2009-08-14 08:15:00 CEST
2009-08-14 08:16:52 CEST
REGULATED INFORMATION
Stonesoft - Interim report (Q1 and Q3)
STONESOFT CORPORATION'S INTERIM REPORT FOR JANUARY-JUNE 2009
Stonesoft Corporation Stock Exchange Release August 14, 2009 at 9:15
a.m.
STONESOFT CORPORATION'S INTERIM REPORT FOR JANUARY-JUNE 2009
Operating result and net sales almost at the level of the previous
year
Stonesoft Corporation's operating result for the second quarter of
the year declined slightly and was EUR -0.6 million, which is EUR
-0.2 million less than during the corresponding period in the
previous year. Net sales was EUR 6.0 million, which is 5% less than
during the corresponding period in the previous year.
Summary
The comparable figures from the corresponding period in the previous
year are in brackets and refer to the figures of continuing
operations.
April-June 2009
- Net sales EUR 6.0 (6.4) million, decrease -5%
- Product sales EUR 3.4 (4.1) million, decrease -17%
- Operating result EUR -0.6 (-0.4) million
- Operating result as percentage of net sales -9% (-6%)
- Earnings per share EUR -0.01 (-0.01)
- Cash flow EUR -0.7 (-0.1) million
- Interest bearing funds exceeded interest bearing debts by EUR 6.7
(7.8) million
January-June 2009
- Net sales EUR 11.1 (11.6) million, decrease -4%
- Product sales EUR 5.7 (7.2) million, decrease -21%
- The operating result EUR -1.7 (-1.6) million
- The operating result as percentage of net sales -15% (-14%)
- Cash flow EUR -0.3 (-1.2) million. The last part of the selling
price of Embe Systems Oy, EUR 0.8 million, has been removed from the
total cash flow of the previous year.
Product sales has previously been referred to as "Stonesoft's core
business, the sales of the StoneGate product family". The term has
been changed because currently the product sales comprises
practically of StoneGate sales.
The company still does not see it justified to give any estimate on
the result for the year 2009, but has now given an estimate of the
net sales for the full year.
CEO Ilkka Hiidenheimo
The comparable operating result and net sales of the company almost
reached the level of the corresponding period in the previous year,
despite the general market situation.
In our main market area, Europe, the sales of the StoneGate product
family stayed on an adequate level. However, the sales in America and
Russia did not meet the expectations. In the Emerging Markets, which
have grown strongly during the previous years, especially North
Africa showed positive development developed positively. We renewed
the partnership contract entered in the previous year with the
leading national telecommunications company by a frame agreement,
with first orders related to it at the value of EUR 1.2 million. The
deliveries took place during the second quarter of the year. The
orders further strengthen our position in North Africa.
To reach our target for the rest of the year, we reduced the
company's cost structure and commenced co-operation negotiations,
based on which the company decided to terminate the employment
contract of six (6) employees and lay off the personnel in Finland
with certain exceptions for six weeks in stages during the rest of
the year.
Tekes, the Finnish Funding Agency for Technology and Innovation, has
decided to fund Stonesoft Corporation's research and development
project "The protection of fast networks of critical infrastructure"
with more than a million Euros in 2009 and 2010. The funding decision
considerably accelerates the completion of the project, which in turn
clearly improves the competitiveness of our products. The project has
significant novelty value and is highly challenging in international
framework.
The StoneGate 5.0 launched in April has been received positively in
the market. With the unified management offered by our products, our
customers have been able to increase the efficiency of their
operations and gained significant cost savings. After the reporting
period we launched the high performance network security appliances
FW-5105 and IPS-6105, which extend our product offering to the high
capacity network environments of large enterprises and telecom
operators. The first deliveries to customers have already been made.
