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Commtouch Reports Results For The First Quarter Of 2012

Stocks in this article: CTCH

SUNNYVALE, California, May 2, 2012 /PRNewswire/ --

Revenue Increases 7% Year-Over-Year to $5.9 Million, Setting a First Quarter Record

GAAP Net Income Increases 18% Year-Over-Year to $1.2 Million

Non-GAAP Net Income Increases 14% Year-Over-Year to $1.6 Million

Management Conference Call to Outline Evolution of Growth Strategy

Commtouch® (NASDAQ: CTCH), a leading cloud-based Internet security provider, today announced its first quarter financial results, for the period ending March 31, 2012.

     (Logo: http://photos.prnewswire.com/prnh/20120501/529254 )

First Quarter 2012 Financial Highlights:

  • Revenues for the first quarter of 2012 increased by 7% to $5.9 million, compared to $5.5 million in the first quarter of 2011, setting a first quarter record.
  • Net income for the first quarter of 2012 in accordance with US Generally Accepted Accounting Principles (US GAAP) was $1.2 million, compared to net income of $1.0 million in the same period last year.
  • GAAP earnings per diluted share for the first quarter of 2012 were $0.05, compared to $0.04 in the same period last year.
  • Non-GAAP net income for the first quarter of 2012 was $1.6 million, compared to $1.4 million in the first quarter of 2011.
  • Non-GAAP earnings per diluted share for the first quarter of 2012 were $0.06, compared to $0.06 for the first quarter of 2011.
  • Deferred Revenues (long-term and short-term) as of March 31, 2012 were $3.8 million compared to $3.8 million in deferred revenues as of December 31, 2011.
  • Cash as of March 31, 2012 was $22.0 million, compared to $20.9 million as of December 31, 2011.
  • Operating cash flow for the first quarter of 2012 was $1.2 million, compared to operating cash flow of $1.1 million in the first quarter of 2011.  During the first quarter of 2012, options were exercised for approximately $0.1 million.

"Commtouch's first quarter 2012 financial results reflect the continued strength of our innovative IT security technologies while delivering year-over-year growth across our key financial metrics including revenue, gross margin, net income and operating cash flows," said Shlomi Yanai, Commtouch's chief executive officer.

"Over the past few months, we have been re-defining our long-term strategy and vision to take our business to the next level.  Our recent enhancements to the management team reflect the initial steps that we have already taken. Our updated vision focuses on the evolution of Commtouch from a technology company, providing class leading technologies, into a solutions provider of white label cloud-driven 'security as a service' offerings. This evolution, from technologies towards solutions for our valued OEM and service provider customers, is built upon continuing to grow our core business while making material investments in the coming year that are aimed at developing and deploying complementary value added solutions to set the stage for accelerated long-term growth. We believe the combination of continued revenue expansion, ongoing customer acquisition, strong cash flow generation, and our newly evolved vision for growth puts us in a very strong position," concluded Mr. Yanai.

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