2016-10-20 08:00:01 CEST
2016-10-20 08:00:01 CEST
REGULATED INFORMATION
SSH Communications Security Oyj - Interim report (Q1 and Q3)
SSH COMMUNICATIONS SECURITY CORPORATION INTERIM REPORT RELEASE, JANUARY 1 – SEPTEMBER 30, 2016
Helsinki, Finland, 2016-10-20 08:00 CEST (GLOBE NEWSWIRE) --
July–September 2016: 2.2 % net sales growth, losses due to investments to sales
and R&D activities, and to patent enforcement expenses. Cash position remained
strong.
-- <p class="western">Net sales totaled EUR 3.7 million, up by 2.2 % year on
year (EUR 3.6 million in 7–9/2015).</p>
-- <p class="western">Operating loss was EUR -2.3 million (EUR -1.0 million
in 7–9/2015). Loss was EUR -2.4 million (EUR -1.0 million).</p>
-- <p class="western">Earnings per share EUR -0.08 (EUR -0.04).</p>
January–September 2016: Overall net sales declined, but license sales grew 37.7
% year on year. Losses are due to continued investments to sales and R&D
activities, and patent enforcement expenses. Cash flow was negative from
operations, bus cash position remained strong due to financing arrangements in
June.
-- <p class="western">Net sales totaled EUR 11.1 million, down by -24.3 %
year on year (EUR 14.6 million in 1–9/2015).</p>
-- <p class="western">Operating loss was EUR -6.1 million (EUR -3.1 million
in 1–9/2015). Loss was EUR -6.7 million (EUR -3.0 million)</p>
-- <p class="western">Earnings per share EUR -0.23 (EUR -0.12).</p>
Equity ratio remained good 83.3 % (67.4 %) and liquid assets were EUR 11.4
million (EUR 9.4 million).
In 2016, SSH Communications Security estimates its revenue to grow slightly
from 2015.
KEY FIGURES
7-9/ 7-9/ 1-9/ 1-9/ Change % 1-12/
2016 2015 2016 2015 2015
Net sales (MEUR) 3.7 3.6 11.1 14.6 -24.3 18.9
Operating profit/loss (MEUR) -2.3 -1.0 -6.1 -3.1 -96.8 -4.4
% of net sales -63.8 -27.6 -55.4 -21.3 -160.0 -23.2
Profit/loss before taxes (MEUR) -2.4 -1.0 -6.6 -2.9 -123.5 -3.9
Profit/loss (MEUR) -2.4 -1.0 -6.7 -3.0 -121.7 -3.9
Return on equity, % -54.9 -30.2 -82.1 -40.4
Return on investment, % -54.3 -29.6 -83.6 -39.9
Liquid assets 11.4 9.4 21.7 11.3
Gearing (%) -88.9 -77.8 -14.3 -98.8
Equity ratio (%) 83.3 67.4 23.6 66.8
Earnings Per Share (EUR) -0.08 -0.04 -0.23 -0.12 -94.4 -0.15
Shareholders' equity per share 0.37 0.39 0.37 0.39 -3.6 0.36
(EUR)
CEO'S REVIEW
The third quarter continued the trend of increasing software license and
subscription sales with c. 40% growth over the same period in 2015. Our total
revenue grew slightly compared to Q3/2015.
While we announced no major deals during the quarter, we kept closing both new
deals and extension deals with existing enterprise customers. License sales
were well balanced across all key product groups with our IBM z/OS mainframe
offerings showing especially robust growth.
In light of the growing sales and the important role of mainframes within our
largest customers – both old and new – we reorganized the IBM z/OS team as a
product line to be better able to develop and promote these offerings. We are
also moving towards tighter integration between the Universal SSH Key Manager
and Crypto Auditor and working to create a unified product platform to serve
our customers needs’ even better.
The third quarter was a time of rebuilding and stabilization. We added some key
resources in the US and announced the appointment of Mr. Chris Riley as the VP
of Sales, North America. Chris brings more than 20 years of senior sales
leadership experience and a strong network to us. We also added other key US
resources during the quarter to be able to grow our US sales.
As predicted, the macro-level uncertainty especially in the financial sector
has led to a lengthening of some sales cycles. We are actively seeking to
neutralize the effect of this by concentrating on strengthening our sales
pipeline and decreasing our dependence on a few large deals.
