STONESOFT CORPORATION'S INTERIM REPORT FOR JANUARY-SEPTEMBER 2009
(Thomson Reuters ONE) - Stonesoft Corporation Stock Exchange Release October 23, 2009 at 9:15a.m.STONESOFT CORPORATION'S INTERIM REPORT FOR JANUARY-SEPTEMBER 2009POSITIVE OPERATING RESULT IN THE THIRD QUARTERThe operating result (EBIT) of Stonesoft Corporation was 0.5 millionpositive during the third quarter whereas it was 0.5 million negativeduring the corresponding period in the previous year. Also the netsales of the company increased slightly compared to the correspondingperiod in the previous year and was EUR 6.0 (5.9) million. Thedevelopment of the net sales met the expectations of the company. Theoperating profit was better than expected mainly in consequence ofthe structure of the sales materialized at the end of the period andits impacts to the company's cost structure and gross margin.SummaryThe comparable figures from the corresponding period in the previousyear are in brackets and refer to the figures of continuingoperations.July-September 2009- Net sales EUR 6.0 (5.9) million, growth 2%- Product sales EUR 3.2 (3.3) million, decrease -3%- Operating result EUR 0.5 (-0.5) million- Operating result as percentage of net sales 9% (-9%)- Earnings per share EUR 0.01 (-0.01)- Cash flow EUR -1.2 (-0.6) million- Interest bearing funds exceeded interest bearing debts by EUR 5.5(7.3) million. The group did not have interest bearing debts.January-September 2009- Net sales EUR 17.1 (17.5) million, decrease -2%- Product sales EUR 9.0 (10.6) million, decrease -15%- The operating result EUR -1.1 (-2.1) million- The operating result as percentage of net sales -7% (-12%)- Cash flow EUR -1.5 (-1.7) million. The last part of the sellingprice of Embe Systems Oy, EUR 0.8 million has been removed from thetotal cash flow of the previous year.Product sales has previously been referred to as "Stonesoft's corebusiness, the sales of the StoneGate product family". The term hasbeen changed because currently the product sales comprises inpractice solely of StoneGate sales.CEO Ilkka HiidenheimoOur longstanding efforts to develop the business of the company andto improve the efficiency of sales and cost management broughtvisible results during the third quarter of the year.The operating profit (EBIT) of the company was clearly positiveduring the third quarter, or approximately EUR 0.5 (-0.5) million.Also the net sales of the company increased slightly compared to thecorresponding period in the previous year.I am particularly proud of the fact that despite the difficult marketsituation we were able to grow our sales and thus also our marketshare. Thanks to our employees' strong commitment and contribution wealso managed to significantly improve the profitability of thecompany.In our main market area, Europe, the product sales stayed on the samelevel as during the previous quarters. Our sales in America developedmore positively than expected, but the sales in Russia did not meetour expectations during this quarter.The success is based on the extremely competitive product offeringthat has been brought by our strong product development. Theperformance of our newest StoneGate products meets the demands of thehigh capacity networks of enterprises and telecom operators today andin the near future. We have proven our ability to delivercomprehensive network solutions, which meet the exceptionally highdemands of critical network environments and enable increasedefficiency and flexibility.NET SALES AND RESULTJuly-September 2009 (hereinafter 'reporting period')The group's net sales in the reporting period were EUR 6.0 (5.9)million. The growth compared to the corresponding period in theprevious year was EUR 0.1 (1.8) million, or 2%. The operating result(EBIT) was EUR 0.5 (-0.5) million and the result after taxes was EUR0.6 (-0.5) million.The product sales, which consists practically of the sales of theStoneGate product family, were EUR 3.2 (3.3) million, a decrease of-3% compared to the corresponding period in the previous year. TheStoneGate product family comprises of a firewall, VPN, SSL VPN andIPS (Intrusion detection and Prevention System) solutions.The geographical distribution of net sales was as follows: Europe 60%(62%), Emerging Markets (Russia, North Africa and Middle East), 13%(17%) Americas (North and South America) 24% (15%) and APAC(Asia-Pacific) 3% (6%).January-September 2009 (hereinafter 'fiscal period')The group's net sales in the fiscal period were EUR 17.1 (17.5)million. The decrease compared with the previous year's correspondingperiod was EUR -0.4 million, or -2%. The operating result (EBIT) wasEUR -1.1 (-2.1) million and the loss after taxes was EUR -1.0 (-1.9)million.The product sales were EUR 9.0 (10.6) million, a decrease of -15%compared to the corresponding period in the previous year.The geographical distribution of net sales was as follows: Europe 63%(61%), Emerging Markets (Russia, North Africa and Middle East)15%(16%), Americas (North and South America) 19% (19%) and APAC(Asia-Pacific) 3% (4%).Finance and investmentsAt the end of the fiscal period, the group's total assets were EUR14.1 (15.2) million. The equity ratio was 45% (46%) and gearing (theratio of net debt to shareholder's equity) -2.08 (-1.95).Consolidated liquid assets of the group at the end of the fiscalperiod totaled EUR 5.5 (7.3) million. Investments in tangible andintangible assets were EUR 0.3 (0.4) million.In order to strengthen the company's capital structure and to ensurethe continuance of the positive development in the future in linewith the company's strategy and growth plan, the main shareholders ofthe company have confirmed to the Annual General Meeting held onMarch 26, 2009 their readiness to invest at least three (3) millionEuros in the company in form of convertible bond or directed issuanceof shares. The commitment is in force until the end of the AGM in2010.The company has not executed the convertible bond arrangement ordirected issuance of shares.DEVELOPMENT OF BUSINESS OPERATIONSMain business events in the reporting period- In July, Stonesoft introduced the new StoneGate FW-5105firewall/VPN and StoneGate IPS-6105 intrusion prevention systemappliances designed for most demanding high capacity environments.The new firewall offers up to 25 Gbit/s and the IPS appliance up to10 Gbit/s performance.- In August, Stonesoft introduced the new StoneGate SSL-1030appliance that has been designed to meet the needs of small andmedium-sized organizations. The solution is also a valuable tool forMSSPs (Managed Security Service Providers), offering them astraightforward, simple way to fulfill the security and mobilityrequirements of their customers.- In September, the US based Info Security Products Guide,industry's leading publication on security-related products andtechnologies named Stonesoft a winner of the 2009 Best DeploymentScenario Awards in the Firewall Solution category.- In September, Stonesoft announced that its StoneGate VPN Clienthas passed the "Compatible with Windows 7" testing requirements forcompatibility.MAJOR EVENTS AFTER THE FISCAL PERIODIn October, Stonesoft published advance information on the operatingresult of the third quarter, according to which the operating profit(EBIT) of the company was clearly positive during the third quarter,or approximately EUR 0,5 (-0.5) million. According to the advanceinformation also the net sales of the company increased slightlycompared to the corresponding period in the previous year.REVIEW OF MAJOR RESEARCH AND DEVELOPMENT ACTIVITIESStonesoft continued its strong investments in R&D. The R&Dinvestments during the fiscal period totaled EUR 3.6 (3.8) million,which represented 22% (22%) of operating expenses.R&D employed 62 (67) persons at the end of the reporting period.SHARE CAPITAL AND STOCK OPTION PROGRAMSAt the end of the fiscal period, Stonesoft's share capital recordedin the Trade Register totaled EUR 1 146 054.64. The number of shareswas 57 302 732. The share capital remained unchanged.Stock option programsThe company has two valid stock option programs, the Stock OptionProgram 2004-2010, the subscription price of which is EUR 0.56, andthe Stock Option Program 2008-2014, the subscription price of whichis EUR 0.30. During the fiscal period no subscriptions were made onthe basis of the stock option programs for the key personnel of thecompany.DEVELOPMENT OF SHARE PRICES AND TURNOVERIn the beginning of the fiscal period the price of Stonesoft's sharewas EUR 0.32 (0.29). At the end of the fiscal period the price wasEUR 0.46 (0.38). The highest price was EUR 0.52 (0.50) and the lowestEUR 0.31 (0.24). The share price divided by earnings per share (P/E)at the end of the fiscal period was -27.2 (-10.7). During the fiscalperiod the total turnover of Stonesoft shares amounted to EUR 2.4(4.0) million and 6.0 (11.8) million shares, which is 10.5 (20.5) %of the total amount of the shares. Based on the share price at theend of the fiscal period, Stonesoft's market value was EUR 26.4(21.8) million.NOTICES IN CHANGE OF OWNERSHIPDuring the fiscal period, the company gave no notices of changes inownership.ACQUISITIONS AND CHANGES IN GROUP STRUCTURENo acquisitions were made and no other changes in the group structurewere implemented during the reporting period.PERSONNELAt the end of the fiscal period, the group's personnel totaled 173(188).AUTHORIZATIONS OF THE BOARD OF DIRECTORSThe Annual General Meeting held on March 26, 2009 decided to grantthe Board of Directors an authorization, according to which the Boardof Directors may decide to issue new shares in one or several issuesand to grant option and other special rights. The total number ofshares or rights to the shares issued may be 11.450.000 at themaximum.Based on the authorization, the Board of Directors may decide toissue new shares for subscription according to the shareholders'pre-emptive subscription rights or in deviation from theshareholders' pre-emptive subscription right, or in a directed issueof option rights or other special rights in case the deviation isjustified by a weighty financial reason for the company, such asfinancing of an acquisition, other arrangement concerning thebusiness of the company or development of its capital structure, orincentive to the company's personnel.The issue may be directed in whole or in part to the mainshareholders of the company Ilkka Hiidenheimo and Hannu Turunen, whohave confirmed still to be ready to invest at least three (3) millionEuros in the company in form of convertible bond or directed issuanceof shares in order to strengthen the company's capital structure withan additional cash reserve and to ensure the continuance of thepositive development in the future in line with the company'sstrategy and growth plan. The commitment given by the mainshareholders is in force until the end of the AGM in 2010.The Board of Directors was authorized to decide on other terms andconditions related to the share issues and to the issuance of optionor other special rights. The authorization is in force until the endof the 2010 AGM.The Board of Directors has not used the granted authorization.The company does not own its shares and the Board of Directors do nothave an authorization to acquire its own shares.CORPORATE GOVERNANCEStonesoft Corporation complies with the Corporate GovernanceRecommendations for listed companies issued by the Confederation ofFinnish Industries EK, the NASDAQ OMX Helsinki Ltd and the CentralChamber of Commerce in October 2008, as described on the web pages ofthe company.RISKS AND BUSINESS UNCERTAINTIES IN THE NEAR FUTUREIn the current fiscal period, Stonesoft's main risks and businessuncertainties relate to the realization timetable of the salesprojects and possible productions disruption of our subcontractorsand suppliers. In addition to these factors, the general economicaluncertainty that has previously grown strongly seems to bediminishing.With regard to the development of the turnover and the operatingresult, there is significant variation between the quarters incomparison to the corresponding quarter during the previous year aswell as to the previous quarter as a consequence of, among others,long sales cycles, a relatively big impact of individual deals, andthe variation between the quarters in the previous year.Stonesoft's risk management as well as internal control and internalaudit are described in the company's Annual Report of 2008 and in thecompany's web site in the Corporate Governance section.FUTURE OUTLOOKCompanies will continue to network with their partners andsubcontractors, and this development will create even higherrequirements for network security and availability. At the same time,the demand for outsourcing solutions and services will grow. ManagedSecurity Service Providers (MSSPs) have a growing need to providetheir customers with the possibility to track the status of theirnetwork security while maintaining an overview of their own datanetwork. According to the company's view combining security and highavailability, which is the cornerstone of StoneGate product design,will prove its strength even better in this development.The convergence of voice, video and data on IP-based networks willcreate more demand for capacity and drive the adoption of 10 Gbpsnetworks. The growing demand for added bandwidth together with newprotocols in the IP networks is expected to increase the generaldemand for better reporting, monitoring and analysis tools. Thisdevelopment will support Stonesoft in achieving its year 2009 growthplan, since these are the cornerstones in StoneGate ManagementCenter's functionality.The strong growth of virtualization has created a demand for ensuringnetwork security and business continuity also in virtualenvironments. StoneGate products are better suited for virtualenvironments than the competitors' products because they are based onsoftware solutions.As security threats in the public sector increase, growing number ofgovernment organizations have started improving their protectionagainst network attacks and for example cyber espionage. StoneGateproducts offer comprehensive, centrally managed protection and suitwell to the needs of the public sector.While the global financial uncertainty continues, companies need topay attention to the cost efficiency of their operations. This willfurther strengthen the competitiveness of the StoneGate solutions andemphasize the possibilities the solutions offer for generatingconsiderable cost savings in relation to infrastructure,communications and operating costs.Based on the existing sales pipeline and the already realizedoperating result and net sales, the company expects the annualoperating result (EBIT) to be better than in the previous year (EUR-2.3 million) and the annual net sales to remain at the previousyear's level. The net sales are expected to be EUR 24.3 million, +/-EUR 1.5 million.Stonesoft GroupIncome Statement 7-9/2009 7-9/2008 1-9/2009 1-9/2008 1-12/2008(1000 Euro)Continuing operationsNet sales 5 965 5 861 17 087 17 491 24 427Other operating income 188 299 694 871 1 275Materials and services -872 -792 -2 686 -2 686 -3 547 Personnel expenses -3 055 -3 511 -10 344 -10 797 -14 796Depreciation -113 -135 -341 -364 -483Other operatingexpenses -1 568 -2 234 -5 548 -6 622 -9 161Operating result 546 -511 -1 137 -2 108 -2 286Financial income andexpenses 131 97 280 216 276Result before taxes 677 -415 -857 -1 892 -2 010Taxes -36 -51 -116 -150 -219Result from continuingoperations 640 -466 -973 -2 042 -2 229Result fromdiscontinued operations 0 0 0 186 186Result for theaccounting period 640 -466 -973 -1 856 -2 043Other comprehensiveincomeExchange differences ontranslating foreignoperations -3 35 7 -23 -30Total othercomprehensive income -3 35 7 -23 -30Total comprehensiveincome 637 -431 -966 -1 879 -2 068Basic earnings pershare (EUR),continuing operations 0,01 -0,01 -0,02 -0,04 -0,04Diluted earnings pershare (EUR),continuing operations 0,01 -0,01 -0,02 -0,04 -0,04Basic earnings pershare (EUR),discontinued operations 0,00 0,00 0,00 0,00 0,00Diluted earnings pershare (EUR),discontinued operations 0,00 0,00 0,00 0,00 0,00Stonesoft GroupBalance Sheet (1000 Euro) 30.9.2009 30.9.2008 31.12.2008ASSETSNon-Current AssetsTangible assets 552 724 692Intangible assets 162 114 104Other investments 10 10 10Deferred tax assets 0 0 0 Total 725 848 806Current assetsInventories 541 852 911Trade and other receivables 7 249 6 115 7 371Prepayments 64 110 19Marketable securities 4 742 6 543 6 310Cash and cash equivalents 779 711 738 Total 13 376 14 331 15 348Total assets 14 100 15 179 16 154EQUITY AND LIABILITIESEquity attributable to equity holdersof the parent company Share capital 1 146 1 146 1 146 Share premium account 76 821 76 821 76 821 Conversion differences -945 -950 -951 Retained earnings -74 372 -73 295 -73 473 Total 2 650 3 722 3 543Long-term liabilities Provisions 0 36 26 Other long-termliabilities (* 2 626 2 160 2 336 Total 2 626 2 196 2 363Short-term liabilities Trade and otherpayables (* 8 634 9 090 9 991 Tax liability 80 39 41 Provisions 110 127 214 Short-term interest bearingliabilities 0 5 2 Total 8 824 9 261 10 248Total liabilities 11 450 11 457 12 611Total equity and liabilities 14 100 15 179 16 154*) Other liabilities includecustomers'pre-paid maintenance agreementsperiodicity 8 187 7 097 8 372Stonesoft GroupStatement of changes inequity(1000 Euro) Share Share Conversion Retained capital premium differences earnings TotalShareholders' equity at1.1.2008 1 146 76 821 -927 -71 461 5 579Comprehensive income -23 -1 856 -1 879Stock options 23 23At the closing on31.12.2008 transferredstock option expensesaccumulated retainedearningsShareholders' equity at30.6.2008 -23 23 0 1 146 76 821 -950 -73 295 3 722 Share Share Conversion Retained capital premium differences earnings TotalShareholders' equity at1.1.2009 1 146 76 821 -951 -73 473 3 543Comprehensive income 7 -973 -966Stock options 73 73Shareholders' equity at30.6.2009 1 146 76 821 -945 -74 372 2 650Stonesoft GroupCash flow statement(1000 Euro) 1.1.-30.9.2009 1.1.-30.9.2008 1.1.-31.12.2008Cash flow fromoperating activities Operating Result -1 137 -2 108 -2 286 Adjustments Non-cashtransactions -7 134 319 Financialexpenses -94 -43 -93 Financial incomes 248 259 375 Change in networking capital -307 639 614 Taxes paid -101 -149 -218Total cash flow fromoperating activities -1 398 -1 268 -1 288Cash flow frominvesting activities Investments intangible assets -163 -345 -422 Investments inintangible assets -97 -66 -66 Investments inaffiliated company 0 0 0 Investments in othershares 0 -10 -10Net cash flowinvesting activitiescontinuing operations -259 -421 -498 Net cash flowinvesting activitiesdiscontinuedoperations 0 761 761Total cash flowinvesting activities -259 340 263Cash flow fromfinancing activities Payments offinancial leasingliabilities -2 -69 -72Total cash flow fromfinancing activities -2 -69 -72Change in cash and cashequivalents Cash and cashequivalents atbeginning of period 7 048 8 210 8 210 Conversiondifferences 7 -23 -30 Changes in themarket value ofinvestments 126 64 -34Total cash and cashequivalents at end ofperiod *) 5 521 7 254 7 048*) Total cash and cashequivalents at end ofthe periodcontains pledgedsecurities 316 282 315Stonesoft GroupGeographical segments 1.1.-30.9.2009 1.1.-30.9.2008 1.1.-31.12.2008(1000 Euro)Net sales Europe 10 737 10 593 14 740 Emerging Market 2 589 2 864 4 123 Americas 3 275 3 262 4 495 APAC 487 772 1 069Total net sales 17 087 17 491 24 427Operating profit Europe 40 -1 025 -1 061 Emerging Market -10 78 338 Americas -1 074 -1 097 -1 532 APAC -93 -63 -31Total operating profit -1 137 -2 108 -2 286Stonesoft GroupContingent liabilities 1.1.-30.9.2009 1.1.-30.9.2008 1.1.-31.12.2008(1000 Euro)Contingent off-balancesheet Non-cancelable otherleases Contingentliabilities for theCompany 2 683 3 711 3 377 27 27 63Stonesoft GroupRelated partyinformation 1.1.-30.9.2009 1.1.-30.9.2008 1.1.-30.9.2008(1000 Euro)Consultation fees paidto the Board ofDirectors 0 0 0Stonesoft GroupQuarterly development Q3 / Q2 / Q1 / Q4 / Q3 / Q2 / Q1 /(Euro Millions) 2009 2009 2009 2008 2008 2008 2008 2008Software 0,4 0,3 0,4 1,0 0,5 0,7 0,4 2,6Security appliances 2,9 3,1 2,0 3,4 2,8 3,4 2,8 12,3Services 2,7 2,7 2,6 2,6 2,4 2,3 2,2 9,5Other products 0,0 0,0 0,1 0,0 0,1 0,0 -0,1 0,1Net sales continuingoperations 6,0 6,0 5,1 6,9 5,9 6,4 5,3 24,4 Change-% from previousyear 2 -5 -3 19 45 32 22 28Sales margin 5,1 4,9 4,4 6,1 5,1 5,4 4,3 20,9Sales margin % 85 81 86 88 86 85 82 85Operative expenses 4,7 5,8 5,7 6,6 5,9 6,0 5,8 24,4Operating profit (EBITA) 0,5 -0,6 -1,1 -0,2 -0,5 -0,4 -1,2 -2,3 % of net sales 9 -9 -22 -3 -9 -6 -24 -9Result before taxes 0,7 -0,5 -1,0 -0,1 -0,4 -0,3 -1,2 -2,0 % of net sales 11 -8 -20 -2 -7 -4 -23 -8Stonesoft GroupKey ratios 1.1.-30.9.2009 1.1.-30.9.2008 1.1.-31.12.2008(1000 Euro)Net sales, continuingoperations 17 087 17 491 24 427 Net sales change-% -2 32 28Operating result,continuing operations -1 137 -2 108 -2 286 % of net sales -7 -12 -9Operating result beforetaxes -857 -1 892 -2 010 % of net sales -5 -11 -8ROE - %, annualized,continuing operations -42 -59 -49ROI - %, annualized -31 -51 -40Equity ratio-% 45 46 46Net gearing -2,08 -1,95 -1,99Total Assets 14 100 15 179 16 154Capital expenditure 259 411 488Capital disposals 20 0 0R&D costs 3 614 3 849 5 230 % of net sales 21 22 21Number of employees(weighted average) 180 182 183Number of employees(end of the period 173 188 185Share Specific RatiosEarnings per share,continuing operations -0,02 -0,04 -0,04Earnings per share,discontinued operations 0,00 0,00 0,00Equity per share 0,05 0,06 0,06Dividend 0,00 0,00 0,00Dividend per share(EUR) 0,00 0,00 0,00Dividend / Profit-% 0 0 0Calculation ofindicatorsReturn on equity (Profit before taxes - income taxes)(ROE) % = x 100 / Shareholders' equity + minority interest (average)Return on invested (Profit before extraordinary items+interest andcapital (ROI)% = other financial expenses) x100 / Balance sheet total - non-interest bearing debt (average)Equity ratio % = (Equity + minority interest) x 100 / Balance sheet total - advances received Interest bearing net debt - cash in hand and onNet gearing = deposit - marketable securities / Equity + minority interestEarning per share Profit before taxes - minority interest(EPS) = - income taxes / Average number of shares adjusted for dilutive effect of optionsEquity per share = Equity / Number of shares at end of periodACCOUNTING PRINCIPLESThis Interim Report is prepared in accordance with IAS 34 standard.Stonesoft Group has changed its bookkeeping practice regardingconsulting fees for consults working full-time for Stonesoft salesand presales functions starting from January 1, 2008. According tothe new practice these fees are included in the other operatingexpenses. The figures of the previous year have been adjusted to becomparable with the new bookkeeping practice. In all other aspectsthe Group has adapted the same accounting principles and reportingstandards as in the Financial Statement for 2007.FORWARD-LOOKING STATEMENTSThis report contains statements concerning, among other things,Stonesoft's financial condition and the results of operations thatare forward-looking in nature. Such statements are not historicalfacts, but rather represent Stonesoft's future expectations. Thecompany believes that the expectations reflected in theseforward-looking statements are based on reasonable assumptions.However, these forward-looking statements involve inherent risks anduncertainties, which could cause actual results or outcomes to differmaterially from those anticipated in the statements. These risks anduncertainties may include, among other things, (1) changes in ourmarket position or in the Firewall/VPN and Intrusion detection andprotection market in general; (2) the effects of competition; (3) thesuccess, financial condition, and performance of our collaborationpartners, suppliers and customers;(4) our ability to source qualitycomponents without interruption and at acceptable prices;(5) ourability to recruit, retain and develop appropriately skilledemployees;(6) exchange rate fluctuations, including, in particular,fluctuations between the Euro, which is our reporting currency, andthe US dollar;(7) other factors related to sale of products, economicsituation, business, competition or legislation affecting thebusiness of Stonesoft or the industry in general and (8) our abilityto control the variety of factors affecting our ability to reach ourtargets and give accurate forecasts.The presented figures are unaudited.PRESS CONFERENCEA press conference for analysts and investors will be held on October23, 2009 at 10.30 am at the Stonesoft headquarters, street addressItälahdenkatu 22 A, 00210 Helsinki.For additional information, please contact:Ilkka Hiidenheimo, CEO, Stonesoft CorporationTel. +358 9 476 711E-mail: ilkka.hiidenheimo(at)stonesoft.comMikael Nyberg, CFO, Stonesoft CorporationTel. +358 9 476 711E-mail: mikael.nyberg(at)stonesoft.comStonesoft CorporationIlkka HiidenheimoCEOThis release and the presentation material related to this report arealso available on Stonesoft's web site at www.stonesoft.com.Distribution:NASDAQ OMX Helsinki Ltdwww.stonesoft.comhttp://hugin.info/120212/R/1349680/325347.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.10.2009 - 08:15 Uhr
Sprache: Deutsch
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