2008-08-15 08:23:07 CEST
2008-08-15 08:23:19 CEST
REGULATED INFORMATION
Stonesoft - Interim report (Q1 and Q3)
Stonesoft Corporation Interim Report January-June 2008
Stonesoft Corporation Stock Exchange Release, 15 August 2008
Stonesoft Corporation Interim Report January-June 2008
StoneGate sales grew by 50%, net sales by 32% during the second
quarter
The sales of Stonesoft's main product portfolio, the StoneGate
product line, increased by 50% and the company's net sales in
continuing operations increased by 32% during the second quarter
compared to the corresponding period in the previous year. Also the
cash flow developed very favourably and came to EUR -0.1 million,
compared to the corresponding figure EUR -2.0 million 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 2008
- Stonesoft's core business, the sales of the StoneGate product
family, EUR 4.1 (2.7) million, an increase of 50%.
- The net sales for the reporting period totalled EUR 6.4 (4.8)
million, growth 32%.
- The operating result was EUR -0.4 (-1.5) million.
- The operating result as percentage of net sales -6% (-32%)
- Earnings per share were EUR -0.01 (-0.03).
- Shareholder's equity per share was EUR 0.07 (0.15).
- The cash flow was EUR -0.1 (-2.0) million.
- Liquid assets at the end of the reporting period totalled EUR 7.8
(11.0) million.
January-June 2008
- Stonesoft's core business, the sales of the StoneGate product
family, EUR 7.2 (5.0) million, growth 44%
- The net sales for the reporting period totalled EUR 11.6 (9.2)
million, growth 27%
- The operating result was EUR -1.6 (-3.6) million
- The operating result as percentage of net sales -14% (-40%)
- Earnings per share were EUR -0.03 (-0.06)
- Shareholder's equity per share was EUR 0.07 (0.15)
- The cash flow was EUR -1.2 (-3.4) million. The total cash flow,
including the last payment of the selling price of Embe Systems Oy,
EUR 0.8 million, was EUR -0.4 million euros.
CEO Ilkka Hiidenheimo
During the second quarter of 2008, the sales of the StoneGate product
family grew by 50% and net sales by 32% compared to the corresponding
period in the previous year. The sales of StoneGate products were EUR
4.1 million, which is the highest in the company's history at all
times. The positive development has now continued for three
consecutive quarters. Also the cash flow and the operating result
improved significantly.
Through an order delivered to the Algerian Ministry of Healthcare at
the value of more than 700,000 EUR and a co-operation agreement
signed with Algeria Telecom, we significantly strengthened our
position in the North African market.
We strengthened our product portfolio during the quarter by
introducing the new StoneGate Management Center 4.3 management tool
and StoneGate IPS 4.3 intrusion prevention system. The StoneGate
Management Center allows managing virtual appliances in the same way
as physical network security appliances. This means organizations can
immediately protect their fast-growing virtual environments.
The StoneGate Virtual Firewall is already available and StoneGate
Virtual IPS for protecting internal networks will be launched in the
near future.
NET SALES AND PROFIT
April-June 2008 (hereinafter 'reporting period')
The group's net sales in the reporting period were EUR 6.4 (4.8)
million. The increase from the previous year's corresponding period
was EUR 1.5 million, or 32%. The operating result (EBIT) was EUR -0.4
(-1.5) million and the result after taxes was EUR -0.3 (-1.5)
million.
The sales of the main product portfolio StoneGate(TM), comprising of
a firewall, VPN, SSL VPN and IPS (Intrusion Prevention System), were
EUR 4.1 (2.7) million, an increase of 50% compared to the
corresponding period in the previous year.
The geographical distribution of net sales was as follows: Europe 61%
(55%), Emerging Markets (Russia, North Africa and Middle East) 15%
(13%), Americas (North and South America) 22% (26%) and APAC
(Asia-Pacific)) 3% (6%).
January-June 2008 (hereinafter 'fiscal period')
Stonesoft group's net sales in January-June were EUR 11.6 (9.2)
million. Compared with the previous year's corresponding period,
there was an increase of EUR 2.5 million, or 27%. The operating loss
was EUR -1.6 (-3.6) million and the loss after taxes was EUR -1.6
(-3.5) million.
The sales of the main product portfolio StoneGate were EUR 7.2 (5.0)
million, an increase of 44% compared to the corresponding period in
the previous year.
The geographical distribution of net sales was as follows: Europe 60%
(60%), Emerging Markets (Russia, North Africa and Middle East) 16%
(13%), Americas (North and South America) 20% (21%) and APAC
(Asia-Pacific)) 4% (6%).