We were dealt a setback in our patent licensing business after the end of the
quarter. The first instance decision in the UK High Court in our patent
litigation against Sony found that Sony infringed our patent claims but the
patent was found invalid. As previously stated, we believe this decision was
erroneous and we are seeking permission to appeal. In our view, this decision
represents a delay in realizing patent licensing revenue, not a defeat. We
continue our patent licensing activities in full force and expect the decision
from the ongoing German litigation during October-November.
Despite the quarter not being profitable, our cash position remains strong and
we will keep investing in building even better products, strengthening our
sales and marketing, and being the innovation leader in our industry segment.
Due to uncertainties in patent licensing revenue and in the timing of some
license deals, we decided to lower our guidance after the end of the quarter.
We currently estimate slight revenue growth over 2015.
The outlook for the rest of the year is somewhat mixed. We are seeing
increasing interest in and demand for our products but especially large
financial institutions are being cautious in their investments and their
decision timelines have grown longer. This uncertainty is one reason behind our
recent change of guidance, as mentioned before.
Our faith in our direction and products remains unwavering. The need for cyber
security especially in the trusted access realm is growing and despite
potential short term uncertainties, the overall market is growing rapidly and
we are well positioned to take advantage of this trend.
Tatu Ylönen
CEO
NET SALES
Consolidated net sales for July–September totaled EUR 3.7 million (EUR 3.6
million), up by 2.2 %, year on year.
Consolidated net sales for January–September totaled EUR 11.1 million (EUR 14.6
million), down by -24.3 %, year on year. The same period last year included an
exceptionally large consultancy deal.
The Americas, Europe, Middle East and Africa market area and the Asia Pacific
region accounted for 53.9 % (65.6 %), 33.9 % (25.3 %) and 12.2 % (9.1 %) of
reported net sales, respectively.
SSH NET SALES
EUR million 7-9/ 7-9/ 1-9/ 1-9/ Change % 1-12/
2016 2015 2016 2015 2015
BY SEGMENT
AMERICAS 2.3 2.5 6.0 9.6 -37.8 11.7
APAC 0.6 0.5 1.4 1.3 1.7 2.1
EMEA 0.8 0.5 3.8 3.7 1.4 5.0
SSH Group Total 3.7 3.6 11.1 14.6 -24.3 18.9
BY OPERATION
Software fees 1.3 1.0 4.8 3.5 37.7 5.1
Professional services & other 0.4 0.7 0.5 5.5 -90.9 6.1
Recurring revenue 2.1 1.9 5.7 5.6 2.8 7.6
Total 3.7 3.6 11.1 14.6 -24.3 18.9
The majority of SSH Communications Security’s invoicing is U.S. dollar based.
With comparable exchange rates, net sales decline would have been -24.2 %
compared with 2015 corresponding period.
RESULTS AND EXPENSES
Operating loss for July–September amounted to EUR -2.3 million (EUR -1.0
million), with net loss totaling EUR -2.4 million (EUR -1.0 million).
Operating loss for January–September amounted to EUR -6.1 million (EUR -3.1
million), with net loss totaling EUR -6.7 million (EUR -3.0 million).
Sales, marketing and customer support expenses for the July–September reporting
period amounted to EUR -2.9 million (EUR -2.3 million), while research and
development expenses totaled EUR -2.1 million (EUR -1.3 million) and
administrative expenses EUR -0.5 million (EUR -0.2 million).
Sales, marketing and customer support expenses for the January–September
reporting period amounted EUR -8.3 million (EUR -6.7 million), while research
and development expenses totaled EUR -6.4 million (EUR -4.1 million) and
administrative expenses EUR -1.5 million (EUR -1.0 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH Communications Security remained in good level
during the reporting period. The consolidated balance sheet total on September
30, 2016 stood at EUR 21.2 million (September 30, 2015 EUR 22.5 million;
December 31, 2015 EUR 21.8 million), of which liquid assets accounted for EUR
11.4 million (September 30, 2015 EUR 9.4 million; December 31, 2015 EUR 11.3
million), or 53.8 % of the balance sheet total. During June, new shares in a
directed share issue of EUR 8 million were issued. On September 30, 2016,
gearing, or the ratio of net liabilities to shareholders’ equity, was -88.9 %
(September 30, 2015 -77.8 %; December 31, 2015 -98.8 %) and the equity ratio
stood at 83.3 % (September 30, 2015 67.4 %; December 31, 2015 66.8 %).
The reported gross capital expenditure for the period totaled EUR 1.7 million
(EUR 1.7 million). The reported financial income and expenses consisted mainly
of interest on deposits and exchange rate gains or losses. Financial income and
expenses totaled EUR -0.5 million (EUR 0.2 million).
During January–September, SSH Communications Security reported a negative cash
flow of EUR -5.2 million (EUR -2.1 million) from business operations, and
investments showed a negative cash flow of EUR -1.7 million (EUR -1.7 million).
Cash flow from financing totaled to EUR 7.0 million (EUR 7.1 million). Total
cash flow from operations, investments and financing was positive EUR 0.1
million (EUR 3.3 million).
There were no short term investments by end of reporting period.
RESEARCH AND DEVELOPMENT
Research and development expenses for July–September totaled EUR -2.1 million
(EUR -1.3 million), the equivalent of 58.2 % of net sales (36.4 %). During
July–September, the company has capitalized R&D costs EUR 0.4 million (EUR 0.5
million).
Research and development expenses for January–September totaled EUR -6.4
million (EUR -4.1 million), the equivalent of 58.0 % of net sales (27.9 %). In
reporting period, R&D cost capitalizations amounted to EUR 1.3 million (EUR 1.4
million). Depreciation from R&D capitalization assets was EUR -1.1 million (EUR
-0.8 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of September, the Group had 115 employees on its payroll. The amount
of employees increased by 6 people from the previous year (+6 %), and by 1
person from the previous quarter.
At the end of the period, 40.0 % (42.2 %) of the employees worked in sales,
marketing and customer services, 48.7 % (45.9 %) in R&D and 11.3 % (11.9 %) in
corporate administration.
BOARD AND AUDITORS
At the Annual General Meeting, April 20, 2016 Kaisa Olkkonen and Harri Koponen
were elected and Timo Syrjälä, Tatu Ylönen and Jukka Manner were re-elected to
directors of the company. Kaisa Olkkonen was elected as the Chairman of the
Board of Directors in the board´s organizing meeting.
The Authorized Public Accountants Ernst & Young Oy was elected as the auditor
of the company. Ernst & Young Oy has informed that Erkka Talvinko, Authorized
Public Accountant, will act as the principle auditor.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of SSH Communications Security Corporation shares
totaled 2,592,248 (valued at EUR 8,896,881). The highest quotation was EUR 4.39
and the lowest EUR 2.65. The trade-weighted average share price for the period
was EUR 3.43 and the share closed at EUR 3.73 (September 30, 2016).
The company’s principal owner Tatu Ylönen holds directly and through his
company, Clausal Computing Oy, 52.6 % of the company's shares, Timo Syrjälä
holds directly and through his companies 8.2 % and Juha Mikkonen holds directly
and through his company under his control, Assetman Oy, 7.1 %. More information
about the shareholding can be obtained from the company´s web site.
As announced on June 1, 2016, SSH spun off its mobile authentication business.
No dividend or return of capital has been distributed during the reporting
period.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company’s registered share capital on September 30, 2016 was EUR
1,031,310.99, consisting of 34,377,033 shares.
The Annual General Meeting approved the Board of Directors’ proposal to
authorize the Board of Directors to decide upon the issuing of a maximum of
6,000,000 shares as a share issue against payment or by giving stock options or
other special rights entitling to shares, in accordance with Chapter 10 Section
1 of the Finnish Limited Liability Companies Act, either according to the
shareholders’ pre-emptive right to share subscription or deviating from this
right, in one or more tranches. Based on the authorization, either new shares
can be issued or own shares, which the company possibly has in its possession,
can be transferred. Based on the authorization, the Board of Directors has the
same right as the Annual General Meeting to decide on the issuing of shares
against payment and special rights (including stock options) in accordance with
Chapter 10 Section 1 of the Finnish Limited Liability Companies Act. Thereby,
the authorization to be given to the Board of Directors includes, inter alia,
the right to deviate from the shareholders’ pre-emptive rights with directed
issues providing that the company has a weighty financial reason for the
deviation in respect of the share issue against payment.
Furthermore, the authorization includes the Board of Directors’ right to decide
who are entitled to the shares and/or stock options or special rights in
accordance with Chapter 10 Section 1 of the Finnish Limited Liability Companies
Act as well as on the related compensation, subscription and payment periods
and on the registering of the subscription price into the share capital or
invested non-restricted equity fund within the limits of the Finnish Limited
Liability Companies Act.
The authorization will be valid until the next Annual General Meeting, but will
however expire at the latest on June 30th 2017. As announced on May 27th 2016,
the Board of Directors decided upon an option plan of maximum 400,000 options.
