Cyberguard - Firewall - 500 Beiträge pro Seite

[Nick13]

Hallo CYBG Anhänger!

hier ein etwas älteres Research:

06.01.2003
Cyberguard kaufen
Zacks Investment Research

Jim Oberweis von Zacks Investment Research empfiehlt in seinem "The Oberweis Report", Aktien von Cyberguard (WKN 893090) zu kaufen.

Allgemein erwarte Oberweis für 2003 für die im S&P 500 Index gelisteten Aktien eine durchschnittliche Wertsteigerung in 2-stelliger Höhe. Aktien kleinerer Unternehmen wie Cyberguard sollten sich noch besser entwickeln. Cyberguard sei ein führendes Unternehmen auf dem Gebiet von Sicherheitslösungen für Netzwerke. Cyberguard biete größeren Unternehmen und Regierungsstellen weltweit Lösungen zur Unternehmens- und E-Commerce-Sicherheit.

Im jüngsten, ersten Geschäftsquartal sei der Umsatz von Cyberguard im Vergleich zum Vorjahr um mehr als 50% von 4,6 Mio. USD auf 7,1 Mio. USD gestiegen. Dadurch sei ein Gewinn/Aktie von 0,04 USD erzielt worden, wogegen vor einem Jahr noch ein Verlust ausgewiesen worden sei.

Dieses schnelle Wachstum angesichts der schlechten Wirtschaftslage veranlasst Jim Oberweis von Zacks Investment Research, die Aktie von Cyberguard zum Kauf zu empfehlen.

[GulOcram]

Nach dem gestrigen Anstieg müsste der Weg bis 13 Dollar frei sein.

[Tbroker]

13$??

Also, ich häng voll fett drin...
Wäre nicht schlecht, so nach 6 Jahren...

Ciao Tbroker

Go go go CFW

[Tbroker]

schaut bitte unbedingt ins dow/Nasdaq Board!!!

Eine Überraschung wartet auf Euch!!!

Ciao Tbroker

CGFW

[Nick13]

Hallo Leute,

das ist eine gute Nachricht! Auf geht`s!!!

Gruss

[Teddybär]

Hallo TB,

mal sehen ob sich das warten gelohnt hat.
Bin in 98 rein; dann mit den Schwankungen ein bißchen gezockt und seit der Einstellung des Handels hier in Deutschland sitze ich (absichtlich) auf meinen lieben kleinen Cybies und warte. (wobei die Einstellung des Handels leider für mich zu schnell kam; meine letzte Order über damals Spottbillige 2000 Stück wurde nicht mehr ausgeführt )

Bin mal gespannt ob und wann wir unsere Höchststände nochmal sehen oder vielleicht sogar mehr.

Jetzt haben wir ja die Nachricht auf die wir einige Jahre gewartet haben

Nur eins ist Schade; irgendwie arbeitet der Dollarkurs gegen uns......

[Nick13]

Tach,

wenn die Zinsen von der EZB gesenkt werden, hat sich das mit dem Dollar auch wieder erledigt. Aber Du hast schon recht warum sollte man jetzt verkaufen?

Wir sollten uns alle ein wenig zurücklehnen und die Show genießen! Mal sehen wann n-tv das erste mal über die atemberaubende Story berichtet

Zudem ist ab heute ein sehr hohes Handelsvolumen zu erwarten.

Gruss

[Teddybär]

Moin Moin

ich glaube nicht, daß wir ein deutlich höheres Handelsvolumen bekommen werden.
Wir waren die letzten 1-2 Wochen schon bei einem deutlich höhren Volumen.
Ich denke im ersten Step wird es so bleiben.

Wir werden sehen....
...zurücklehnen...warten....freuen :-)

Da hab ich ja seit ein paar Jahren Übung

[Teddybär]

Press Release Source: CyberGuard Corporation


CyberGuard Unveils New Multi-Gigabit Security Appliance Powerhouse
Wednesday July 9, 9:30 am ET
SL3200 - Newest in Line of High Performance Firewall/VPN Appliances - To Deliver Major Price/Performance Boost


FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 9, 2003-- CyberGuard Corporation (Nasdaq:CGFW - News), the technology leader in network security, announced today that it has begun shipping a powerful new model in its line of firewall/VPN appliances to customers around the world. The SL3200 incorporates CyberGuard`s recently acquired NetOctave(TM) technology to deliver a 60-percent performance increase over the SL2000, CyberGuard`s previous price/performance leader.
Pat Clawson, president of CyberGuard Corporation stated, "Our government and enterprise customers are trying to balance securing their networks with accommodating the explosive increase in bandwidth required to connect users and data-rich applications across the enterprise. The SL3200 enables organizations to meet both of these requirements."

Clawson added that CyberGuard is beginning to see the benefits of its NetOctave acquisition earlier in the year, as the company takes advantage of some of the best and brightest hardware acceleration experts to deliver faster and faster performance at a compelling price.

Mike Wittig, chief technology officer for CyberGuard, says the acquisition gives CyberGuard a competitive advantage. "CyberGuard is a leader in providing the highest levels of security. Our NetOctave division is an industry leader in manufacturing high-quality, high-performance security processors and accelerator boards for the SSL and IPsec markets. Our customers get the benefit of our combined R&D expertise," explains Wittig. "This translates into shorter development times, more flexibility, and access to the latest technologies. We will continue to deliver faster performance at the same time we are focusing our efforts on software innovation and enhancing product functionality."

In addition to the SL3200, which is designed for the most demanding high-bandwidth environments, CyberGuard offers:

Two models of its FS appliance - the FS250 and FS500 - designed for low to moderate bandwidth environments.
Two models of its popular KS appliance - KS1000 and KS1500 - for large enterprises.
A desktop appliance - the LX - designed for branch offices and satellite locations.
About CyberGuard Corporation

CyberGuard Corporation, the technology leader in network security, provides enterprise and electronic commerce security solutions to Fortune 1000 companies and governments worldwide. CyberGuard`s award winning, industrial-strength firewall/VPN products and services protect the integrity of data and applications from unauthorized access. CyberGuard`s appliances, which include SL, KS, FS and LX, hold Common Criteria Evaluation Assurance Level 4+ (EAL4+) certification, the most prestigious and rigorous IT security evaluation available. The company has world headquarters in Ft. Lauderdale, Florida, and branch offices worldwide. More information on CyberGuard Corporation can be found at http://www.cyberguard.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve certain risks, uncertainties and factors, including without limitation, those described in the Company`s filings with the Securities and Exchange Commission, that may cause the Company`s future actual results to materially differ from the Company`s current expectations. The Company assumes no obligation to update any forward-looking statements.

CyberGuard® is a registered trademark of CyberGuard Corporation. All other trademarks or registered trademarks are the property of their respective owners.



--------------------------------------------------------------------------------
Contact:
MPB Communications, Maitland, Fl
Cynthia Sucher, 407/622-4700 office; 407/595-0142 cell
[e-mail]



--------------------------------------------------------------------------------
Source: CyberGuard Corporation

[Nick13]

Tach,

Umsatz? + Kurssteigerung? ALLES WAS DAS HERZ BEGEHRT!

Jetzt schauen wir noch auf die Nachhaltigkeit und entspannen!

Gruss

[Teddybär]

okok....

soviel zum Thema denken; war noch nie meine Stärke

Beim Umsatzvolumen habe ich mich getäuscht.
Das ist nochmal eine deutliche Steigerung gestern gewesen!
wobei, ich habe garantiert nichts dagegen

[Teddybär]

CyberGuard to Provide Network Security for Major Mideast Energy Corporation
Thursday July 17, 7:46 am ET
Leading Oil Company Will Use CyberGuard Firewall/VPN Appliances To Protect Its Network


FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 17, 2003-- CyberGuard Corporation (Nasdaq:CGFW - News), the technology leader in network security, announced today that a major Mideast oil company has selected CyberGuard firewall/VPN appliances to secure its network operations. The contract, which is estimated at approximately $1.5 million, will be managed through CyberGuard solution provider Ebttikar Technology Company.
Abdulaziz AL-Tamami, president of Ebttikar Technology Company, stated, "CyberGuard is the customer choice for this type of demanding network environment with complex operations around the globe. CyberGuard has been one of the industry leaders in evaluated security and one of the security technologies that Ebttikar offers to its customers to ensure that their IT environment is protected with the latest security technology that has earned international certifications such as Common Criteria Evaluation Assurance Level 4+."

CyberGuard has a significant presence in the Mideast, particularly within the Kingdom of Saudi Arabia. Since 1999, CyberGuard has protected the security infrastructure of the Saudi Arabian Monetary Agency (SAMA). In 2002, Saudi Telecom Corp selected--and began deploying--CyberGuard firewall/VPN appliances in high availability configurations to secure their critical customer and consumer backbone networks. Other large CyberGuard customers include Saudi Arabian Airlines, the National Commercial Bank (NCB) in Jeddah, as well as other banks and government agencies in Riyadh.

Pat Clawson, president of CyberGuard Corporation, stated, "This is an example of the kind of high-end enterprise environment that we design our products for. Our customers are typically very sophisticated and knowledgeable when it comes to security. They demand the highest security, performance and manageability. They also expect the high levels of service and attention that we deliver."

Work on securing the network operations center is in progress and the solution is expected to be fully deployed within the next six months.

About CyberGuard Corporation

CyberGuard Corporation, the technology leader in network security, provides enterprise and electronic commerce security solutions to Fortune 1000 companies and governments worldwide. CyberGuard`s award winning firewall/VPN products and services protect the integrity of data and applications from unauthorized access. CyberGuard`s appliances, which include SL, KS, FS and LX, hold Common Criteria Evaluation Assurance Level 4+ (EAL4+) certification, the most prestigious and rigorous IT security evaluation available. The company has world headquarters in Ft. Lauderdale, Florida, and branch offices worldwide. More information on CyberGuard Corporation can be found at http://www.cyberguard.com.

About EBTTIKAR

Ebttikar Technology Company is a pioneer in providing innovative IT solutions and services in the Kingdom of Saudi Arabia. Formed as a merger of Al-Faisaliah Advanced Systems Technology (FAST) and Al-Faisaliah Electronic Services (AES), subsidiaries of Al-Faisaliah Holding Group, together with Gulf Stars Technology (GST), Ebttikar provides end-to-end innovative and integrated IT solutions and services in the following business areas: networking, enterprise network management, security services, systems and storage, integration and outsourcing services. Headquartered in Riyadh with regional offices in Jeddah and Dammam, Ebttikar has more than 300 dedicated employees supporting over 1000 customers from three main offices and 20 service centers. Further information about Ebttikar, its solutions and services can be found at http://www.ebttikar.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve certain risks, uncertainties and factors, including without limitation, those described in the Company`s filings with the Securities and Exchange Commission, that may cause the Company`s future actual results to materially differ from the Company`s current expectations. The Company assumes no obligation to update any forward-looking statements.



--------------------------------------------------------------------------------

[Nick13]

Hallo,

hier einmal ein link:

http://www.wallstreetreporter.com/profiles/Cyberguard.html

Gruss

[Teddybär]

was so eine klitzekleine Empfehlung doch ausmacht

Springt der Kurs doch glatt für nen Moment auf 10

9:11AM CyberGuard upgraded at Wedbush (CGFW) 9.01: Wedbush Morgan upgrades to Buy from Hold based on increasing confidence in the resilience and growth of the proxy firewall; target is $10.50.

Quelle: http://finance.yahoo.com/mp#cgfw

[Nick13]

Tach,

nicht schlecht. Aber wer ist dieser Wedbush?

Gruss

[Tbroker]

Hallo,

schön, dass sich hier einige melden.
Wahnsinn, ich finde es extremst inter., dass sich zu so einer Story so wenig melden.
Zu den Mega Verlust Company´s dagegen immens viele.
Über die ganzen Jhare hinweg (bin auch seit 97 drin) spielte sich auf den Boards sehr wenig ab.
Jetzt ist das Yahoo finance Board wahnsinns inter..

Wedbush... hat schon einiges zu sagen!
Ich denke, dass wir gegen 14$ laufen.
Dann werd´ich auch einiges abstoßen.

Also, bis jetzt hab ich ca.800%...weiter geht´s...

Ciao TB

[Nick13]

Hallo Tbrocker,

wie Du gehst schon raus?!
Dann geht der Spass doch erst richtig los!

