STONESOFT OYJ 
By Stonesoft Corporation Stock Exchange Release 19 October 2012 at 9:15 a.m.
Growth of product sales and net sales continues
In the third quarter, Stonesoft Corporation's product sales
grew by 20% and net sales by 16% compared to the
corresponding period in the previous year. The growth has
continued for already two years. Operating result was MEUR
+0.1. The company still continued to invest in accelerating
future growth.
The comparable figures from the corresponding period in the
previous year are in brackets and refer to the figures of
continuing operations.
July-September 2012
- Net sales MEUR 9.3 (8.0), growth 16%
- Product sales MEUR 5.6 (4.7), growth 20%
- Operating result MEUR 0.1 (0.2)
- Operating result as percentage of net sales 1 (2)%
- Earnings per share -0.00 (0.00) EUR
- Operative cash flow MEUR -1.8 (-2.2)
- Liquid cash funds at the end of the fiscal period MEUR
7.2 (7.1). The corporate has no interest-bearing debt.
January-September 2012
- Net sales MEUR 26.7 (21.1), growth 27%
- Product sales MEUR 16.0 (11.6), growth 38%
- Operating result MEUR -1.0 (-1.4)
- Operating result as percentage of net sales -4 (-7)%
- Earnings per share EUR -0.02 (-0.02)
- Operative cash flow MEUR -0.5 (-0.9)
CEO ILKKA HIIDENHEIMO
During the third quarter of the year 2012 Stonesoft's
product sales grew by 20% and net sales by 16%. The growth
of net sales was lower than expected due to the
postponement of some customers' purchase decisions. This
was normal variation between quarters.
We published the Evader and Evasion Prevention System (EPS)
products in July at the Black Hat event in the United
States. Evader is an evasion technique testing tool and
Evasion Prevention System is the world's first evasion
prevention product. EPS is an easily implemented and
efficient solution for the detection and protection against
advanced evasion techniques. Evader is a software-based
tool that empowers organizations to test for themselves,
whether advanced evasion techniques can bypass their
security systems. Even though the testing tool is a limited
version, it allows the customer to verify by himself that
most competing solutions currently in use are incapable of
providing protection against evasions. So far Evader has
been downloaded by already thousands of organizations.
Stonesoft's intrusion prevention system (IPS) received
excellent results in the NSS Labs tests and the market
research company Gartner positioned Stonesoft in the
Visionaries Quadrant of its latest "Magic Quadrant for
Intrusion Prevention Systems (IPS)" report.
We have continued the cyber security discussion by bringing
up facts about cyber threats and security issues that our
customers around the world encounter every day. The threat
scenario of the digital world is worrying and as a criminal
enterprise it is one of the fastest growing. In addition,
the national arms race is currently very powerful. Along
the cyber threats, also the demand for efficient, dynamic
security products is constantly growing.
NET SALES AND RESULT
July-September 2012 (hereinafter 'reporting period')
The Group's net sales in the reporting period were MEUR 9.3
(8.0). Increase compared to the corresponding period in the
previous year was MEUR 1.3, or 16%. The operating result
(EBIT) was MEUR 0.1 (0.2) and the result after taxes was
MEUR -0.0 (0.2).
Product sales were MEUR 5.6 (4.7), growth 20% compared to
the corresponding quarter in the previous year.
The geographical distribution of net sales was as follows:
Europe 76 (60)%, Emerging Markets (North Africa, Middle
East and Latin America) 11 (15)%, North America 10 (22)%
and APAC (Asia-Pacific) 3 (3)%.
January-September 2012 (hereinafter 'fiscal period')
The Group's net sales in the fiscal period were MEUR 26.7
(21.1). Increase compared to the corresponding period in
the previous year was MEUR 5.6, or 27%. The operating
result (EBIT) was MEUR -1.0 (-1.4) and the result after
taxes was MEUR -1.0 (-1.3).