As announced on June 20th 2016, a directed share issue of 2,950,000 shares were
issued.
The Annual General Meeting approved the Board of Directors’ proposal to
authorize the Board of Directors to decide upon the acquiring of a maximum of
2,000,000 shares of the company with assets belonging to the company’s
non-restricted equity. The shares can also be acquired otherwise than in
proportion to the holdings of the existing shareholders (directed acquisition).
The maximum compensation to be paid for the acquired shares shall be the market
price at the time of purchase, which is determined in the public trading.
The Board of Directors proposes that the authorization for the acquiring of the
company’s own shares would be used, inter alia, to strengthen the company's
capital structure, to finance and realize corporate acquisitions and other
arrangements, to realize the share-based incentive programs of the company or
otherwise to be kept by the company, to be transferred for other purposes or to
be cancelled. The acquisition of shares reduces the company’s distributable
non-restricted equity.
Decision concerning the acquiring of own shares cannot be made so that the
combined amount of the own shares which are in the possession of, or held as
pledges by, the company or its subsidiaries exceeds one-tenth of all shares.
The Board of Directors decides on all other matters related to the acquisition
of shares.
The authorization will be valid until the next Annual General Meeting, but will
however expire at the latest on June 30th 2017.
RISKS AND UNCERTAINTIES
Largest risks that might impact the profitability of the company have remained
by and large the same than in previous reporting period and are listed below.
Other risks, which are currently either unknown or considered immaterial to SSH
Communications Security may, however, become material in the future.
Largest risks:
- continuing uncertainty of the macroeconomic environment
- delays on product development and closing new business
- competitiveness of the product portfolio including intellectual property (IPR)
- long sales cycle of new deals
- litigation, especially in U.S. market
- competitive dynamics in the industry
- cybercrime
- ability of the organization to scale up operations with the growth
- large portion of the company revenue is invoiced in USD currency so possible
large fluctuation in USD currency rates during 2016 could have unpredictable
effects for profitability that are at the time difficult to estimate. Currently
USD currency position is not hedged, and company decides hedging of USD based
contracts case by case.
Utilization of the company´s patent portfolio may have significant positive
and/or negative impacts.
Principles and organization of risk management of SSH Communications Security
can be read from company´s webpage: www.ssh.com
FUTURE OUTLOOK
In 2016, SSH Communications Security estimates its revenue to grow slightly
from 2015.
RELATED PARTY TRANSACTIONS
Clausal Computing Oy, a fully owned company of SSH Communications Security’s
Chief Executive Officer Tatu Ylönen, has delivered the company mainly R&D
services valued in total EUR 0.4 million during January–September 2016. Chief
Executive Officer Tatu Ylönen subscribed for 489,200 shares and Member of Board
Timo Syrjälä through his company 733,900 shares from the directed share issue
issued by the company on June 20th 2016. During the reporting period, there
have not been any other significant transactions with related parties.
EVENTS AFTER THE BALANCE SHEET DATE
After the balance sheet date, The UK High Court of Justice has issued its
judgment regarding the SSH patent. The High Court found the Sony Communications
International infringes this patent, but the patent is invalid. This judgment
is based on July 2016 trial. This UK decision covers only one SSH patent
registered in the UK. Consequently, this decision has no impact on other UK and
other nation patents SSH holds and licenses. SSH Communications Security has
not provisioned to this reporting period any potential litigation costs to be
covered on behalf of Sony Communications International.
SSH has pending separate litigation against Sony in Germany regarding the
German counterpart of the same European patent. The UK and German cases are
separate, and the current result from the UK litigation has no direct impact on
the German case. The decision from German litigation is expected during
October-November 2016.
The uncertainty related to patent licensing revenue and certain software
license and subscription sales has increased, and therefore SSH Communications
Security has changed the guidance for the 2016 outlook. According to new
guidance revenue is estimated to grow slightly from 2015.
REPORTING
This financial statement release is prepared according to IAS 34. Financial
statement release follows the same principles and standards as the previous
financial statement release. Additionally, the effective changes in IAS/IFRS
standards during the reporting period have been adopted. These changes have no
material impact on the interim report. The information presented in this
interim report has not been audited.
