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McAfee, Inc. reports third quarter revenue of $222 million; Adds a record 903,000 net new consumer subscribers bringing total online consumer subscriber base to more than 6.3 million.

Article Excerpt
M2 PRESSWIRE-29 October 2004-McAfee Inc: McAfee, Inc. reports third quarter revenue of $222 million; Adds a record 903,000 net new consumer subscribers bringing total online consumer subscriber base to more than 6.3 million(C)1994-2004 M2 COMMUNICATIONS LTD

RDATE:10292004

McAfee, Inc. (NYSE: MFE) today announced that for the third quarter ended Sept. 30, 2004, consolidated net revenue was $222 million. On a GAAP basis, McAfee's third quarter net earnings were $118 million, or $0.70 per share - diluted. On a non-GAAP basis, net earnings for the third quarter were $31 million, or $0.18 per share - diluted. GAAP earnings include a $189 million gain on the sale of the Sniffer assets.

Financial Highlights

- Revenue excluding Sniffer and Magic grew 28% year over year.

- McAfee demonstrated year over year revenue growth across all regions with North America growing 17%, EMEA growing 36%, APAC growing 141%, Japan growing 65% and Latin America growing 37%.

- The McAfee Online Consumer revenue grew 127% year over year and added a record 903,000 net new subscribers, bringing the total McAfee Online Consumer Service subscriber number to 6.3 million.

- McAfee IntruShield demonstrated significant growth with a 136% increase in year over year revenue.

- Deferred revenue grew by $31 million to end the quarter at $521 million, with the quarter end balance excluding deferred revenue previously associated with the Sniffer business.

- McAfee ended the quarter with cash and cash equivalents of $867 million, which includes the receipt of $217 million for the Sniffer assets and cash expenditures during the quarter of $77 million to repurchase approximately four million shares of McAfee common stock and $265 million to retire the company's 5.25% convertible subordinated debt.

Financial Outlook

- McAfee raised its revenue guidance for the fourth quarter of 2004 to between $218 million and $222 million, with non-GAAP net earnings of $0.21 at the middle...

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