Gruss

[Tbroker]

hi nick,

naja, meinst du es geht dann wirklich erst los.
gestern schuate es nicht so aus.

Mal schauen

Gruß Tbroker

[GulOcram]

Toller Rebound gestern nach starkem Kursrutsch nach Veröffentlichung der Zahlen.

Company Reports 48 Percent Revenue Growth for FY2003 Over FY2002 and Net Income of $4.071 Million Compared to Prior Year Loss of $608,000

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 12, 2003-- CyberGuard Corporation (Nasdaq:CGFW - News), the technology leader in network security, today reported revenues of $32.98 million for the fiscal year ended June 30, 2003, and net income of $4.071 million, compared to revenues the previous fiscal year of $22.34 million and a net loss of $608,000 - a bottom line improvement of $4.679 million over fiscal year 2002. The company reported revenues of $9.003 million for the quarter ended June 30, 2003, compared to revenues of $5.720 for the same quarter a year earlier, an increase of $3.283 million.

This is the first time that CyberGuard has recorded a net profit for the fiscal year. The net income to shareholders for fiscal year 2003 was $0.16 per diluted share compared to a net loss to shareholders of $0.03 per diluted share for fiscal year 2002. For the quarter ended June 30, 2003, there was a net loss to shareholders of $0.17, which was primarily attributable to a one-time charge related to the settlement of a class-action lawsuit that was initially filed in 1998.

[Tbroker]

Hier kann ich nur sagen, gigantisch!!!
Stellt sich nur noch die Frage, wann wir bei 15$ sind, nicht ob!!!

Tbroker

[Nick13]

Tach!

da geht ja heute richtig die Post ab! Mit Asien konnte da zusätzlich etwas ganz grosses anlaufen!




CyberGuard Expands Presence in Asia-Pacific Market, Signs Distribution Agreement with Key Japanese Partner
Thursday October 2, 8:00 am ET
Canon System Solutions To Become Value-Added Distributor in Japan


FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 2, 2003--CyberGuard Corporation (Nasdaq:CGFW - News), the technology leader in network security, is expanding its presence in the fast-growing Asia-Pacific market with the announcement today of a distribution agreement with Canon System Solutions Inc. based in Japan.
Paul Henry, vice president of CyberGuard Corporation, stated, "CyberGuard grew 19 percent in the Asia-Pacific market last year. A distribution agreement with highly respected Canon System Solutions will help to further penetrate the Japanese market, which is the world`s second largest economy. This agreement with Canon is part of our distribution-in-depth strategy that emphasizes identifying and targeting key international markets."

"We`re proud to offer CyberGuard`s strong security solutions to our valued customers here in Japan. Japan will soon be joining 15 other countries that are members of the international Common Criteria program. Our partnership with CyberGuard allows us to bring firewall and VPN appliances with the highest level certification - Evaluation Assurance Level (EAL) 4+ - to our country," explains Kiyotaka INADA, vice president and general manager of the security solution division of Canon System Solutions.

Canon will begin offering CyberGuard security products and services through its security division.

About Canon System Solutions

Mal sehen was nun die nächsten Monate passiert!

[Tbroker]

Hallo Zusammen,

ich denke, die 14$ können wir noch erreichen.
Das Ding zeigt richtig Stärke!
Hatte nochmal richtig nachgekauft und hoffe nun auf einiges.

Also, ab die Post...

Ciao Tbroker

[Nick13]

Press Release Source: CyberGuard Corporation


CyberGuard to Provide Security Appliances for Large Government Telecommunications Network in Asia
Wednesday October 15, 9:00 am ET
Integrated Communications and Computer Network Will Deploy CyberGuard Firewall/VPN Appliances Throughout System


FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 15, 2003-- CyberGuard Corporation (Nasdaq:CGFW - News), the technology leader in network security, announced today that a large network that supplies the communications and computer infrastructure for government agencies throughout Asia has selected CyberGuard firewall/VPN appliances to provide information security. The contract, which calls for deploying more than 200 firewalls over a two-year period, will be managed by Quantiq International Pte Ltd., a CyberGuard value added distributor based in Singapore.
Paul Henry, vice president of CyberGuard Corporation, said, "CyberGuard is an ideal solution for this type of large complex network environment. Government and government agencies require the highest levels of security, which we offer in our kernel-hardened multi-architecture firewall/VPN appliances with Common Criteria Evaluation Assurance Level 4+ certification. They were also looking for very high performance because of the huge bandwidth needs for telecommunications. In this instance, where there are a variety of geographically distributed locations, scalability was also an important factor. CyberGuard offers a range of security appliances, which allows the organization to configure a flexible and highly scalable system architecture."

Quantiq received formal notification of the award in September. The two-year contract calls for them to supply, deliver, install, test and commission 218 firewalls throughout a national network that serves as a communications and computing infrastructure for government agencies.

About CyberGuard Corporation

CyberGuard Corporation, the technology leader in network security, provides enterprise and electronic commerce security solutions to Fortune 1000 companies and governments worldwide. CyberGuard`s award winning firewall/VPN products and services protect the integrity of data and applications from unauthorized access. CyberGuard`s appliances, which include SL, KS, FS and LX, hold Common Criteria Evaluation Assurance Level 4+ (EAL4+) certification, the most prestigious and rigorous IT security evaluation available. The company has world headquarters in Ft. Lauderdale, Florida, and branch offices worldwide. More information on CyberGuard Corporation can be found at http://www.cyberguard.com.

About Quantiq

Quantiq International Pte Ltd provides information technology products and services to government and commercial enterprises throughout Asia. The company provides strategic, implementation, management and technology services including: network security and design, policy development, project management, installation and implementation, risk assessment, customization and consulting. The company is based in Singapore. More information is available at http://www.quantiqint.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve certain risks, uncertainties and factors, including without limitation, those described in the Company`s filings with the Securities and Exchange Commission, that may cause the Company`s future actual results to materially differ from the Company`s current expectations. The Company assumes no obligation to update any forward-looking statements.