TABLES
COMPREHENSIVE INCOME STATEMENT
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2016 2015 2016 2015 2015
Net sales 3.7 3.6 11.1 14.6 18.9
Cost of goods sold -0.5 -0.7 -1.0 -5.9 -6.5
Gross profit 3.2 2.9 10.0 8.7 12.4
Other operating income 0.0 0.0 0.0 0.0 0.0
Sales, marketing and customer support -2.9 -2.3 -8.3 -6.7 -10.0
costs
Product development expenses -2.1 -1.3 -6.4 -4.1 -5.1
Administrative expenses -0.5 -0.2 -1.5 -1.0 -1.6
Operating profit/loss -2.3 -1.0 -6.1 -3.1 -4.4
Financial income and expenses -0.1 -0.0 -0.5 0.2 0.5
Profit/loss before taxes -2.4 -1.0 -6.6 -2.9 -3.9
Taxes -0.0 -0.0 -0.1 -0.1 -0.1
Net profit/loss for the financial period -2.4 -1.0 -6.7 -3.0 -3.9
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
Other profit and loss account items:
Items which might be later transferred to
P/L statement
Foreign subsidiary translation differences 0.0 0.0 -0.3 -0.4 -0.4
Net change in fair value of
available-for-sale
financial assets
0.0 0.0 0.0 0.0 0.0
Total comprehensive income -2.4 -1.0 -7.0 -3.4 -4.3
Comprehensive profit/loss attributable to:
Owners of the Company -2.4 -1.0 -7.0 -3.4 -4.3
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
EARNINGS PER SHARE
Earnings per share (EUR) -0.08 -0.04 -0.23 -0.12 -0.15
Earnings per share diluted (EUR) -0.08 -0.03 -0.23 -0.10 -0.15
BALANCE SHEET
EUR million
30.9.201 30.9.201 31.12.201
6 5 5
ASSETS
Non-current assets
Tangible assets 0.3 0.2 0.3
Intangible assets 5.0 4.3 4.6
Investments 0.0 0.0 0.0
Total non-current assets 5.2 4.6 4.9
Current assets
Trade and other receivables 4.5 8.6 5.5
Short-term financial assets 0.0 0.0 0.0
Cash and cash equivalents 11.4 9.4 11.3
Total current assets 16.0 17.9 16.8
Total assets 21.2 22.5 21.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' equity
Equity attributable to the parent company
shareholders
total
12.8 12.0 11.4
Non-controlling interest 0.0 0.0 0.0
Shareholders' equity total 12.8 12.0 11.4
Non-current liabilities
Provisions 0.0 0.0 0.0
Non-current interest-bearing liabilities 0.0 0.0 0.0
Total long-term liabilities 0.0 0.0 0.0
Current liabilities 8.4 10.4 10.3
Liabilities total 8.4 10.4 10.3
Total equity and liabilities 21.2 22.5 21.8
CASH FLOW STATEMENT
EUR million 1-9/2016 1-9/2015 1-12/2015
Cash flow from business operations -5.2 -2.1 0.3
Cash flow from investments -1.7 -1.7 -2.6
Cash flow from financing 7.0 7.1 7.4
Increase(+) / decrease(-) in cash 0.1 3.3 5.1
Cash at period start 11.3 6.1 6.1
Effect of exchange rate -0.2 0.2 0.1
Cash at period end 11.4 9.4 11.3
STATEMENT ON
CHANGES IN
SHAREHOLDERS'
EQUITY
EUR Share Fair Other Transla Fund Non-con Unrestricted Total
milli capit value fund + tion for trollin equity funds
on al reser other differ own g and retained
ves equity ence share intere earnings
fund s st
Shareh 0.9 0.9 4.1 -1.7 0.0 0.0 3.6 7.9
olders
'
equit
y
Jan 1,
2015
Change 0.0 0.4 7.7 -0.4 -0.6 7.1
Net -3.0 -3.0
profi
t
Shareh 0.9 1.3 11.8 -2.1 0.0 0.0 0.0 12.0
olders
'
equit
y
Sep
30,
2015
Change 0.0 0.1 -0.2 -0.1 0.4 0.3
Net -0.9 -0.9
profi
t
Shareh 0.9 1.4 11.7 -2.1 0.0 0.0 -0.5 11.5
olders
'
equit
y
Dec
31,
2015
Change 0.1 0.4 0.0 -0.3 7.9 8.0
Net -6.7 -6.7
profi
t
Shareh 1.0 1.8 11.7 -2.4 0.0 0.0 0.7 12.8
olders
'
equit
y
Sep
30,
2016
KEY FIGURES AND RATIOS
EUR million 1-9/ 1-9/ 1-12/
2016 2015 2015
Net sales 11.1 14.6 18.9
Operating profit/loss -6.1 -3.1 -4.4
Operating profit/loss as % of net sales -55.4 -21.3 -23.2
Profit/loss before items affecting comparability -6.6 -2.9 -3.9
Profit/loss before items affecting comparability as % of -59.6 -20.2 -20.4
net sales
Profit/loss before taxes -6.6 -2.9 -3.9
Profit/loss before taxes as % of net sales -59.6 -20.2 -20.4
Return on equity (%) -54.9 -30.2 -40.4
Return on investment (%) -54.3 -29.6 -39.9
Interest-bearing net liabilities -11.4 -9.4 -11.3
Equity ratio (%) 83.3 67.4 66.8
Gearing (%) -88.9 -77.8 -98.8
Gross capital expenditure 1.7 1.7 2.6
% of net sales 15.6 11.9 13.7
R&D expenses 6.4 4.1 5.1
% of net sales 58.0 27.9 26.9
Personnel period average 112 102 102
Personnel period end 115 109 109
Calculation for key figures and ratios are presented in 2015 financial
statement and annual report. There have not been changes in calculation rules
after that.
PER SHARE DATA
EUR 1-9/ 1-9/ 1-12/
2016 2015 2015
Earnings per share undiluted* -0.23 -0.12 -0.15
Earnings per share diluted* -0.23 -0.10 -0.15
Equity per share 0.37 0.39 0.36
No. of shares at period average (thousand) 32,491 30,783 31,068
No. of shares at period end (thousand) 34,377 30,921 31,370
Share performance
Average price 3.43 2.94 4.50
Low 2.65 2.35 2.52
High 4.39 3.74 6.32
Share price period end 3.73 2.54 3.02
Market capitalization period end (EUR million) 128.2 78.5 94.7
Volume of shares traded (million) 2.6 2.7 8.4
Volume of shares traded as % of total 8.0 8.8 27.0
Value of shares traded (EUR million) 8.9 7.8 37.7
Price per earnings ratio (P/E) neg. neg. neg.
Dividend per share 0.00 0.00 0.00
Dividend per earnings, % 0.00 0.00 0.00
Effective return on dividend, % 0.00 0.00 0.00
* earnings per share is impacted by unpaid interest of hybrid capital securities
CONTINGENT LIABILITIES
EUR million 30.9.2016 30.9.2015 31.12.2015
Hybrid Loan, Interest 0.5 0.5 0.7
Rent security deposits 0.1 0.1 0.1
Leasing commitments outside the balance sheet
Maturing within 1 year 0.5 0.4 0.5
Maturing between 1 and 5 years 0.5 0.8 0.5
DISCLAIMER
The content in this report is provided by SSH Communications Security
Corporation ("SSH") and its third party content providers for your personal
information only and does not constitute an offer or invitation to purchase any
securities. Nor does it provide any form of advice (investment. tax. legal)
amounting to investment advice. Or make any recommendations regarding
particular investments or products. SSH does not provide investment advice or
recommendations to buy or sell its shares or the shares of others. If you are
interested in investing in SSH, please contact your financial adviser for
further details and information. Past performance of SSH shares is not
indicative of future results. EXCEPT AS PROVIDED BY APPLICABLE COMPULSORY LAW
SSH EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED. AS TO THE
AVAILABILITY, ACCURACY OR RELIABILITY OF ANY OF THE CONTENT PROVIDED, OR AS TO
THE FITNESS OF THE INFORMATION FOR ANY PURPOSE.
SSH Communications Security Corporation will release its financial statement
for 2016 in February 9th 2017.
Helsinki, October 20th 2016
SSH COMMUNICATIONS SECURITY CORPORATION
Board of Directors
Tatu Ylönen
CEO
For further information, please contact:
Tatu Ylönen, CEO. tel. +358 20 500 7000
Helena Kukkonen, CFO, tel. +358 40 835 3440
Distribution:
NASDAQ OMX Helsinki Ltd.
Major media
www.ssh.com
About SSH Communications Security:
As the inventor of the SSH protocol, we have a twenty-year history of leading
the market in developing advanced security solutions that enable, monitor, and
manage encrypted networks. Over 3,000 customers across the globe trust the
company’s encryption, access control and encrypted channel monitoring solutions
to meet complex compliance requirements, improve their security posture and
save on operational costs. SSH Communications Security is headquartered in
Helsinki and has offices in the Americas, Europe and Asia. The company’s shares
(SSH1V) are quoted on the NASDAQ OMX Helsinki. For more information, visit
www.ssh.com.
© 2024 Nasdaq, Inc. All Rights Reserved |