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Guidance Software Reports 2013 Second Quarter Financial Results

Stocks in this article: GUID

Guidance Software, Inc. (NASDAQ: GUID) today reported financial results for the second quarter ended June 30, 2013.

Second quarter 2013 financial highlights, calculated in accordance with generally accepted accounting principles (GAAP) include:

  • Revenue of $27.3 million, compared to $31.1 million in the second quarter of 2012
  • SaaS revenues of $2.9 million, compared to $2.8 million in the second quarter of 2012
  • Product revenue of $7.7 million, compared to $12.0 million in the second quarter of 2012
  • Services and maintenance revenue of $16.7 million, an increase of $0.5 million, or 3 percent, from $16.2 million in the second quarter of 2012
  • Net loss of $6.9 million, or ($0.26) per share, compared to a net loss of $1.6 million, or ($0.06) per share, in the second quarter of 2012

On a non-GAAP basis, which excludes share-based compensation and amortization of intangibles, the Company reported a pre-tax net loss of $3.9 million, or ($0.15) per share, in the second quarter of 2013, compared to non-GAAP pre-tax net income of $1.4 million, or $0.05 per diluted share, in the second quarter of 2012.

Guidance Software President and Chief Executive Officer Victor Limongelli said, “We believe that the second quarter marks the low point in the business. We have taken concrete steps to improve performance, and to position the Company for a return to growth next year.” Limongelli continued, “We remain confident in our long-term ‘EnCase Everywhere’ strategy, especially given the number of new customers in the first half of 2013, and we are eagerly anticipating the launch of our fantastic new product, EnCase Analytics, later this quarter.”

Second Quarter 2013 Highlights and Noteworthy Events

  • Guidance Software was once again named a “leader” in Gartner Inc.’s Magic Quadrant for e-discovery software. Guidance’s EnCase® eDiscovery has been placed in the leader’s quadrant every year since the report’s inception, a testament to the value EnCase® delivers to Guidance’s customers and the marketplace.
  • In the second quarter of 2013, the Company added 78 new EnCase® Enterprise customers. The Company also added 16 customers of EnCase  eDiscovery or EnCase Cybersecurity, which are built on the EnCase® Enterprise platform.
  • In May, a research report by Forrester Consulting concluded that EnCase® Cybersecurity delivered a significant financial return on investment.  In particular, EnCase Cybersecurity reduced the time to validate and triage cyber threats, and remediate breaches.
  • In the second quarter of 2013, the Company expanded its distribution capabilities through an agreement with COMPUTERLINKS, the next-generation distributor of IT, security, and internet solutions. This agreement broadens the Company’s reach in key markets worldwide, addressing the increasing demand for its enterprise security, e-discovery, and digital investigation solutions.
  • In July 2013, the Company announced it is broadening the scope of its operations across Western Europe to bolster sales, support, and training for its analytics, security, and e-discovery solutions with an in-region office in Munich, Germany and a partnership with a major global distributor.

2013 Financial Outlook:

The Company is revising its guidance for the year ending December 31, 2013, as follows:

  • Revenue for 2013 is expected to be in the range of $112 million to $115 million.
  • Non-GAAP pre-tax earnings for 2013 are expected to be in the range of $0.50 per share loss to $0.42 per share loss.

Conference Call Information:

The Company will host a conference call today at 2:00 p.m. pacific time, 5:00 p.m. eastern time to discuss its quarterly results. Participants should call (877) 303-9850 (North America) or (408) 427-3732 (International) and should dial in at least 5 minutes prior to the conference call.

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