Product sales were MEUR 16.0 (11.6), growth 38% compared to
the corresponding quarter in the previous year.
The geographical distribution of net sales was as follows:
Europe 73 (67)%, Emerging Markets (North Africa, Middle
East and Latin America) 13 (14)%, North America 11 (16)%
and APAC (Asia-Pacific) 3 (3)%.
FINANCE AND INVESTMENTS
At the end of the fiscal period, the Group's total assets
were MEUR 21.0 (18.5). The equity ratio was 36 (41)% and
gearing (the ratio of net debt to shareholders' equity) was
-2.39 (-2.08).
The operative cash flow during the fiscal period was MEUR
-0.5 (-0.9). The Group has no interest-bearing debt. The
consolidated liquid assets at the end of the fiscal period
totalled MEUR 7.2 (7.1).
Investments in tangible and intangible assets totalled MEUR
0.8 (0.5).
DEVELOPMENT OF BUSINESS OPERATIONS
Main business events in the reporting period
In July Stonesoft released the new Evasion Prevention
System (EPS) and Evader, the world´s first software-based
testing tool that empowers organizations to test their
network security solutions' ability to withstand advanced
evasion techniques (AETs).
In August Stonesoft announced its IPS-1302 had received
excellent results in the NSS Labs 2012 Intrusion Prevention
Systems (IPS) Test.
In August Mr. Mika Yletyinen was appointed Vice President,
Europe and Global Channel and a member of the Executive
Management Team at Stonesoft Corporation.
In August Stonesoft announced the market research firm
Gartner, Inc. had placed it in the Visionaries Quadrant of
its report, "Magic Quadrant for Intrusion Prevention
Systems (IPS)".
In September Stonesoft introduced the new software (version
5.4). The company's flagship product, the Stonesoft
Security Engine 5.4, now offers improved security against
Advanced Evasion Techniques (AETs).
Main business events after the fiscal period
In October, Stonesoft announced the growth of its net in
the third quarter were lower than expected because of
postponed purchase decisions by some clients. The company
changed its estimate and announced it expects the net sales
to grow by 25 - 32 % in 2012 and the full year operating
result (EBIT) to be close to zero.
RESEARCH AND DEVELOPMENT
Stonesoft continued its strong investments in R&D. Direct
investments during the fiscal period totalled MEUR 5.5
(4.4). This represented 23 (22)% of operating expenses.
R&D employed 97 (79) persons at the end of the fiscal
period.
SHARE CAPITAL AND STOCK OPTION PROGRAMS
Stonesoft has one class of shares and all shares have equal
rights. At the end of the fiscal period, the share capital
recorded in the Trade Register was 1 150 574.64 Euros. The
number of shares was 63 681 732. Stonesoft or its daughter
companies do not own its shares. There were no changes in
the share capital during the fiscal period.
Stock Option Programs
The company has two valid stock option programs, Stock
Option Program 2008, under which the subscription price is
EUR 0.30 and the total number of stock options to be
granted based on this program is 3 000 000 at the maximum
and Stock Option Program 2012, the total number of stock
options to be granted based of which is 4 500 000 at the
maximum. The subscription price for the 2012A option rights
based on the Option Program 2012 is 1.42 euros per share.
The subscription price for the stock options 2012B and
2012C will be determined based on the conditions of the
Option Program 2012 later. The subscription period of the
shares is graded and will end for all 2008 stock options on
December 31, 2014 and for 2012 stock options in
2017-2019.
Additional information about both option programs is
provided by the company's stock exchange releases and web
pages.
During the fiscal period 189 250 shares were registered on
the basis of the stock option program 2008.
DEVELOPMENT OF SHARE PRICES AND TURNOVER
In the beginning of the fiscal period on January 1, 2012,
the price of Stonesoft share was EUR 0.86 (0.58). At the
end of the fiscal period on 30 September 2012 the price was
EUR 1.56 (0.52). The highest price was EUR 1.78 (0.65) and
the lowest EUR 0.87 (0.41). During the fiscal period the
total turnover of Stonesoft shares amounted to MEUR 23.8
(5.2) and 17.6 (9.3) million shares, which is 27.7 (14.6)%
of the total amount of the shares. Based on the share price
at the end of the fiscal period, Stonesoft's market value
was MEUR 99.3 (32.9).
The company gave no notices in change of ownership during
the fiscal period.
ACQUISITIONS AND CHANGES IN GROUP STRUCTURE
No acquisitions were made during the fiscal period and there were no changes in the Group structure.
PERSONNEL
At the end of the reporting period, the Group's personnel totalled 240 (212).
AUTHORIZATIONS OF THE BOARD OF DIRECTORS
The AGM decided on 25.4.2012 to authorize the Board of
Directors to decide on the issuance of shares, options and
other special rights, in one or several issues, so that the
total number of new shares may be 12,600,000 at the
maximum.
Based on the authorization the Board of Directors may
decide on issuance of shares to the shareholders according
to the shareholders' pre-emptive subscription rights as
well as in a directed issuance of shares or stock options
or other special rights in deviation from the shareholders'
pre-emptive subscription rights in case the deviation is
justified by a weighty financial reason for the company,
such as financing of an acquisition, other arrangement
concerning the business of the company or development of
its capital structure, or incentive to the company's
personnel.
The Board of Directors was authorized to decide on other
terms and conditions related to the share issues and to the
issuance of option or other special rights.
The authorization is in force until the end of the 2013
AGM.
The Board of Directors is not authorized to purchase the
company's own shares.
SHORT-TERM RISKS AND BUSINESS UNCERTAINTIES
There have been no significant changes in the risk scenario
with respect to Stonesoft. The need of companies and
authorities to protect themselves against network attacks
and cyber threats will increase significantly. The global
economical crisis has negative impact on the total demand.
With regard to the year 2013, the risk scenario will
become more accurate at the end of the year 2012.
During the fiscal year 2012, Stonesoft's main risks and
business uncertainties relate to the realization timetable
of the sales projects and possible production disruption of
our subcontractors and suppliers.
Risks and uncertainties as well as the principles of
Stonesoft's risk management are discussed more extensively
at the company website and in the Annual Report 2011.
FUTURE OUTLOOK
In 2011, a development started whereby Stonesoft and other
companies specialized in network security grew strongly.
Stonesoft assumes security threats to become increasingly
worrying, which will create new business opportunities for
the company.
Stonesoft's comprehensive product offering meets the
rapidly developing and changing security challenges,
including the demands brought by cloud services,
virtualization and outsourcing of security.
Advanced Evasion Techniques
Stonesoft continued the research and commercial utilization
of Advanced Evasion Techniques (AETs).
Due to their own technology choices, many competitors still
seem to have great difficulties in amending their solutions
to provide protection against AETs.
Leading research institutes such as Gartner have confirmed
that the best protection against new, advanced evasion
techniques is provided by flexible, software based systems.
The threat posed by advanced evasion techniques does not
concern only intrusion prevention system (IPS) appliances,
but also UTM (Unified Threat Management) and next
generation firewall appliances.
The above mentioned issues have opened new business
opportunities for Stonesoft and had a strong impact on the
growth of the company's product sales. The improved
awareness of the threat posed by advanced evasion
techniques has brought the company new customers and made
contacting target customers significantly easier. In
addition, the average size of both the customer companies
and the projects in the sales pipeline has grown compared
to previous.
In July Stonesoft introduced the new Advanced Evasion
Testing tool Evader as well as the world's first Evasion
Prevention System (EPS). With the testing tool,
organizations can test the level of their protection and
with the evasion prevention system they can protect
themselves against advanced evasion techniques.
Based on Stonesoft's view, these issues will continue
to have a positive impact on the company's net sales
and profitability and will strengthen its competitiveness
and market position as the general understanding and
knowledge about advanced evasions techniques grow.
Earlier the company has announced that Stonesoft aims net
sales to grow by at least 30% and to achieve a positive
result for the year 2012.
Based on the current outlook the company expects the net
sales to grow by 25 - 32 % in 2012 and the full year
operating result (EBIT) to be close to zero.
With regard to the development of the turnover and the
operating result, variation is expected between the
quarters in comparison to the corresponding quarter during
the previous year as well as to the previous quarter as a
consequence of, among others, long sales cycles and the
relatively big impact of individual deals on the
development of net sales and operating result.
SUMMARY OF FINANCIAL STATEMENTS AND NOTES JANUARY 1 - SEPTEMBER 30, 2012
Basis of preparation
The Interim Report has been prepared in accordance with the
IAS 34 Interim Reports standard.
The company has adopted certain new or revised IFRS
standards and IFRIC interpretations at the beginning of the
financial period as described in the Financial Statements
for 2011. However, the adoption of these new and amended
standards has not yet had an effect on the reported figures
in practice. In other respects, the same accounting
policies have been followed as in the Financial Statements
for 2011. Key indicator calculations remain unchanged.
The figures presented in this release are unaudited.
Stonesoft Group | |||||
Income Statement | 7-9/2012 | 7-9/2011 | 1-9/2012 | 1-9/2011 | 1-12/2011 |
(1000 Euros) | |||||
Net sales | 9 319 | 8 050 | 26 668 | 21 065 | 30 604 |
Other operating income | 219 | 226 | 719 | 624 | 904 |
Materials and services | -1 669 | -1 353 | -4 824 | -3 294 | -5 240 |
Personnel expenses | -4 708 | -4 029 | -14 265 | -12 067 | -16 665 |
Depreciation | -160 | -116 | -453 | -364 | -479 |
Other operating expenses | -2 949 | -2 589 | -8 796 | -7 352 | -10 262 |
Operating result | 51 | 188 | -951 | -1 388 | -1 137 |
Financial income and expenses | -7 | 25 | 141 | 261 | 358 |
Result before taxes | 43 | 213 | -810 | -1 127 | -779 |
Taxes | -82 | -60 | -201 | -154 | -138 |
Result for the accounting period | -39 | 152 | -1 011 | -1 281 | -917 |
Other comprehensive income | |||||
Exchange differences on translating foreign operations | 2 | 6 | 9 | -10 | -3 |
Total other comprehensive income | 2 | 6 | 9 | -10 | -3 |
Total comprehensive income | -36 | 158 | -1 003 | -1 291 | -920 |
Basic earnings per share (EUR), | |||||
continuing operations | 0,00 | 0,00 | -0,02 | -0,02 | -0,01 |
Diluted earnings per share (EUR), | |||||
continuing operations | 0,00 | 0,00 | -0,02 | -0,02 | -0,01 |
Stonesoft Group | |||
Balance Sheet (1000 Euros) | 30.9.2012 | 30.9.2011 | 31.12.2011 |
ASSETS | |||
Non-Current Assets | |||
Tangible assets | 1 033 | 725 | 700 |
Intangible assets | 138 | 184 | 162 |
Other investments | 10 | 10 | 10 |
Total | 1 181 | 919 | 872 |
Current assets | |||
Inventories | 1 918 | 1 525 | 1 508 |
Trade and other receivables | 10 467 | 8 920 | 10 847 |
Prepayments | 160 | 74 | 220 |
Marketable securities | 5 697 | 0 | 0 |
Cash and cash equivalents | 1 543 | 7 075 | 7 710 |
Total | 19 784 | 17 594 | 20 285 |
Total assets | 20 965 | 18 513 | 21 157 |
EQUITY AND LIABILITIES | |||
Equity attributable to equity holders of the parent company | |||
Share capital | 1 151 | 1 151 | 1 151 |
Issue of shares | 0 | 0 | 0 |
Share premium account | 76 602 | 76 602 | 76 602 |
Conversion differences | -945 | -961 | -954 |
Reserve for invested unrestricted equity fund | 4 718 | 4 679 | 4 732 |
Retained earnings | -78 496 | -78 066 | -77 659 |
Total | 3 029 | 3 405 | 3 873 |
Long-term liabilities | |||
Prepayments *) | 4 203 | 2 979 | 3 157 |
Total | 4 203 | 2 979 | 3 157 |
Short-term liabilities | |||
Trade and other payables | 5 133 | 4 746 | 5 563 |
Prepayments *) | 8 361 | 7 195 | 8 381 |
Tax liability | 155 | 116 | 126 |
Provisions | 84 | 74 | 58 |
Total | 13 733 | 12 130 | 14 127 |
Total liabilities | 17 935 | 15 109 | 17 285 |
Total equity and liabilities | 20 965 | 18 513 | 21 157 |
*) Prepayments contain customers advance | |||
payment of support and maintenance contracts | 12 563 | 10 173 | 11 538 |
Stonesoft Group | |||||||
Statement of changes in equity | |||||||
(1000 Euros) | |||||||
Share capital | Issue of shares | Share premium | Conversion differences | Reserve for invested unrestricted equity fund | Retained earnings | Total | |
Shareholders' equity at 1.1.2011 | 1 151 | 0 | 76 603 | -951 | 4 751 | -76 986 | 4 567 |
Comprehensive income | 0 | 0 | 0 | -10 | 0 | -1 281 | -1 291 |
Reserve for invested unrestricted equity fund reduction | 0 | 0 | 0 | 0 | -71 | 71 | 0 |
Transaction costs from equity | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
Stock options exercised | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock option expenses | 0 | 0 | 0 | 0 | 0 | 129 | 129 |
Shareholders' equity at 30.9.2011 | 1 151 | 0 | 76 602 | -961 | 4 679 | -78 066 | 3 405 |
Share capital | Issue of shares | Share premium | Conversion differences | Reserve for invested unrestricted equity fund | Retained earnings | Total | |
Shareholders' equity at 1.1.2012 | 1 151 | 0 | 76 602 | -954 | 4 732 | -77 659 | 3 873 |
Comprehensive income | 0 | 0 | 0 | 9 | 0 | -1 011 | -1 003 |
Reserve for invested unrestricted equity fund reduction | 0 | 0 | 0 | 0 | -70 | 70 | 0 |
Transaction costs from equity | 0 | 0 | 0 | 0 | -2 | 0 | -2 |
Stock options exercised | 0 | 0 | 0 | 0 | 57 | 0 | 57 |
Stock option expenses | 0 | 0 | 0 | 0 | 0 | 104 | 104 |
Shareholders' equity at 30.9.2012 | 1 151 | 0 | 76 602 | -945 | 4 718 | -78 496 | 3 029 |
Stonesoft Group | ||||
Cash flow statement (1000 Euros) | 1.1.-30.9.2012 | 1.1.-30.9.2011 | 1.1.-31.12.2011 | |
Cash flow from operating activities | ||||
Operating Result | -951 | -1 388 | -1 137 | |
Adjustments | ||||
Non-cash transactions | 195 | -6 | 334 | |
Financial expenses | -65 | -89 | -106 | |
Financial incomes | 209 | 351 | 445 | |
Change in net working capital | 897 | 841 | 904 | |
Taxes paid | -47 | -135 | -218 | |
Total cash flow from operating activities | 239 | -427 | 221 | |
Cash flow from investing activities | ||||
Investments in tangible assets | -739 | -382 | -460 | |
Investments in intangible assets | -22 | -130 | -120 | |
Total cash flow investing activities | -761 | -512 | -581 | |
Cash flow from financing activities | ||||
Stock options exercised | 55 | -1 | 53 | |
Total cash flow from financing activities | 55 | -1 | 53 | |
Change in cash and cash equivalents | ||||
Cash and cash equivalents at beginning of period | 7 710 | 8 016 | 8 016 | |
Conversion differences | 0 | -1 | 1 | |
Changes in the market value of investments | -3 | 0 | 0 | |
Total cash and cash equivalents at end of period *) | 7 240 | 7 075 | 7 710 | |
*) Total cash and cash equivalents at end of the period | ||||
contains pledged securities | 512 | 467 | 496 | |
Stonesoft Group | |||
Geographical segments | 1.1.-30.9.2012 | 1.1.-30.9.2011 | 1.1.-31.12.2011 |
(1000 Euros) | |||
Net sales | |||
Europe | 19 547 | 14 097 | 20 979 |
Emerging Markets | 3 444 | 2 925 | 3 926 |
Americas | 2 917 | 3 418 | 4 656 |
APAC | 760 | 626 | 1 043 |
Total net sales | 26 668 | 21 065 | 30 604 |
Operating profit | |||
Europe | 760 | -194 | 150 |
Emerging Markets | -144 | -326 | -352 |
Americas | -1 412 | -596 | -650 |
APAC | -154 | -272 | -286 |
Total operating profit | -951 | -1 388 | -1 137 |
Stonesoft Group | |||
Contingent liabilities | 1.1.-30.9.2012 | 1.1.-30.9.2011 | 1.1.-31.12.2011 |
(1000 Euros) | |||
Contingent off-balance sheet | |||
Non-cancellable other leases | 1 530 | 1 795 | 1 970 |
Contingent liabilities for the Company | 223 | 183 | 223 |
Stonesoft Group | ||||||||
Quarterly development | Q3 / | Q2 / | Q1 / | Q4 / | Q3 / | Q2 / | Q1 / | |
(Euro Millions) | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2011 |
Software | 0,5 | 0,5 | 0,6 | 0,8 | 0,4 | 0,4 | 0,4 | 2,1 |
Security appliances | 5,1 | 4,9 | 4,3 | 5,3 | 4,2 | 2,9 | 3,2 | 15,6 |
Services | 3,7 | 3,6 | 3,4 | 3,4 | 3,3 | 3,2 | 3,0 | 12,8 |
Other products | 0,0 | 0,1 | 0,0 | 0,1 | 0,1 | 0,0 | -0,1 | 0,1 |
Net sales continuing operations | 9,3 | 9,1 | 8,3 | 9,5 | 8,0 | 6,5 | 6,5 | 30,6 |
Change-% from previous year | 16 | 40 | 27 | 27 | 43 | 29 | 6 | 26 |
Sales margin | 7,6 | 7,4 | 6,8 | 7,6 | 6,7 | 5,6 | 5,4 | 25,4 |
Sales margin % | 82 | 81 | 82 | 80 | 83 | 87 | 83 | 83 |
Operative expenses | 7,8 | 8,0 | 7,6 | 7,6 | 6,7 | 6,7 | 6,4 | 27,3 |
Operating profit (EBITA) | 0,1 | -0,4 | -0,6 | 0,3 | 0,2 | -0,7 | -0,8 | -1,1 |
% of net sales | 1 | -5 | -7 | 3 | 2 | -12 | -13 | -4 |
Result before taxes | 0,0 | -0,4 | -0,5 | 0,3 | 0,2 | -0,7 | -0,6 | -0,8 |
% of net sales | 0 | -6 | -6 | 4 | 3 | -11 | -10 | -3 |
Stonesoft Group | |||
Key ratios | 1.1.-30.9.2012 | 1.1.-30.9.2011 | 1.1.-31.12.2011 |
(1000 Euros) | |||
Net sales | 26 668 | 21 065 | 30 604 |
Net sales change-% | 27 | 25 | 26 |
Operating result | -951 | -1 388 | -1 137 |
% of net sales | -4 | -7 | -4 |
Operating result before taxes | -810 | -1 127 | -779 |
% of net sales | -3 | -5 | -3 |
ROE - %, annualized | -39 | -43 | -22 |
ROI - %, annualized | -28 | -34 | -16 |
Equity ratio-% | 36 | 41 | 40 |
Net gearing | -2,39 | -2,08 | -1,99 |
Total Assets | 20 965 | 18 513 | 21 157 |
Capital expenditure | 761 | 512 | 581 |
Capital disposals | 0 | 0 | 0 |
R&D costs | 5 520 | 4 405 | 6 131 |
% of net sales | 21 % | 21 % | 20 |
Number of employees (weighted average) | 233 | 202 | 207 |
Number of employees (end of the period) | 240 | 212 | 222 |
Share Specific Ratios | |||
Earnings per share | -0,02 | -0,02 | -0,01 |
Equity per share | 0,05 | 0,05 | 0,06 |
Dividend | 0,00 | 0,00 | 0,00 |
Dividend per share (EUR) | 0,00 | 0,00 | 0,00 |
Dividend / Profit-% | 0 | 0 | 0 |
Calculation of indicators | |||||||
Return on equity (ROE) % = | (Profit before taxes - income taxes) x 100 / | ||||||
Shareholders' equity + minority interest (average) | |||||||
Return on invested capital (ROI)% = | (Profit before extraordinary items+interest and other financial expenses) x100 / | ||||||
Balance sheet total - non-interest bearing debt (average) | |||||||
Equity ratio % = | (Equity + minority interest) x 100 / | ||||||
Balance sheet total - advances received | |||||||
Net gearing = | Interest bearing net debt - cash in hand and on deposit - marketable securities / | ||||||
Equity + minority interest | |||||||
Earning per share (EPS) = | Profit before taxes - minority interest - income taxes / | ||||||
Average number of shares adjusted for dilutive effect of options | |||||||
Equity per share = | Equity / | ||||||
Number of shares at end of period | |||||||
This report contains statements concerning, among other things, Stonesoft's financial condition and the results of operations that are forward-looking in nature. Such statements are not historical facts, but rather represent Stonesoft's future expectations. The company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions. However, these forward-looking statements involve inherent risks and uncertainties, which could cause actual results or outcomes to differ materially from those anticipated in the statements. These risks and uncertainties may include, among other things, (1) changes in our market position or in the Firewall/VPN and Intrusion detection and protection market in general; (2) the effects of competition; (3) the success, financial condition, and performance of our collaboration partners, suppliers and customers;(4) our ability to source quality components without interruption and at acceptable prices;(5) our ability to recruit, retain and develop appropriately skilled employees;(6) exchange rate fluctuations, including, in particular, fluctuations between the Euro, which is our reporting currency, and the US dollar;(7) other factors related to sale of products, economic situation, business, competition or legislation affecting the business of Stonesoft or the industry in general and (8) our ability to control the variety of factors affecting our ability to reach our targets and give accurate forecasts.
A press conference for analysts and investors will be held on 19 October, 2012 at 10.30 am at the Stonesoft headquarters, street address Itälahdenkatu 22 A, 00210 Helsinki.
For additional information, please contact:
Ilkka Hiidenheimo, CEO, Stonesoft Corporation
Tel. +358 9 476 711
E-mail: ilkka.hiidenheimo@stonesoft.com
Mikael Nyberg, CFO, Stonesoft Corporation
Tel. +358 9 476 711
E-mail: mikael.nyberg@stonesoft.com
Stonesoft Corporation
Ilkka Hiidenheimo
CEO
This stock exchange release and the presentation material related to this report are also available at the Stonesoft web site www.stonesoft.com.
Download the stock exchange release in PDF format:
Stonesoft Interim Report January-September 2012 (PDF)
NASDAQ OMX Helsinki Ltd
www.stonesoft.com
Fri Oct 19 08:24:00 EEST 2012
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