Websense (WBSN) Falters
Websense (WBSN) released earnings with revenue in the third quarter was $50.4 million, an increase of 10 percent from the third quarter of 2006. Net income calculated using generally accepted accounting principles (GAAP) was $6.4 million, or 14 cents per…
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Websense (WBSN) released earnings with revenue in the third quarter was $50.4 million, an increase of 10 percent from the third quarter of 2006. Net income calculated using generally accepted accounting principles (GAAP) was $6.4 million, or 14 cents per diluted share, compared with net income of $8.3 million or 18 cents per diluted share in the third quarter of 2006
Wall St. had been looking for revenue of $50.5 million and EPS of $.22.
Websense completed the acquisition of SurfControl on October 3, 2007. Combined third quarter net billings for Websense and SurfControl were $79.1 million and within the anticipated range of billings for the combined company. Websense billings were below the previously guided range of $56 to $59 million, primarily due to increased competition from SurfControl in North America.
The newly combined company expects revenue in the range of $92 million to $95 million in the fourth quarter and $.20 to $.23 EPS. For the full-year 2008, the merger operation is expected to have revenue of $330 to $345 million and EPS of $1.10 to $1.17.
The stock looks like it will be hit with some selling as the evening wears on.
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McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.