PR Newswire
MCLEAN, Va., Feb. 24, 2014
MCLEAN, Va., Feb. 24, 2014 /PRNewswire/ -- CYREN (NASDAQ: CYRN), a leading provider of integrated cloud-based security solutions and software-based security technology, today announced its fourth quarter and full year 2013 financial results for the period ending December 31, 2013.
In addition, the company, previously operating as Commtouch, announced that its common shares will commence trading on NASDAQ and the Tel Aviv Stock Exchange (TASE) under the name CYREN Ltd. with the symbol "CYRN" today. The new CUSIP (Committee of Uniform Security Identification Procedures) number will be M26895108.
Fourth Quarter & Full Year 2013 Financial Highlights:
"We delivered a solid fourth quarter performance driven by strong demand for our cloud-based detection services globally," said Lior Samuelson, chief executive officer at CYREN. "In addition, we completed a major step in our transformation to a complete cloud-based Security-as-a-Service provider with the official launch of our CYREN WebSecurity offering and announced our first distribution partner."
"Our core detection business remains very profitable and enables us to invest in new products to expand our market opportunity and enhance our top line growth rate," Mr. Samuelson added. "We plan to continue leveraging our core assets to further expand our cloud-based service offering over the next 18 to 24 months."
"We are pleased with our financial performance in the quarter, said Brian Briggs, chief financial officer at CYREN. Our continued streamlining efforts yielded another substantial improvement in the company's cost structure in the fourth quarter and we significantly lowered our cash burn. These efforts have strengthened our financial position and will enable us to focus on executing on our strategy."
For information regarding the non-GAAP financial measures discussed in this release, please see "Use of Non-GAAP Financial Information" and "Reconciliation of Non-GAAP to GAAP Financial Information."
Business Highlights:
Business Outlook
Based on current expectations, the company is announcing its financial outlook for the full year 2014. CYREN anticipates that its core detection business will remain steady, with low single digit revenue growth during 2014 and that its recently launched WebSecurity offering will be incremental to this growth. The company plans to continue to invest the cash flow from its core business into its new strategy.
The above outlook is as of the date of this release, and the company undertakes no obligation to update its estimates in the future.
Use of Non-GAAP Measures
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: stock based compensation expenses, amortization and impairment of acquired intangible assets, executive termination costs, deferred taxes, acquisition related costs, investment impairment and adjustments to earn-out obligations. The purpose of such adjustments is to give an indication of the company's performance exclusive of non-cash charges and other items that are considered by management to be outside of the company's core operating results. The company's non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. Company management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions.
These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. The company believes this adjustment is useful to investors as a measure of the ongoing performance of our business. The company believes these non-GAAP financial measures provide consistent and comparable measures to help investors understand the company's current and future operating cash flow performance. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it important to make these non-GAAP adjustments available to investors.
Financial Results Conference Call
The company has scheduled a conference call later today, February 24, 2013, at 10:00 a.m. ET to review the fourth quarter and full year 2013 highlights, as well as walk through a strategic overview and evolution of the company's growth strategy.
To participate, please call one of the following teleconferencing numbers by dialing in at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Number: 1-877-407-8289
Israel Dial-in Number: 1-80-940-6247
International Dial-in Number: 1-201-689-8341
at:
10:00 a.m. Eastern Time, 5:00 p.m. Israel Time
The call will be simultaneously webcast live on the investor relations section of CYREN's website at http://www.cyren.com/ir.html.
For those unable to listen to the live call, a webcast replay of the call will be available from the day after the call in the investor relations section of CYREN's corporate website.
About CYREN
CYREN provides the world's largest service providers and software vendors with the Internet security solutions they need to protect billions of people and transactions. Designed specifically to be easily deployed or private labeled by partners, CYREN's Web, Email and AntiMalware products provide relentless protection on any device. CYREN's proactive analytics and cloud-based malware detection capabilities equip its partners with security solutions that stand out as clear differentiators in the ever-evolving industry. Visit CYREN's GlobalView Security Center or go to www.CYREN.com.
Blog: blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: twitter.com/CyrenWeb
This press release contains forward-looking statements, including projections about our business, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, statements in the future tense, and statements including words such as "expect," "plan," "estimate," "anticipate," or "believe" are forward-looking statements. These statements are based on information available to us at the time of the press release; we assume no obligation to update any of them. The statements in this press release are not guarantees of future performance and actual results could differ materially from our current expectations as a result of numerous factors, including business conditions and growth or deterioration in the internet security market, technological developments, products offered by competitors, availability of qualified staff, and technological difficulties and resource constraints encountered in developing new products, as well as those risks described in the company's Annual Reports on Form 20-F and reports on Form 6-K, which are available through www.sec.gov.
Company Contact: | Israel Investor Relations Contact: |
Brian Briggs, Chief Financial Officer | Iris Lubitch |
CYREN | EffectiveIR |
703.760.3444 | +972.54.2528007 |
| |
U.S. Investor Contact: | CYREN Media Contact: |
Monica Gould | Matthew Zintel |
The Blueshirt Group | Zintel Public Relations |
212.871.3927 | 281.444.1590 |
CYREN LTD. | |||||||
| | | | | | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(in thousands of US dollars, except per share amounts) | |||||||
| | | | | | | |
| Three months ended | | Twelve months ended | ||||
December 31 | | December 31 | |||||
| 2013 | | 2012 | | 2013 | | 2012 |
| Unaudited | | Unaudited | | Audited | | Audited |
| | | | | | | |
Revenues | $ 8,249 | | $ 6,785 | | $32,248 | | $ 23,910 |
| | | | | | | |
Cost of revenues | 1,945 | | 1,367 | | 7,201 | | 4,350 |
| | | | | | | |
Gross profit | 6,304 | | 5,418 | | 25,047 | | 19,560 |
| | | | | | | |
| | | | | | | |
Operating expenses: | | | | | | | |
| | | | | | | |
Research and development, net | 2,631 | | 2,185 | | 9,156 | | 6,281 |
| | | | | | | |
Sales and marketing | 3,025 | | 1,866 | | 10,886 | | 5,860 |
| | | | | | | |
General and administrative | 3,797 | | 2,374 | | 10,388 | | 6,639 |
| | | | | | | |
Adjustment of earnout obligation | (3,276) | | - | | (3,276) | | - Werbung Mehr Nachrichten zur Cyren Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |