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Corero Network earnings loss narrows amid 'disruptive contract wins' against competitors

By BFN News | 09:30 AM | Thursday 05 April, 2018


Corero Network Security reported Thursday a narrower earnings loss of $5.1m, from $6.4m in 2016, amid delays in both the world-wide implementation schedules for a large digital enterprise customer and an existing customer's ongoing deployment. Total revenue fell to $8.5m from $8.8m, reflecting a reduction in revenue from the legacy discontinued product to $0.6 million in 2017 from $3.2 million in 2016. The SmartWall product grew revenues 43% over the prior year. Loss per share was 3.1 cents, compared to a 9 cents loss in 2017. The order intake for the year grew to $9.3m from $7.1m. Net cash was $1.4m at 31 December 2017, down from $2.9m the previous year. The firm said it expects demand growth for its Smartwall product from the growing awareness of the threat and impact of DDoS attacks, and increased risk associated with the projected growth of IoT deployments. Pending regulations in the US, UK and Europe, including the Directive on the Security of Network and Information Systems (NIS Directive) - which comes into force for all EU member states on the 9th May 2018 - are expected to positively impact demand for DDoS mitigation investment. Ashley Stephenson, CEO of Corero, said: '2017 proved to be a year of progress across our business highlighted by the strong revenue growth in our SmartWall product, which secured multiple $1.0 million plus customers, in addition to several disruptive contract wins against key competitors.' 'We also introduced an enhanced product portfolio alongside expanding our ecosystem of world class partners, which we believe will bolster our sales footprint in the current year.' At 9:30am: (LON:CNS) Corero Network Security PLC share price was -0.13p at 6.13p Story provided by StockMarketWire.com

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