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GlobalSCAPE® Releases New Security and End User Capabilities for Mail Express™ Customers
Offering Attractive Customer Incentives for New Mail Express Customers
March 09, 2011 07:00 AM Eastern Time
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, announced the availability of enhanced security and end user capabilities for Mail Express™, its popular email-based file transfer solution for business customers.
“Email still remains one of the most common ways for organizations to exchange data”
This new version of Mail Express provides improved security by supporting communication through the GlobalSCAPE DMZ Gateway™. This DMZ Gateway support allows customers to implement Mail Express behind a DMZ firewall, providing an added layer of protection for data storage and retrieval, user authentication, and firewall traversal.
To ensure customers have complete email attachment management and security in diverse user environments, the latest version also includes the Mail Express Internal Web Portal. The portal provides full Mail Express functionality via a standard web browser to customer employees who may not use Microsoft Outlook as their primary mail client.
Other key features of this new version of Mail Express include:
* Included support for Microsoft Outlook and Exchange 2010
* Improved performance and optimization when interacting with anti-virus software, allowing IT administrators to continue to secure the network with their anti-virus software of choice
* Increased capacity and number of users per Mail Express Server, supporting the growing demands of larger enterprises
“Email still remains one of the most common ways for organizations to exchange data,” said Jason Wolford, product manager of Mail Express. "With this new version of Mail Express, organizations can enjoy even greater collaborative flexibility and security benefits than before, while also experiencing the same ease-of-use benefits."
Mail Express was developed to improve end user and IT administrator productivity by simplifying the secure exchange of large email files on demand. With Mail Express, users can simply and transparently send sensitive and large files, up to 25GB, without resorting to unapproved and potentially non-secured methods. In addition, by providing an external-facing Drop-Off Portal, Mail Express allows approved partners to send large files back to Mail Express users via a secure web portal, ensuring the files and data remain secure at all times.
For a limited time, GlobalSCAPE will be offering a 50% discount to customers that purchase 50 or more end user licenses. To qualify, the customer must complete a simple post-implementation survey, and be willing to provide a reference upon request.
For more information about this product and others from the company, please visit www.globalscape.com.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global solutions provider that equips organizations to securely exchange sensitive information and files across multiple locations and with customers and partners. Since the release of CuteFTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. Serving a customer base that spans more than 150 countries and includes the majority of Fortune 100 companies, GlobalSCAPE's primary focus is providing customers with intuitive and efficient managed file transfer (MFT) solutions while also ensuring end-to-end security. For more information, visit www.globalscape.com or follow our blog and Twitter updates.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "would," "exceed," "should," "anticipates," "believe," "steady," "dramatic," and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2009 calendar year, filed with the Securities and Exchange Commission on March 30, 2010.
Contacts
New Venture Communications
Lauren Dresnick, 650-343-2735
ldresnick@newventurecom.com
GlobalSCAPE To Announce Fourth Quarter and Fiscal Year 2010 Financial Results on Tuesday, March 29, 2011
On Monday March 7, 2011, 7:00 am EST
SAN ANTONIO--(BUSINESS WIRE)-- GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced that it will report financial results for its fourth quarter and fiscal year 2010 on Tuesday, March 29, 2011 at 4:00 p.m. Central Time.
Date: Tuesday, March 29, 2011
Time: 5:00 p.m. ET/4:00 p.m. CT
Dial-in: (800) 380-1061
Conference ID: 41318117
A webcast of the conference call will be available in the Investor Relations section of GlobalSCAPE’s website at www.globalscape.com. A webcast replay will be available on the Company’s website through April 29, 2011.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global solutions provider that equips organizations to securely exchange sensitive information and files across multiple locations and with customers and partners. Since the release of CuteFTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. Serving a customer base that spans more than 150 countries and includes the majority of Fortune 100 companies, GlobalSCAPE's primary focus is providing customers with intuitive and efficient managed file transfer (MFT) solutions while also ensuring end-to-end security. For more information, visit www.globalscape.com or our “Secure Info Exchange” blog, or follow us on Twitter.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "would," "exceed," "should," "anticipates," "believe," "steady," "dramatic," and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2009 calendar year, filed with the Securities and Exchange Commission on March 30, 2010.
Contact:
Summit IR Group, Inc.
Jim Fanucchi, 408-404-5400
ir@globalscape.com
http://finance.yahoo.com/news/GlobalSCAPE-CloudBased-bw-791884929.html?x=0&.v=1
Looks like this little company is beginning to come alive.
GlobalSCAPE® Announces Development of appShield™
Innovative Computer Security Product Based on Application Whitelisting Blocks Viruses and Other Malicious Software
On Monday February 14, 2011, 7:00 am EST
SAN ANTONIO--(BUSINESS WIRE)-- GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, announced today that the company is developing appShield™, an innovative new computer security product for home and small business computers. With appShield, GlobalSCAPE is pioneering a much needed safeguard to protect computers against the rapid growth of viruses and other malicious software.
appShield is based on proven enterprise-level application whitelisting technology from CoreTrace Corporation, the recognized leader in dynamic and client-based application whitelisting. GlobalSCAPE entered into a partnership with CoreTrace in December 2009, making an investment in this innovative Austin-based private company.
Unlike traditional “blacklisting” solutions, such as antivirus software, that attempt to detect and remove infected files and applications running on a computer, appShield denies the operation of applications and executables that are not on an approved “whitelist” created by the user. By ensuring that only approved applications can run, appShield automatically blocks all unauthorized applications—including viruses and rogue applications that may have been inadvertently downloaded from email, websites, or social media, for example.
Traditional antivirus products do not provide consumers full computer protection from unauthorized applications. According to a December 2010 Gartner Group report “A Buyer’s Guide to Endpoint Protection Platforms,” signature-based antivirus products detect only 25% to 50% of new threats. appShield complements existing antivirus software by acting as a user-controlled final layer of defense, blocking all applications not specifically approved by the user, including new viruses not detected by many antivirus software products.
appShield provides the following features and benefits:
* Immediately blocks unauthorized programs from running, including the most sophisticated viruses and zero-day threats
* Offers always-on protection against the latest malware and viruses that haven’t yet been identified by even the most up-to-date antivirus software
* Operates inside the OS kernel to protect against malicious software processes
* Presents a simple and easy to understand user interface that allows flexible authorization or blocking of applications
* Provides visibility into all programs attempting to run on the computer
* Consumes minimal computer resources, unlike traditional antivirus software
“We believe that application whitelisting for consumers has tremendous potential, similar to the early days of the antivirus market. appShield is an important next step as we continue to enhance our position as a leading provider of secure information exchange solutions globally,” said Jim Morris, GlobalSCAPE president and CEO. "With over two million consumer file transfer (CuteFTP) software licenses issued into 150 countries, we have an established base of customers who trust us and are constantly looking for new and better security solutions to protect their computers from existing and future malicious software. appShield will provide this added layer of security and we’re very confident that, with appShield, we can further tap into the broader multi-billion dollar computer security market."
appShield Demos and Availablity
GlobalSCAPE will be offering appShield demos and discussing the emerging consumer application whitelisting market this week at the 2011 RSA Conference (Booth #2159) in San Francisco, February 14 - 18. The annual RSA Conference brings together key players, companies, and potential customers from the information security industry.
GlobalSCAPE also intends to release appShield commercially in the summer of 2011. Individuals or media interested in getting an early preview can learn more at http://www.globalscape.com/products/appshield.aspx.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global solutions provider that equips organizations to securely exchange sensitive information and files across multiple locations and with customers and partners.. Since the release of CuteFTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. Serving a customer base that spans more than 150 countries and includes the majority of Fortune 100 companies, GlobalSCAPE's primary focus is providing customers with intuitive and efficient managed file transfer (MFT) solutions while also ensuring end-to-end security. For more information, visit www.globalscape.com or our “Secure Info Exchange” blog, or follow us on Twitter.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "would," "exceed," "should," "anticipates," "believe," "steady," "dramatic," and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2009 calendar year, filed with the Securities and Exchange Commission on March 30, 2010.
Contact:
New Venture Communications
Lauren Dresnick, 650-740-4034
ldresnick@newventurecom.com
It is really an Intacct PR and not a GlobalSCAPE PR. GlobalSCAPE just purchased a new accounting system. It is helpful for GlobalSCAPE but not a big deal.
Anybody know exactly what this means? If it sounds good, that often means people don't like it.
http://finance.yahoo.com/news/GlobalSCAPE-Selects-Intacct-iw-3979039802.html?x=0&.v=1
GlobalSCAPE Announces Third Quarter 2010 Financial Results
Increases Revenue 11% Compared with 3Q 2009; Looks to Continue Growth in 2011
On Wednesday November 10, 2010, 4:00 pm EST
SAN ANTONIO--(BUSINESS WIRE)-- GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced financial results for its third quarter of fiscal year 2010, ended September 30, 2010.
Revenue was $4.8 million for the third quarter of fiscal year 2010, an increase of 11 percent when compared with revenue of $4.3 million in the same quarter last year. Revenue for the first nine months of 2010 was $13.6 million, up from $12.3 million. “We have increased our revenue in each of the last three quarters, in line with our previously stated emphasis on increasing top-line performance during 2010,” said Jim Morris, GlobalSCAPE president and CEO. “To put our third quarter revenue in perspective, we achieved the second highest revenue quarter in GlobalSCAPE’s history, exceeded only by the second quarter of 2007 which included a large order for almost three million dollars. I couldn’t be more proud of the sustained execution of our team as we look forward to a record year for sales.”
GlobalSCAPE net income for the third quarter decreased to $233,000 or $0.01 per diluted share, compared with net income of $576,000, or $0.03 per diluted share, in the same quarter last year as the company continued to make strategic investments in accordance with previously announced plans. Cash and short term investments grew to $10.1 million, representing a seven percent increase from the second quarter. Cash flow from operating activities for the nine months ended September 30, 2010 was $1.9 million compared with $4.2 million for the same period in 2009, a decrease of 56 percent. This decrease is largely due to the deferred revenue of $1.9 million from the 2009 U.S. Army order of which half has been recognized into revenue. Adjusted EBITDA for the third quarter of 2010 was $744,000, a 43 percent decrease compared with the same quarter last year. The Adjusted EBITDA margin for the third quarter of 2010 was 15.6 percent, compared with 30.2 percent in the third quarter of 2009. This decrease is largely attributable to the decrease in GAAP net income.
Morris expects that GlobalSCAPE’s investments in key personnel, revenue-enabling infrastructure, and new technologies will allow the company to reach new heights in future periods. “We made a conscious business decision to increase our operating expenses during 2010 as necessary to fund our organic growth initiatives, and increase long-term shareholder value, while still generating cash and remaining profitable,” Morris continued. “We have assembled a world-class team, made substantial infrastructure investments, and obtained access to innovative technologies since I joined GlobalSCAPE a little over two years ago. We are just beginning to monetize some of these investments and I believe 2011 will be a strong growth year for GlobalSCAPE sales and net income.”
Quarterly Highlights
During the third quarter, GlobalSCAPE launched new solutions, established additional partner relationships, and continued to enhance its leadership team.
In July, GlobalSCAPE announced the availability of GlobalSCAPE Managed Information Xchange™. This hosted, managed service is the initial solution available as part of the new GlobalSCAPE Managed Solutions™ line of business announced in the second quarter. Through this unique offering, GlobalSCAPE delivers a hosted managed file transfer (MFT) solution that enables cost effective, secure exchange of business-to-business data, including large files and sensitive data. The tiered service allows customers to outsource all or part of their complex and demanding information exchange needs to reduce costs, improve operational efficiencies, track and audit transactions, and provide a greater level of security. As Managed Information Xchange sales grow in future periods, GlobalSCAPE may notably increase recurring revenue, which already represents more than 40 percent of total revenue.
In August, the company released a major upgrade to its Mail Express™ solution. Mail Express enables Microsoft Outlook email users to send and receive large files on demand – removing a widely recognized email infrastructure constraint. Users can simply and transparently send sensitive and large files, up to 25GB, without resorting to unapproved and potentially non-secure methods such as private email accounts, social media sites, CDs, and USB drives. Mail Express provides increased benefits for the IT organization as well, offering greater visibility into email-based file movement across the enterprise, including robust tracking and auditing. It allows for centralized policy management so that IT can enforce policies on each user’s email account. In addition, Mail Express reduces costs by offloading expensive email attachments to less expensive storage.
In September, GlobalSCAPE expanded its global channel sales network by partnering with Lifeboat Distribution, an international specialty software distributor for technically sophisticated products. GlobalSCAPE is working closely with Lifeboat Distribution to recruit, build, and power a network of solution providers for GlobalSCAPE’s award-winning products to drive incremental sales revenues that complement GlobalSCAPE’s existing sales channels. Lifeboat Distribution serves leading corporate resellers, large account resellers (LAR), value added resellers (VAR), and solution providers across North America and throughout Latin America and the Caribbean. By partnering with Lifeboat Distribution, GlobalSCAPE increases its channel network growth potential by recruiting and training resellers from the existing Lifeboat Distribution network.
During September, GlobalSCAPE also extended its partner relationship with Network Automation. GlobalSCAPE began its original OEM partnership with Network Automation in July of 2008, embedding Network Automation's AutoMate product as an Advanced Workflow Engine (AWE) module to its Enhanced File Transfer (EFT) Server™ solution. During the third quarter, GlobalSCAPE expanded its partner agreement to become a worldwide reseller of Network Automation's software solutions, AutoMate 7 and AutoMate Business Process Automation (BPA) Server 7.
In late September, GlobalSCAPE announced that it is a subcontractor on the McLane Advanced Technologies (MAT) industry team that won a $52.3 million re-compete contract for the U.S. Army Standard Army Maintenance System (SAMS-E). Work on this contract will begin in late 2010 for a period of three years. Under the new contract, GlobalSCAPE will provide professional and technical services to support the SAMS-E program, including Secure FTP Server™ and CuteFTP®, secure information exchange solutions integrated into the SAMS-E environment. The company may also deliver enhanced software solutions for SAMS-E under the new contract. As a maintenance systems modernization initiative, SAMS-E is a bridge between current system functionality and the U.S. Army's future Global Combat Support System (GCSS-Army). GlobalSCAPE has been helping the U.S. Army ensure secure delivery of mission-critical data around the world since 2005. GlobalSCAPE has received several substantial product license and maintenance and support orders from the U.S. Army, including a $2.7 million order in April 2009 and other substantial orders in May 2007 and September 2005.
Also in the third quarter, GlobalSCAPE hired Mark Perry as Vice President of Managed Solutions. Mr. Perry is an industry executive with over 25 years of technical and management experience with world-class technology, information security, and professional services companies. Prior to joining GlobalSCAPE, Mr. Perry was Senior Vice President of Enterprise Business Solutions with Fujitsu, a global IT services, hardware and software provider, where he was responsible for the U.S. professional services division with more than $365 million in annual revenues. Prior to Fujitsu, Mr. Perry was Vice President of Global Consulting Services at Symantec Corporation where he developed the key business standards and practices necessary for the successful delivery of products and services by Symantec's consulting services division. Mr. Perry previously was a partner in KPMG, LLP, where he directed the delivery of risk and advisory services to a broad range of public sector and commercial clients.