The relative importance of the operationality and availability of
data networks to business is continuously increasing. This had led to
the growth of the demands to network security design and to the need
to achieve a comprehensive overview of the state of the network and
data communications. We are specialized in delivering comprehensive
network security solutions, which meet also the exceptionally high
demands of critical network environments and enable increased
efficiency and flexibility.
NET SALES AND RESULT
April-June 2009 (hereinafter 'reporting period')
The group's net sales in the reporting period were EUR 6.0(6.4)
million. The decrease compared to the corresponding period in the
previous year was EUR -0.3 million, or -5 %. The operating result
(EBIT) was EUR -0.6 (-0.4) million and the result after taxes was EUR
0.5 (-0.3) million.
The product sales, which consists practically of the sales of the
StoneGate product family, were EUR 3.4 (4.1) million, a decrease of
-17% compared to the corresponding period in the previous year. The
StoneGate product family comprises of a firewall, VPN, SSL VPN and
IPS (Intrusion detection and Prevention System) solutions.
The geographical distribution of net sales was as follows: Europe 62%
(60%), Emerging Markets (Russia, North Africa and Middle East) 22%
(15%), Americas (North and South America) 13% (22%) and APAC
(Asia-Pacific) 3% (3%).
January-June 2009 (hereinafter 'fiscal period')
The group's net sales in the fiscal period were EUR 11.1 (11.6)
million. The decrease compared with the previous year's corresponding
period was EUR 0.5 million, or -4%. The operating result (EBIT) was
EUR -1.7 (-1.6) million and the loss after taxes was EUR -1.6 (-1.4)
million.
The product sales were EUR 5.7 (7.2) million, a decrease of -21%
compared to the corresponding period in the previous year.
The geographical distribution of net sales was as follows: Europe 65%
(60%), Emerging Markets (Russia, North Africa and Middle East) 16%
(16%), Americas (North and South America) 16% (20%) and APAC
(Asia-Pacific) 3% (4%).
Finance and investments
At the end of the fiscal period, the group's total assets were EUR
14.5 (16.1) million. The equity ratio was 33% (48%) and gearing (the
ratio of net debt to shareholder's equity) -3.37 (-1.87).
Consolidated liquid assets of the group at the end of the fiscal
period totaled EUR 6.7 (7.8) million. Investments in tangible and
intangible assets were EUR 0.2 (0.4) million.
In order to strengthen the company's capital structure and to ensure
the continuance of the positive development in the future in line
with the company's strategy and growth plan, the main shareholders of
the company have confirmed to the Annual General Meeting held on
March 26, 2009 their readiness to invest at least three (3) million
Euros in the company in form of convertible bond or directed issuance
of shares. The commitment is in force until the end of the AGM in
2010.
The company has not executed the convertible bond arrangement or
directed issuance of shares.
DEVELOPMENT OF BUSINESS OPERATIONS
Main business events in the reporting period
In April, Stonesoft achieved the Common Criteria EAL4+ certification
for the Firewall Appliance Family. The EAL 4+ is the highest
commercially feasible certification level.
In April, Stonesoft introduced the new StoneGate Management Center
5.0 and StoneGate Firewall 5.0, offering new revenue opportunities
for MSSPs (Managed Security Service Providers). StoneGate Management
Center 5.0 offers unequaled tools for managing large and distributed
environments with minimum effort.
In April, the leading industry analyst firm Gartner, Inc. positioned
Stonesof's Network Intrusion Prevention System (IPS) for the first
time in its Network Intrusion Prevention System Appliances Magic
Quadrant report, which compares network intrusion prevention systems.
In May, Stonesoft announced it strives for improved profitability and
specified the savings target for the rest of the year to be around
1.5 million Euros. To reach this target the company commenced, among
other actions, co-operation negotiations based on which the company
decided to terminate employment contract of six (6) employees and lay
off the personnel in Finland with certain exceptions for six weeks in
stages during the rest of the year.
