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