Conference Call November 10, 2010 At 4:30 p.m. ET
GlobalSCAPE management will hold a conference call Wednesday, November 10 to discuss the third quarter 2010 financial results and other corporate matters at 4:30 p.m. Eastern Time/3:30 p.m. Central Time. Those wishing to join should dial 1-800-380-1061 and use Conference ID #19779974. A live webcast of the conference call will also be available in the investor relations page of the company's website at www.globalscape.com. A webcast replay of the conference call will be available on the Company’s website through December 10, 2010.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com or the Company’s Secure Info Exchange blog.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "would," "exceed," "should," "anticipates," believe," "possibly," "steady," "dramatic," and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's Annual Report on Form 10-K for the 2009 calendar year, filed with the Securities and Exchange Commission on March 30, 2010.
Summary Financial Data
GlobalSCAPE, Inc.
Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three months ended September 30, Nine months ended September 30,
2010 2009 2010 2009
Operating Revenues:
Licenses $ 2,652 $ 2,633 $ 7,652 $ 7,798
Maintenance and support 2,005 1,581 5,642 4,356
All others 112 82 353 128
Total Revenues 4,769 4,296 13,647 12,282
Operating Expenses:
Cost of revenues 142 102 389 230
Selling, general and administrative expenses 3,326 2,396 9,449 7,825
Research and development expenses 832 729 2,203 2,094
Depreciation and amortization 201 187 599 537
Total operating expenses 4,501 3,414 12,640 10,686
Income from operations 268 882 1,007 1,596
Other income (expense) - 3 6 (38 )
Income before income taxes 268 885 1,013 1,558
Provision for income taxes 35 309 282 283
Net Income $ 233 $ 576 $ 731 $ 1,275
Net income per common share - basic $ 0.01 $ 0.03 $ 0.04 $ 0.07
Net income per common share - diluted $ 0.01 $ 0.03 $ 0.04 $ 0.07
Average shares outstanding:
Basic 17,652 17,254 17,430 17,238
Diluted 18,610 18,243 18,174 17,800
GlobalSCAPE, Inc.
Balance Sheets
(in thousands except share amounts)
September 30,
December 31,
2010 2009
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 10,141 $ 7,026
Short term investments - 1,205
Accounts receivable (net of allowance for doubtful accounts
of $59 and $217 on September 30, 2010 and
December 31, 2009, respectively) 2,861 2,162
Federal income tax receivable 276 36
Current deferred tax assets 809 130
Prepaid expenses 293 132
Total current assets 14,380 10,691
Fixed assets, net 1,389 1,653
Investment - CoreTrace, at cost 2,278 2,278
Intangible assets, net 606 833
Goodwill 619 619
Deferred tax assets - 46
Other assets 43 53
Total assets $ 19,315 $ 16,173
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 296 $ 316
Accrued expenses 1,183 764
Income tax payable - -
Deferred revenue 4,992 4,071
Total current liabilities 6,471 5,151
Deferred tax liabilities 26 -
Other long term liabilities 1,169 1,079
Commitments and contingencies - -
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 10,000,000
authorized, no shares issued or outstanding - -
Common stock, par value $0.001 per share, 40,000,000
authorized, 17,881,682 and 17,686,252 issued September 30, 2010
and December 31, 2009 18 18
Additional paid-in capital 11,777 10,802
Treasury stock, 403,581 shares, at cost, at September 30, 2010
and December 31, 2009. (1,452 ) (1,452 )
Retained earnings 1,306 575
Total stockholders’ equity 11,649 9,943
Total liabilities and stockholders’ equity $ 19,315 $ 16,173
GlobalSCAPE, Inc.
Statements of Cash Flows
(Unaudited)
(in thousands)
For the nine months ended September 30,
2010 2009
Operating Activities:
Net income $ 731 $ 1,275
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt recoveries (148 ) (164 )
Depreciation and amortization 599 537
Loss on disposition of assets 52 53
Stock-based compensation 756 769
Deferred taxes (607 ) (342 )
Excess tax benefits from exercise of stock-based compensation 66 -
Changes in operating assets and liabilities:
Accounts receivable (551 ) 190
Prepaid expenses (161 ) (50 )
Federal income tax (291 ) 319
Other assets 10 (7 )
Accounts payable (20 ) (210 )
Accrued expenses 419 76
Deferred revenues 921 1,981
Deferred compensation - (216 )
Other long-term liabilities 90 14
Net cash provided by operating activities 1,866 4,225
Investing Activities:
Proceeds from sale of property and equipment - 1
Purchase of property and equipment (160 ) (519 )
Purchase of short-term investments (350 ) (1,405 )
Redemption of short-term investments 1,555 -
Net cash provided by (used in) investing activities 1,045 (1,923 )
Financing Activities:
Proceeds from exercise of stock options 153 33
Tax benefit from stock-based compensation 51 -
Net cash provided by financing activities 204 33
Net increase in cash 3,115 2,335
Cash at beginning of period 7,026 6,319
Cash at end of period $ 10,141 $ 8,654
Cash paid during the period for:
Income taxes $ 1,125 $ 311
Non-GAAP Financial Measures
Adjusted EBITDA
(In thousands)
We define Adjusted EBITDA as Net Income, plus Income Taxes, Total Other Income (Expense), Depreciation and Amortization, and non-cash charges for share-based compensation and asset impairments.
Adjusted EBITDA is a metric that is used in our industry by the investment community for comparative and valuation purposes. We disclose this metric in order to support and facilitate the dialogue with research analysts and investors.
Note that Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States (GAAP) and should not be considered a substitute for net income. Adjusted EBITDA has limitations as an analytical tool, and when assessing our operating performance, you should not consider Adjusted EBITDA in isolation, or as a substitute for net income or other income statement data prepared in accordance with GAAP. Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. See our Adjusted EBITDA to net income reconciliations in the table below.
Three Months Ended
(Unaudited)
September 30, September 30,
2010 2009
Net Revenue $ 4,769 $ 4,296
Income from operations $ 268 $ 882
Net income: $ 233 $ 576
Plus: Income taxes 35 309
Plus: Total other (income) expense - (3 )
Plus: Depreciation and amortization 201 187
Plus: Share-based compensation expense 275 228
Adjusted EBITDA $ 744 $ 1,297
Operating income margin 5.6 % 20.5 %
Adjusted EBITDA margin 15.6 % 30.2 %
Contact:
GlobalSCAPE, Inc.
Mendy Marsh, CFO, 210-308-8267
or
Summit IR Group, Inc.
Jim Fanucchi, 408-404-5400
ir@globalscape.com
You may be right, but I think it's on sale today.
I like the company but I think it is over valued.
For heaven's sake, why not? This stock is a gem. Profitable, no debt, growth, what are you waiting for?
GlobalSCAPE Announces Second Quarter 2010 Financial Results
Exceeds Previous Revenue Expectations; Foresees Growth
On Thursday August 12, 2010, 4:00 pm EDT
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced financial results for its second quarter of fiscal year 2010, ended June 30, 2010.
Revenue was $4.5 million for the second quarter of fiscal year 2010, a decrease of 6 percent when compared with revenue of $4.7 million in the same quarter last year. Jim Morris, GlobalSCAPE president and CEO, notes that the revenue and other key financials from the second quarter of last year were influenced by a large U.S. Army contract announced in April 2009. “We are very pleased with our second quarter performance,” said Morris. “Our baseline revenue actually increased, considering we had a single $2.7 million order from the Army in the same quarter of last year that contributed more than $1 million dollars in revenue during that quarter. In addition to increasing baseline revenue, we continued our strong financial results from the first quarter of 2010, with total revenue for the first six months of fiscal year 2010 outpacing the same period a year ago.”
Net income for the second quarter was $134,000, or $0.01 per diluted share, compared with net income of $943,000, or $0.05 per diluted share, in the same quarter last year. Cash and short term investments grew to $9.5 million, representing a four percent increase from the first quarter. Cash flow from operating activities for the six months ended June 30, 2010, was $1.3 million compared with $3.2 million for the same period in 2009, a decrease of 60 percent. Finally, Adjusted EBITDA for the second quarter of 2010 was $603,000, a 57 percent decrease compared with the same quarter last year. The Adjusted EBITDA margin for the second quarter of 2010 was 13.5 percent, compared with 29.3 percent in the second quarter of 2009. Net income, cash flow from operating activities, and Adjusted EBITDA for the prior year were largely affected by the Army order.
“At the midpoint of the year, we are on a revenue run rate of almost $18 million, which significantly exceeds our 2009 results, even with the inclusion of the large Army order last year,” Morris continued. “We look forward to establishing a new high water mark for GlobalSCAPE revenue and entering 2011 with the momentum necessary to continue growing the business significantly. As we make the investments necessary to achieve these results, we also plan to manage expenses closely and sustain our profitability.”
Quarterly Highlights
During the second quarter, GlobalSCAPE continued to deliver solid results by raising the Company’s visibility within the marketplace and investment community, establishing a new partnership with Rackspace® Hosting, and winning key industry awards.
In June, GlobalSCAPE was selected to join the Russell Microcap® Index. Membership in the Russell Microcap Index, determined on an annual basis, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. When commenting on GlobalSCAPE’s inclusion in the Russell Microcap Index, Morris stated, “Inclusion in the Russell Index could benefit our shareholders by increasing the visibility and awareness of GlobalSCAPE with institutional investors and the broader investment community.”
GlobalSCAPE announced in June that it entered into a partnership with Rackspace® Hosting, the world's leader in the hosting and cloud computing industry. Through Rackspace's infrastructure, GlobalSCAPE is able to deliver cloud-based managed file transfer solutions for the secure exchange of business-to-business data, including large files and sensitive data. The initial GlobalSCAPE product offering, GlobalSCAPE Managed Information Xchange™ (or MIX), integrates GlobalSCAPE's market-leading EFT Server solution with Rackspace’s infrastructure. It allows customers to outsource all or part of their complex and demanding information exchange needs to reduce costs, improve operational efficiencies, track and audit transactions, and provide a greater level of security.
Thomas Skybakmoen, a senior research analyst with Gartner, Inc, commented on the market need for cloud-based managed solutions in July, as GlobalSCAPE announced the availability of the MIX offering. "As organizations adopt cloud computing, they demand solutions that offer comprehensive security capabilities for exchanging important data and confidential files," said Skybakmoen. "In addition to security, they look to take advantage of cloud efficiencies, offered by technology leaders in managed file transfer."
During the second quarter, GlobalSCAPE also was recognized with two prestigious awards. In April, GlobalSCAPE announced that it was chosen as one of the “Best Places to Work” for 2010 by the San Antonio Business Journal. The award honors companies with the best workplaces in the greater San Antonio area. In June, GlobalSCAPE announced that it was chosen as a 2010 "Best Places to Work in IT" honoree by IDG's Computerworld. Each year, Computerworld ranks the top 100 work environments for technology professionals. The organizations selected are those that challenge their IT staff with exciting projects, offer them access to and training with today's hottest technology, and provide great benefits and compensation. These industry awards demonstrate GlobalSCAPE’s continuing commitment to establishing and maintaining a work environment that allows the Company to attract and retain the best possible personnel.
In April, GlobalSCAPE hired Bill Buie as Executive Vice President of Sales. Mr. Buie is an accomplished high-tech industry executive with nearly 30 years of sales and marketing management experience. Prior to joining GlobalSCAPE, Mr. Buie was a senior vice president with Fujitsu, a global IT services, hardware and software provider, where he was responsible for alliance, channel, and system integrator sales in North America. Prior to Fujitsu, Mr. Buie was the Vice President of Global Strategic Partner Sales at Symantec Corporation where he grew re-sell bookings from $43M in 2004 to $933M in 2008. “Bill Buie is a tremendous talent and a great addition to our executive team,” Morris noted. “Our team includes leaders with substantial executive experience with leading IT and information security companies. We will continue to seek the best possible talent as we grow the business and deliver increasing shareholder value.”
Conference Call August 12, 2010 At 4:30 p.m. ET
GlobalSCAPE management will hold a conference call Thursday, August 12 to discuss the second quarter 2010 financial results and other corporate matters at 4:30 p.m. Eastern Time/3:30 p.m. Central Time. Those wishing to join should dial 1-800-380-1061 and use Conference ID # 87434214. A live webcast of the conference call will also be available in the investor relations page of the company's website at www.globalscape.com. A webcast replay of the conference call will be available on the Company’s website through September 12, 2010.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com or the Company’s Secure Info Exchange blog.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "would," "exceed," "should," "anticipates," believe," "possibly," "steady," "dramatic," and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's Annual Report on Form 10-K for the 2009 calendar year, filed with the Securities and Exchange Commission on March 30, 2010.
GlobalSCAPE, Inc.
Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three months ended June 30, Six months ended June 30,
2010 2009 2010 2009
Operating Revenues:
Software product revenues $ 2,595 $ 3,218 $ 5,224 $ 5,165
Maintenance and support 1,871 1,527 3,654 2,820
Total Revenues 4,466 4,745 8,878 7,985
Operating Expenses:
Cost of revenues 144 75 246 127
Selling, general and administrative expenses 3,213 2,846 6,122 5,429
Research and development expenses 725 690 1,371 1,365
Depreciation and amortization 199 178 399 350
Total operating expenses 4,281 3,789 8,138 7,271
Income from operations 185 956 740 714
Other income (expense), net 4 (52 ) 5 (41 )
Income before income taxes 189 904 745 673
Provision for income tax expense (benefit) 55 (39 ) 248 (26 )
Net Income $ 134 $ 943 $ 497 $ 699
Net income per common share - basic $ 0.01 $ 0.05 $ 0.03 $ 0.04
Net income per common share - diluted $ 0.01 $ 0.05 $ 0.03 $ 0.04
Weighted average shares outstanding:
Basic 17,354 17,233 17,318 17,230
Diluted 18,021 17,712 17,934 17,683
GlobalSCAPE, Inc.
Balance Sheets
(in thousands except share amounts)
June 30, December 31,
2010 2009
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 9,132 $ 7,026
Short term investments 350 1,205
Accounts receivable (net of allowance for doubtful accounts of $130 and $217 on June 30, 2010 and December 31, 2009, respectively)
2,879 2,162
Federal income tax receivable - 36
Current deferred tax assets 777 130
Prepaid expenses 193 132
Total current assets 13,331 10,691
Fixed assets, net 1,437 1,653
Investment - CoreTrace, at cost 2,278 2,278
Intangible assets, net 682 833
Goodwill 619 619
Deferred tax assets - 46
Other assets 42 53
Total assets $ 18,389 $ 16,173
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 307 $ 316
Accrued expenses 969 764
Income tax payable 355 -
Deferred revenue 4,589 4,071
Total current liabilities 6,220 5,151
Deferred tax liabilities 63 -
Other long term liabilities 1,084 1,079
Commitments and contingencies - -
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 10,000,000 authorized, no shares issued or outstanding
- -
Common stock, par value $0.001 per share, 40,000,000 authorized, 17,881,682 and 17,686,252 issued June 30, 2010 and December 31, 2009
18 18
Additional paid-in capital 11,383 10,801
Treasury stock, 403,581 shares, at cost, at June 30, 2010 and December 31, 2009
(1,452 ) (1,452 )
Retained earnings 1,073 576
Total stockholders’ equity 11,022 9,943
Total liabilities and stockholders’ equity
$
18,389 $ 16,173
GlobalSCAPE, Inc.
Statements of Cash Flows
(Unaudited)
(in thousands)
For the six months ended June 30,
2010 2009
Operating Activities:
Net income $ 497 $ 699
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt recoveries (81 ) (41 )
Depreciation and amortization 399 350
Loss on disposition of assets 52 53
Stock-based compensation 481 541
Deferred taxes (538 ) (284 )
Excess tax benefits from vested restricted stock 15 -
Excess tax benefits from exercise of stock options 48 -
Changes in operating assets and liabilities:
Accounts receivable (636 ) 236
Prepaid expenses (61 ) 11
Federal income tax 344 58
Other assets 11 (4 )
Accounts payable (9 ) (213 )
Accrued expenses 205 74
Deferred revenues 518 1,956
Deferred compensation - (216 )
Other long-term liabilities 5 10
Net cash provided by operating activities 1,250 3,230
Investing Activities:
Proceeds from sale of property and equipment - 1
Purchase of property and equipment (85 ) (466 )
Purchase of short-term investments (350 ) (1,405 )
Redemption of short-term investments 1,205 -
Net cash provided by (used in) investing activities 770 (1,870 )
Financing Activities:
Proceeds from exercise of stock options 37 6
Tax benefit from stock-based compensation 49 -
Net cash provided by financing activities 86 6
Net increase in cash 2,106 1,366
Cash at beginning of period 7,026 6,319
Cash at end of period $ 9,132 $ 7,685
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income taxes $ 374 $ 162
Non-GAAP Financial Measures
Adjusted EBITDA
(In thousands)
We define Adjusted EBITDA as Net Income, plus Income Taxes, Total Other Income (Expense), Depreciation and Amortization, and non-cash charges for share-based compensation and asset impairments.
Adjusted EBITDA is a metric that is used in our industry by the investment community for comparative and valuation purposes. We disclose this metric in order to support and facilitate the dialogue with research analysts and investors.
Note that Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States (GAAP) and should not be considered a substitute for net income. Adjusted EBITDA has limitations as an analytical tool, and when assessing our operating performance, you should not consider Adjusted EBITDA in isolation, or as a substitute for net income or other income statement data prepared in accordance with GAAP. Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. See our Adjusted EBITDA to net income reconciliations in the table below.
Three Months Ended
(Unaudited)
June 30, June 30,
2010 2009
Net Revenue $ 4,466 $ 4,745
Income (loss) from operations $ 185 $ 956
Net income (loss): $ 134 $ 943
Plus: Income taxes 55 (39 )
Plus: Total other (income) expense (4 ) 52
Plus: Depreciation and amortization 199 178
Plus: Share-based compensation expense 219 258
Adjusted EBITDA $ 603 $ 1,392
Operating income margin 4.1 % 20.1 %
Adjusted EBITDA margin 13.5 % 29.3 %
GlobalSCAPE to Announce Second Quarter Fiscal Year 2010 Financial Results on Thursday, August 12, 2010
On Thursday July 29, 2010, 7:00 am EDT
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced that it will report financial results for its second quarter of fiscal year 2010 on Thursday, August 12, 2010, at 3:30 p.m. Central Time.
Date: Thursday, August 12, 2010
Time: 4:30 p.m. ET/3:30 p.m. CT
Dial-in: (800) 380-1061
Conference ID: 87434214
A webcast of the conference call will be available in the Investor Relations section of GlobalSCAPE’s website at www.globalscape.com. A webcast replay will be available on the Company’s website through September 12, 2010.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of CuteFTP in 1996, GlobalSCAPE’s solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE’s products and services, visit www.globalscape.com or the Company’s Secure Info Exchange blog.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” “believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2009 calendar year, filed with the Securities and Exchange Commission on March 30, 2010.
Contact:
Summit IR Group, Inc.
Jim Fanucchi, 408-404-5400
ir1@globalscape.com
GlobalSCAPE® Announces Availability of Managed Hosted Services for Small, Medium, and Large Enterprises Following Rackspace Partnership
On Wednesday July 7, 2010, 7:00 am EDT
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, announced today immediate availability of GlobalSCAPE Managed Information Xchange™. The new cloud-based managed file transfer (MFT) service integrates GlobalSCAPE’s market-leading Enhanced File Transfer Server™ (EFT Server) solution with proven infrastructure from Rackspace® Hosting (NYSE: RAX - News), the world’s leader in the hosting and cloud computing industry.
The GlobalSCAPE Managed Information Xchange service is the initial solution available as part of the new GlobalSCAPE Managed Solutions™ suite resulting from the partnership with Rackspace announced last month. Through this unique offering, GlobalSCAPE will deliver a hosted MFT solution that enables cost effective, secure exchange of business-to-business data, including large files and sensitive data. The new tiered service will allow customers to outsource all or part of their complex and demanding information exchange needs to reduce costs, improve operational efficiencies, track and audit transactions, and provide a greater level of security. Available solution tiers range from trial and proof-of-concept implementations to enterprise-scale managed services.
“As organizations adopt cloud computing, they demand solutions that offer comprehensive security capabilities for exchanging important data and confidential files,” said Thomas Skybakmoen, senior research analyst with Gartner, Inc. “In addition to security, they look to take advantage of cloud efficiencies, offered by technology leaders in managed file transfer.”
GlobalSCAPE Managed Information Xchange will appeal to small- and medium-size businesses, as well as large enterprises seeking an alternative to on-premise MFT solution implementations. “Customers and prospects have validated the market need for a hosted and managed MFT solution that complements our on-premises solutions,” said Bill Buie, executive vice president of sales at GlobalSCAPE. “Our partnership with Rackspace allows us to present such companies with a compelling value proposition: Industry-leading MFT capabilities delivered securely through a scalable, cloud-based infrastructure with much-reduced capital outlays and predictable monthly expenses.”
Key benefits and features of the new GlobalSCAPE Managed Information Xchange offering include:
* “Pay as you go,” flexible pricing that helps customers eliminate upfront capital expenditures.
* Reduced ongoing maintenance expenses, including hardware, software, personnel, utility services, and backup costs.
* Improved IT infrastructure reliability and performance enabled by the Rackspace global infrastructure.
* Easy and rapid deployment with scalable processing and storage capabilities.
* The market-leading features and security capabilities of GlobalSCAPE’s EFT Server solution adopted by thousands of customers worldwide.
* Reliable and timely support from GlobalSCAPE’s Managed Information Xchange team.
To learn more about GlobalSCAPE Managed Information Xchange, including features and benefits, please visit the company website.
GlobalSCAPE develops and distributes software and hosted solutions, including services, for business customers to securely exchange information over the Internet and within their networks. The company's products are used worldwide across a wide range of industries, including government organizations, and in some of the largest corporations in the world, including 95 of the Fortune 100. GlobalSCAPE solutions facilitate delivery of critical information such as financial data, medical records, customer files and similar data documents while supporting information protection approaches to meet privacy, security, and compliance requirements.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a leading provider of secure information exchange solutions. Since the release of CuteFTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. Serving a customer base that spans more than 150 countries and includes the majority of Fortune 100 companies, GlobalSCAPE’s primary focus is providing customers with intuitive and efficient managed file transfer (MFT) solutions while also ensuring end-to-end security. For more information, visit www.globalscape.com, Blog, or Twitter.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "would," "exceed," "should," "anticipates," "believe," "steady," "dramatic," and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2009 calendar year, filed with the Securities and Exchange Commission on March 30, 2010.
Contact:
GlobalSCAPE, Inc.
Lauren Dresnick, 650-343-2735
New Venture Communications
ldresnick@newventurecom.com
Well, they're in the Russell now.
You're probably right, but it does indicate that not all businesses have just up and died. Maybe Ford would be a better example, and it, too, is making money.
I doubt a small company like this tells you much about the economy.
Seems like this is bodes well for the economy, too.
GlobalSCAPE Announces First Quarter 2010 Financial Results
Significantly Increases Revenue, Net Income, and Cash Compared with Q1 Fiscal 2009
On Thursday May 13, 2010, 4:00 pm
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced financial results for its first quarter of fiscal year 2010, ending March 31, 2010.
Revenue was $4.4 million for the first quarter of fiscal year 2010, an increase of 37 percent when compared with revenue of $3.2 million in the same quarter last year. Net income for the first quarter was $364,000, or $0.02 per diluted share, compared with a net loss of ($244,000), or ($0.01) per diluted share, in the same quarter last year. Cash and short term investments grew to $9.1 million, representing a 46 percent increase from the first quarter of 2009 and a 10 percent improvement since the end of fiscal 2009. Cash flow from operating activities for the first quarter of fiscal year 2010 was $896,000 compared with $123,000 for the same quarter last year, an increase of 628 percent. Cash flow from operating activities for the prior year was largely affected by the net loss.
Finally, Adjusted EBITDA for the first quarter of 2010 was $1.0 million, a 378 percent increase compared with the same quarter last year; and a 61 percent increase compared with the fourth quarter of 2009. The Adjusted EBITDA margin for the first quarter of 2010 was 23.1 percent, compared with 6.6 percent in the first quarter of 2009, and 15.2 percent in the fourth quarter of 2009.
“Our first quarter performance was very strong and we dramatically improved every major financial indicator compared to the same quarter last year,” said Jim Morris, GlobalSCAPE president and CEO. “We are pleased to see financial results significantly better than our prior quarter,” Morris continued. “We are running in front of the broad guidance provided in our March 31 earnings call, and continue to look forward to the second half of the year where we expect to see even greater performance, driven by new solutions and partnerships.”
Quarterly Highlights
During the first quarter, GlobalSCAPE continued to increase sales of its enterprise solutions, enhance and extend its solutions, add reference accounts, and establish relationships with industry leaders.
Sales of GlobalSCAPE’s enterprise solutions continued to climb, to almost 90 percent of revenues, in the first quarter, continuing a trend that began several years ago. Increased enterprise revenue resulted primarily from continued growth in sales of the Enhanced File Transfer Server™ (EFT Server) solution. EFT Server sales increased to over $3.3 million in the first quarter, compared with just under $2.3 million in the first quarter a year ago. Similarly, sales of the Wide Area File Services (WAFS™) application increased to $530,000 as compared to approximately $421,000 in the first quarter of 2009.
Increasing enterprise revenue led to continued growth of maintenance and support (M&S) revenues during the first quarter, as more customers contracted for ongoing support of GlobalSCAPE’s business-critical solutions. GlobalSCAPE’s M&S revenue grew to over $1.9 million, or almost 44 percent of total revenue, in the first quarter, compared to just under $1.3 million, or 40 percent of total revenue, a year ago. Increasing M&S revenue further strengthens GlobalSCAPE’s long-term financial position and reflects continued customer confidence in the Company’s solutions.
During March, GlobalSCAPE announced the latest version of EFT Server, with multi-platform support through a DMZ Gateway ("edge server") module, advanced workflow automation (including the ability to automate Twitter updates), and enhanced logging and security capabilities. The considerable capabilities and ease of use delivered by EFT Server led Network Products Guide, the industry's leading information technology research and advisory guide, to name EFT Server a winner of the 2010 Product Innovation Awards for Managed File Transfer (MFT). This prestigious award recognizes and honors vendors, large and small, from all over the world with innovative and ground-breaking products that are bringing essential and incremental changes and are setting the bar higher for others in all areas of information technology.
GlobalSCAPE also announced in March that it is a worldwide reseller of BOUNCER by CoreTrace™, the most tamper-proof and automated application whitelisting solution in the industry. Compared to alternative solutions, CoreTrace BOUNCER stops even the most sophisticated malware attacks (such as root kits, memory exploits, and zero-day threats) and unauthorized applications from compromising data and systems. GlobalSCAPE's announcement as a reseller of CoreTrace BOUNCER follows the Company's $2.3 million investment in CoreTrace in December 2009. EFT Server, the DMZ Gateway, and BOUNCER are key enablers of end-to-end Total Path Security™ which protects information at rest and in motion.
As reflected in the Company’s increasing enterprise revenue, more customers are adopting GlobalSCAPE’s enterprise solutions to satisfy compliance and security mandates. For example, GlobalSCAPE announced in first quarter that Advanced Micro Devices (AMD) had deployed EFT Server as a standard method for transferring data with business partners. "We chose GlobalSCAPE products to facilitate the delivery of large, confidential files between our geographically dispersed partners. We quickly found that with GlobalSCAPE's proven technology, we could quickly transfer important files. We also appreciated its robust security, reliability, and reporting capabilities," said Richard Crawford, AMD IT Networking.
GlobalSCAPE announced on its 2009 Fiscal Year End earnings call in March that the Company intended to focus additional activity on channel sales and potentially enter adjacent markets. For example, GlobalSCAPE has signed an initial partnership agreement with Rackspace Hosting Inc, a global leader in web hosting and hosted cloud system infrastructure services. The current partner agreement allows GlobalSCAPE to resell Rackspace’s services. While declining to provide more specific information at this time, CEO Morris stated, “We recognize and appreciate the growing importance of the cloud and cloud-based services. We are working with Rackspace to identify and define mutual business opportunities that best leverage our collective capabilities.”
Conference Call May 13, 2010 At 4:30 p.m. ET
GlobalSCAPE management will hold a conference call Thursday, May 13 to discuss the first quarter 2010 financial results and other corporate matters at 4:30 p.m. Eastern Time/3:30 p.m. Central Time. Those wishing to join should dial 1-800-380-1061 and use Conference ID # 73228586. A live webcast of the conference call will also be available in the investor relations page of the company's website at www.globalscape.com. A webcast replay of the conference call will be available on the Company’s website through June 13, 2010.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com or the Company’s Secure Info Exchange blog.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "would," "exceed," "should," "anticipates," believe," "possibly," "steady," "dramatic," and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's Annual Report on Form 10-K for the 2009 calendar year, filed with the Securities and Exchange Commission on March 30, 2010.
Summary Financial Data
GlobalSCAPE, Inc.
Statements of Operations
(Unaudited)
Three Months Ended March 31,
(In thousands, except per share data) 2010 2009
OPERATING REVENUE:
Software product revenues $ 2,471 $ 1,947
Maintenance and support revenues 1,942 1,293
Total revenue 4,413 3,240
OPERATING EXPENSES:
Cost of revenues 102 52
SG&A expenses 2,909 2,583
R&D expenses 646 675
Depreciation and amortization 200 172
Total operating expenses 3,857 3,482
OPERATING INCOME (LOSS) 556 (242 )
Other income (expense) 1 11
INCOME (LOSS) BEFORE INCOME TAXES 557 (231 )
PROVISION FOR INCOME TAXES 193 13
NET INCOME (LOSS) $ 364 $ (244 )
Net income (loss) per common share - basic 0.02 (0.01 )
Net income (loss) per common share – diluted 0.02 (0.01 )
Weighted average shares outstanding:
Basic 17,283 17,227
Diluted 17,876 17,227
GlobalSCAPE, Inc.
Balance Sheets
(In thousands, except share and per share data)
March 31,
2010
December 31,
2009
(Unaudited)
Assets
Cash and cash equivalents $ 8,455 $ 7,026
Short term investments 650 1,205
Accounts receivable (net of allowance for doubtful
accounts of $89 and $217 on March 31, 2010 and
December 31, 2009, respectively)
2,227 2,162
Federal income tax receivable - 36
Current deferred tax assets 703 130
Prepaid expenses 194 132
Total current assets 12,229 10,691
Fixed assets, net 1,550 1,653
Investment in CoreTrace 2,278 2,278
Intangible assets, net 757 833
Goodwill 619 619
Deferred tax assets - 46
Other assets 54 53
Total assets $ 17,487 $ 16,173
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 376 $ 316
Accrued expenses 597 764
Income tax payable 557 -
Deferred revenue 4,211 4,071
Total current liabilities 5,741 5,151
Deferred tax liabilities 120 -
Other long term liabilities 1,057 1,080
Commitments and contingencies - -
Stockholders’ equity:
Preferred stock, par value $0.001 per share,
10,000,000 authorized, no shares issued or
outstanding
- -
Common stock, par value $0.001 per share,
40,000,000 authorized, 17,686,252 issued at
March 31, 2010 and December 31, 2009
18 18
Additional paid-in capital 11,064 10,801
Treasury stock, 403,581 shares, at cost,
at March 31, 2010 and December 31, 2009
(1,452 ) (1,452 )
Retained earnings 939 575
Total stockholders’ equity 10,569 9,942
Total liabilities and stockholders’ equity $ 17,487 $ 16,173
GlobalSCAPE, Inc.
Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
(In thousands) 2010 2009
Operating Activities:
Net income (loss) $ 364 $ (244 )
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Bad debt recoveries (137 ) (43 )
Depreciation and amortization 200 172
Gain on disposition of assets - (1 )
Share-based compensation 263 283
Deferred taxes (407 ) 82
Changes in operating assets and liabilities:
Accounts receivable 72 287
Prepaid expenses (62 ) 27
Federal income tax receivable 594 (106 )
Other assets (1 ) (5 )
Accounts payable 60 (57 )
Accrued expenses (167 ) (162 )
Deferred revenues 113 101
Deferred compensation - (216 )
Other long-term liabilities 4 5
Net cash provided by operating activities 896 123
Investing Activities:
Proceeds from sale of property and equipment - 1
Purchase of property and equipment (22 ) (221 )
Purchase of short-term investments (350 ) -
Redemption of short-term investments 905 -
Net cash provided by (used in) investing activities 533 (220 )
Net increase (decrease) in cash 1,429 (97 )
Cash at beginning of period 7,026 6,319
Cash at end of period $ 8,455 $ 6,222
Three Months Ended
(Unaudited)
March 31,
March 31,
2010 2009
Net Revenue $ 4,413 $ 3,240
Income (loss) from operations $ 556 $ (242 )
Net income (loss): $ 364 $ (244 )
Plus: Income taxes 193 13
Plus: Total other (income)
expense
(1 ) (11 )
Plus: Depreciation and
amortization
200 172
Plus: Share-based
compensation expense
263 283
Adjusted EBITDA $ 1,019 $ 213
Operating income margin 12.6 % -7.5 %
Adjusted EBITDA margin 23.1 % 6.6 %
GlobalSCAPE Announces Fourth Quarter and 2009 Fiscal Year End Financial Results
Increases Net Income 118% and Cash 30% Compared with Fiscal 2008
On Friday March 19, 2010, 8:00 am EDT
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced financial results for its fourth quarter and 2009 fiscal year end.
Revenue for fiscal 2009 was $16.5 million, an increase of four percent when compared with revenue of $15.8 million last year. Net income for fiscal 2009 was $1.4 million, or $0.08 per diluted share, compared with a net loss of ($7.7) million, or ($0.44) per diluted share in 2008. Cash and short term investments grew to $8.2 million, a 30 percent increase from 2008, even after the Company’s fourth quarter investment of $2.3 million in CoreTrace Corporation.
Revenue for the fourth quarter was $4.2 million, an increase of 10 percent compared to the fourth quarter of 2008. “We had a strong 2009, especially considering the economic conditions through the first half of the year,” said Jim Morris, GlobalSCAPE president and CEO. “Our cash and fourth quarter revenue growth demonstrate our continued and increasingly strong financial performance. We are looking forward to further market expansion and financial growth.”
The prior year net loss included a $9 million non-cash impairment of goodwill and intangible assets. Excluding this impairment from 2008 would have resulted in an Adjusted Net Income of $254,000. Adjusted Net Income is a non-GAAP measure. See the accompanying table for a reconciliation of net loss to Adjusted Net Income.
Adjusted EBITDA for the fourth quarter was $632,000, a 37 percent increase compared with the fourth quarter of 2008. For the full year, Adjusted EBITDA was $3.5 million, an increase of 26 percent relative to 2008. The Adjusted EBITDA margin for the fourth quarter was 15.2 percent, up from 12.2 percent in the fourth quarter of 2008. For the full year, the Adjusted EBITDA margin was 21.5 percent, up 370 basis points from 2008. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. See the accompanying table for a reconciliation of net income/loss to Adjusted EBITDA and Adjusted EBITDA margin.
Conference Call March 31, 2010 At 4:00 p.m. ET
GlobalSCAPE management will hold a conference call Wednesday, March 31 to discuss the fourth quarter and fiscal year 2009 financial results and other corporate matters at 4:00 p.m. Eastern Time/3:00 p.m. Central Time. Those wishing to join should dial 1-800-380-1061 and use Conference ID # 60432415. A live webcast of the conference call will also be available in the investor relations page of the company's website at www.globalscape.com. A webcast replay of the conference call will be available on the Company’s website through April 30, 2010.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com or the Company’s Secure Info Exchange blog.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "would," "exceed," "should," "anticipates," believe," "possibly," "steady," "dramatic," and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Summary Financial Data
GlobalSCAPE, Inc.
Statements of Operations
Year Ended
December 31,
2009
(Unaudited)
December 31,
2008
OPERATING REVENUE:
Software product revenues $ 10,273,685 $ 10,901,887
Maintenance and support revenues 6,177,733 4,890,355
Total revenue
16,451,418
15,792,242
OPERATING EXPENSES:
Cost of revenues 335,961 188,942
SG&A expenses 10,797,827 10,943,821
R&D expenses 2,804,857 2,819,791
Depreciation and amortization 724,485 957,036
Impairment of goodwill - 5,773,010
Impairment of long-lived assets - 3,243,945
Total operating expenses 14,663,130 23,926,545
OPERATING INCOME (LOSS) 1,788,288 (8,134,303 )
Other income (expense) (67,732 ) 94,131
INCOME (LOSS) BEFORE INCOME TAXES
1,720,556
(8,040,172
)
PROVISION (BENEFIT) FOR INCOME TAXES
320,619
(380,211
)
NET INCOME (LOSS) $ 1,399,937 $ (7,659,961 )
Net income (loss) per common share - basic $ 0.08 $ (0.44 )
Net income (loss) per common share – diluted $ 0.08 $ (0.44 )
Weighted average shares outstanding:
Basic 17,247,975 17,240,285
Diluted 17,690,948 17,240,285
GlobalSCAPE, Inc.
Balance Sheets
December 31,
2009
(Unaudited)
December 31,
2008
Assets
Cash and cash equivalents $ 7,025,599 $ 6,318,604
Short term investments 1,205,000 -
Accounts receivable (net of allowance for doubtful accounts of $217,286 and $330,916 on December 31, 2009 and December 31, 2008, respectively) 2,161,572 2,021,293
Federal income tax receivable 36,572 19,244
Current deferred tax asset 130,210 -
Prepaid expenses 131,860 120,162
Total current assets 10,690,813 8,479,303
Fixed assets, net 1,653,369 1,642,776
Investment in CoreTrace 2,277,778 -
Intangible assets, net 832,472 1,134,000
Goodwill 619,065 619,065
Deferred tax asset 574,124 297,183
Other assets 53,004 47,581
Total assets $ 16,700,625 $ 12,219,908
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 315,584 $ 512,256
Accrued expenses 766,388 560,889
Deferred revenue 4,071,485 2,755,698
Deferred compensation - 215,858
Total current liabilities 5,153,457 4,044,701
Deferred tax liability 527,893 545,169
Other long term liabilities 1,079,223 151,497
Commitments and contingencies - -
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 10,000,000 authorized, no shares issued or outstanding - -
Common stock, par value $0.001 per share, 40,000,000 authorized, 17,686,252 and 17,630,952 issued at December 31, 2009 and December 31, 2008, respectively
17,686
17,631
Additional paid-in capital 10,798,899 9,737,380
Treasury stock, 403,581 shares, at cost, at December 30, 2009 and December 31, 2008 (1,451,805 ) (1,451,805 )
Retained earnings (deficit) 575,272 (824,665 )
Total stockholders’ equity 9,940,052 7,478,541
Total liabilities and stockholders’ equity $ 16,700,625 $ 12,219,908
GlobalSCAPE, Inc.
Statements of Cash Flows
Year Ended
December 31,
2009
(Unaudited)
December 31,
2008
Operating Activities:
Net income (loss) $ 1,399,937 $ (7,659,961 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt (recoveries) expense (60,276 ) 235,192
Depreciation and amortization 724,485 957,036
Loss on disposition of assets 85,292 9,284
Share-based compensation 1,021,389 974,334
Stock issued for goods - 300
Deferred taxes (426,969 ) (1,422,607 )
Impairment of goodwill - 5,773,010
Impairment of long-lived assets - 3,243,945
Changes in operating assets and liabilities:
Accounts receivable (70,003 ) (23,558 )
Prepaid expenses (11,698 ) (32,508 )
Federal income tax receivable (17,328 ) 921,083
Other assets (5,423 ) 32,386
Accounts payable (196,672 ) 182,439
Accrued expenses 205,499 (182,057 )
Deferred revenues 2,224,466 565,381
Deferred compensation (215,858 ) 215,858
Other long-term liabilities 19,047 (107,014 )
Net cash provided by operating activities 4,675,888 3,682,543
Investing Activities:
Proceeds from sale of property and equipment 1,244 4,876
Purchase of property and equipment (530,086 ) (1,617,332 )
Investment in CoreTrace (2,277,778 ) -
Purchase of short-term investments (1,705,000 ) -
Redemption of short-term investments 500,000 -
Net cash used in investing activities (4,011,620 ) (1,612,456 )
Financing Activities:
Purchase of treasury stock - (978,382 )
Proceeds from exercise of stock options 42,727 12,420
Net cash provided by (used in) financing activities 42,727 (965,962 )
Net increase in cash 706,995 1,104,125
Cash at beginning of period 6,318,604 5,214,479
Cash at end of period $ 7,025,599 $ 6,318,604
Three Months Ended
(Unaudited)
December 31, March 31, June 30, September 30, December 31,
2008 2009 2009 2009 2009
Net Revenue $ 3,781,901 $ 3,240,394 $ 4,744,990 $ 4,296,360 $ 4,169,674
Income (loss) from operations $ (9,357,291 ) $ (241,888 ) $ 955,771 $ 882,100 $ 192,307
Net income (loss): $ (8,331,121 ) $ (244,442 ) $ 943,258 $ 575,867 $ 125,254
Plus: Income taxes (1,003,675 ) 12,973 (39,326 ) 309,485 37,488
Plus: Total other (income) expense (22,196 ) (10,419 ) 51,839 (3,252 ) 29,565
Plus: Depreciation and amortization 380,789 172,039 177,832 187,202 187,411
Plus: Share-based compensation expense 421,136 283,316 257,707 227,777 252,590
Plus: Impairment of goodwill 5,773,010 0 0 0 0
Plus: Impairment of long-lived assets 3,243,945 0 0 0 0
Adjusted EBITDA $ 461,888 $ 213,467 $ 1,391,310 $ 1,297,079 $ 632,308
Operating income margin -247.4 % -7.5 % 20.1 % 20.5 % 4.6 %
Adjusted EBITDA margin 12.2 % 6.6 % 29.3 % 30.2 % 15.2 %
Year Ended
December 31,
2009
(Unaudited)
December 31,
2008
Net Revenue $ 16,451,418 $ 15,792,242
Income (loss) from operations $ 1,788,288 $ (8,134,303 )
Net income (loss): $ 1,399,937 $ (7,659,961 )
Plus: Income taxes 320,619 (380,211 )
Plus: Total other (income) expense 67,732 (94,131 )
Plus: Depreciation and amortization 724,485 957,036
Plus: Share-based compensation expense 1,021,389 974,334
Plus: Impairment of goodwill - 5,773,010
Plus: Impairment of long-lived assets - 3,243,945
Adjusted EBITDA $ 3,534,162 $ 2,814,022
Operating income margin 10.9 % -51.5 %
Adjusted EBITDA margin 21.5 % 17.8 %
Reconciliation of Net Loss to Adjusted Net Income
December 31,
2008
Net loss: $ (7,659,961 )
Impairment of goodwill 5,773,010
Impairment of long-lived assets 3,243,945
Effect of income taxes (1,102,839 )
Adjusted net income $ 254,155
GlobalSCAPE Receives Network Products Guide 2010 Product Innovation Award for Managed File Transfer (MFT)
Enhanced File Transfer (EFT) Server™ Selected a Winner in Managed File Transfer (MFT)
On Tuesday March 2, 2010, 7:00 am EST
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, announced today that Network Products Guide, the industry’s leading information technology research and advisory guide has named Enhanced File Transfer (EFT) Server™, a winner of the 2010 Product Innovation Awards for Managed File Transfer (MFT). This prestigious award recognizes and honors vendors, large and small, from all over the world with innovative and ground-breaking products that are bringing essential and incremental changes and are setting the bar higher for others in all areas of information technology.
EFT Server allows global organizations to securely implement managed and ad hoc file transfers among worldwide offices, clients, and partners. EFT Server ensures the highest level of compliance with corporate and government data security policies and privacy regulations such as PCI DSS, FIPS-140-2, HIPAA, and SOX. GlobalSCAPE’s flexible platform also allows customers to customize their solution with modules and professional services, including high security features, workflow automation, and auditing and reporting. GlobalSCAPE won an additional high-profile contract with the U.S. Army in 2009, and has been named a Leader in Gartner’s 2009 Magic Quadrant for Managed File Transfer. For more about this innovative product, please visit the 2010 Product Innovation Awards website.
“Innovation is not just about new products alone,” says Rake Narang, editor-in-chief at Network Products Guide. “To succeed, companies need to see innovation not as a one-time errand, but as something that has to be continuously evolved and improved upon over and over again. This requires putting greater focus on customer needs and making innovation the center of the company's way of developing better solutions. Innovative products such as EFT Server are bringing improvements in security and compliance, efficiency, and ease of use.”
“Network Products Guide’s recognition of EFT Server further validates that our solutions are best-in-class and ahead of the curve,” stated Jim Morris, GlobalSCAPE president and CEO. “Our continued commitment to product innovation is key to meeting our customer needs and providing superior solutions.”
About Network Products Guide Awards
As the industry’s leading technology research and advisory guide, Network Products Guide from Silicon Valley plays a vital role in keeping decision makers and end-users informed of the choices they can make in all areas of information technology. You will discover a wealth of information and tools in this guide including the best products and services, roadmaps, industry directions, technology advancements and independent product evaluations that facilitate in making the most pertinent technology decisions impacting business and personal goals. The guide follows conscientious research methodologies developed and enhanced by industry experts. To learn more, visit www.networkproductsguide.com.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products and services, visit www.globalscape.com or the company’s Secure Info Exchange blog.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Contact:
New Venture Communications
Lauren Dresnick, 650-343-2735
ldresnick@newventurecom.com
http://www.globalscape.com/company/contact.aspx
GlobalSCAPE Announces New Customer Deployment at AMD
On Monday March 1, 2010, 7:00 am EST
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced that Advanced Micro Devices (NYSE: AMD - News), a global leader in the computing and graphics processing industry, has deployed GlobalSCAPE Enhanced File Transfer (EFT) Server™ to centralize, automate, and manage files exchanged internally and externally with global business partners.
AMD began its search for a managed file transfer (MFT) solution in response to a business need to significantly speed the delivery of large, confidential files between offices in the U.K. and the U.S. The company also was searching for a solution to manage the extensive file transfers with Advanced Technology Investment Company (ATIC), for the formation of joint venture GLOBALFOUNDRIES. After assessing various solution alternatives, AMD selected GlobalSCAPE’s Enhanced File Transfer (EFT) Server™ and CuteFTP Pro® in late 2009. Today, AMD is planning to deploy multiple instances of GlobalSCAPE solutions throughout its IT infrastructure.
EFT Server allows global organizations like AMD to securely implement managed and ad hoc file transfers among worldwide offices, clients, and partners. EFT Server ensures the highest levels of compliance with government data security and privacy regulations such as PCI DSS, FIPS-140-2, HIPAA, and SOX, and corporate security policies. GlobalSCAPE’s flexible platform also allows customers to customize their solution with modules and professional services, including high security features, workflow automation, and auditing and reporting. CuteFTP Pro is an easy-to-use FTP client that provides advanced features like encryption and scheduled transfers. GlobalSCAPE won an additional high-profile contract for EFT Server and CuteFTP Pro with the U.S. Army in 2009, and has been named a Leader in Gartner’s 2009 Magic Quadrant for Managed File Transfer.
Before GlobalSCAPE, several groups within AMD used various decentralized file transfer solutions. By implementing EFT Server, AMD will benefit from a centralized and secure solution, and also from robust workflow automation features. EFT Server administrators can use an easy drag-and-drop interface to define complex tasks, typically defined in scripts and other code-intensive processes, without the need to write software.
“GlobalSCAPE met all criteria for an enterprise-wide managed file transfer solution and, to date, their products and services have exceeded our expectations,” said Richard Crawford at AMD IT Networking. “We found that with GlobalSCAPE’s proven technology, we could quickly transfer important files. We also appreciated its robust security, reliability, and reporting capabilities. Because of the initial success with GlobalSCAPE, increasing internal demand from various AMD departments and regional sites, and expanding communications needs, we plan to deploy GlobalSCAPE throughout our global enterprise to reap the benefits of file transfer management, with complete auditing capabilities and governance,” added Crawford.
“AMD is a valued customer and we’re impressed with their keen focus on corporate efficiency, compliance, and automation,” said Jim Morris, president and CEO, GlobalSCAPE. “AMD validates that enterprises can optimize and centralize their global information exchange systems. By choosing GlobalSCAPE as a partner, AMD has taken a key step towards lowering costs, increasing efficiencies, and enhancing their security posture. We look forward to a long-term partnership with AMD.”
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products and services, visit www.globalscape.com or the company’s Secure Info Exchange blog.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Contact:
GlobalSCAPE, Inc.
Lauren Dresnick, 650-343-2735
New Venture Communications
ldresnick@newventurecom.com
http://www.globalscape.com/company/contact.aspx
I have no position in GSB.
GlobalSCAPE Completes Definitive Agreements with CoreTrace
On Monday January 11, 2010, 7:00 am EST
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced that it completed its investment in CoreTrace Corporation, a privately held software company based in Austin, Texas, in late December 2009. CoreTrace develops and sells the most tamper-proof and scalable enterprise application whitelisting solution, BOUNCER by CoreTrace™.
GlobalSCAPE invested $2.3 million in CoreTrace in return for a preferred equity position. “We are excited to lead the Series B round of investment in CoreTrace,” said Jim Morris, president and CEO of GlobalSCAPE. “Information security professionals and leading industry analyst firms such as Gartner recognize the potential of whitelisting technology as a game changer in endpoint security solutions.”
Endpoint security solutions include antivirus, anti-spyware, firewall, intrusion prevention, data and file encryption, and other product categories. Whitelisting is a relatively new entrant into this security market. Unlike traditional ‘blacklisting’ solutions which rely on detecting and defeating millions of malicious software applications and unique malware executables, whitelisting allows users to lock servers, personal computers, and other devices into a known, trusted state and allows only ‘good’ applications to run.
CoreTrace achieved industry prominence in 2008 following the "Race to Zero" contest held at DEFCON 16 in Las Vegas, Nevada. "Race to Zero" contestants were asked to pass various exploits through antivirus engines without detection. CoreTrace's BOUNCER was the single-most successful solution for stopping the malware attacks. BOUNCER stopped 100 percent of the entered viruses while traditional blacklist-based antivirus solutions detected an average of 60 percent.
With the completion of the investment, Craig Robinson, GlobalSCAPE Chief Operating Officer, has joined the CoreTrace board of directors. “The CoreTrace executive team has proven their ability to deliver innovative security solutions and GlobalSCAPE looks forward to collaborating on future initiatives,” said Robinson. “Whitelisting solutions can operate in concert with anti-malware software to improve endpoint security today, and potentially replace traditional antivirus technology at some point in the future.”
Toney Jennings, CoreTrace president and CEO, notes that the company’s accomplishments during 2009 and the GlobalSCAPE investment provide a basis for additional market expansion in 2010. “Last year we released our BOUNCER 5.0 solution and received multiple independent validations of our whitelisting capabilities,” Jennings said. “We have added dozens of new enterprise accounts and are consistently recognized as a leader in this high growth market. The GlobalSCAPE investment will allow us to reach thousands of additional customers and accelerate our growth as a leading provider of solutions that deliver the next generation of endpoint security capability.”
GlobalSCAPE’s Managed File Transfer (MFT) products, including Enhanced File Transfer Server™, Secure FTP Server™ and its industry-leading CuteFTP® product family, allow organizations to intelligently and securely manage sensitive information in motion and at rest, across multiple locations and with customers and business partners. GlobalSCAPE also provides wide area file services (WAFS) solutions that help customers collaborate across wide area networks at local area network speeds. GlobalSCAPE’s MFT and WAFS solutions ensure the highest levels of compliance with government data security and privacy regulations, along with corporate security policies and mandates.
About CoreTrace
CoreTrace® is the pioneer of client-based application whitelisting. The company's award-winning and patented high-security, easy-change BOUNCER solution is at the forefront of the movement in next-generation endpoint control and security solutions. Unlike other application whitelisting solutions that are simply lockdown technologies, BOUNCER's "Trusted Change" capability enables IT professionals to predefine multiple sources from which users can safely install applications and have them automatically added to the whitelist — all with minimal IT involvement. The result: full prevention of unauthorized applications, improved overall security, and lower total cost of ownership compared to alternative whitelisting and traditional blacklisting antivirus solutions. CoreTrace's customers include organizations in a wide variety of industries, such as energy, oil and gas, financial services, telecommunications, as well as government agencies.
Additional information may be found on the CoreTrace website and on WhiteSpace, the Application Whitelisting and Security Weblog.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products and services, visit www.globalscape.com or the company’s Secure Info Exchange blog.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Contact:
GlobalSCAPE, Inc.
Mendy Marsh, 210-308-8267
Chief Financial Officer
http://www.globalscape.com/company/contact.aspx
GlobalSCAPE Announces Investment Term Sheet with CoreTrace
Strategic Investment Eyed for Innovative Endpoint Security Technology
On 4:30 pm EST, Monday December 7, 2009
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced that it has entered into an investment term sheet with CoreTrace Corporation, a privately held software company based in Austin, Texas. CoreTrace develops and sells the most tamper-proof and scalable enterprise application whitelisting solution, BOUNCER by CoreTrace™. Subject to definitive agreements, GlobalSCAPE will invest in CoreTrace in return for an equity position and a seat on the CoreTrace board of directors.
Whitelisting solutions restrict or deny the operation of applications and executables not on an approved list created by an administrator or end user. Whitelisting technology reflects an emerging paradigm shift within the multi-billion dollar endpoint security market. Traditional “blacklisting” solutions, such as anti-virus software, attempt to detect and defeat millions of malicious software applications and unique executables by attempting to recognize such malware and quarantining or deleting the infected files. “Because malware has proliferated exponentially, traditional solutions are increasingly stressed beyond their ability to keep pace with the virus of the day,” said Jim Morris, president and CEO of GlobalSCAPE. “The CoreTrace whitelisting technology has tremendous potential, similar to the early days of the anti-virus market.”
GlobalSCAPE and CoreTrace expect to have definitive agreements in place before the end of the year. “We look forward to this strategic investment and partnership with GlobalSCAPE,” said Toney Jennings, president and CEO of CoreTrace. “CoreTrace is a leader in a growing market and the GlobalSCAPE investment will allow us to continue executing in accordance with our strategic plan, while also providing both companies with a variety of interesting future opportunities."
GlobalSCAPE’s Managed File Transfer (MFT) products, including Enhanced File Transfer Server™, Secure FTP Server™ and its industry-leading CuteFTP® product family, allow organizations to intelligently and securely manage sensitive information in motion and at rest, across multiple locations and with customers and business partners. GlobalSCAPE also provides wide area file services (WAFS) solutions that help customers collaborate across wide area networks at local area network speeds. GlobalSCAPE’s MFT and WAFS solutions ensure the highest levels of compliance with government data security and privacy regulations, along with corporate security policies and mandates.
About CoreTrace
CoreTrace® is the pioneer of client-based application whitelisting. The company's award-winning and patented high-security, easy-change BOUNCER solution is at the forefront of the movement in next-generation endpoint control and security solutions. Unlike other application whitelisting solutions that are simply lockdown technologies, BOUNCER's "Trusted Change" capability enables IT professionals to predefine multiple sources from which users can safely install applications and have them automatically added to the whitelist — all with minimal IT involvement. The result: full prevention of unauthorized applications, improved overall security, and lower total cost of ownership compared to alternative whitelisting and traditional blacklisting antivirus solutions. CoreTrace's customers include organizations in a wide variety of industries, such as energy, oil and gas, financial services, telecommunications, as well as government agencies.
Additional information may be found on the CoreTrace website and on WhiteSpace, the Application Whitelisting and Security Weblog.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Contact:
GlobalSCAPE, Inc.
Mendy Marsh, 210-308-8267
Chief Financial Officer
http://www.globalscape.com/company/contact.aspx
GlobalSCAPE Announces Third Quarter Fiscal 2009 Financial Results
Increases Revenue 15% and Net Income 153% compared with 3Q 2008
On 4:00 pm EST, Tuesday November 10, 2009
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced financial results for its third quarter of fiscal year 2009, ended September 30, 2009.
Revenue was $4.3 million, an increase of 15 percent when compared with revenue of $3.7 million in the same quarter last year. Net income for the third quarter was $576,000, or $0.03 per diluted share. This is an increase of 153 percent compared with net income of $227,000, or $0.01 per diluted share, in the same period a year ago. Cash and short term investments grew to $10.1 million, representing an 11 percent increase from the second quarter of this year and a 60 percent improvement since the end of fiscal 2008.
“We had a tremendous third quarter in all respects,” said Jim Morris, GlobalSCAPE president and CEO. “Our strong performance is undeniable. While many companies continue to contract in this economy, we have grown revenue, improved earnings, and added cash while sustaining our strategic investments in people and product development,” Morris continued. “From our position of financial and market strength, we are continuing to examine and pursue a number of organic and non-organic growth opportunities in our current and adjacent markets as we look to expand our business.”
Quarterly Highlights
During the third quarter, GlobalSCAPE continued to execute its strategy of growth through industry partnerships, certifications, improvements to existing products, and introduction of new products.
In July, GlobalSCAPE announced a partnership with nuBridges, a leading provider of secure eBusiness solutions. Complementing GlobalSCAPE’s solutions for securing data in motion, nuBridges Protect offers protection for sensitive data at rest in databases, applications, and associated backup storage. By strengthening its solution suite with nuBridges products, GlobalSCAPE’s customers can execute a more comprehensive information security strategy that accounts for data in motion and at rest, across multiple enterprise platforms. The relationship with nuBridges also provides GlobalSCAPE with additional cross-selling opportunities into the Company’s considerable enterprise customer base.
During September, GlobalSCAPE announced multiple small business program registrations which the Company believes will allow it greater opportunities to pursue sales to the federal government. By law, the government directs at least 23 percent of all government buying to small firms and federal agencies are required to establish specific small business contracting goals negotiated with the Small Business Administration. As defined by Part 19 of the Federal Acquisition Regulations, the purpose of small business set-asides is to award certain acquisitions exclusively to small business concerns. The SBA also has advisors who assist small businesses in identifying and contracting for certain government business opportunities.
The federal systems integrators confirming GlobalSCAPE's small business registration include Northrop Grumman, Booz Allen Hamilton, Accenture, SAIC, EDS, and ManTech. In addition, GlobalSCAPE announced registration with the Department of the Army Office of Small Business Programs (Washington, D.C.), U.S. Navy Air Systems Command (Patuxent River, MD), U.S. Navy Military Sealift Command (Washington, D.C.), and U.S. Marine Corps Systems Command (Quantico, VA). By coordinating directly with such agencies, GlobalSCAPE is able to identify small business set-aside opportunities and work with designated small business advisors to pursue teaming opportunities for larger contracts.
Throughout the third quarter, GlobalSCAPE also released improved versions of its current products, while continuing to research and develop additional solutions. The enhancements made by GlobalSCAPE’s engineering team have resulted in improved product performance and customer satisfaction, building on the Company’s prior successes in these areas. As a result of these ongoing initiatives, GlobalSCAPE has reduced service call volume and has recorded customer satisfaction, per a formal survey, of greater than 98 percent. GlobalSCAPE declined comment on specific new solutions under development, but referenced an internal product roadmap extending into 2011. “Our go-to-market process has several phases and gates,” said Morris. “We have both internal and external initiatives under way throughout our roadmap for the next 12 to 18 months.”
In late September, Gartner Group positioned GlobalSCAPE as a leader in the Gartner Magic Quadrant for Managed File Transfer. The Gartner report cited GlobalSCAPE’s strengths, such as having a broad solution portfolio including managed and ad hoc file delivery. In addition, the report noted that GlobalSCAPE has won high-profile contracts with the U.S. Army and other government agencies, and obtained industry validations and certifications. “The Gartner Magic Quadrant release was the first in a series of recognitions and awards received by GlobalSCAPE in recent weeks,” continued Morris. “We are firing on all cylinders and appreciate industry recognition of our accomplishments and business outlook.”
Conference Call Today At 4:30 p.m. ET
GlobalSCAPE management will hold a conference call today to discuss the third quarter fiscal 2009 financial results and other corporate matters at 4:30 p.m. Eastern Time/3:30 p.m. Central Time. Those wishing to join should dial 1-800-380-1061 and use Conference ID # 36255701. A live webcast of the conference call will also be available in the investor relations page of the company's website at www.globalscape.com. A webcast replay of the conference call will be available on the Company’s website through December 10, 2009.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "would," "exceed," "should," "anticipates," "believe," "steady," "dramatic," and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties, and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Summary Financial Data
GlobalSCAPE, Inc.
Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September
30, 2009
September
30, 2008
September
30, 2009
September
30, 2008
OPERATING REVENUE:
Software product revenues $ 2,632,858 $2,514,188 $7,797,810 $8,414,181
Maintenance and support revenues 1,663,502 1,227,268 4,483,934 3,596,160
Total revenue
4,296,360
3,741,456
12,281,744
12,010,341
OPERATING EXPENSES:
Cost of revenues 102,066 73,749 229,468 148,924
SG&A expenses 2,396,307 2,235,397 7,825,359 7,889,961
R&D expenses 728,685 843,013 2,093,862 2,172,221
Depreciation and amortization 187,202 217,602 537,073 576,247
Total operating expenses 3,414,260 3,369,761 10,685,762 10,787,353
OPERATING INCOME 882,100 371,695 1,595,982 1,222,988
Other income (expense) 3,252 18,899 (38,168) 71,935
INCOME BEFORE INCOME TAXES
885,352
390,594
1,557,814
1,294,923
PROVISION FOR INCOME TAXES
309,485
163,387
283,131
623,464
NET INCOME $ 575,867 $ 227,207 1,274,683 671,459
Net income per common share – basic
$ 0.03 $ 0.01 $0.07 $0.04
Net income per common share – diluted
$ 0.03 $ 0.01 $0.07 $0.04
Weighted average shares outstanding:
Basic 17,254,138 17,216,638 17,238,139 17,244,637
Diluted 18,243,295 17,765,178 17,799,851 17,849,898
GlobalSCAPE, Inc.
Balance Sheets
September 30, 2009 (Unaudited) December 31, 2008
Assets
Cash and cash equivalents $8,653,903 $6,318,604
Short term investments 1,405,000 -
Accounts receivable (net of allowance for doubtful accounts of $152,049 and $330,916 on September 30, 2009 and December 31, 2008, respectively) 2,005,216 2,021,293
Federal income tax receivable - 19,244
Current deferred tax asset 132,182 -
Prepaid expenses 170,572 120,162
Total current assets 12,366,873 8,479,303
Fixed assets, net 1,786,785 1,642,776
Intangible assets, net 907,854 1,134,000
Goodwill 619,065 619,065
Deferred tax asset - 297,183
Other assets 54,481 47,581
Total assets $15,735,058 $12,219,908
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $301,959 $512,256
Accrued expenses 637,363 560,889
Federal income tax payable 299,415 -
Deferred revenue 3,738,475 2,755,698
Deferred compensation - 215,858
Total current liabilities 4,977,212 4,044,701
Deferred tax liability 37,743 545,169
Other long term liabilities 1,164,375 151,497
Commitments and contingencies - -
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 10,000,000 authorized, no shares issued or outstanding - -
Common stock, par value $0.001 per share, 40,000,000 authorized, 17,674,752 and 17,630,952 issued at September 30, 2009 and December 31, 2008, respectively 17,675
17,631
Additional paid-in capital 10,539,840 9,737,380
Treasury stock, 403,581 shares, at cost, at September 30, 2009 and December 31, 2008 (1,451,805) (1,451,805)
Retained earnings (deficit) 450,018 (824,665)
Total stockholders’ equity 9,555,728 7,478,541
Total liabilities and stockholders’ equity $15,735,058 $12,219,908
GlobalSCAPE Receives SATAI Technology Superstar Award
Company Poised for Leadership Position in Technology Community
On 7:00 am EST, Monday November 2, 2009
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced that it has received a Technology Superstar Award from SATAI, a technology acceleration and commercialization center based in San Antonio. The annual Technology Superstar Award recognizes companies that are poised to become leaders in the South Texas technology community.
“GlobalSCAPE is a success story with strong credentials in US and international IT markets,” said Jim Poage, president and CEO of SATAI. “SATAI aims to increase mutual awareness, business relationships, and sales across our technology industries. We look forward to working with GlobalSCAPE to advance the technology community in San Antonio and throughout Texas.”
GlobalSCAPE’s leadership team has substantial prior experience and extensive contacts within the local, state, and national IT communities. President and CEO Jim Morris opened the San Antonio office of Trident Data Systems (acquired by General Dynamics) and, as the senior executive, grew the operation to more than 200 employees serving national security and Fortune 100 commercial customers. Craig Robinson, Chief Operating Officer, was Trident’s commercial president and later co-founded Secure Network Consulting, Inc. (SNCi) in San Antonio. Through acquisitions by AXENT Technologies and Symantec Corporation, SNCi provided the foundation for Symantec’s professional services organization. Other GlobalSCAPE executives have held leadership positions at Southwest Research Institute and SecureLogix in San Antonio.
Robinson accepted GlobalSCAPE’s Technology Superstar Award at the SATAI STARs 2009 Technology Innovation Conference held last week at the University of Incarnate Word. “These are exciting times for GlobalSCAPE,” said Robinson. “The Technology Superstar Award reflects our continued deep ties within the San Antonio business community as we have grown into an international leader in our target markets.”
The Technology Superstar Award is the fifth industry recognition of GlobalSCAPE since September. Gartner Group identified GlobalSCAPE as a leader in the Gartner Magic Quadrant for Managed File Transfer, published on September 18, 2009. GlobalSCAPE announced earlier this month that it was ranked among the top 50 workplaces in San Antonio for 2009 by the San Antonio Express-News. The full list and ranking was noted in the Express-News Special Edition Top Workplaces 2009 publication on October 11, 2009. The company also announced that it has been named to Deloitte’s Technology Fast 500™, a ranking that recognizes the fastest growing technology, media, telecommunications, life sciences, and clean technology companies in North America. Most recently, the US Army awarded GlobalSCAPE a Certificate of Networthiness for Enhanced File Transfer Server™ 6.1.
“We have established tremendous business momentum, as described in our recent announcements,” Robinson added. “The diversity of our recent industry recognitions validates our continued emphasis on operational excellence. The Technology Superstar Award and other accomplishments are a credit to our team members who are so committed to delivering superior solutions and results.”
GlobalSCAPE’s Managed File Transfer (MFT) products, including Enhanced File Transfer Server™, Secure FTP Server™ and its industry-leading CuteFTP® product family, allow organizations to intelligently and securely manage sensitive information in motion and at rest, across multiple locations and with customers and business partners. GlobalSCAPE also provides wide area file services (WAFS) solutions that help customers collaborate across wide area networks at local area network speeds. GlobalSCAPE’s MFT and WAFS solutions ensure the highest levels of compliance with government data security and privacy regulations, along with corporate security policies and mandates.
About SATAI
SATAI exists to inspire technology innovation and commercialization, create technology companies, and grow them into viable businesses in the San Antonio and Bexar County regional economy. SATAI, as the host of the South Texas Regional Center of Innovation and Commercialization (RCIC), is the South Texas portal for the Texas $200M Emerging Technology Fund, and all applications in a 32 county region from Nueces County (Corpus Christi) to Bexar County (San Antonio) go thru SATAI. For more information on SATAI, visit http://satai.us/. SATAI derives support from the City of San Antonio, the University of Texas at San Antonio, the State of Texas, Bexar County, private companies, individuals and public institutions.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE’s solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE’s products, visit www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” “believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Contact:
New Venture Communications for GlobalSCAPE, Inc.
Lauren Dresnick, 650-343-2735
http://www.globalscape.com/company/contact.aspx
GlobalSCAPE Enhanced File Transfer ServerTM Receives Certificate of Networthiness
New Certificate Provides Upgrade Path for US Army and other Government Customers
On 7:00 am EDT, Monday October 26, 2009
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced that Enhanced File Transfer (EFT) Server 6.1 has received the Certificate of Networthiness (CoN) from the US Army Network Technology Command (NETCOM). The CoN states that, "GlobalSCAPE's EFT Server will be used to secure or improve upon existing measures for transmitting data over the LandWarNet. EFT Server's file management software ensures compliance with Government regulations on protecting information and allows enterprises to reduce IT costs, increase efficiency, track and audit transactions, and automate processes."
The CoN received for Enhanced File Server 6.1 allows GlobalSCAPE to deliver this highly scalable, managed file transfer solution across all organizations using or managing automated information systems that integrate or interoperate with any portion of the Army Enterprise Infostructure (AEI). The LandWarNet, in particular, delivers data and information to the Army’s brigades, battalions, and lower echelons, enabling the distributed operations required to support net-centric operations.
The CoN process also applies to all Department of Defense (DoD), Joint, Combined, Federal, non-DoD, and Coalition weapon and information systems, National Security Systems (NSS), and all infrastructure programs that use or have interoperability requirements with the AEI. The broad applicability of the CoN potentially provides significant sales opportunities for GlobalSCAPE.
“We believe there has been pent up demand for Enhanced File Transfer Server within the DoD and broader national security markets,” says Jim Morris, president and CEO of GlobalSCAPE. “This latest version of our managed file transfer server solution now has the certifications and validations necessary for wider market adoption.”
GlobalSCAPE’s Managed File Transfer (MFT) products, including Enhanced File Transfer Server™, Secure FTP Server™ and its industry-leading CuteFTP® product family, allow organizations to intelligently and securely manage sensitive information in motion and at rest, across multiple locations and with customers and business partners. GlobalSCAPE also provides wide area file services (WAFS) solutions that help customers collaborate across wide area networks at local area network speeds. GlobalSCAPE’s MFT and WAFS solutions ensure the highest levels of compliance with government data security and privacy regulations, along with corporate security policies and mandates.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) and wide area file services (WAFS) solutions for securely exchanging critical information over the Internet, within an enterprise, and with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Contact:
New Venture CommunicationsLauren Dresnick, 650-343-2735http://www.globalscape.com/company/contact.aspx
GlobalSCAPE To Announce Third Quarter Fiscal Year 2009 Financial Results On Tuesday, November 10, 2009
On 8:00 am EDT, Friday October 23, 2009
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced it will report financial results for its third quarter of fiscal year 2009 on Tuesday, November 10, 2009 at 3:30 p.m. Central Time.
Date: Tuesday, November 10, 2009
Time: 4:30 p.m. ET/3:30 p.m. CT
Dial-in: 800-380-1061
Conference ID: 36255701
A webcast of the conference call will be available in the Investors section of GlobalSCAPE’s website at www.globalscape.com. A webcast replay will be available on the Company’s website through December 10, 2009
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, provides managed file transfer (MFT) products to securely exchange critical information over public networks. Since the release of CuteFTP in 1996, GlobalSCAPE's products have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, as amended by Form 10-K filed with the Securities Exchange Commission on March 31, 2009.
Contact:
Summit IR Group, Inc for GlobalSCAPE, Inc.
Jim Fanucchi, 408-404-5400
GlobalSCAPE® Joins Small Business Partner Programs
Aims to Help Government Agencies and Large Contractors Meet Small Business Contracting Goals
On Tuesday September 8, 2009, 7:00 am EDT
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced multiple small business program registrations. By law, the government directs at least 23 percent of all government buying to small firms and federal agencies are required to establish specific small business contracting goals negotiated with the Small Business Administration. During government Fiscal Year 2008, small business received over $93 billion in federal contracts.
The Obama Administration has made small business participation a central element of the economic stimulus package going forward. “It is essential that we provide our nation’s small businesses with maximum practical opportunity to participate in federal government contracting,” President Obama said in an August statement. GlobalSCAPE qualifies as a small business under SBA guidelines. The registrations announced today position the company to work with large system integrators and federal agencies as they contract to meet the SBA goals.
The federal systems integrators confirming GlobalSCAPE’s small business registration include Northrop Grumman, Booz Allen Hamilton, Accenture, SAIC, EDS, and ManTech. “With these small business registrations, we are continuing to execute our government business development strategy,” said Jim Morris, GlobalSCAPE’s CEO. “GlobalSCAPE is an attractive partner for these companies because we have an established footprint and certifications in the government market, as well as the financial strength to ensure delivery on our commitments as a prime contractor or key subcontractor.”
In addition, GlobalSCAPE has registered with the Department of the Army Office of Small Business Programs (Washington, D.C.), U.S. Navy Air Systems Command (Patuxent River, MD), U.S. Navy Military Sealift Command (Washington, D.C.), and U.S. Marine Corps Systems Command (Quantico, VA). By coordinating directly with such agencies, GlobalSCAPE is able to identify small business set-aside opportunities and work with designated small business advisors to pursue teaming opportunities for larger contracts.
As defined by Part 19 of the Federal Acquisition Regulations, the purpose of small business set-asides is to award certain acquisitions exclusively to small business concerns. The SBA also has advisors who assist small business in identifying and contracting for certain government business opportunities. “Government contracts can play a key role in helping small businesses turn the corner in terms of expansion and job creation. But make no mistake, the benefits the government receives are equally as impressive – working with small businesses allows the federal government to work with some of the most innovative companies in America, often with direct contact with the CEO,” SBA Administrator Karen Mills stated in August.
GlobalSCAPE’s CEO indicates small business programs open a new dimension for the company’s business development activities. “Our leadership team has extensive small business experience and recognizes the business potential of these programs,” said Morris. “While we have demonstrated our ability to win full and open competitions, we believe small business set-asides and the broader SBA small business goals provide additional opportunities for us to win government business.”
As previously announced, GlobalSCAPE received its third substantial order from the U.S. Army in April and has won contracts with numerous other government agencies. The company has established partnerships with leading government resellers and also holds several industry certifications and validations. “We are pleased with the momentum of our government business development efforts,” continued Morris. “We look forward to participating in these small business programs, establishing teaming agreements, and extending our record of contract wins.”
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) solutions for securely exchanging critical information over the Internet, within an enterprise, or with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Contact:
New Venture Communications
Lauren Dresnick,
650-343-2735
http://www.globalscape.com/company/contact.aspx
Just a starter position, huh? Good for him - you never want to jump in too quickly to any investment.... LOL
Big spender. EOM
The CFO purchased 60 shares on Wednesday.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6777463-1087-9088&type=sect&TabIndex=2&companyid=76115&ppu=%252fdefault.aspx%253fcik%253d1112920
GlobalSCAPE Announces Second Quarter Financial Results
Increases Revenue, Net Income, and Cash
SAN ANTONIO, Aug 12, 2009 (BUSINESS WIRE) -- GlobalSCAPE, Inc. (NYSE Amex: GSB),
a leading developer of secure file transfer solutions, today announced financial
results for its second quarter of fiscal year 2009, ended June 30, 2009.
Revenue was $4.7 million, an increase of 12 percent when compared with revenue of
$4.2 million in the same quarter last year. Net income for the second quarter was
$943,000, or $0.05 per diluted share. This is an increase of 223 percent compared
with net income of $292,000, or $0.02 per diluted share, in the same period a
year ago. Cash and short term investments grew to $9.1 million, from $6.2 million
at the end of the first quarter, a 46 percent increase.
"By all key measures, our second quarter results are extremely impressive," said
Jim Morris, GlobalSCAPE president and CEO. "We have increased revenue, earnings,
and cash, even during the economic downturn, while sustaining our strategic
investments. We also extended our relationship with the U.S. Army, established
additional strategic partnerships, and continued to enhance our solutions through
new product releases," Morris continued. "We are well positioned to continue
executing our business plan with our market momentum, current and planned
solution portfolio, leadership team, and substantial cash reserves."
Quarterly Highlights
In April, GlobalSCAPE announced another multi-million dollar order from the U.S.
Army. The $2.7 million order included new product licenses as well as 36 months
of associated maintenance and support services. GlobalSCAPE previously announced
substantial orders from the Army in September 2005 and May 2007. The Army has
deployed GlobalSCAPE's secure file transfer solutions since 2005 as part of the
Single Army Logistics Enterprise (SALE). SALE is an Army initiative focused on
upgrading the information technology that tracks personnel, equipment, munitions,
and other supplies for worldwide logistics.
The Army programs within SALE deliver a fully integrated IT environment that
establishes, sustains, and generates warfighting capability, including
integration with the other military branches. "Army requirements for secure
information exchange and interoperability are very similar to those of other
military branches and federal agencies," stated Morris. "We intend to increase
our support to Army warfighters while also working with partners to pursue other
similar opportunities within the Department of Defense and the broader national
security community, as previously announced."
During May, GlobalSCAPE announced a partnership with Intelligent Decisions, Inc.,
a $250 million IT solutions provider with headquarters in Ashburn, Virginia.
Under the terms of the agreement, Intelligent Decisions will resell and integrate
GlobalSCAPE's solutions within the federal government. The partnership with
Intelligent Decisions complements GlobalSCAPE's partnership with Carahsoft
Technology Corporation, announced in March 2009. "We have established
partnerships with highly capable leaders in the government sector," continued
Morris. "Partnering is a great way to increase our market footprint within the
government, where our growing reputation, certifications, and financial stability
already have positioned us well against the competition."
In June, GlobalSCAPE released the latest version of the Wide Area File Services
(WAFS) software. WAFS now includes support for the Autodesk(R) Revit(R)
Architecture construction and design application, along with broader enhancements
that improve data replication performance and collaboration capabilities.
Autodesk Revit Architecture is a market leading solution that provides design,
construction planning, and fabrication collaboration. WAFS facilitates design
collaboration across multiple offices or geographical locations by replicating
data intelligently across wide area networks.
"This new WAFS software release represents more than a year of development
effort," stated Morris. "We are continuing our previously announced campaign to
contact legacy WAFS customers, with offers to upgrade, while also aggressively
pursuing new customers, so we potentially can leverage the Obama administration's
economic stimulus package that includes more than $80 billion in funding for
infrastructure development projects."
Conference Call Today At 4:30 p.m. ET
GlobalSCAPE management will hold a conference call today to discuss the second
quarter fiscal 2009 financial results and other corporate matters at 4:30 p.m.
Eastern Time/3:30 p.m. Central Time. Those wishing to join should dial
1-800-380-1061 and use Conference ID # 19367659. A live webcast of the conference
call will also be available in the investor relations page of the company's
website at http://www.globalscape.com. A webcast replay of the conference call
will be available on the Company's website through September 12, 2009.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global
provider of managed file transfer (MFT) solutions for securely exchanging
critical information over the Internet, within an enterprise, or with business
partners. Since the release of CuteFTP in 1996, GlobalSCAPE's secure file
transfer solutions have continued to evolve to meet the business and technology
needs of an increasingly interconnected global marketplace. For more information
about GlobalSCAPE's products and services, visit http://www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The words "would," "exceed," "should," "anticipates,"
believe," "steady," "dramatic," and variations of such words and similar
expressions identify forward-looking statements, but their absence does not mean
that a statement is not a forward-looking statement. These forward-looking
statements are based upon the Company's current expectations and are subject to a
number of risks, uncertainties, and assumptions. The Company undertakes no
obligation to update any forward-looking statements, whether as a result of new
information, future events or otherwise. Among the important factors that could
cause actual results to differ significantly from those expressed or implied by
such forward-looking statements are risks that are detailed in the Company's
Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities
and Exchange Commission on March 31, 2009.
Summary Financial Data
GlobalSCAPE, Inc.
Statements of Operations
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,June 30,June 30,
2009200820092008
OPERATING REVENUE:
Software product revenues$ 3,217,803$3,010,929$5,164,951$5,899,992
Maintenance and support revenues1,527,1871,202,1372,820,4322,368,893
Total revenue4,744,9904,213,0667,985,3838,268,885
OPERATING EXPENSES:
Cost of revenues75,48645,170127,40375,176
SG&A expenses2,845,9162,672,7355,429,0505,654,564
R&D expenses689,985785,9381,365,1771,329,207
Depreciation and amortization177,832184,626349,871358,645
Total operating expenses3,789,2193,688,4697,271,5017,417,592
OPERATING INCOME955,771524,597713,882851,293
Other income (expense)(51,839)22,726(41,420)53,036
INCOME BEFORE INCOME TAXES903,932547,323672,462904,329
PROVISION FOR INCOME TAXES(39,326)255,004(26,354)460,076
NET INCOME$ 943,258$ 292,319698,816444,253
Net income per common share - basic$ 0.05$ 0.02$0.04$0.03
Net income per common share - diluted$ 0.05$ 0.02$0.04$0.02
Weighted average shares outstanding:
Basic17,232,64217,195,80217,230,00717,258,901
Diluted17,712,19017,804,46417,683,36117,901,229
GlobalSCAPE, Inc.
Balance Sheet
June 30, 2009December 31,
(Unaudited)2008
Assets
Cash and cash equivalents$7,684,973$6,318,604
Short term investments1,405,000-
Accounts receivable (net of allowance for doubtful accounts of1,836,1802,021,293
$272,367 and $330,916 on June 30, 2009 and December 31, 2008,
respectively)
Federal income tax receivable-19,244
Current deferred tax asset163,680-
Prepaid expenses109,100120,162
Total current assets11,198,9338,479,303
Fixed assets, net1,845,4611,642,776
Intangible assets, net983,2361,134,000
Goodwill619,065619,065
Deferred tax asset-297,183
Other assets51,32647,581
Total assets$14,698,021$12,219,908
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$298,987$512,256
Accrued expenses634,898560,889
Federal income tax payable39,091-
Deferred revenue3,570,7542,755,698
Deferred compensation-215,858
Total current liabilities4,543,7304,044,701
Deferred tax liability127,712545,169
Other long term liabilities1,301,995151,497
Commitments and contingencies--
Stockholders' equity:
Preferred stock, par value $0.001 per share, 10,000,000 authorized,--
no shares issued or outstanding
Common stock, par value $0.001 per share, 40,000,000 authorized,17,65017,631
17,649,752 and 17,630,952 issued at June 30, 2009 and December 31,
2008, respectively
Additional paid-in capital10,284,5889,737,380
Treasury stock, 403,581 shares, at cost, at June 30, 2009 and(1,451,805)(1,451,805)
December 31, 2008
Retained deficit(125,849)(824,665)
Total stockholders' equity8,724,5847,478,541
Total liabilities and stockholders' equity$14,698,021$12,219,908
SOURCE: GlobalSCAPE, Inc.
GlobalSCAPE, Inc.
Mendy Marsh, CFO, 210-308-8267
or
Summit IR Group, Inc.
Jim Fanucchi, 408-404-5400
ir1@globalscape.com
Copyright Business Wire 2009
GlobalSCAPE® and nuBridges® Team to Protect Sensitive Data in Motion and at Rest
Combined Offerings Help Enterprises Meet Growing Cybersecurity Challenges
On Wednesday July 22, 2009, 7:00 am EDT
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced a partnership with nuBridges, a leading provider of secure eBusiness solutions, that will significantly extend the breadth of business-to-business (B2B) information security solutions available for enterprise customers. Under the terms of this new agreement, GlobalSCAPE will offer the award-winning nuBridges ProtectTM and nuBridges ExchangeTM solutions to its customers, and the two companies will share the sales revenue.
Complementing GlobalSCAPE’s solutions for securing data in motion, nuBridges Protect offers protection for sensitive data at rest in databases, applications, and associated backup storage. nuBridges Protect was recently proclaimed the winner of the 2009 Global Excellence in Compliance Solution Award by the Info Security Products Guide. The nuBridges Exchange solution helps companies establish a secure B2B Gateway that supports automated and ad hoc file exchanges, a broad variety of protocols, robust trading partner management, and internal file transfer. It also provides a visibility console for management, compliance, and auditing across all file transfer events.
By strengthening its solution suite with nuBridges products, GlobalSCAPE’s customers can execute a more comprehensive information security strategy—one that accounts for data in motion and at rest, across multiple enterprise platforms. The combined offerings help companies comply with mandates such as the Payment Card Industry’s Data Security Standard (PCI DSS) and other industry and government data security and privacy laws. Further, nuBridges’ proven solutions will now be available to GlobalSCAPE’s broad audience of global enterprise customers.
The market need for comprehensive information security solutions, like those provided by GlobalSCAPE and nuBridges, continues to grow. The 2009 Verizon Data Breach report revealed that more electronic records were breached last year than in the four consecutive years preceding it. In addition, the U.S. Government's recent Cyberspace Policy Review also highlighted information security challenges for the public and private sectors.
“We’re pleased to have established a close relationship with a market leader in managed file transfer,” said Paul Olson, CEO of nuBridges. “With its proven expertise in securing data in motion and strong customer base — including virtually all of the Fortune 100 — GlobalSCAPE will be an excellent advocate for nuBridges’ software and services.”
“With increasing demand among corporations and governments worldwide to improve their information security posture, the timing is ideal to partner with nuBridges. We share a vision of providing a practical, auditable, and highly secure solution suite for data at rest and in motion,” said Jim Morris, GlobalSCAPE’s CEO. “nuBridges is an expert in this arena and our customers will greatly benefit from having these award-winning products.”
About nuBridges
nuBridges is a leading provider of software and services to protect sensitive data at rest and in transit, and to transfer data internally or externally with end-to-end security, control and visibility. nuBridges encryption, key management, managed file transfer and B2B integration solutions are used to comply with security mandates and to digitally integrate business processes among enterprises, systems, applications and people. Over 3,000 customers depend on nuBridges secure eBusiness solutions to encrypt millions of credit cards, exchange billions of dollars in B2B transactions and enable countless business-critical file transfers including Walmart, Amazon.com, Timberland, American Eagle Outfitters, Belk, Bon Ton, Wachovia, Sun Trust, AIG, CheckFree and Verizon. nuBridges is headquartered in Atlanta, Georgia, USA. More information is available at www.nubridges.com.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) solutions for securely exchanging critical information over the Internet, within an enterprise, or with business partners. Since the release of Cute FTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE's products, visit www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Contact:
GlobalSCAPE, Inc.Lauren Dresnick, 650-343-2735New Venture Communicationshttp://www.globalscape.com/company/contact.aspx
I sold out after better than a double but am continuing to watch it.
GlobalSCAPE President and CEO, Jim Morris, Appointed to Company Board of Directors
On Thursday June 4, 2009, 7:00 am EDT
SAN ANTONIO--(BUSINESS WIRE)--GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure information exchange solutions, today announced the appointment of Jim Morris, the company’s president and CEO, to GlobalSCAPE’s Board of Directors.
“Jim is a welcome addition to an already strong Board of Directors for GlobalSCAPE,” said Thomas Brown, GlobalSCAPE chairman of the Board. “Jim’s experience, vision, and insights about customer needs today and into the future will help GlobalSCAPE continue innovating, growing, and increasing overall shareholder value for the company.”
“I’m delighted to be part of this great Board, especially as we continue to expand our market footprint in both the commercial and government sectors,” said Morris. “We’ve had excellent momentum this year with new customer contracts and strategic partnerships that position us for success now and well into the future,” he continued. “The government’s recent Cyberspace Policy Review potentially creates an even stronger market need for our solutions across the government and within the industries that enable the nation’s critical infrastructure.”
Last quarter, GlobalSCAPE announced major new partnerships in the government sector and was awarded its third substantial contract award with the U.S. Army. The most recent Army contract was a $2.7 million order for Secure FTP Server™ and CuteFTP®. The order includes new product licenses as well as 36 months of associated maintenance and support services.
Jim Morris joined GlobalSCAPE as president and chief executive officer in August 2008. He is responsible for guiding the company’s strategy, growth, operations, and customer satisfaction across GlobalSCAPE’s enterprise, consumer, and vertical markets. For more than three decades, Morris has been an innovator and leader in the fields of information technology, network security, assurance, and operations for both product-centric and independent system consulting solutions.
Morris served in military intelligence, the civil service, and for the past 25 years in senior executive positions for leading companies including General Dynamics, Veridian, Veritect, and Trident Data Systems. He also co-led the Y2K Cyber Assurance cell for the White House, was an independent advisor for two security software product companies, and served on numerous industry and government review panels. He has received advanced training from the national security community and served as a subject matter expert on network security-focused delegations to the Peoples Republic of China and Australia.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global provider of managed file transfer (MFT) solutions for securely exchanging critical information over the Internet, within an enterprise, or to business partners. Since the release of CuteFTP in 1996, GlobalSCAPE’s solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. For more information about GlobalSCAPE’s products, visit www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” “believe,” “steady,” “dramatic,” and variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities and Exchange Commission on March 31, 2009.
Contact:
New Venture Communications for GlobalSCAPE, Inc.
Lisa Kelaita, 650-343-2735
http://www.globalscape.com/company/contact.aspx
GSB PR out this morning...
PRW: GlobalSCAPE(R) Partners with Intelligent Decisions in Government IT Market
Companies Establish Relationship to Deliver Solutions to National Security
Customers
SAN ANTONIO--(BUSINESS WIRE)--May 27, 2009--
GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of secure
information exchange solutions, today announced a partnership with
Intelligent Decisions, Inc., a $250 million IT solutions provider with
headquarters in Ashburn, Virginia. Under the terms of the agreement,
Intelligent Decisions will resell and integrate GlobalSCAPE's solutions
within the federal government. "Intelligent Decisions has a 20-year track
record of growth and success within the government IT market. Their market
footprint is particularly large within intelligence agencies and other
national security organizations requiring secure information exchange
solutions," stated Jeff Gehring, GlobalSCAPE Vice President of Sales.