In May, Stonesoft announced that Tekes, the Finnish Funding Agency
for Technology and Innovation, decided to fund Stonesoft
Corporation's research and development project "The protection of
fast networks of critical infrastructure" with more than a million
euros. The funding is allocated over three years so that the majority
is granted for the years 2009 and 2010.
In May, Stonesoft introduced the new StoneGate FW-1030 appliance with
next generation firewall capabilities.
In June, Stonesoft introduced the new StoneGate IPS-1030 appliance,
which is capable of inspecting and stopping also attacks hidden in
encrypted Web traffic. The new appliance provides efficient
protection for both corporate network users and public Web services
against attacks hidden inside the encrypted Web connection.
In June, Stonesoft introduced the new StoneGate FW-1060 firewall and
IPS-1060 intrusion prevention system appliances, which enable
efficient proactive defense.
In June, Stonesoft announced it has received orders from Algerian
Telecom at the value of 1.2 million Euros. The orders are related to
the strategic partnership with the leading national
telecommunications company Algeria Telecom, which was entered in 2008
and has now been renewed by a contract that is in force for one year
at the time, for a maximum period of three years, unless terminated.
The value of orders to be made annually under this frame agreement is
at the minimum two (2) million Euros and at the maximum eight (8)
million Euros. The frame agreement is also strategically significant
to the company.
MAJOR EVENTS AFTER THE FISCAL PERIOD
In July, Stonesoft launched the new high performance FW-5105 firewall
and IPS-6105 intrusion prevention system appliances, which meet the
needs of the most demanding high capacity networks, and the new
StoneGate SSL-1030 appliance for securing the remote connections of
small and medium-sized organizations.
REVIEW OF MAJOR RESEARCH AND DEVELOPMENT ACTIVITIES
Stonesoft continued its strong investments in R&D. The R&D
investments during the fiscal period totaled EUR 2.7 (2.7) million,
which represented 23% (23%) of operating expenses.
R&D employed 65 (66) persons at the end of the reporting period.
SHARE CAPITAL AND STOCK OPTION PROGRAMS
At the end of the fiscal period, Stonesoft's share capital recorded
in the Trade Register totaled EUR 1 146 054.64. The number of shares
was 57 302 732. The share capital remained unchanged.
Stock option programs
The company has two valid stock option programs, the Stock Option
Program 2004-2010, the subscription price of which is EUR 0.56, and
the Stock Option Program 2008-2010, the subscription price of which
is EUR 0.30. During the fiscal period no subscriptions were made on
the basis of the stock option programs for the key personnel of the
company.
DEVELOPMENT OF SHARE PRICES AND TURNOVER
In the beginning of the fiscal period, the price of Stonesoft's share
was EUR 0.32 (0.29). At the end of the fiscal period the price was
EUR 0.40 (0.43). The highest price was EUR 0.50 (0.47) and the lowest
EUR 0.31 (0.24). The share price divided by earnings per share (P/E)
at the end of the fiscal period was -14.3 (-15.6). During the fiscal
period the total turnover of Stonesoft shares amounted to EUR 1.6
(2.8) million and 4.1 (8.7) million shares, which is 7.2 (15.2)% of
the total amount of the shares. Based on the share price at the end
of the fiscal period, Stonesoft's market value was EUR 22.9 (24.6)
million.
NOTICES IN CHANGE OF OWNERSHIP
During the fiscal period, the company gave no notices of changes in
ownership.
ACQUISITIONS AND CHANGES IN GROUP STRUCTURE
Stonesoft established a representative office to Shanghai, China and
terminated the Singapore subsidiary. No acquisitions were made and no
other changes in the group structure were implemented during the
reporting period.
PERSONNEL
At the end of the fiscal period, the group's personnel totaled 176
(180).
AUTHORIZATIONS OF THE BOARD OF DIRECTORS
The Annual General Meeting held on March 26, 2009 decided to grant
the Board of Directors an authorization, according to which the Board
of Directors may decide to issue new shares in one or several issues
and to grant option and other special rights. The total number of
shares or rights to the shares issued may be 11.450.000 at the
maximum.
