McAfee reports strong growth for Q4 and year

Mon. February 16, 2009; Posted: 05:06 AM

Feb 16, 2009 (Datamonitor via COMTEX) -- SCUR | Quote | Chart | News | PowerRating -- McAfee has reported net income of $45.4m for the fourth quarter 2008, compared to net income of $12.2m in the year-ago quarter, on revenue up 19% at $424m.

Operating income fell 1% to $32.5m, while diluted EPS increased to $0.29 from $0.07 in the same quarter last year. The company generated approximately $70m cash flow from operations. During the quarter, it also completed the acquisition of Secure Computing for approximately $465m.

The company said corporate business revenue grew 21% to $261m, while consumer business revenue grew 16% to $163m. Geographically, North America revenue grew 25% to $233m, while international revenue grew 12% to $191m, with EMEA revenue up 1%, Asia Pacific up 49%, Japan up 26%, and Latin America up 39%.

For fiscal 2008 it reported a 3% increase in net income to $172.2m compared to $167m a year ago, on revenue up 22% at $1.6 billion.

Dave DeWalt, chief executive and president at McAfee, said: "McAfee's 2008 results reflect our security market leadership and above-market growth rate. We maintained a strong cash position and used our balance sheet to invest in new and existing distribution channels worldwide and diversify our product portfolio. These investments combined with our go-to-market strategy position us well to meet challenges and pursue opportunities we see in 2009."

For the first quarter 2009, the company expects revenue between $440m and $460m and diluted EPS between $0.20 and $0.24.

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