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The restatements relate to an error in the method of recognizing royalty revenue related to contracts with original equipment manufacturer (OEM) customers (and its associated impact on the tax provision), and an error in the computation of the income tax provision for the fiscal year ended December 31, 2008 that overstated the company's estimate of taxable income for the purposes of the provision. Additionally, the restated consolidated financial statements include other adjustments that were identified but not previously recorded as they were determined not to be material, either individually or in the aggregate.
The following table summarizes the quarterly impact of the adjustments to the company's reported net income and loss (unaudited, in thousands).
Previously OEM
Fiscal reported Revenue- Net income
Quarter net income timing Income tax Other (loss) as
Ended (loss) Adjustments adjustments adjustments restated
----------- ----------- ----------- ----------- -----------
June 30,
2007 $ 2,129 -- $ (828) $ (25) $ 1,276
September
30, 2007 6,395 -- (103) 59 6,351
December
31, 2007 (26,956) (1,283) 325 (61) (27,975)
March 31,
2008 (6,237) (1,939) 1,463 12 (6,701)
June 30,
2008 (8,194) (2,696) 1,602 (323) (9,611)
September
30, 2008 (3,497) (1,779) 573 (110) (4,813)
December
31, 2008 (11,943) (1,266) 7,760 (205) (5,654)
March 31,
2009 (4,295) (3,371) 6,844 (265) (1,087)
June 30,
2009 3,121 (1,585) 1,448 351 3,335
Complete restated GAAP and non-GAAP results, as well as a reconciliation of GAAP to non-GAAP results, are available for each quarter on the company's website at investor.websense.com.
Third Quarter 2009 Financial Results and Conference Call
Websense plans to release results for the third quarter ended September 30, 2009 on Thursday, October 29, at approximately 5:30 a.m. Pacific time. Management will host a conference call and simultaneous webcast to discuss the final results at 6:00 a.m. Pacific time. To participate in the conference call, investors should dial 888-503-8171 (domestic) or 719-457-2626 (international) ten minutes prior to the scheduled start of the call. A simultaneous audio-only webcast of the call may be accessed on the Internet at www.websense.com/investors.
An archive of the webcast will be available on the company's Web site through December 31, 2009, and a taped replay of the call will be available for one week at 719-457-0820 or 888-203-1112, passcode 8405935.
About Websense, Inc.
Websense, Inc. (NASDAQ: WBSN), a global leader in integrated Web, data and email security solutions, provides Essential Information Protection(TM) for more than 40,000 customers worldwide, including 80 percent of the top 100 global companies. Distributed through its global network of channel partners, Websense software and hosted security solutions help organizations block malicious code, prevent the loss of confidential information and enforce Internet use and security policies. For more information, visit www.websense.com.
INVESTOR CONTACT: Kate Patterson Websense, Inc. (858) 320-8072 kpatterson@websense.com MEDIA CONTACT: Sarah Needham Websense, Inc. (858) 320-9340 sneedham@websense.com
SOURCE: Websense, Inc.
mailto:kpatterson@websense.com mailto:sneedham@websense.com
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