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Guidance Software Posts 2014 3rd Quarter Financial Results [Manufacturing Close - Up](Manufacturing Close - Up Via Acquire Media NewsEdge) Guidance Software reported financial results for the third quarter 2014. According to a release on November 6, the Company noted that third quarter 2014 financial highlights, calculated in accordance with generally accepted accounting principles (GAAP) include: -Revenue of $27.8 million, compared to $28.3 million in the third quarter of 2013 -Product revenue of $9.5 million, a sequential increase of 7 percent from $8.9 million in the second quarter of 2014 and a slight decrease from $9.7 million in the third quarter of 2013 -Services and maintenance revenue of $16.7 million, up from $15.9 million in the third quarter of 2013 -Net loss of $2.6 million, or ($0.10) per share, compared to net loss of $5.0 million, or ($0.19) per share, in the third quarter of 2013 On a non-GAAP basis, which excludes share-based compensation and amortization of intangibles, the Company reported a pre-tax net loss of $0.2 million, or ($0.01) per share, in the third quarter of 2014, compared to a non-GAAP pre-tax net loss of $2.3 million, or ($0.09) per share, in the third quarter of 2013. Guidance Software Interim Chief Executive Officer and current Chief Financial Officer Barry Plaga said, "The third quarter was disappointing. In particular, our enterprise federal business was down 39 percent. Despite this decline, we did, however, see areas where our transition strategy from a predominantly forensics and e- discovery business to a more robust cybersecurity offering is working; while forensics and e-discovery had a difficult quarter, we added a significant number of new customers, especially EnCase Cybersecurity customers during the third quarter. We are on track to achieve our goal of 1,000 new customers in 2014." Plaga continued, "The softness we experienced in the third quarter will impact our expectations for our full year 2014 results. Therefore, we are lowering our revenue guidance to a range of $109 to $110 million and our non-GAAP EPS guidance to a range of $(0.17) - $(0.14) for the full year. In the short term our focus will be on three crucial areas: aligning sales and marketing to drive product revenue growth; launching our new cybersecurity product in 2015, which will be the biggest product release in Guidance's history; and diligently controlling expenses while working to expand EBITDA margins. Although we certainly have our work cut out for us, I have a very strong team behind me and exceptional offerings to drive Guidance's further progress." Third Quarter 2014 Highlights and Noteworthy Events -In the third quarter, the Company added 247 new customers of its enterprise products, comprised of 133 EnCase Enterprise customers and 114 customers of EnCase Cybersecurity, EnCase Analytics and EnCase eDiscovery. -Just following the end of the quarter, the Company announced the availability of the Tableau TD2u Forensic Duplicator. Employing Tableau's fourth-generation advanced duplication technology, the TD2u can image digital storage devices at exceptional speeds. Tableau devices have earned a reputation for speed, reliability, and ease of use. -In September, the Company announced a new bundled solution between EnCase Cybersecurity and HP ArcSight Express. The bundled solution allows organizations to aggregate and correlate multiple event feeds to identify the most critical threats, validate the efficacy of threats, and immediately understand the impact to sensitive data. -In early October, we successfully released EnCase Remote Recovery+, a desktop data recovery tool that enables help desk professionals to remotely recover deleted files from anywhere on the network without user disruption. Guidance Software is a company focusing in endpoint investigation solutions for security incident response and forensic analysis. More information: http://www.encase.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |