Secure Computing Swings to a Loss

Secure Computing (MFE Quote) swung to a first-quarter loss, but the company's operating profit beat analysts' estimates.

The company said Thursday that it lost $10.6 million, or 18 cents a share, compared with a year-ago profit of $657,000, or 25 cents a share.

Excluding items, Secure Computing earned $3.4 million, or 5 cents a share, compared with $8.8 million, or 15 cents a share, a year ago. On that basis, the company beat analysts' expectations of 3 cents a share.

Revenue was up 42% to $60.5 million from $42.62 million the year before, narrowly beating analysts' expectations of $60.34 million.

For the second quarter, Secure Computing expects to lose $10 million to $11 million on revenue of $55 million to $57 million.

Excluding items, the company expects to earn 5 cents to 6 cents a share on revenue of $63 million to $64 million.

Analysts were expecting revenue of $62.7 million on earnings of 5 cents a share.

Shares of Secure Computing were recently off 33 cents, or 3.8%, in after-hours trading to $8.31.