110 lines
5.6 KiB
Plaintext
110 lines
5.6 KiB
Plaintext
-----BEGIN PGP SIGNED MESSAGE-----
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Submitted to Crisnews by:
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William Chapman
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Contact:
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Dan McCammon
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Chief Financial Officer
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McAfee Associates
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FOR IMMEDIATE RELEASE (408) 980-3624
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McAFEE ASSOCIATES REPORTS RECORD REVENUES AND
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EARNINGS FOR THE SECOND QUARTER OF 1993
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Announces Intent to Acquire Personal Database Developer, ButtonWare, Inc.
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SANTA CLARA, CALIF. (July 21, 1993) -- McAfee Associates (NASDAQ:
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MCAF), the world's leading developer and electronic distributor of anti-virus
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software for personal computers and networks, reported today record revenues
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and net income for the quarter ended June 30, 1993.
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Revenues for the second quarter of 1993 were $4,340,000, a 28 percent
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increase over revenues for the second quarter of the previous year. Net income
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for the second quarter of 1993 was $1,961,000, a 26 percent increase over pro
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forma net income for the second quarter of 1992.
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Pro forma net income represents an estimate of the Company's results of
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operations had the Company been a corporation during the period ending
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December 31, 1992. McAfee Associates had operated as a partnership prior to its
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initial public offering on October 6, 1992. Pro forma net income includes
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adjustments to eliminate interest expense related to partnership debentures and
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a provision for corporate income taxes.
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Earnings per share for the second quarter of 1993 were $.17, a 13
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percent increase over pro forma earnings per share for the second quarter of the
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prior year.
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Revenues for the six months ended June 30, 1993 were $8,402,000, a 33
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percent increase over the same period a year ago. Net income was $3,575,000, a
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20 percent increase over pro forma net income for the first six months of the
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prior year. Earnings per share were $.30 during the six months ended June 30,
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1993. Earnings per share for the first two quarters of 1993 were up 7 percent
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from pro forma earnings per share for the same period in 1992. Net income and
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earnings per share for the first six months of 1993 were impacted by non-
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recurring general and administrative costs due to the settlement of a lawsuit
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brought in late 1992 as well as certain legal and office relocation costs
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incurred in the first quarter.
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"License bookings were nearly $5.2 million for the quarter, up almost 10
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percent from the second quarter of 1992," said William S. McKiernan, president
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and chief operating officer of McAfee. "Acceptance of our products in domestic
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and overseas markets continues to be strong. Our international business was up
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23 percent over the previous quarter and 85 percent over the previous year due
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primarily to the success of our authorized agent program. We have continued to
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strengthen our proactive marketing capability by establishing a telesales
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organization and launching a number of other direct marketing activities."
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McAfee Takes Several Steps to Diversify Product Line
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"During the second quarter of 1993 we increased our technology base and
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reach," said John D. McAfee, chairman and chief executive officer. "Marc Le
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Brun, former director of advanced technology at Autodesk, has recently joined
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us as vice president of research and development. Mr. Le Brun will be
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responsible for maintaining the company's existing products and assisting in the
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expansion of the product line beyond anti-virus software."
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While McAfee's leadership position in the anti-virus software market
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remains solid, the company has taken several steps to diversify its product
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offerings to include other software suited to electronic distribution. The most
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notable example of this strategy is the company's recently completed letter of
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intent to acquire personal database developer ButtonWare, Inc., of Bellevue,
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Washington.
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The company also launched Pro-View for Windows, which is a trouble-
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shooting utility designed for programmers, technical support personnel, and
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other PC professionals.
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In addition, the company acquired communications technology to
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facilitate wider distribution of McAfee products and provide third party
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developers with access to the benefits of electronic distribution.
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McAfee Associates recently relocated to larger office facilities to aid
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in the growth of its telemarketing, support and R&D operations.
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McAfee Associates develops, markets and distributes personal computer
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and network software designed for electronic distribution. The company's
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software is distributed electronically though a network of bulletin boards,
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CompuServe, America Online, Internet, and through a unique network of 180
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authorized agents who provide local sales and technical support. Its anti-virus
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product line is one of the premier brands of virus protection, detection and
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eradication software, with millions of users worldwide. The Company,
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headquartered in Santa Clara, California, also markets and distributes general
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purpose utility software for personal computers.
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###
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