Finance and investments
At the end of the fiscal period, the group's total assets were EUR
16.1 (18.5) million. The equity ratio was 48% (68%) and gearing (the
ratio of net debt to shareholder's equity) was -1.87 (-1.28).
Consolidated liquid assets of the group at the end of the fiscal
period totaled EUR 7.8 (11.0) million. Investments in tangible and
intangible assets totaled EUR 0.35 (0.18) million.
DEVELOPMENT OF BUSINESS OPERATIONS
Main business events in the reporting period
- Stonesoft Board of Directors decided on a new option plan.
- Stonesoft extended its co-operation with Magirus, a leading
provider of IT solutions in Europe, into Germany, Austria and
Switzerland.
- Stonesoft introduced the new StoneGate Management Center 4.3 for
advanced unified management. The product offers enhanced visibility
and control over network security in both traditional and virtual
network environments.
- Stonesoft's StoneGate IPS was shortlisted for the 2008 Techworld
awards in the category IPS/IDS Product of the Year.
- Stonesoft introduced the new StoneGate IPS 4.3 for protecting
internal networks and operating systems from malicious traffic. The
solution stands out through its scalability: the revolutionary serial
clustering technology of the new StoneGate appliances allows adding
IPS throughput up to 60%. The system also supports the new IPv6
protocol.
- Stonesoft received a noticeable order from the Algerian Ministry of
Healthcare at the value of more than 700,000 Euros. The delivery took
place during the quarter.
MAJOR EVENTS AFTER THE FISCAL PERIOD
- Stonesoft executed a co-operation agreement with the leading
Algerian telecommunications company Algeria Telecom on a strategic
partnership.
- StoneGate Firewall VPN and IPS were certified in the VMware Virtual
Appliance Program.
REVIEW OF MAJOR RESEARCH AND DEVELOPMENT ACTIVITIES
Stonesoft continued its strong investments in R&D. The group's R&D
investments during the fiscal period totaled EUR 2.7 (2.7) million,
which represented 23% (23%) of operating expenses.
R&D employed 66 (66) persons at the end of the fiscal 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, subscription price EUR 0.56, and Stock Option
Program 2008-2014, subscription price EUR 0.30.
During the fiscal period no subscriptions were made on the basis of
the stock option programs for 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 0.29 (0.47). The official closing price was EUR 0.43 (0.48).
The highest share price was EUR 0.47 (0.56) and the lowest EUR 0.24
(0.46). The share price divided by earnings per share (P/E) at the
end of the fiscal period was -15.6 (-7.8). During the fiscal period
the total turnover of Stonesoft shares amounted to EUR 2.8 (4.1)
million. Based on the share price on 30 June 2008, Stonesoft's market
value was EUR 24.6 (26.9) million.
During January - June 2008 the trading volume of the Stonesoft share
on the OMX Nordic Exchange Helsinki was 8 733 556 (7 995 459) shares,
corresponding to 15.2 (14.0) percent of the share capital.
CHANGES IN OWNERSHIP
During the fiscal period, the company received no notices of changes
in ownership.
ACQUISITIONS AND CHANGES IN GROUP STRUCTURE
No acquisitions were made and no other changes in the group structure
were implemented during the fiscal period.
PERSONNEL
At the end of the fiscal period, Stonesoft's personnel totalled 180
(180).
AUTHORIZATIONS TO THE BOARD OF DIRECTORS
In the Annual General Meeting of Shareholders held on 23 April 2008,
it was decided to grant the Board of Directors a new authorization
and to cancel the authorization granted by the AGM in 2007.
According to the new authorization, the Board of Directors is
authorized to issue new shares and to grant option and other special
rights to the extent that the total number of shares or rights to the
shares issued may be 11.450.000 at the maximum.
The new shares to be issued in a new issue and/or the option or
special rights may be offered for subscription either according to
the shareholders' pre-emptive subscription rights or in deviation
from the shareholders' pre-emptive subscription right, in case the
deviation is justified by a weighty financial reason for the company,
such as financing of an acquisition, enabling of a joint venture
transaction, providing of additional financial alternatives, and/or
an arrangement for incentive program directed to the company's
personnel.
The issue may be directed partly or in full to the main shareholders,
Ilkka Hiidenheimo and Hannu Turunen, who have reconfirmed to be ready
to invest at least three (3) million Euros in the company in form of
convertible bond 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 2009.
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 2009 AGM.