Based on the authorization, the Board of Directors may decide to
issue new shares for subscription according to the shareholders'
pre-emptive subscription rights or in deviation from the
shareholders' pre-emptive subscription right, or in a directed issue
of option rights or other special rights in case the deviation is
justified by a weighty financial reason for the company, such as
financing of an acquisition, other arrangement concerning the
business of the company or development of its capital structure, or
incentive to the company's personnel.
The issue may be directed in whole or in part to the main
shareholders of the company Ilkka Hiidenheimo and Hannu Turunen, who
have confirmed still to be ready to invest at least three (3) million
Euros in the company in form of convertible bond or directed issuance
of shares in order to strengthen the company's capital structure with
an additional cash reserve and to ensure the continuance of the
positive development in the future in line with the company's
strategy and growth plan. The commitment given by the main
shareholders is in force until the end of the AGM in 2010.
The Board of Directors was authorized to decide on other terms and
conditions related to the share issues and to the issuance of option
or other special rights. The authorization is in force until the end
of 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 not
have an authorization to acquire its own shares.
CORPORATE GOVERNANCE
Stonesoft complies with the Corporate Governance Recommendations for
listed companies issued by the Confederation of Finnish Industries EK
the NASDAQ OMX Helsinki Ltd and the Central Chamber of Commerce in
October 2008, as described on the web pages of the company.
RISKS AND BUSINESS UNCERTAINTIES IN THE NEAR FUTURE
In the current fiscal period, Stonesoft's main risks and business
uncertainties relate to the realization timetable of the sales
projects and possible productions disruption of our subcontractors
and suppliers. In addition to these factors, the general economical
uncertainty that has previously grown strongly, remains a risk
factor, but seems to be somewhat stabilizing. Otherwise there have
been no significant changes in Stonesoft's uncertainties in
comparison to the risks and business uncertainties that have been
announced earlier.
FUTURE OUTLOOK
Companies will continue to network with their partners and
subcontractors, and this development will create even higher
requirements for network security and availability. At the same time,
the demand for outsourcing solutions and services will grow. Managed
Security Service Providers (MSSPs) have a growing need to provide
their customers with the possibility to track the status of their
network security while maintaining an overview of their own data
network. According to the company's view combining security and high
availability, 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 will
create more demand for capacity and drive the adoption of 10 Gbps
networks. The growing demand for added bandwidth together with new
protocols in the IP networks is expected to increase the general
demand for better reporting, monitoring and analysis tools. This
development will support Stonesoft in achieving its year 2009 growth
plan, since these are the cornerstones in StoneGate Management
Center's functionality.
The strong growth of virtualization has created a demand for ensuring
network security and business continuity also in virtual
environments. StoneGate products are better suited for virtual
environments than the competitors' products because they are based on
software solutions.
As security threats in the public sector increase, growing number of
government organizations have started improving their protection
against network attacks and cyber espionage. StoneGate products offer
comprehensive, centrally managed protection and suit well to the
needs of the public sector.
While the global financial uncertainty continues, companies need to
pay attention to the cost efficiency of their operations. This will
further strengthen the competitiveness of the StoneGate solutions and
emphasize the possibilities the solutions offer for generating
considerable cost savings in relation to infrastructure,
communications and operating costs.
Due to the general economical situation and prevailing global
uncertainty, it is difficult to give any estimates on the future
development. Based on this, the company still does not regard it
justified to give any estimate on the future development of the
result in 2009, although it strives for an improved operating result
(EBIT) compared to the previous year. Based on the existing sales
pipeline and the already realised net sales, the company expects the
net sales for the full year to remain at the previous year's level.
The net sales are expected to be at EUR 24.3 million, +/- EUR 1.5
million.
With regard to the development of the turnover and the operating
result, variation is expected between the quarters in comparison to
the corresponding quarter during the previous year as well as to the
previous quarter as a consequence of, among others, long sales
cycles, a relatively big impact of individual deals, and the
variation between the quarters in the previous year.
Stonesoft Group
Income Statement 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008
(1000 Euro)
Continuing operations
Net sales 6 039 6 371 11 122 11 630 24 427
Other operating income 341 279 505 572 1 275
Materials and services -1 120 -945 -1 814 -1 895 -3 547
Personnel expenses -3 686 -3 735 -7 289 -7 286 -14 796
Depreciation -113 -118 -228 -229 -483
Other operating
expenses -2 011 -2 211 -3 980 -4 389 -9 161
Operating result -550 -360 -1 683 -1 597 -2 286
Financial income and
expenses 45 97 150 120 276
Result before taxes -505 -263 -1 533 -1 477 -2 010
Taxes -44 -49 -80 -99 -219
Result from continuing
operations -549 -311 -1 613 -1 576 -2 229
Result from
discontinued operations 0 0 0 186 186
Result for the
accounting period -549 -311 -1 613 -1 390 -2 043
Other comprehensive
income
Exchange differences on
translating foreign
operations -10 -16 10 -58 -30
Total other
comprehensive income -10 -16 10 -58 -30
Total comprehensive
income -559 -327 -1 603 -1 448 -2 068
Basic earnings per
share (EUR),
continuing operations -0,01 -0,01 -0,03 -0,03 -0,04
Diluted earnings per
share (EUR),
continuing operations -0,01 -0,01 -0,03 -0,03 -0,04
Basic earnings per
share (EUR),
discontinued operations 0,00 0,00 0,00 0,00 0,00
Diluted earnings per
share (EUR),
discontinued operations 0,00 0,00 0,00 0,00 0,00
Stonesoft Group
Balance Sheet (1000 Euro) 30.6.2009 30.6.2008 31.12.2008
ASSETS
Non-Current Assets
Tangible assets 556 787 692
Intangible assets 174 126 104
Other investments 10 10 10
Deferred tax assets 0 1 0
Total 740 924 806
Current assets
Inventories 730 822 911
Trade and other receivables 6 313 6 511 7 371
Prepayments 44 68 19
Marketable securities 5 546 7 003 6 310
Cash and cash equivalents 1 156 803 738
Total 13 789 15 208 15 348
Total assets 14 529 16 132 16 154
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the parent company
Share capital 1 146 1 146 1 146
Share premium account 76 821 76 821 76 821
Conversion differences -941 -985 -951
Retained earnings -75 038 -72 836 -73 473
Total 1 988 4 146 3 543
Long-term liabilities
Provisions 0 43 26
Other long-term
liabilities (* 2 594 2 070 2 336
Total 2 594 2 112 2 363
Short-term liabilities
Trade and other
payables (* 9 696 9 712 9 991
Tax liability 125 7 41
Provisions 126 118 214
Short-term interest bearing
liabilities 0 37 2
Total 9 946 9 874 10 248
Total liabilities 12 541 11 986 12 611
Total equity and liabilities 14 529 16 132 16 154
*) Other liabilities include
customers'
pre-paid maintenance agreements
periodicity 8 591 7 449 8 372
Stonesoft Group
Statement of changes in
equity
(1000 Euro)
Share Share Conversion Retained
capital premium differences earnings Total
Shareholders' equity at
1.1.2008 1 146 76 821 -927 -71 461 5 579
Comprehensive income -58 -1 390 -1 448
Stock options 16 16
At the closing on
31.12.2008 transferred
stock option expenses
accumulated retained
earnings -16 16 0
Shareholders' equity at
30.6.2008 1 146 76 821 -985 -72 836 4 146
Share Share Conversion Retained
capital premium differences earnings Total
Shareholders' equity at
1.1.2009 1 146 76 821 -951 -73 473 3 543
Comprehensive income 10 -1 613 -1 603
Stock options 48 48
Shareholders' equity at
30.6.2009 1 146 76 821 -941 -75 038 1 988
Stonesoft Group
Cash flow statement
(1000 Euro) 1.1.-30.6.2009 1.1.-30.6.2008 1.1.-31.12.2008
Cash flow from
operating activities
Operating Result -1 683 -1 597 -2 286
Adjustments
Non-cash
transactions -104 36 319
Financial
expenses -67 -42 -93
Financial incomes 217 162 375
Change in net
working capital 1 459 746 614
Taxes paid -65 -99 -218
Total cash flow from
operating activities -243 -793 -1 288
Cash flow from
investing activities
Investments in
tangible assets -67 -285 -422
Investments in
intangible assets -95 -66 -66
Investments in
affiliated company 0 0 0
Investments in other
shares 0 -10 -10
Net cash flow
investing activities
continuing operations -162 -361 -498
Net cash flow
investing activities
discontinued
operations 0 761 761
Total cash flow
investing activities -162 400 263
Cash flow from
financing activities
Payments of
financial leasing
liabilities -2 -38 -72
Total cash flow from
financing activities -2 -38 -72
Change in cash and cash
equivalents
Cash and cash
equivalents at
beginning of period 7 048 8 210 8 210
Conversion
differences 10 -58 -30
Changes in the
market value of
investments 52 86 -34
Total cash and cash
equivalents at end of
period *) 6 702 7 806 7 048
*) Total cash and cash
equivalents at end of
the period
contains pledged
securities 316 256 315
Stonesoft Group
Geographical segments 1.1.-30.6.2009 1.1.-30.6.2008 1.1.-31.12.2008
(1000 Euro)
Net sales
Europe 7 164 6 959 14 740
Emerging Market 1 814 1 879 4 123
Americas 1 817 2 352 4 495
APAC 327 440 1 069
Total net sales 11 122 11 630 24 427
Operating profit
Europe -520 -887 -1 061
Emerging Market -102 -20 338
Americas -986 -616 -1 532
APAC -74 -73 -31
Total operating profit -1 683 -1 597 -2 286
Stonesoft Group
Contingent liabilities 1.1.-30.6.2009 1.1.-30.6.2008 1.1.-31.12.2008
(1000 Euro)
Contingent off-balance
sheet
Non-cancelable other
leases 2 926 3 902 3 377
Contingent
liabilities for the
Company 63 20 63
Stonesoft Group
Related party
information 1.1.-30.6.2009 1.1.-30.6.2008 1.1.-30.9.2008
(1000 Euro)
Consultation fees paid
to the Board of
Directors 0 0 0
Stonesoft Group
Quarterly development Q2 / Q1 / Q4 / Q3 / Q2 / Q1 /
(Euro Millions) 2009 2009 2008 2008 2008 2008 2008
Software 0,3 0,4 1,0 0,5 0,7 0,4 2,6
Security appliances 3,1 2,0 3,4 2,8 3,4 2,8 12,3
Services 2,7 2,6 2,6 2,4 2,3 2,2 9,5
Other products 0,0 0,1 0,0 0,1 0,0 -0,1 0,1
Net sales continuing operations 6,0 5,1 6,9 5,9 6,4 5,3 24,4
Change-% from previous year -5 -3 19 45 32 22 28
Sales margin 4,9 4,4 6,1 5,1 5,4 4,3 20,9
Sales margin % 81 86 88 86 85 82 85
Operative expenses 5,8 5,7 6,6 5,9 6,0 5,8 24,4
Operating profit (EBITA) -0,6 -1,1 -0,2 -0,5 -0,4 -1,2 -2,3
% of net sales -9 -22 -3 -9 -6 -24 -9
Result before taxes -0,5 -1,0 -0,1 -0,4 -0,3 -1,2 -2,0
% of net sales -8 -20 -2 -7 -4 -23 -8
Stonesoft Group
Key ratios 1.1.-30.6.2009 1.1.-30.6.2008 1.1.-31.12.2008
(1000 Euro)
Net sales, continuing
operations 11 122 11 630 24 427
Net sales change-% -4 27 28
Operating result,
continuing operations -1 683 -1 597 -2 286
% of net sales -15 -14 -9
Operating result before
taxes -1 533 -1 477 -2 010
% of net sales -14 -13 -8
ROE - %, annualized,
continuing operations -117 -65 -49
ROI - %, annualized -99 -56 -40
Equity ratio-% 33 48 46
Net gearing -3,37 -1,87 -1,99
Total Assets 14 529 16 132 16 154
Capital expenditure 162 351 488
Capital disposals 20 0 0
R&D costs 2 657 2 686 5 230
% of net sales 24 23 21
Number of employees
(weighted average) 183 181 183
Number of employees
(end of the period) 176 180 185
Share Specific Ratios
Earnings per share,
continuing operations -0,03 -0,03 -0,04
Earnings per share,
discontinued operations 0,00 0,00 0,00
Equity per share 0,03 0,07 0,06
Dividend 0,00 0,00 0,00
Dividend per share
(EUR) 0,00 0,00 0,00
Dividend / Profit-% 0 0 0
Calculation of
indicators
Return on equity (Profit before taxes - income taxes)
(ROE) % = x 100 /
Shareholders' equity + minority interest
(average)
Return on invested (Profit before extraordinary items+interest and
capital (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 on
Net gearing = deposit - marketable securities /
Equity + minority interest
Earning per share Profit before taxes - minority interest
(EPS) = - income taxes /
Average number of shares adjusted for
dilutive effect of options
Equity per share = Equity /
Number of shares at end of period
ACCOUNTING PRINCIPLES
This Interim Report is prepared in accordance with IAS 34 standard.
FORWARD-LOOKING STATEMENTS
This report contains statements concerning, among other things,
Stonesoft's financial condition and the results of operations that
are forward-looking in nature. Such statements are not historical
facts, but rather represent Stonesoft's future expectations. The
company believes that the expectations reflected in these
forward-looking statements are based on reasonable assumptions.
However, these forward-looking statements involve inherent risks and
uncertainties, which could cause actual results or outcomes to differ
materially from those anticipated in the statements. These risks and
uncertainties may include, among other things, (1) changes in our
market position or in the Firewall/VPN and Intrusion detection and
protection market in general; (2) the effects of competition; (3) the
success, financial condition, and performance of our collaboration
partners, suppliers and customers;(4) our ability to source quality
components without interruption and at acceptable prices;(5) our
ability to recruit, retain and develop appropriately skilled
employees;(6) exchange rate fluctuations, including, in particular,
fluctuations between the Euro, which is our reporting currency, and
the US dollar;(7) other factors related to sale of products, economic
situation, business, competition or legislation affecting the
business of Stonesoft or the industry in general and (8) our ability
to control the variety of factors affecting our ability to reach our
targets and give accurate forecasts.
The presented figures are unaudited.
PRESS CONFERENCE
A press conference for analysts and investors will be held on August
14, 2009 at 10.30 am at the Stonesoft headquarters, street address
Itälahdenkatu 22 A, 00210 Helsinki.
For additional information, please contact:
Ilkka Hiidenheimo, CEO, Stonesoft Corporation
Tel. +358 9 476 711
E-mail: ilkka.hiidenheimo@stonesoft.com
Mikael Nyberg, CFO, Stonesoft Corporation
Tel. +358 9 476 711
E-mail: mikael.nyberg@stonesoft.com
Stonesoft Corporation
Ilkka Hiidenheimo
CEO
This release and the presentation material related to this report are
also available on Stonesoft's web site at www.stonesoft.com.
Distribution:
OMX Nordic Exchange Helsinki
www.stonesoft.com
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