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Guidance Software, Inc. (GUID) announced its financial results on Monday for the third quarter ended September 30, 2009.
For the third quarter of fiscal 2009, the Company reported total revenue of $19.0 million, an increase of $2.6 million, or 16%, from the second quarter of fiscal 2009. Revenue in the third quarter of 2008 was 23.1 million.
On a non-GAAP basis, the Company reported a pre-tax net loss of $0.9 million, or ($0.04) per share, in the third quarter of 2009. For the third quarter of fiscal 2008 non-GAAP pre-tax net income was $0.4 million, or $0.02 per share. This beat analysts' estimate for a loss of $0.12 per share.
Victor Limongelli, President and CEO of Guidance Software, commented in a conference call, "From our Q3 results, it appears as though the worst is behind us. We began to see a pick up in demand and spending in Q3 from our customers. We delivered sequential growth across all lines of our business, and we added customer at an impressive clip. Overall, the size of deals also improved sequentially over Q2."
He continued, "Our commercial business rebounded tremendously during the quarter. In fact, it was up over 100% over Q2. Our goverment business was up modestly, but we expect the Obama administration's focus on cyber security to lead to a stronger performance during the federal 2010 fiscal year."
Mr. Limongelli added, "We saw the continued benefits of our cost cutting initiatives as total expenses came in lower in Q3 than in any quarter since 2007."
Barry Plaga, CFO of Guidance Software, commented, "As a result of our cost effective structure, we expect our quarterly non-GAAP breakeven level to be in the $20-$21 million range this year. Last year at this time of the year, this range was $22.5-$23.5 million, an annualized decrease of $10 million."
The Company expects total revenues in the range of $73 million to $76 million and non-GAAP, pre-tax earnings per share in the range of ($0.50) loss per share to ($0.37) loss per share. These forecasts are above current consensus estimates. The Company also expects total expenses for the year in the range of $83-$85 million.
Mr. Limongelli concluded, "We are positioned to thrive as conditions improve. Although corporate IT budgets for 2009 remain tight, we expect to continue to rebound in Q4. We will be in a position for better performance in 2010. We believe that our business has significant long term growth opportunities."
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