GlobalSCAPE has made significant inroads into the government IT market in
recent years. Last month, the company announced another multi-million dollar
contract with the U.S. Army for secure file transfer solutions. GlobalSCAPE
previously has announced several software certifications and validations
necessary to support widespread adoption by government customers.
"GlobalSCAPE has been delivering market leading secure file transfer
solutions for more than 10 years. Their multiple, large contract wins within
the Department of Defense demonstrate the strength of the company's
solutions. We look forward to pursuing additional business opportunities and
leveraging GlobalSCAPE's experience and strengths into our customer base,"
said Roy Stephan, IT Architecture and Engineering Director for Intelligent
Decisions.
The partnership with Intelligent Decisions complements GlobalSCAPE's
previously announced partnership with Carahsoft Technology Corporation. "The
Carahsoft relationship supports rapid, streamlined procurement by government
customers, principally through Carahsoft's GSA Schedules and other
established government contract vehicles," Gehring noted. "Intelligent
Decisions is a value-added reseller and integrator with access to a variety
of specialized government contract vehicles and awarded prime contracts.
With our recent partnerships, we have established much stronger industry
relationships across the government sector."
Gehring indicated that GlobalSCAPE intends to grow its government business
significantly in the future. "We have substantial traction and momentum
within certain areas of the DoD. Interoperability and security requirements
should drive a greater degree of commonality among IT solutions deployed in
direct support of warfighters and within the intelligence community,"
Gehring continued. "We are pleased to be working with Intelligent Decisions
to deliver solutions that will support other DoD and intelligence community
customers as well as the broader national security community."
About Intelligent Decisions
Headquartered in Ashburn, VA, Intelligent Decisions (ID), a premier systems
integrator, provides a broad range of innovative, IT professional services,
software, hardware and manufacturing solutions to Federal, State and Local
governments and Fortune 1000 customers. Ranked on the VARBusiness 500 and
the CRN Fast Growth 100, ID offers best-value pricing and helps clients meet
their strategic goals and mission objectives. For more information, visit
www.intelligent.net or call toll-free 800-929-8331.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a
global provider of managed file transfer (MFT) solutions for securely
exchanging critical information over the Internet, within an enterprise, or
with business partners. Since the release of CuteFTP in 1996, GlobalSCAPE's
solutions have continued to evolve to meet the business and technology needs
of an increasingly interconnected global marketplace. For more information
about GlobalSCAPE's products, visit www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The words "would," "exceed," "should," "anticipates,"
believe," "steady," "dramatic," and variations of such words and similar
expressions identify forward-looking statements, but their absence does not
mean that a statement is not a forward-looking statement. These
forward-looking statements are based upon the Company's current expectations
and are subject to a number of risks, uncertainties and assumptions. The
Company undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise. Among
the important factors that could cause actual results to differ
significantly from those expressed or implied by such forward-looking
statements are risks that are detailed in the Company's Annual Report on
Form 10-K for the 2008 calendar year, filed with the Securities and Exchange
Commission on March 31, 2009.
CONTACT: New Venture Communications for GlobalSCAPE, Inc.
Lauren Dresnick,
650-343-2735
http://www.globalscape.com/company/contact.aspx
SOURCE: GlobalSCAPE, Inc.
Copyright Business Wire 2009
(END) Dow Jones Newswires
May 27, 2009 07:00 ET (11:00 GMT)
*** end of story ***
GlobalSCAPE Announces First Quarter Financial Results
SAN ANTONIO, May 12, 2009 (BUSINESS WIRE) -- GlobalSCAPE, Inc. (NYSE Amex: GSB),
a leading developer of file transfer solutions, today announced financial results
for its first quarter of fiscal year 2009, ended March 31, 2009.
Revenue was $3.2 million, a decline of 20 percent when compared with revenue of
$4.1 million in the same quarter last year. Net loss for the first quarter was
$244,000, or net loss of $0.01 per diluted share. This compares with net income
of $152,000, or net income of $0.01 per diluted share, in the same period a year
ago.
"Our first quarter results reflect the impact of the economic downturn on both
consumer and business spending during the first part of the year," said Jim
Morris, GlobalSCAPE President and CEO. "As previously announced, we decided to
continue making strategic investments in our business, even during the downturn,
to ensure that we sustain the momentum necessary to excel as the economy
strengthens. Our recent product announcements, contract wins, and partnerships
validate this decision," Morris continued. "We are looking forward to a
profitable second quarter, and to extending our market leadership."
Quarterly Highlights
In January, GlobalSCAPE announced a partnership with Network Automation to
deliver a new workflow engine for EFT Server, the company's enterprise
information-sharing solution. The new workflow engine saves customers time and
money as they develop workflows to streamline and automate complex processes
involving file transfer.
In March, the company released EFT Server Version 6. This newest version of
GlobalSCAPE's flagship information-sharing solution reflected almost two years of
cumulative development effort since the last major release of EFT Server in June
2007. No other managed file transfer product provides an equivalent level of
compatibility with industry standards and support for regulatory compliance
initiatives.
During March, GlobalSCAPE also announced a partnership with Carahsoft, a $300
million provider of IT solutions to the government sector. Through the Carahsoft
partnership, government organizations can procure GlobalSCAPE's solutions easily
through long-term, pre-approved contract vehicles. The U.S. Army awarded
GlobalSCAPE a $2.7 million U.S. Army contract, announced in April, using
Carahsoft's GSA Schedule.
"We added numerous new enterprise-level customers during the first quarter and
expanded our presence in other customer IT environments during the first
quarter," Morris noted. "Customers have responded positively to our latest
version of EFT Server, recognizing the powerful new features in this solution as
well as the importance of our numerous certifications and validations awarded
during the past year. We also have received increasing interest from other
prospective partners within our industry and in adjacent market spaces."
Conference Call Today At 4:30 p.m. ET
GlobalSCAPE management will hold a conference call to discuss the first quarter
fiscal 2009 financial results and other corporate matters today at 4:30 p.m.
Eastern Time/3:30 p.m. Central Time. Those wishing to join should dial
1-800-380-1061 and use Conference ID # 96353456. A live webcast of the conference
call will also be available in the investor relations page of the company's
website at http://www.globalscape.com. A webcast replay of the conference call
will be available on the Company's website through June 12, 2009.
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a global
provider of managed file transfer (MFT) solutions for securely exchanging
critical information over the Internet, within an enterprise, or to business
partners. Since the release of CuteFTP in 1996, GlobalSCAPE's solutions have
continued to evolve to meet the business and technology needs of an increasingly
interconnected global marketplace. For more information about GlobalSCAPE's
products, visit http://www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The words "would," "exceed," "should," "anticipates,"
"believe," "steady," "dramatic," and variations of such words and similar
expressions identify forward-looking statements, but their absence does not mean
that a statement is not a forward-looking statement. These forward-looking
statements are based upon the Company's current expectations and are subject to a
number of risks, uncertainties, and assumptions. The Company undertakes no
obligation to update any forward-looking statements, whether as a result of new
information, future events or otherwise. Among the important factors that could
cause actual results to differ significantly from those expressed or implied by
such forward-looking statements are risks that are detailed in the Company's
Annual Report on Form 10-K for the 2008 calendar year, filed with the Securities
and Exchange Commission on March 31, 2009.
Summary Financial Data
GlobalSCAPE, Inc.
Statements of Operations
(Unaudited)
Three months ended
March 31, 2009 March 31, 2008
OPERATING REVENUE:
Software product revenues$ 1,947,149$2,889,058
Maintenance and support revenues1,293,2451,166,761
Total revenue3,240,3944,055,819
OPERATING EXPENSES:
Cost of revenues51,91630,025
SG&A expenses2,583,1352,981,809
R&D expenses675,192543,270
Depreciation and amortization172,039174,019
Total operating expenses3,482,2823,729,123
OPERATING (LOSS) INCOME(241,888)326,696
Other income (expense)10,41930,311
(LOSS) INCOME BEFORE INCOME TAXES(231,469)357,007
PROVISION FOR INCOME TAXES12,973205,074
NET (LOSS) INCOME$ (244,442)$ 151,933
Net (loss) income per common share - basic$ (0.01)$ 0.01
Net (loss) income per common share - diluted$ (0.01)$ 0.01
Weighted average shares outstanding:
Basic17,227,37117,322,827
Diluted17,227,37118,099,028
GlobalSCAPE, Inc.
Balance Sheet
March 31, 2009 December 31,
(Unaudited)2008
Assets
Cash and cash equivalents$6,221,773$6,318,604
Accounts receivable (net of allowance for doubtful accounts of1,787,2632,021,293
$287,645 and $330,916 on March 31, 2009 and December 31, 2008,
respectively
Federal income tax receivable125,52919,244
Prepaid expenses92,700120,162
Total current assets8,227,2658,479,303
Fixed assets, net1,756,9371,642,776
Intangible assets, net1,058,6181,134,000
Goodwill619,065619,065
Deferred tax asset-297,183
Other assets52,45847,581
Total assets$11,714,343$12,219,908
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$454,885$512,256
Accrued expenses399,210560,889
Deferred revenue2,817,8552,755,698
Deferred compensation-215,858
Total current liabilities3,671,9504,044,701
Deferred tax liability329,621545,169
Other long term liabilities195,357151,497
Commitments and contingencies--
Stockholders' equity:
Preferred stock, par value $0.001 per share, 10,000,000 authorized,--
no shares issued or outstanding
Common stock, par value $0.001 per share, 40,000,000 authorized,17,63117,631
17,630,952 issued at March 31, 2009 and December 31, 2008
Additional paid-in capital10,020,6969,737,380
Treasury stock, 403,581 shares, at cost, at March 31, 2009 and(1,451,805)(1,451,805)
December 31, 2008
Retained deficit(1,069,107)(824,665)
Total stockholders' equity7,517,4157,478,541
Total liabilities and stockholders' equity$11,714,343$12,219,908
SOURCE: GlobalSCAPE, Inc.
GlobalSCAPE, Inc.
Mendy Marsh, 210-308-8267
CFO
or
Summit IR Group, Inc.
Jim Fanucchi, 408-404-5400
ir1@globalscape.com
Copyright Business Wire 2009
I don't think I posted my WAG for 2009 EPS here yet. My wag is $0.15/diluted share. There are no large orders assumed in that estimate beyond the Army order and my assumption is that revenue is roughly around $4M/quarter with the exception of that additional Army order that will mostly hit in Q2. If they get any other large orders this stock could really take off because of the large GM.
Here is some Q4 CC commentary on MailXpress which was released in December: "As far as getting back to the first part of your last question series on MailXpress. We are experiencing some traction in MailXpress. (Good). As you know we constantly are doing product improvements and additional version releases, and MailXpress is no exception. "
This text from the Q4 CC is some great commentary regarding possible other government contracts:
"Great. Thanks, Barry. CaraSoft, being a $300 million company, gets orders on the size of a thousand dollars up to multi-million dollar awards. We have never had a history other than a relationship with Synteras of trying to do business development in the federal marketplace. We now have a business developer who lives in the Washington, D.C. area who has a phenomenal Rolodex of who the economic buyers are in the government. He also has a very strong relationship with both mid- and large- [size] system integraters that are going after the large, multi-million dollar, hundreds of millions of dollars, billion dollar acquisitions. So if we can be positioned on the winning team, or positioned on multiple competing teams, to leverage our solution of information exchange, the size of the deal could be, again, in the thousands of dollars or the millions of dollars. In our future we do not see being positioned in the hundreds of millions of dollars of awards for our products, even on a large acquisition."
New relationships established in 2008 may drive some additional revenue. From the Q4 CC transcript:
"During 2008 we also announced new industry-relationships:
In October we announced QBS Distribution as a channel partner to enhance distribution of our solutions in the United Kingdom and Ireland. The entire GlobalSCAPE product line is available through QBS Distribution and the UK remains a strong source of business for GlobalSCAPE.
In November we announced that we had joined the Cisco Technology Developer Program. This program unites Cisco with 3rd-party developers of hardware and software to deliver tested and inter-operable solutions to joint-customers. And we continue to pursue additional industry partnerships as we execute on our business strategy. "
New products from the Q4 CC transcript:
"In July we announced the availability of an AS2 add-on module for Enhanced File [Transfer] Server product. AS2, or Applicability Statement 2 Specification, supports the exchange of structured business data securely on top of HTTP, and HTTPS protocols. Our AS2 module allows manufacturing and retail customers to efficiently connect their supply chains to suppliers and key trading partners.
In September we announced the availability of our latest versions of CuteFTP products in five additional languages:
Spanish, German, French, Portuguese and Turkish.
And then in December we added Russian and Simplified Chinese to our CuteFTP products.
In November we announced the versions of SecureFTP Server and CuteFTP Pro had received the Certificate of Networthiness from the US Army Network Technology Command. GlobalSCAPE's receipt of this certificate enables Army installations worldwide to install and operate the certified versions of our Secure FTP Server and CuteFTP Pro over Army communications networks, including those used by our war-fighters in the Middle East.
Finally in December we announced the release of Mail Xpress, a Microsoft Outlook ® email plug-in, to facilitate the transfer of large file attachments and provide enhanced tracking and auditing of the file attachments through read-receipts and log files."
The savings from the Andover office space represents $15K/quarter.
I also found this in the CC transcript which represents an additional savings of $56K/quarter relative to Q4. The savings relative to Q3 are lower. “Third, as previously announced, we continued to accrue Salary Expenses for Mr. Poole and Earl Posey, our former VP of Business Operations through December 31, 2008. These expenses totalled approximately $56,000 in the 4th Quarter. With the hiring of Jim Morris as CEO in August 2008, and the hiring of Craig Robinson as COO in October, we effectively incurred expenses for two additional executives during the 4th Quarter as compared to prior quarters. As of the end of 2008, we have no further Salary or Benefit Expenses associated with Mr. Poole or Mr. Posey's executive positions with the company.“
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GlobalSCAPE, Inc. develops, distributes, and maintains secure managed file transfer software that enables individuals and business users to send data over the Internet, as well as wide-area file system, and collaboration and continuous data protection software. The company offers file transfer protocol (FTP) client programs, including CuteFTP, which permits a user to request a file from or send a file to an FTP server or host computer; and CuteFTP Pro, a program that incorporates encrypted transfers using SSL, HTTP, and SSH2, as well as S/KEY password encryption. It also provides file transfer servers, such as Secure FTP Server, which offers digital certificate management system, as well as facilitates system administrators to create, sign, import, export, and add digital certificates; and Enhanced File Transfer Server, an enterprise file server to provide digital certificate management, multiple secure protocols, remote administration, flexible authentication choices, and automation and advanced security options. In addition, the company offers data replication products, including Wide Area File Services, which delivers a file access system, instant file-sharing, and server-to-server mirroring; and continuous backup software that delivers real-time continuous data protection. Further, it provides Mail Express, an email attachment solution that facilitates to send and receive large files, such as images, video, and data files; and CuteSendIt, a SaaS managed file transfer solution. GlobalSCAPE serves finance, health care, energy, retail, manufacturing, and engineering markets worldwide. The company was founded in 1996 and is based in San Antonio, Texas.
Web Site
http://www.globalscape.com/
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