Contact:
MPB Communications, Maitland, Fla.
Cynthia Sucher, 407/622-4700 (o) or 407/595-0142 (c)
[e-mail]

[GulOcram]

Voll die Seuche Dabei waren die Zahlen doch gar nicht so schlecht. Was haben die Jungs an der Börse denn für Zahlen erwartet. Ich bin optimistisch, dass es langsam wieder gen 10 - 12 geht. Nach den letzten Quartalszahlen gab es ja auch einen "Crash" bis auf 8. Allerdings hat CGFW im Tagesverlauf damals alle Verluste wieder wett gemacht.

[Tbroker]

Hi GulOcram,

nun ja, hab leider vorher nicht verkauft.
Schade, denn so etwas hab ich nicht erwartet.
Ich denke, dass die Zahlen gar nicht so schlecht sind.
Man kann nur hoffen, dass die nächsten Tage der Gesamtmarkt steigt (was ich nicht denke)!
Also, wird schon wieder!

12$ sind durchaus drin...

Ciao Tbroker

[Nick13]

Tach,

tja, das war es wohl erst mal. Ich denke mit einer Vertriebsoffensive in Aisen und entsprechender Nachfrage könnten die Zahlen bei der nächsten Abrechnung extrem gut aussehen.

Allerdings finde ich die jetzt gelieferten Zahlen wirklich nicht schlecht. Bei der jetzigen Entwicklung und Aussicht dieser Firma sind die Kursabschläge nicht zu rechtfertigen. Das Produkt ist einfach Weltklasse.....

Hängen wir halt weitere 12 Monate dran.....

[Nick13]

Vergessen:

und ist Wedbush Morgan???

[Nick13]

9:48AM CyberGuard initiated at CE Unterberg with Buy and $14 target (CGFW) 9.94 +0.49:

CE Unterberg initiates coverage on CyberGuard with a Buy rating and $14 target. The co`s focus on the high-end security market is likely to enable the co to post top line growth ahead of the industry average. The market for high-end security products is likely to grow from $700 mln in 2003 to $1 bln in 2006. CyberGuard has been able to show steady top-line growth and gain market share due to its focus on high-end enterprise customers and govt agencies. The firm`s $14 target represents a multiple of 35x the firm`s initial CY05 earnings of $0.40.

[Teddybär]

Form 10-Q for CYBERGUARD CORP


--------------------------------------------------------------------------------

12-Feb-2004

Quarterly Report


Item 2. Management`s Discussion and Analysis of Financial Condition and Results of Operations



This Form 10-Q contains forward-looking statements about future results, which are subject to risks, and uncertainties, including those discussed below. These statements relate to future events or our future financial performance. In many cases you can identify forward-looking statements by terminology such as "may", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential", "intend", or "continue", or the negative of such terms and other comparable terminology. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements include statements about our plans, objectives, expectations, intentions and other statements that are not historical facts. They are subject to known and unknown risks and uncertainties and assumptions that could cause our actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including, but not limited to, the risks described in Part II, Item 7, of the Company`s 10-K for the year ended June 30, 2003. You should not unduly rely on these forward-looking statements, which apply only as of the date of this quarterly report. We undertake no obligation to update any forward-looking statements to reflect new information, circumstances or events after the date of this report. These forward-looking statements are only predictions.



The Company provides a full suite of products and services for the network security industry. The products offered by the Company include the CyberGuard and SnapGear firewall appliances and VPN, proprietary and third party technology and consulting and support services.



Results of Operations



The quarter ended December 31,, 2003 compared to the quarter ended December 31,



Total Revenues



Total revenues, consist of product sales and maintenance and professional services, related to the sale of products. For the quarter ended December 31, 2003, total revenues increased by $3,003 to $11,236 compared to $8,233 for the quarter ended December 31, 2002. The increase was comprised of an increase in product sales of $2,416 and an increase in services of $587. International revenue represented approximately 50% of total revenues for the three months ended December 31, 2003 and 44% of total revenues for the three months ended December 31, 2002. The growth in revenues was driven by increased demand for our product in all geographic markets and in both governmental and commercial sectors. International revenue was positively impacted by the stronger Euro and British pound compared to the US dollar. The increase in product and service revenue is the result of an increase in the number of units shipped and not from an increase in product prices.



Network security product revenue accounted for 73% of revenue during the quarter ended December 31, 2003 compared to 70% of revenues during the quarter ended December 31, 2002.



Service revenue includes maintenance contracts related to new product sales, renewal maintenance contracts for products previously deployed, training and consulting services. Support services for network security products accounted for 27% of revenues during the quarter ended December 31, 2003 as compared to 30% of revenues during the quarter ended December 31, 2002. The increase in service revenue corresponds to the growth in the Company`s customer base and its timing of renewal maintenance.




Table of Contents


CYBERGUARD CORPORATION


December 31, 2003

(Dollars in thousands, except per share data)



Gross Profit



Gross profit as a percentage of revenues was 71% for the quarter ended December 30, 2003 and 74% for the quarter ended December 31,2002.



The lower gross margin is the direct result of the inclusion of SnapGear results, which have lower gross margins than the existing CyberGuard product range.



The Company`s gross margin has been, and will continue to be, affected by a variety of factors including, competition, the mix and average selling prices of products, new product introductions and enhancements, and the fluctuations in manufacturing volumes. We must continue to manage each of these factors effectively for our gross margins to remain at their current level.



Operating Expenses, Other Income and Expense and Net Income



Research and development expense includes salaries, non-capitalized equipment, software, software tools, and depreciation from capital equipment. Research and development expense increased by $356 to $1,563 for the quarter ended December 31, 2003 compared to $1,207 for the quarter ended December 31, 2002. The increase is net of research and development costs capitalized during the quarter ended December 31, 2003 of $432 compared to $76 of research and development costs capitalized during the quarter ended December 31, 2002. Forty eight percent of the remaining increase in cost is the result of the acquisition of NetOctave. The balance is the result of the return to full salary following the completion of the special option program discussed in Part I, Item 1, Footnote 7 of the 10Q filed with the SEC for the quarter ended December 31, 2001 as well as the acquisition of SnapGear and higher payroll costs due to additional headcount in the current quarter, when compared to the prior year. As a percentage of total revenue, research and development expense decreased to 13% for the quarter ended December 31, 2003 from 15% for the quarter ended December 31, 2002. The lower percentage is the result of the increase in research and development costs capitalized in the current quarter when compared to the prior year as well as the increase in Company revenues.



