure Computing Corporation is a global leader in providing ``safe, secure extranets for e-business(TM).`` Secure Computing solutions provide managed access to Web sites, applications, and networks, including strong authentication, role-based authorization, secure access gateways, and Web filtering. Secure Computing`s worldwide partners and customers include Fortune 50 organizations in financial services, healthcare, telecom, communications, Internet companies, and government agencies.

For more information, visit Secure Computing Corporation at www.securecomputing.com, or by calling 408/918-6100

Forward-Looking Statements

This release contains forward-looking statements concerning revenues, aggregate margins, operating expenses and profitability for this and future quarters, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements in this release involve risks and uncertainties that could cause actual results to differ materially from current expectations. In order to meet these projections, the Company must continue to obtain new enterprise relationships with major clients and overall demand for its products must continue to grow at current or greater levels. The Company also must be able to motivate and retain key employees and staff current and future projects in a cost-effective manner and must effectively control its marketing, research, development and administrative costs, including personnel expenses. There can be no assurance that demand for the Company`s products will continue at current or greater levels, or that the Company will continue to grow revenues, or become profitable. There are also risks that the Company`s pursuit of providing secure extranets might not be successful, or that if successful, it will not materially enhance the Company`s financial performance; that changes in customer requirements and other general economic conditions could impact the Company`s relationship with its partners and alliances; and that delays in product development, competitive pressures, technical difficulties could impact timely delivery of next-generation products; and other risks and uncertainties that are described from time to time in Secure Computing`s periodic reports and registration statements filed with the Securities and Exchange Commission. The Company specifically disclaims any responsibility for updating these forward-looking statements.


SECURE COMPUTING CORPORATION
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


Consolidated Condensed Statements of Operations

Three Months Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
-------- -------- -------- --------

Products and
services revenue $ 11,051 $ 5,899 $ 34,649 $ 22,546
Advanced Technology
contract revenue 1,120 1,001 4,471 4,567
-------- -------- -------- --------
Total revenue 12,171 6,900 39,120 27,113

Cost of revenue 3,328 3,066 11,894 18,781
-------- -------- -------- --------
Gross profit 8,843 3,834 27,226 8,332

Operating expenses:
Selling and
marketing 8,350 7,176 31,187 29,705
Research and
development 3,433 2,968 13,018 10,983
General and
administrative 993 1,285 4,502 7,274
Stock option
expense -- -- -- 4,740
-------- -------- -------- --------
12,776 11,429 48,707 52,702
-------- -------- -------- --------
Operating loss (3,933) (7,595) (21,481) (44,370)

Other income 1,866 1 2,311 363
-------- -------- -------- --------
Loss before
income taxes (2,067) (7,594) (19,170) (44,007)

Income tax
expense -- -- -- (900)
-------- -------- -------- --------
Net loss $ (2,067) $ (7,594) $(19,170) $(44,907)
======== ======== ======== ========

Net loss per
share -- basic
and diluted $ (0.08) $ (0.34) $ (0.76) $ (2.32)

Weighted average
shares outstanding 25,849 22,192 25,163 19,323
======== ======== ======== ========


Consolidated Condensed Balance Sheet

Dec. 31, Dec. 31,
2000 1999
--------- ---------

Assets
Cash and cash equivalents $ 12,496 $ 3,678
Investments 13,831 5,212
Accounts receivable, net 6,762 5,417
Other current assets 2,773 3,542
--------- ---------
Total current assets 35,862 17,849

Property and equipment, net 5,658 4,215

Other assets 3,451 3,765
--------- ---------
Total assets $ 44,971 $ 25,829
========= =========

Liabilities and stockholder`s equity
Current liabilities $ 14,345 $ 10,552

Stockholders` equity
Preferred Stock -- --
Common Stock 267 230
Additional paid-in capital 141,484 106,832
Foreign currency translation (408) (238)
Accumulated deficit (110,717) (91,547)
--------- ---------
Total stockholders` equity 30,626 15,277
--------- ---------
Total liabilities and stockholders` equity $ 44,971 $ 25,829
========= =========

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Secure Computing Corp (SCUR)
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Market Cap $309.248M
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