Based on the authorization given, the Board of Directors of Stonesoft
Corporation decided in its meeting on 6 May 2008 to approve the Stock
Option Plan 2008, according to which new option rights can be granted
to the members of the Board of Directors, other management and key
persons in the personnel of Stonesoft Corporation. The total amount
of option rights that can be granted was 3.000.000 and they entitle
to subscribe, in total, 3.000.000 shares in Stonesoft Corporation.
The option rights of the Option Plan 2008 are divided into four
series, each having an own subscription period as follows:
Series A on March 1, 2010 - December 31, 2014,
Series B on March 1, 2011 - December 31, 2014,
Series C on March 1, 2012 - December 31, 2014, and
Series D on March 1, 2013 - December 31, 2014
The subscription prices of the shares correspond to the
volume-weighted average share price of the Company during the last 90
trading days on the OMX Nordic Stock Exchange Helsinki before the
Board Meeting deciding on this plan. The subscription price of a
share with stock options is EUR 0.30.
In its meeting on 17 June 2008, the Board of Directors of Stonesoft
Corporation decided to supplement the terms in paragraph II6 and II7
of the Stock Option Plan 2008 approved in its meeting held on May 6,
2008 to grant to a stock option holder the same or equal rights as a
shareholder has in case of issuance of new shares, options or other
specific rights prior to share subscriptions as well as in certain
other special cases.
The full terms and conditions of the Stock Option Plan 2008 are
available on the company website at http://www.stonesoft.com.
The company does not own its shares and the Board of Directors does
not have an authorization to acquire its own shares.
CORPORATE GOVERNANCE
Stonesoft complies with the Corporate Governance Recommendation for
listed companies issued by the OMX Nordic Stock Exchange Helsinki, as
described on the web pages of the company.
RISKS AND BUSINESS UNCERTAINTIES
In the current fiscal period, Stonesoft's main risks and business
uncertainties relate to the realization timetable of the sales
projects and possible production disruption of our subcontractors and
suppliers as well as to the fact that the general economic
uncertainty has increased. There have been no significant changes in
these risks and business uncertainties in comparison to what has been
announced earlier.
FUTURE OUTLOOK
According to the Research Institute Infonetics, the Firewall/VPN and
IPS Intrusion detection and prevention market will grow globally
roughly by 8% in 2008. The market will continue to be dynamic.
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
service providers (MSPs) 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 2008 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 are increasing, more and
more governments 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.
Stonesoft will continue its decisive and persistent efforts to
increase its net sales and to improve the profitability of the
company. The company's main target in 2008 is to have a strong growth
of net sales generating improved profitability. By extension of the
product portfolio and improved competitiveness, we aim to win even
larger individual deals.
Based on the extension of the product portfolio, intensification of
sales efforts and the present sales pipeline, the company expects to
have an annual overall net sales of roughly EUR 24 million (+/- 10%)
while the comparable net sales figure during the previous financial
year was EUR 19.0 million. Through increased sales and cost control,
the annual operating result (EBIT) is expected to improve by EUR 2.5
- 4.5 million compared to the previous year. Also the cash flow is
expected to develop favourably.
With regard to the development of the turnover and the operating
result, we expect a significant variation 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 4-6/2008 4-6/2007 1-6/2008 1-6/2007 1-12/2007
Income Statement
(1000 Euro)
Continuing operations
6 371 4 845 11 630 9 165 19 020
Net sales
279 186 572 364 1 144
Other operating
income
-945 -737 -1 895 -1 284 -3 064
Materials and
services -3 735 -3 500 -7 286 -7 038 -14 218
Personnel expenses -118 -111 -229 -228 -449