We expect to increase our research and development costs in total dollars to enhance and expand our current product offerings and develop new products. We plan to continue to make the necessary investment in research and development to keep our products at a competitive advantage.



Selling, general and administrative expense includes salaries, commissions, costs associated with the executive, human resource, finance and administrative support functions, legal and accounting professional services, and depreciation and amortization expense. Selling, general and administrative expense increased by $1,253 to $4,796 for the quarter ended December 31, 2003 from $3,543 for the quarter ended December 31, 2002.



The increase in selling, general and administrative expenses for the quarter ended December 31, 2003, of $1,253 is primarily attributable to increases in the sales and marketing area related to increased headcount for training, marketing, inside sales staff and expansion of personnel within our US Government sales force. Headcount has also increased in our international operations in the EMEA and APAC regions. The return to full salary following the special option program as described above in the discussion on research and development expense also contributed to the increase. The additional payroll related costs in the areas described above, accounted for 72% of the overall selling, general and administrative expense increase of $1,253. Marketing expenditures accounted for 12% of the increase. Additionally, amortization expense




Table of Contents


CYBERGUARD CORPORATION


December 31, 2003

(Dollars in thousands, except per share data)



increased for the quarter when compared to the prior year, as a result of intangible assets acquired in the NetOctave and SnapGear acquisitions which accounted for 11% of the increase.



Total other income increased $18 for the quarter ended December 31, 2003 to $162 compared to $144 for the quarter ended December 31, 2002. The increase was the result of an increase in interest income and an increase in foreign currency translation gains.



The Company recorded an income tax benefit of $599 as of December 31, 2003, as a result of the reversal of a portion of the deferred tax asset valuation allowance. The reversal of the allowance was made because the Company believes it is more likely than not that this portion of the deferred tax asset will be realized. The computation of our deferred tax asset and valuation allowance is based on taxable income we expect to earn over the next two years which will include the utilization of previously accumulated net operating tax losses. A valuation allowance is provided for that portion of our deferred tax asset, which we cannot determine, is more likely than not to be recognized, due to our cumulative losses and the uncertainty as to future recoverability. We believe this is a conservative approach in determining the deferred tax asset that may be realized. The risk factors discussed in Part II, Item 7 of Form 10K for the fiscal year ended June 30, 2003 could adversely affect our ability to generate future taxable income, thereby also adversely impacting our ability to realize the deferred tax asset. We will continue to evaluate each quarter the amount, if any, of additional reduction of the valuation allowance that should be made. This will be based on management`s estimate and conclusions regarding the ultimate realization of the deferred tax asset, including but not limited to, the company`s recent positive financial results as well as projected earnings over a two-year period. These projections are based upon products currently being sold and markets that currently produce sales. The impact of further reductions of the valuation allowance will be to record a tax benefit which will increase net income in the period the determination is made.



Net income for the quarter ended December 31, 2003 was $2,344 compared to net income of $1,508 for the quarter ended December 31, 2002.



The six-month period ended December 31,, 2003 compared to the six-month period ended December 31, 2002



Total Revenues



Total revenues, consist of product sales and maintenance and professional services, related to the sale of products. For the six-month period ended December 31, 2003, total revenues increased by $4,923 to $20,256 compared to $15,333 for the six-month period ended December 31, 2002. The increase was comprised of an increase in product sales of $3,716 and an increase in services of $1,207. International revenue represented approximately 52% of total revenues for the six-month period ended December 31, 2003 and 48% of total revenues for the six-month period ended December 31, 2002. The growth in revenues was driven by increased demand for our product in all geographic markets and in both governmental and commercial sectors. The increase in product and service revenue is the result of an increase in the number of units shipped and not from an increase in product prices.



Network security product revenue accounted for 71% of revenue during the six-month period ended December 31, 2003 compared to 70% of revenues during the quarter ended December 31, 2002.



Service revenue includes maintenance contracts related to new product sales, renewal maintenance contracts for products previously deployed, training and consulting services. Support services for network security products accounted for 29% of revenues during the quarter ended December 31, 2003 compared to 30% of revenues during the quarter ended December 31, 2002. The increase in service




Table of Contents


CYBERGUARD CORPORATION


December 31, 2003

(Dollars in thousands, except per share data)



revenue corresponds to the growth in the Company`s customer base and its timing of renewal maintenance.



Gross Profit



Gross profit as a percentage of revenues was 72% for the six-month period ended December 30, 2003 and 75% for the six-month period ended December 31,2002.



The lower gross margin is the direct result of the inclusion of SnapGear results, which have lower gross margins than the existing CyberGuard product range



The Company`s gross margin has been, and will continue to be, affected by a variety of factors including, competition, the mix and average selling prices of products, new product introductions and enhancements, and the fluctuations in manufacturing volumes. We must continue to manage each of these factors effectively for our gross margins to remain at their current level.



Operating Expenses, Other Income and Expense and Net Income



Research and development expense includes salaries, non-capitalized equipment, software, software tools, and depreciation from capital equipment. Research and development expense increased by $1,141 to $3,395 for the six-month period ended December 31, 2003 compared to $2,254 for the six-month period ended December 31, 2002. The increase is net of research and development costs capitalized during the six-month period ended December 31, 2003 of $507 compared to $179 of research and development costs capitalized during the six-month period ended December 31, 2002. Thirty-seven percent of the cost increase is the result of the acquisition of NetOctave. The balance is the result of the return to full salary following the completion of the special option program discussed in Part I, Item 1, Footnote 7 of the 10Q filed with the SEC for the quarter ended December 31, 2001 as well as higher payroll costs due to additional headcount in the current period, when compared to the prior year. As a percentage of total revenue, research and development expense increased to 17% for the six-month period ended December 31, 2003 from 15% for the six-month period ended December 31, 2002.



We expect to increase our research and development costs in total dollars to enhance and expand our current product offerings and develop new products. We plan to continue to make the necessary investment in research and development to keep our products at a competitive advantage.



Selling, general and administrative expense includes salaries, commissions, costs associated with the executive, human resource, finance and administrative support functions, legal and accounting professional services, and depreciation and amortization expense. Selling, general and administrative expense increased by $1,830 to $8,695 for the six-month period ended December 31, 2003 from $6,865 for the six-month period ended December 31, 2002.



The increase in selling, general and administrative expenses for the six-month period ended December 31, 2003, is attributable to increases in headcount for training, marketing and inside sales staff as well as expansion of personnel for our US Government sales division. Headcount has also increased in our international operations in the EMEA and APAC regions. The additional payroll related costs in the areas described above, accounted for 68% of the overall selling, general and administrative expense increase of $1,830. Other cost increases included higher expenditures related to professional services, which accounted for 14% of the increase, and depreciation and amortization expense, which accounted for a further 14% of the increase.




Table of Contents


CYBERGUARD CORPORATION


December 31, 2003

(Dollars in thousands, except per share data)



Total other income increased $99 for the six-month period ended December 31, 2003 to $220 compared to $121 for the six-month period ended December 31, 2002. The increase was the result of an increase in interest income and foreign currency translation gains and a decrease in the loss on sale of fixed assets.



The Company recorded an income tax benefit of $867 for the six-month period December 31, 2003, as a result of the reversal of a portion of the deferred tax asset valuation allowance. The reversal of the allowance was made because the Company believes it is more likely than not that this portion of the deferred tax asset will be realized. The computation of our deferred tax asset and valuation allowance is based on taxable income we expect to earn over the next two years which will include the utilization of previously accumulated net operating tax losses. A valuation allowance is provided for that portion of our deferred tax asset, which we cannot determine, is more likely than not to be recognized, due to our cumulative losses and the uncertainty as to future recoverability. We believe this is a conservative approach in determining the deferred tax asset that may be realized. The risk factors discussed in Part II, Item 7 of Form 10K for the fiscal year ended June 30, 2003 could adversely affect our ability to generate future taxable income, thereby also adversely impacting our ability to realize the deferred tax asset. We will continue to evaluate each quarter the amount, if any, of additional reduction of the valuation allowance that should be made. This will be based on management`s estimate and conclusions regarding the ultimate realization of the deferred tax asset, including but not limited to, the company`s recent positive financial results as well as projected earnings over a two-year period. These projections are based upon products currently being sold and markets that currently produce sales. The impact of further reductions of the valuation allowance will be to record a tax benefit which will increase net income in the period the determination is made.



Net income for the six-month period ended December 31, 2003 was $3,504 compared to net income of $2,440 for the six-month period ended December 31, 2002.



Liquidity and Capital Resources



At December 31, 2003, the Company had cash and cash equivalents on hand of $14,202 representing an increase of $2,107 from $12,095 as of June 30, 2003. Net cash provided by operating activities during the six-month period ended December 31, 2003 of $624 was primarily attributable to net income from operations of $3,504 combined with an increase in accrued expenses and deferred revenue, and a decrease in litigation receivable and other net, offset by a deferred tax benefit, and a decrease in litigation payable and accounts payable. Net cash used in investing activities during the six-month period ended December 31, 2003 of $681 related to the purchase of property and equipment and the capitalization of software costs. Cash provided by financing activities of $2,168 during the six-month period ended December 31, 2003 reflects the proceeds from stock options exercised and purchases made through the Company`s Employee Stock Purchase Plan.



The Company`s principal sources of liquidity at December 31, 2003, consisted of cash, accounts receivable, and vendor trade credit.



We believe our existing cash; cash equivalents and short-term investments will be sufficient to meet our cash requirements at least through the next twelve months. However, we may be required or could elect to seek additional funding prior to that time. Our future capital requirements will depend on many factors, including our rate of revenue growth, the timing and extent of spending on support, product development efforts, expansion of sales and marketing, the timing of introductions of new products and enhancement to existing products, and market acceptance of our products. Other recent and possible future events that could also materially impact the Company`s ability to successfully execute on its




Table of Contents


CYBERGUARD CORPORATION


December 31, 2003

(Dollars in thousands, except per share data)



business plans are described in Information Relating to Forward Looking Statements of this Item on Form 10-Q. We are not aware of any known demands, commitments, events or uncertainties that will result or that are reasonably likely to result in our liquidity increasing or decreasing in a material way.



We have no other agreements or arrangements for third parties to provide us with sources of liquidity and capital resources, including off balance sheet arrangements.




CRITICAL ACCOUNTING POLICIES




Our discussion and analysis of financial conditions and results of operations is based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, we evaluate significant estimates used in preparing our financial statements, including revenue recognition, bad debt, software development cost, inventory valuation, and reserve for deferred taxes. We base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.



We believe the following critical accounting policies affect the more significant judgments and estimates used in preparing our consolidated financial statements:



Revenue Recognition. Revenue recognition rules for software companies are very complex. We follow very specific and detailed guidelines in measuring revenue; however, certain judgments affect the application of our revenue policy. The discretion involved in this process makes revenue results difficult to predict, and any shortfall in revenue or delay in recognizing revenue could cause our operating results to vary significantly from quarter to quarter and could result in future operating losses.



Our revenue is derived from the following sources:



(i) Product sales to resellers and end users.





(ii) Contract engineering services, primarily from software
and hardware customization for original equipment
manufacturer (OEM) customers



(iii) Product sales with customer-specific acceptance provisions

to OEM customers and




(iv) Service revenue which is primarily maintenance which
provides for customer support.



Revenues from product sales are recognized only when a contract or agreement has been executed, delivery of the product has occurred, the fee is fixed and determinable and we believe collection is probable. Product revenue is generally recognized on product shipment; this includes the transfer of both title and risk of loss, provided that no significant obligations remain. There is no product right of return available to the customer. We defer revenues on product sales for new value added resellers where we are unable to determine the ability of the reseller to honor a commitment to make fixed or determinable payment. Revenue will be deferred until the resellers demonstrate consistency of payment within terms and there are no instances where we have to take back the product because of non-payment for a three-month period. For the quarter ended December 31, 2003, four resellers were reclassified from cash basis to accrual, based on a reasonable assurance of collectibility from evaluating their payment history and no product returns. No resellers were reclassified for the quarter ended December 31, 2002. For the six months ended December 31, 2003 and 2002, five and thirteen resellers were reclassified from cash basis




Table of Contents


CYBERGUARD CORPORATION


December 31, 2003

(Dollars in thousands, except per share data)



to accrual. The impact of the reclassifications did not have a material effect on revenue in any of the periods.



