St. Bernard Software Inc fka EWVE

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Live Updating

RJ Trotts

12/16/19 12:21 PM

Post #29

...bring on the BOUNCE

Penny Roger$ Free

02/06/12 8:12 AM

Post #28

Re: #26: @TEEROY - MAC do you think this company is in-play

Are they selling something you must have or something great?

Penny Roger$ Free

02/06/12 8:11 AM

Post #27

Re: #26: @TEEROY - MAC do you think this company is in-play

Weekly volume is a little thin imo

TEEROY

02/04/12 10:02 AM

Post #26

Re: #24: @Penny Roger$ - SC Magazine Names EdgeWave 2011 Innovator of the

MAC do you think this company is in-play for a turn around???

TIA

Penny Roger$ Free

12/01/11 3:52 PM

Post #25

Re: #24: @Penny Roger$ - SC Magazine Names EdgeWave 2011 Innovator of the

Penny Roger$ Free

12/01/11 3:51 PM

Post #24

SC Magazine Names EdgeWave 2011 Innovator of the Year for Secure Content Management
| 9:10 AM |

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69515561

StocksDiva Free

02/01/11 7:10 PM

Post #23

$SBSW Directions to the interview

The interview can be heard at
http://www.blogtalkradio.com/stockgoodies

Look for the orange bar on the left hand side of the page
Upcoming Episodes Date / Time: 2/1/2011 8:00 PM
StockGoodies Radio
StockGoodies

here you will see a ~play/chat~ button at 8pm EST (if you arrive early
and don’t see the button, keep refreshing the page)
click to the interview and enjoy!

The archived version can be found on the homepage of
http://www.StockGoodies.com

ALiVE

02/01/11 8:45 AM

Post #22

Re: #20: @Nilbud - Hey bud - Looking forward to hearing this

indeed.

ty

StocksDiva Free

02/01/11 8:25 AM

Post #21

Looking forward to SBSW interview :)

http://www.stockgoodies.com/m/articles/view/SBSW-Interview-2-1-11-8pm-EST-StockGoodies

Nilbud

02/01/11 1:03 AM

Post #20

Re: #18: @ALiVE - nice and steady.

Hey bud - Looking forward to hearing this interview tomorrow night

ManicTrader Free

01/31/11 11:42 AM

Post #19

STOCKGOODIES RADIO INTERVIEW! $SBSW St. Bernard dba EdgeWave, CEO Lou Ryan Featured on StockGoodies.com Radio 2/1/10 at 8pm EST bit.ly/g7j56V
Directions to Listen to the Interview
Look for the orange bar on the left hand side of the page
Upcoming Episodes Date / Time: 11/30/2010 8:00 PM
StockGoodies Radio
http://www.stockgoodies.com

here you will see a ~play/chat~ button at 8pm EST (if you arrive early
and don’t see the button, keep refreshing the page)
click to the interview and enjoy!
The archived version can be found on the homepage of http://www.stockgoodies.com. at 8pm EST

ALiVE

12/09/10 9:06 AM

Post #18

nice and steady.

ALiVE

10/10/10 12:47 PM

Post #17

Re: #3: @ALiVE - SBSW

looking sweet since we came on board here...

smile

ALiVE

10/08/10 11:05 PM

Post #16

http://www.otcmarkets.com/stock/SBSW/news

ALiVE

08/14/10 6:14 PM

Post #15

Second Quarter 2010 Financial Highlights:

•

Cash and cash equivalents increased to $2.6 million as of June 30, 2010 from $2.5 million as of December 31, 2009 and $1.1 million as of June 30, 2009

•

Generated positive cash flow of $167,000 for YTD 2010 compared to $1.0 million negative cash flow for the same period in 2009, an increase of 117%

•

Cash flow used by operating activities decreased $533,000 to $82,000, an improvement of 86.7%

•

Q2 2010 operating expenses remained relatively unchanged from Q2 2009

•

Net loss of $581,000 for the six months ended June 30, 2010, compared to a net loss of $685,000 for the same period in 2009

“Our second quarter met operational expectations and we are optimistic about the growth in new customer business that we saw compared to 2009”, said Lou Ryan, CEO of St. Bernard Software. “Additionally, we were able to prepare operationally for the integration of Red Condor that we announced last week. The integration along with the additional investment we received will help support our drive for greater growth in our core security markets.”

ALiVE

08/14/10 6:13 PM

Post #14

Liquidity

The Company has existing credit facilities with Silicon Valley Bank and Partners for Growth, LP (“PFG”), under which there was borrowing availability of $440,000 and $750,000, respectively, as of June 30, 2010. On July 20, 2010, the PFG note was paid off, and on August 3, 2010 the Company received proceeds of $3.0 million in connection with the issuance of subordinated convertible notes.

ALiVE

08/14/10 6:12 PM

Post #13

About St. Bernard

St. Bernard Software develops and markets Internet security appliances and services that empower IT professionals to effectively, efficiently and intelligently manage their enterprise's Internet-based resources. Incorporated in 1986, the Company has evolved to become a well recognized leader in the SWG market and now recognized for delivering one of the leading Web filtering and security appliances, iPrism®. With millions of end users worldwide in approximately 6,000 enterprises, educational institutions, small and medium businesses, and government agencies, St. Bernard strives to deliver simple, high performance solutions that offer excellent value to our customers. Based in San Diego, California, St. Bernard (OTCBB: SBSW) markets its solutions through a network of value added resellers, distributors, system integrators, OEM partners and directly to end users. For more information about St. Bernard Software, visit www.stbernard.com .

ALiVE

08/14/10 6:12 PM

Post #12

Business Outlook

Mr. Ryan added, “In addition to strong current quarter sales and operational execution, we anticipate significant expense savings as we move into 2011 with our announced move to a new headquarters building in Q4, 2010. The move enables us to significantly improve our space which will create long term operational benefits. Moreover, the move also represents an annual cost savings of about $1 million which we will be able to reinvest in our growth strategy.”

