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Guidance Software, Inc. (NASDAQ: GUID) today reported financial results for the third quarter ended September 30, 2013.
Third quarter 2013 financial highlights, calculated in accordance with generally accepted accounting principles (GAAP) include:
Revenue of $28.3 million, compared to $36.1 million in the third quarter of 2012
SaaS revenues of $2.7 million, compared to $2.6 million in the third quarter of 2012
Product revenue of $9.7 million, compared to $17.4 million in the third quarter of 2012
Services and maintenance revenue of $15.9 million, compared to $16.1 million in the third quarter of 2012
Net loss of $5.0 million, or ($0.19) per share, compared to net income of $1.3 million, or $0.05 per share, in the third 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 $2.3 million, or ($0.09) per share, in the third quarter of 2013, compared to non-GAAP pre-tax net income of $4.1 million, or $0.15 per diluted share, in the third quarter of 2012.
Guidance Software President and Chief Executive Officer Victor Limongelli said, “Our third quarter results met our expectations, as our business began to improve from the first half of the year. Product revenues for the third quarter increased 26% sequentially and we added 51 new EnCase® Enterprise customers. Most importantly, during the third quarter we introduced our newest product, EnCase® Analytics, the industry’s first proactive endpoint security analytics solution. The introduction of EnCase® Analytics builds upon Guidance Software’s overall strategy of ‘EnCase® Everywhere’ and is a testament to our Company’s ability to create innovative products that meet and exceed the needs of our customers.”
Third Quarter 2013 Highlights and Noteworthy Events
In September, the Company announced that its newest product, EnCase® Analytics, is now generally available to the market through Guidance Software as well as channel partners. EnCase® Analytics exposes unknown and difficult-to-detect threats by applying "big data" analytical techniques to the reams of data generated by endpoint activity, producing a clear picture of organization-wide security risk through an interactive visual interface. For the first time, IT security teams can take a proactive approach to threat surveillance by collecting and analyzing activity across all endpoints—including servers—on their network to reveal both external and internal threats.
In the third quarter of 2013, the Company added 51 new EnCase® Enterprise customers. The Company also added 17 customers of EnCase® eDiscovery or EnCase® Cybersecurity, which are built on the EnCase® Enterprise platform.
The Company released the results of a survey conducted during the Guidance’s 13 th Annual Computer and Enterprise Investigations Conference (CEIC) held this past May. The respondents, which include more than 150 organizations, indicated shifting priorities in enterprise and government security teams with the “length of time to resolve attacks” coming in as the primary cybersecurity concern. EnCase® Cybersecurity and EnCase® Analytics help organizations reduce the gap between detecting an incident and mobilizing a rapid response.
EnCase® App Central downloads have exceeded 15,000 since the online store opened in spring 2013. EnCase® App Central has become a trusted source for developers and investigation professionals to share and discover the latest apps that complement the Company’s EnCase® solutions. In addition, Belkasoft®, a developer of forensic analysis tools, published its entire Evidence Center product line on the EnCase® App Central.
The Company introduced the Tableau T3iu Forensic SATA Imaging Bay, which adds SATA imaging capacity to forensic workstations via USB 3.0 bandwidth and provides fast and efficient SATA hard-drive acquisitions.
2013 Financial Outlook:
The Company is maintaining its guidance for the year ending December 31, 2013:
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 a $0.50 per share loss to a $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.