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Fortinet Announces First Quarter 2009 Corporate and Financial Highlights

  • 02 June, 2009 16:05

<p>Fortinet® - a market-leading network security provider and worldwide leader of unified threat management (UTM) solutions - today announced continued financial growth and profitability for the first quarter of 2009 ending March 29, 2009.</p>
<p>Despite lingering macro-economic challenges across all sectors, Fortinet continued to achieve financial success, generating $60 million in billings and increasing revenue by 20 percent to $55 million as compared to 1Q08.</p>
<p>Fortinet also continued to achieve profitability, generating $5 million in pre-tax profits during the quarter and growing its cash balance to end the first quarter of 2009 with $129 million in total cash and short-term investments. Fortinet credits its consistent and predictable financial performance to a time-tested and evolving technology platform, and the recent broadening of its portfolio with new solutions that secure additional layers of the network.</p>
<p>“Enabling more powerful and differentiated technology with even greater efficiencies and growing our installed based through portfolio expansion is the dual-pronged strategy that Fortinet has embraced over the past 12 months as we lay the foundation for growth,” said Ken Xie, founder, president and CEO of Fortinet. “The products and business execution you’ll see from Fortinet the remainder of 2009 will echo this strategy, which has already received strong support from some of our biggest enterprise and carrier customers.”</p>
<p>Fortinet maintained its leadership position in the worldwide UTM market for 4Q08 and all of 2008, according to analyst firm IDC . This marks the 12th consecutive quarter of UTM leadership for Fortinet. Data from the IDC report also confirmed Fortinet as the overall leader in UTM factory revenue for Western Europe and Asia Pacific for all of 2008 and 4Q08.</p>
<p>In 1Q09, Fortinet released a major software update for its market-leading FortiGate® multi-threat security appliances and expanded its product portfolio to include solutions that secure deeper layers of the network:
• FortiOS™ 4.0 operating system: major firmware upgrade which integrates hundreds of new features to significantly improve the value and functionality of FortiGate security appliances; four of the most notable features include application control, data leakage protection (DLP), WAN optimization and SSL traffic inspection;
• FortiWeb™-1000B: a mid- to large-enterprise product and first in a family of Web security appliances that provide application and XML firewalling to protect, balance and accelerate web applications, databases and the information exchanged between them;</p>
<p>• FortiDB™ Monitoring &amp; Auditing: new capabilities added to database vulnerability management appliances announced in 2008 enable 24x7 or scheduled-based monitoring and a complete audit trail to help organizations meet regulatory compliance. Also, the debut of two new models – the FortiDB-400B and FortiDB-2000B – join the previously announced FortiDB-1000B appliance to round out the family of database security products, offering appropriate sizing for small, medium and large enterprises.</p>
<p>Xie added: “In the current economic climate, customers’ predisposition for highly efficient and cost-effective technologies is working strongly in our favor, especially with the release of our newest operating system – FortiOS 4.0 – which adds even more functionality without more cost. More and more companies are seeing the benefits of security consolidation and are increasingly showing their support for this approach, which is validating Fortinet’s vision and growth strategy.”</p>
<p>For more information on Fortinet products, please visit: http://www.fortinet.com/products.</p>
<p>About Fortinet (www.fortinet.com)</p>
<p>Fortinet is the pioneer and leading provider of ASIC-accelerated multi-function security systems, which are used by enterprises and service providers to increase their security while reducing total operating costs. Fortinet solutions were built from the ground up to integrate multiple levels of security protection--including firewall, antivirus, intrusion prevention, VPN, spyware prevention and anti-spam -- designed to help customers protect against network and content level threats. Leveraging a custom ASIC and unified interface, Fortinet solutions offer advanced security functionality that scales from remote office to chassis-based solutions with integrated management and reporting. Fortinet solutions have won multiple awards around the world and are the only security products that are certified in six programs by ICSA Labs: Firewall, Antivirus, IPSec VPN, SSL VPN, Network IPS, and Anti-spam. Fortinet is privately held and based in Sunnyvale, California.</p>
<p>Copyright © 2008 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and unregistered trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiManager, FortiMail, FortiClient, FortiCare, FortiAnalyzer, FortiReporter, FortiOS, FortiASIC, FortiWiFi, FortiSwitch, FortiVoIP, FortiBIOS, FortiLog, FortiResponse, FortiDB and FortiWeb. Other trademarks belong to their respective owners. This press release contains forward-looking statements that may involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of Fortinet may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of future growth and financial results. Risks, uncertainties and assumptions include , among others, macroeconomic and geopolitical trends and events and trends in the network security market. Any forward-looking statements speak only as of the date on which they are made and Fortinet shall be under no obligation to (and expressly disclaims any such obligation to) update or alter such forward-looking statements whether as a result of a new information, future events or otherwise. Fortinet has not independently verified statements in this press release attributed to third parties.</p>
<p>IDC defines Factory Revenue as vendor revenue derived from units shipped, exclusive of channel revenue and manufacturing revenue</p>

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