The Company recognizes contract engineering service revenue on a completed contract basis inaccordance with SOP 81-1. Contract engineering contracts are relatively short term ranging from 1-3 months.



The Company recognizes revenue from product sales with customer-specific acceptance provisions when such specifications have been met and the title and risks and rewards of ownership transfer to the customer.



Service revenues consist primarily of the annual fee for maintenance (post-contract customer support) and maintenance renewals from our existing customers and are recognized ratably on a monthly basis over the service contract term. These services provide our customers access to our worldwide support organization for technical support, unspecified product updates/enhancements on a when and if available basis, and general security information. The updates are considered minor enhancements to the software that are not separately marketable or considered a competitive feature or major upgrade. All products and services are separately priced.



The Company also provides other professional support services, such as training and consulting, which are available under service agreements and charged for separately. These services are generally provided under time and materials contracts and revenue is recognized as the service is provided.



Bad Debts. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. Significant judgment is required when we assess the ultimate realization of receivables, including the probability of collection and the credit-worthiness of each customer. In estimating the allowance for doubtful accounts, we analyze our accounts receivable aging, historical bad debts, customer credit-worthiness, current economic trends and other factors. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance might be required.



Software Development Costs. We capitalize costs related to the development of certain software products in accordance with Statement of Financial Accounting Standards (SFAS) No. 86, Accounting For the Costs Of Computer Software to be Sold, Leased, or Otherwise Marketed which requires capitalization to begin when technological feasibility has been established and ends when the product is available for general release to customers. Software development costs incurred prior to technological feasibility, defined by implementation of a beta project, are considered research and development costs and are expensed as incurred. Capitalized costs are amortized on a straight-line method over two years and is the greater of the two amounts calculated using the methods noted in SFAS No. 86.



Inventory Valuation. Inventories consist primarily of component parts and computer hardware and are carried at the lower of cost, determined by the First-In-First-Out method, or market. We write our inventories down to estimated market value based on assumptions of our future demand, based on projected product releases and market conditions. Variation in market trends, customer preferences, introduction of new products (replacing existing products) or technological advances could, however, significantly affect these estimates and result in additional inventory write-downs.



Deferred Taxes. We provide a valuation allowance for that portion of deferred tax assets, which it cannot determine is more likely than not to be recognized due to the Company`s cumulative losses and the uncertainty as to future recoverability. Any reversal of the allowance is made when we believe that it




Table of Contents


CYBERGUARD CORPORATION


December 31, 2003

(Dollars in thousands, except per share data)



is more likely than not that this portion of the deferred tax asset will be realized. The computation of our deferred tax asset and valuation allowance is based on taxable income we expect to earn over the next two years which will include the utilization of previously accumulated net operating tax losses. We will continue to evaluate each quarter the amount, if any, of additional reduction of the valuation allowance that should be made. This will be based on management`s estimate and conclusions regarding the ultimate realization of the deferred tax asset, including but not limited to, the company`s recent positive financial results as well as projected earnings over a two-year period. The impact of further reductions of the valuation allowance will be to record a tax benefit, which will increase net income in the period the determination is made. While we have considered future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance, in the event we were to determine that we would be able to realize the deferred tax asset, in the future, an adjustment to the deferred tax asset would increase income in the period the determination was made.



Information Relating to Forward Looking Statements



Statements regarding future products, prospects, profitability, business plans and strategies, future revenues and revenue sources, future liquidity and capital resources, future computer network security market directions, future acceptance of the Company`s products and possible growth in markets, as well as all other statements contained in this Report on Form 10-Q that are not purely historical are forward-looking statements.



Forward-looking statements are based upon assumptions and analyses made by the Company in light of current conditions, future developments and other factors the Company believes are appropriate in the circumstances, or information obtained from third parties and are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that forward-looking statements are not guarantees of future performance and that the actual results might differ materially from those suggested or projected in the forward-looking statements. Accordingly, there can be no assurance that the forward-looking statements will occur or that results will not vary significantly from those described in the forward-looking statements. Some of the factors that might cause future actual events to differ from those predicted or assumed include: future advances in technologies and computer security; the Company`s history of annual net operating losses and the financing of these losses through the sale of assets and newly issued Company securities; the Company`s ability to execute on its business plans; the Company`s dependence on outside parties such as its key customers and alliance partners; competition from major computer hardware, software, and networking companies; risk and expense of government regulation and effects on changes in regulation; the limited experience of the Company in marketing its products; uncertainties associated with product performance liability; risks associated with growth and expansion; global economic conditions, overall network security spending, risks associated with obtaining and maintaining patent and intellectual property right protection, uncertainties in availability of expansion capital in the future and other risks associated with capital markets, including the events of September 11, 2001 and its repercussions. In addition, certain events that have occurred also are factors that might cause future actual events to differ from those predicted or assumed, including: the impact of the restatement of financial results for the Company`s fiscal year ended June 30, 1997 and quarters ended September 30, 1997, December 31, 1997 and March 31, 1998; the completion of the numerous organizational changes and the assembly of a new management team for CyberGuard; the outcome of a class action lawsuit against the Company relating to the restatement of financial results for the fiscal periods noted above. In addition, the forward-looking statements herein involve assumptions, risks and uncertainties, including, but not limited to economic, competitive, operational, management, governmental, regulatory, litigation and technological factors affecting the Company`s operations, liquidity, capital resources, markets, strategies, products, prices and other factors discussed elsewhere




Table of Contents


CYBERGUARD CORPORATION


December 31, 2003

(Dollars in thousands, except per share data)



herein and in the other documents filed by the Company with the Securities and Exchange Commission. Copies of these filings can be obtained at the Investor Relations section of our website at www.cyberguard.com. We provide our annual and quarterly reports free of charge on www.cyberguard.com, as soon as reasonably practicable after they are electronically filed, or furnished to the SEC. Many of the foregoing factors are beyond the Company`s control.



The Company`s future success is based largely on its ability to develop and sell increasingly technologically advanced network security solutions in sufficient volume and at sufficient prices to become profitable on a consistent basis. In addition, the network security market is characterized by extremely rapid technological change, requiring rapid product development. The velocity of technological change has accelerated, and the Company believes that it is important to its future that it keeps pace with these changes. The Company believes that competition will continue to intensify in the rapidly evolving markets in which the Company is involved, and that the continued development of technologically advanced products will be necessary to keep our products current. The Company believes that its ability to generate adequate cash flow from operations will be critical to its future.