Depreciation -2 211 -2 227 -4 389 -4 612 -8 946
Other operating
expenses
-360 -1 544 -1 597 -3 633 -6 514
Operating result
97 106 120 220 202
Financial income and
expenses
-263 -1 438 -1 477 -3 413 -6 312
Result before taxes
-49 -40 -99 -94 -213
Taxes
-311 -1 479 -1 576 -3 507 -6 525
Result from continuing
operations
0 0 186 2 217 2 312
Result from
discontinued operations
-311 -1 479 -1 390 -1 290 -4 212
Result for the
accounting period
Basic earnings per
share (EUR), -0,01 -0,03 -0,03 -0,06 -0,11
continuing operations
Diluted earnings per
share (EUR), -0,01 -0,03 -0,03 -0,06 -0,11
continuing operations
Basic earnings per
share (EUR), 0,00 0,00 0,00 0,04 0,04
discontinued operations
Diluted earnings per
share (EUR), 0,00 0,00 0,00 0,04 0,04
discontinued operations
Stonesoft Group
Balance Sheet (1000 Euro) 30.6.2008 30.6.2007 31.12.2007
ASSETS
Non-Current Assets
Tangible assets 787 592 709
Intangible assets 126 107 82
Other investments 10 0 0
Deferred tax assets 1 2 1
Total 924 701 793
Current assets
Inventories 822 719 1 069
Trade and other receivables 6 511 6 052 7 498
Prepayments 68 68 97
Marketable securities 7 003 10 019 7 571
Cash and cash equivalents 803 942 640
Total 15 208 17 799 16 874
Total assets 16 132 18 500 17 666
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the parent company
Share capital 1 146 1 146 1 146
Share premium account 76 997 76 905 76 981
Conversion differences -985 -872 -927
Retained earnings -73 012 -68 700 -71 622
Total 4 146 8 480 5 579
Long-term liabilities
Provisions 43 92 56
Interest bearing liabilities 0 27 0
Other long-term liabilities 2 070 1 447 1 722
Total 2 112 1 565 1 779
Short-term liabilities
Trade and other payables 9 712 8 229 10 018
Tax liability 7 90 85
Provisions 118 40 131
Short-term interest bearing
liabilities 37 96 75
Total 9 874 8 455 10 309
Total liabilities 11 986 10 020 12 088
Total equity and liabilities 16 132 18 500 17 666
Stonesoft Group
Statement of changes
in equity
(1000 Euro)
Share Share Conversion Retained capital premium differences earnings Total
Shareholders' equity
at 1.1.2007 1 146 76 897 -867 -67 410 9 767
Conversion
differences -5 -5
Result for the period -1 290 -1 290
Total recognized
income and expense
for the period -5 -1 290 -1 295
Stock options
exercised 8 8
Shareholders' equity
at 30.6.2007 1 146 76 905 -872 -68 700 8 480
Share Share Conversion Retained
capital premium differences earnings Total
Shareholders' equity
at 1.1.2008 1 146 76 981 -927 -71 622 5 579
Conversion
differences -58 -58
Result for the period -1 390 -1 390
Total recognized
income and expense
for the period -58 -1 390 -1 448
Stock options
exercised 16 16
Shareholders' equity
at 30.6.2008 1 146 76 997 -985 -73 012 4 146
Stonesoft Group
Cash flow statement
(1000 Euro) 1.1.-30.6.2008 1.1.-30.6.2007 1.1.-31.12.2007
Cash flow from
operating activities
Operating Result -1 597 -3 633 -6 514
Adjustments 156 168 417
Change in net
working capital 746 159 687
Taxes paid -99 -94 -212
Net cash flow from
operating activities
continuing operations -793 -3 400 -5 622
Net cash flow from
operating activities
discontinued operations 0 0 0
Total cash flow from
operating activities -793 -3 400 -5 622
Cash flow from
investing activities
Investments in
tangible assets -285 -156 -463
Investments in
intangible assets -66 -26 -32
Investments in
affiliated company 0 0 -1
Investments in other
shares -10 0 0
Net cash flow investing
activities continuing
operations -361 -182 -496
Net cash flow
investing activities
discontinued operations 761 -448 -448
Total cash flow
investing activities 400 -630 -944
Cash flow from
financing activities
Payments of
financial leasing
liabilities -38 -47 -95
Total cash flow from
financing activities -38 -47 -95
Change in cash and cash
equivalents
Cash and cash
equivalents at
beginning of period 8 210 14 370 14 370
Conversion
differences -58 -5 -60
Changes in the
market value of
investments 86 182 69
Discontinued
operations 0 492 492
Total cash and cash
equivalents at end of
period *) 7 806 10 961 8 210
*) Total cash and cash
equivalents at end of
the period
contains pledged
securities 256 303 281
Stonesoft Group
Geographical segments 1.1.-30.6.2008 1.1.-30.6.2007 1.1.-31.12.2007
(1000 Euro)
Net sales
Europe 6 959 5 493 12 075
