NCipher reports third quarter results

Source: nCipher plc

nCipher plc (LSE:NCH), a leading provider of IT security solutions, announces its unaudited financial results for the three months to 30 September 2004.

Financial Highlights
Financial summary (US GAAP) for the quarter ended 30 September 2004
  • Operating profit of £0.4 million (Q2 2004: £0.1 million profit)
  • Net profit after taxation £0.7 million (Q2 2004: £0.5 million profit)
  • Revenue £3.6 million (Q2 2004: £3.2 million)
  • Net cash generation of £0.7 million (Q2 2004: £0.0 million)
    Financial summary (US GAAP) for the nine months ended 30 September 2004
  • Operating loss of £0.4 million (nine months 2003: £2.0 million loss)
  • Net profit after taxation £0.6 million (nine months 2003: £0.7 million loss)
  • Revenue £10 million (nine months 2003: £10 million)
  • Strong closing cash balance of £41 million
    Operational Highlights during the quarter
  • Microsoft awards nCipher global 'Security Solution of the Year 2004'
  • nCipher's payShield(TM) selected by Barclaycard for MasterCard CAP trials
  • Launch of TimeSource Master Clock TMC200 to deliver verifiable digital time
    Commenting on the results Alex van Someren, Chief Executive Officer, said: "We are very pleased to report further quarterly sequential improvements in all key indicators, including operating profit, net profit and sales revenue. This, our fourth consecutive quarter of increased revenues, supports the view that IT security spending is still continuing to grow.
    "During the quarter nCipher was uniquely privileged to be selected by Microsoft as the vendor of its 'Security Solution of the Year 2004' at its global Developer's Forum.
    "We continue to receive positive feedback from customers regarding their future spending plans. A growing number of the world's largest enterprises and financial institutions rely on our products to solve internal (i.e. employee-driven) and external (i.e. customer-driven) problems of IT security. As their customers in turn demand improvements to the safety and security of online transactions we expect demand for our existing products to enjoy further growth over the next twelve mowth over the next twelve months and, in addition, we expect new revenues from our recently introduced product lines to begin to flow during 2005."
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