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CyberGuard Survives Q1 Hurricanes

Florida-based security vendor survived hurricanes Francis & Jeanne, but what about the election?

Security vendor CyberGuard Corp. (Nasdaq: CGFW) released its results for the first quarter of 2005 today, posting revenues of $15.68 million, up 74 percent on the same period last year, and just above analyst estimates of $15.64 million.

On a pro forma basis, earnings per diluted share were 3 cents, in line with analyst estimates. However, the company felt the financial impact of recent acquisitions such as WebWasher in the results (see CyberGuard Acquires Webwasher).

On a GAAP basis, CyberGuard reported a net loss of $59,000 for the first quarter of 2005, or earnings of 0 cents per diluted share.

Speaking on a conference call earlier today, CyberGuard's CEO Pat Clawson said that the companys revenues were buoyed by a good showing in EMEA and a strong late-quarter performance. This is significant, not only because CyberGuard avoided the dread lumpiness phenomenon, but because of geography: The Boca Raton, Fla.-based company has had to contend with some serious weather recently.

”Be assured that the company performed extremely well despite visits from [hurricanes] Francis and Jeanne in the last six weeks of the quarter,” said Clawson.

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