Emerging Market 1 879 1 167 2 004
Americas 2 352 1 940 3 906
APAC 440 564 1 036
Total net sales 11 630 9 165 19 020
Operating profit
Europe -887 -2 497 -4 119
Emerging Market -20 -118 -231
Americas -616 -932 -2 038
APAC -73 -85 -126
Total operating profit -1 597 -3 633 -6 514
Stonesoft Group
Contingent liabilities 1.1.-30.6.2008 1.1.-30.6.2007 1.1.-31.12.2007
(1000 Euro)
Contingent off-balance
sheet
Non-cancelable other
leases 3 902 4 862 4 624
Contingent
liabilities for the
Company 20 20 20
Contingent
liabilities for
inventories 0 0 0
Stonesoft Group
Related party
information 1.1.-30.6.2008 1.1.-30.6.2007 1.1.-31.12.2007
(1000 Euro)
Consultation fees paid
to the Board of
Directors 0 30 73
Stonesoft Group
Quarterly development Q2 / Q1 / Q4 / Q3 / Q2 / Q1 /
(Euro Millions) 2008 2008 2007 2007 2007 2007 2007
Security software and
appliances 4,1 3,2 3,7 2,0 2,7 2,3 10,7
Services 2,3 2,2 2,2 2,1 2,1 2,0 8,4
Other products 0,0 -0,1 -0,1 0,0 0,0 0,0 -0,1
Net sales continuing operations 6,4 5,3 5,8 4,0 4,8 4,3 19,0
Change-% from previous year 32 22 35 -9 32 7 15
Net sales discontinuing operations 0,0 0,0 0,0 0,0 0,0 0,0 0,0
Change-% from previous year - - - - - - -
Net sales total 6,4 5,3 5,8 4,0 4,8 4,3 19,0
Change-% from previous year 32 22 0 -27 -4 -22 -13
Sales margin 5,4 4,3 4,7 3,4 4,1 3,8 16,0
Sales margin % 85 82 80 84 85 87 84
Operative expenses 6,0 5,8 6,2 5,4 5,8 6,0 23,4
Operating profit (EBITA) -0,4 -1,2 -1,2 -1,6 -1,5 -2,1 -6,5
% of net sales -6 -24 -21 -41 -32 -48 -34
Result before taxes -0,3 -1,2 -1,2 -1,7 -1,4 -2,0 -6,3
% of net sales -4 -23 -20 -43 -30 -46 -33
Stonesoft Group
Key ratios 1.1.-30.6.2008 1.1.-30.6.2007 1.1.-31.12.2007
(1000 Euro)
Net sales total 11 630 9 165 19 020
Net sales
change-% 27 -13 -13
Net sales,
continuing
operations 11 630 9 165 19 020
Net sales
change-% 27 19 15
Net sales,
discontinued
operations 0 0 0
Net sales
change-% - - -
Operating
result total -1 597 -3 633 -6 514
% of net
sales -14 -40 -34
Operating
result,
continuing
operations -1 597 -3 633 -6 514
% of net
sales -14 -40 -34
Operating
result,
discontinued
operations 0 0 0
% of net
sales - - -
Operating
result before
taxes -1 477 -3 413 -6 312
% of net
sales -13 -37 -33
ROE - %,
annualized,
continuing
operations -65 -77 -85
ROI - %,
annualized -56 -72 -78
Equity ratio-% 48 68 52
Net gearing -1,87 -1,28 -1,46
Total Assets 16 132 18 500 17 666
Capital
expenditure 351 189 500
Capital
disposals 0 -1 -5
R&D costs 2 686 2 611 5 285
% of net
sales 23 28 28
Number of
employees
(weighted
average) 181 181 181
Number of
employees (end
of the period 180 180 181
Share Specific
Ratios
Earnings per
share,
continuing
operations -0,03 -0,06 -0,11
Earnings per
share,
discontinued
operations 0,00 0,04 0,04
Equity per
share 0,07 0,15 0,10
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 (ROE) %
= (Profit before taxes - income taxes) x 100 /
Shareholders' equity + minority interest (average)
Return on
invested
capital (ROI)% (Profit before extraordinary items+interest and 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 Profit before taxes - minority interest - income
share (EPS) = 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.
Stonesoft Group has changed its bookkeeping practice regarding
consulting fees for consults working full-time for Stonesoft sales
and presales functions starting from January 1, 2008. According to
the new practice these fees are included in the personnel expenses.
In the financial year 2007 these consulting fees were included in the
other operating expenses. The figures of the previous year have been
adjusted to be comparable with the new bookkeeping practice. In all
other aspects the Group has adapted the same accounting principles
and reporting standards as in the Financial Statements for 2007.
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 today, 15
August 2008 at 10:30 AM at the Stonesoft headquarters, street address
Itälahdenkatu 22 A, 00210 Helsinki.
This release and the presentation material related to this report are
also available on Stonesoft's web site at http://www.stonesoft.com
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
Distribution:
OMX Nordic Exchange Helsinki
www.stonesoft.com
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