[wiwifant]

Falls es noch nicht aufgefallen ist, bahnen sich nun auch im Security - Sektor Konsolidierungen an. Ob allerdings nach den letzten Problems bei Scur und folgenden Kursrückschlägen dies der richtige Parner/Zeitpunkt für CGFW ist bleibt abzuwarten.

Gruß Wiwifant



CyberGuard Offers to Purchase Secure Computing in One-for-One Stock Exchange, a 22% Premium to Value of Each Secure Computing Share



FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--July 12, 2004--

Merger Would Unite Two Leading High-Level Enterprise
Information Security Providers, Generate More Than $14 Million in
Savings or an Incremental $0.20 Per Share in Earnings

CyberGuard Corporation (Nasdaq: CGFW), the technology leader in network security, announced that the company is extending an offer to purchase Secure Computing Corporation (Nasdaq: SCUR). In a letter transmitted to Secure Computing yesterday afternoon, CyberGuard proposed a one-for-one stock exchange transaction. Based on the closing price July 9, 2004, that would represent a 22 percent premium to the value of each share of Secure Computing common stock. Both companies provide highly secure information security solutions to enterprise and government customers worldwide.

"We have a great deal of respect for Secure Computing`s team and their technology," stated Pat Clawson, chairman and chief executive officer of CyberGuard Corporation. "Both of our companies offer the highest-level information security in the industry. Both focus 100 percent on providing the most secure products in the world. Together our products would be the most secure product suite available. This is a logical next step for CyberGuard as we continue to aggregate the right technology for the enterprise and move forward to build the premium information security company."

In 2003, CyberGuard outlined a strategy of creating a broad-based information security offering of enterprise-class, best-of-breed technologies focused on Global 1000 companies and worldwide government customers. In addition to developing innovative technologies, the company began adding to its portfolio through acquisition. In January 2003, CyberGuard purchased the assets of NetOctave, a manufacturer of security processors and virtual private network (VPN) acceleration products. In November 2003, CyberGuard acquired SnapGear, a developer of embedded Linux security and edge firewall/VPN security appliances; and, in April 2004, the company acquired Webwasher, a high-end content security provider.

Based in San Jose, California, Secure Computing Corporation manufactures a line of high-end firewall information security appliances and authentication and Web filtering products.

"CyberGuard and Secure Computing have much in common. Both of our companies have a strong heritage of placing security first. Our cultures and our customer bases are similar. Both companies have talented, committed employees," said Clawson. "We also have similar opportunities and face similar challenges. We incur the same costs for everything from engineering to sales, support and certifications. Combining our organizations would allow us to realize operational and financial synergies and focus our resources on creating even better products and solutions for our customers and greater value for our shareholders."

Clawson said that an initial evaluation of a merger identified an estimated $14 million in cost savings which could generate an increase in earnings for each company`s shareholders of $0.20 per share. This did not include any calculation of the potential for increased revenue which could result from sales synergies.

Today CyberGuard engaged Raymond James & Associates as its financial advisor for this transaction. A copy of the letter to Secure Computing Corporation and a slide presentation that provides more detail are available at http://www.cyberguard.com/sc/sc.cfm." target="_blank" rel="nofollow ugc noopener">http://www.cyberguard.com/sc/sc.cfm.

Conference Call Information

CyberGuard will discuss the proposal during a conference call at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time), on Monday, July 12, 2004. To participate, please dial 706-645-9750 and ask for conference ID number 8718458. A recording of the conference call proceedings will be available from two hours after the call`s conclusion on July 12 until midnight Eastern Time on July 19, 2004. Both U.S. and international callers may listen to the recording by dialing 706-645-9291 and requesting conference ID number 8718458.

About CyberGuard Corporation

CyberGuard Corporation (Nasdaq: CGFW), the technology leader in network security, provides advanced Total Stream Protection(TM) solutions that protect the critical information assets of Global 2000 companies and governments worldwide. CyberGuard offers a broad line of scalable high performance firewall/VPN appliances, the Webwasher(R) suite of enterprise-class Web and e-mail content security solutions, sophisticated security processors and accelerator products for the SSL and IPsec markets, and industry leading embedded Linux(R) and Linux security solutions. Headquartered in Ft. Lauderdale, Florida, the company has branch offices and training centers around the world. More information about CyberGuard Corporation can be found at http://www.cyberguard.com.

Forward-Looking Statements

Statements regarding estimates, expectations and future prospects contained in this press release are forward-looking statements. These statements are based upon assumptions and analyses made by the Company in light of current conditions, future developments, and other factors the Company believes are appropriate in the circumstances, or information obtained from third parties, and are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that forward-looking statements are not guarantees and that actual results might differ materially from those suggested in the forward-looking statements. Some of the factors that might cause future actual events to differ from those predicted or assumed include: future advances in technologies and computer security; the Company`s history of losses; the Company`s ability to execute on its business plans and to integrate recent acquisitions; the Company`s dependence on outside parties such as its key customers and alliance partners; competition from major computer hardware, software, and networking companies; uncertainties in availability of expansion capital in the future and other risks associated with capital markets; overall network security spending; global economic conditions; and litigation against the Company. For a more complete discussion regarding forward-looking statements, the reader is referred to the Company`s periodic reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, including the Form 10-K for the fiscal year ended June 30, 2003, and other information filed with the Commission..

CyberGuard(R) and Webwasher(R) are registered trademarks and Total Stream Protection(TM) is a trademark of CyberGuard Corporation. Secure Computing(R) is a registered trademark of Secure Computing Corporation. All other trademarks are property of their respective owners.


CONTACT: MPB Communications
Cynthia Sucher, 407-581-4222 or 407-595-0142
Email: [e-mail]

SOURCE: CyberGuard Corporation









Get Free Annual Reports | © Copyright | Disclaimer | Trademarks | Privacy Statement | Contact Us | Help

[Nick13]

Hallo Tbrocker!

wie siehst Du die Entwicklung bei Cyberguard? Bist Du überhaupt noch am Ball?