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Websense Posts Record Revenues

Q4 revenues of $31.7 million are up 40 percent on the same period in 2003

Security software vendor Websense Inc. (Nasdaq: WBSN) posted its fourth-quarter and annual results yesterday, posting fourth-quarter revenues of $31.7 million, up 40 percent on the same period in 2003, just topping analyst estimates of $31.26 million (see Websense Posts Q4, Plans for CEO).

Fourth-quarter earnings per share were 33 cents on net income of $8.1 million, an 80 percent increase on the fourth quarter of 2003. This also came in above the 31 cents estimated by analysts.

The San Diego, Calif.-based firms annual results were also strong. Revenues for the full year were $111.9 million, up 37 percent on 2003, and earnings were $1.09 per share on net income of $26.2 million, an increase of 57 percent on the previous year. Analysts had predicted annual revenue of $111.44 million and earnings of $1.06 for the year.

Speaking on a conference call earlier today, Websense execs explained that strong growth in software subscriptions during the fourth quarter had helped boost results. The company had increased its installed base by 1.3 million “seats” to 20 million worldwide, they said.

However, the coming year promises to be a period of change for Websense. After nearly six years at the helm, the company’s CEO John Carrington is planning to step down, and the search is now on to find his successor.

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