ALiVE

08/10/10 10:33 PM

Post #11

50,000,000 shares authorized; 13,432,605 and 13,319,991 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively

ALiVE

08/10/10 10:32 PM

Post #10

St. Bernard Software, Inc.

Condensed Consolidated Balance Sheets

June 30, 2010

December 31, 2009

(Unaudited)

Assets

Current Assets

Cash and cash equivalents
$ 2,621,000 $ 2,454,000
Accounts receivable - net of allowance for doubtful accounts of $12,000 and $13,000 at June 30, 2010 and December 31, 2009, respectively
3,461,000 2,534,000
Inventories - net
471,000 242,000
Prepaid expenses and other current assets
297,000 335,000

Total current assets
6,850,000 5,565,000

Fixed Assets - Net
444,000 564,000

Other Assets
406,000 148,000

Goodwill
7,568,000 7,568,000
Total Assets
$ 15,268,000 $ 13,845,000

Liabilities and Stockholders’ Deficit

Current Liabilities

Short-term borrowings
$ 2,550,000 $ 2,250,000
Accounts payable
1,170,000 817,000
Accrued compensation
1,012,000 834,000
Accrued expenses and other current liabilities
604,000 597,000
Warranty liability
191,000 192,000
Capitalized lease obligations
- 22,000
Deferred revenue
10,111,000 10,209,000

Total current liabilities
15,638,000 14,921,000

Deferred Revenue
8,889,000 7,708,000
Total liabilities
24,527,000 22,629,000

Stockholders’ Deficit

Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued and outstanding
- -
Common stock, $0.01 par value; 50,000,000 shares authorized; 13,432,605 and 13,319,991 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively
133,000 132,000
Additional paid-in capital
40,879,000 40,774,000
Accumulated deficit
(50,271,000 ) (49,690,000 )
Total stockholders’ deficit
(9,259,000 ) (8,784,000 )
Total Liabilities and Stockholders’ Deficit
$ 15,268,000 $ 13,845,000

ALiVE

08/10/10 10:31 PM

Post #9

8k filed today and earnings reported

Looking good!

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2010

ST. BERNARD SOFTWARE, INC.
(Exact name of registrant as specified in its charter)

Delaware

0-50813

20-0996152
(State or other jurisdiction of
incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

15015 Avenue of Science
San Diego, CA 92128
(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (858) 676-2277

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On August 10, 2010, St. Bernard Software, Inc., a Delaware corporation ( “St. Bernard” ), issued an earnings release announcing its unaudited financial results for its second quarter ended June 30, 2010. A copy of the earnings release is attached as Exhibit 99.1 to this Current Report.

The information in this Item 2.02 and Item 9.01, and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)
Exhibits.

Exhibit
Number

Description
99.1

Earnings release dated August 10, 2010 of St. Bernard Software, Inc.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

S T . B ERNARD S OFTWARE , I NC .

Dated: August 10, 2010

By:

/s/ Louis E. Ryan

Louis E. Ryan

Chief Executive Officer and Chairman of the Board of Directors

3

EXHIBIT INDEX

Exhibit
Number

Description
99.1

Earnings release dated August 10, 2010 of St. Bernard Software, Inc.

4

Exhibit 99.1

ST. BERNARD SOFTWARE ANNOUNCES ITS FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2010

SAN DIEGO, CA, August 10, 2010 -- St. Bernard Software, Inc. (OTC BB: SBSW.OB - News ), a leader in Web security appliances, today announced unaudited financial results for its second quarter ended June 30, 2010.

Second Quarter 2010 Financial Highlights:

•

Cash and cash equivalents increased to $2.6 million as of June 30, 2010 from $2.5 million as of December 31, 2009 and $1.1 million as of June 30, 2009

•

Generated positive cash flow of $167,000 for YTD 2010 compared to $1.0 million negative cash flow for the same period in 2009, an increase of 117%

•

Cash flow used by operating activities decreased $533,000 to $82,000, an improvement of 86.7%

•

Q2 2010 operating expenses remained relatively unchanged from Q2 2009

•

Net loss of $581,000 for the six months ended June 30, 2010, compared to a net loss of $685,000 for the same period in 2009

“Our second quarter met operational expectations and we are optimistic about the growth in new customer business that we saw compared to 2009”, said Lou Ryan, CEO of St. Bernard Software. “Additionally, we were able to prepare operationally for the integration of Red Condor that we announced last week. The integration along with the additional investment we received will help support our drive for greater growth in our core security markets.”

Financial Results

St. Bernard reported revenues of $4.3 million and $8.7 million for the three and six months ended June 30, 2010, respectively, compared to revenues of $4.8 million and $9.2 million for the same periods in 2009; operating expenses of $3.6 million and $7.1 million for the three and six months ended June 30, 2010, respectively, compared to operating expenses of $3.6 million and $7.6 million for the same periods in 2009; and a net loss for the three and six months ended June 30, 2010 of $432,000 and $581,000, respectively, compared to a net loss of $52,000 and $685,000 for the same periods in 2009.

The Company ended the second quarter of 2010 with cash and cash equivalents of $2.6 million compared to $2.5 million at December 31, 2009 and $1.1 million at June 30, 2009. Cash used by operations decreased $533,000 to $82,000 for the three months ended June 30, 2010 compared to cash used by operations of $615,000 for the same period in 2009.

Sales and marketing expense consists primarily of salaries, related benefits, commissions, consultant fees, advertising, lead generation and other costs associated with our sales and marketing efforts. For the three months ended June 30, 2010 sales and marketing expense increased 6.8%, or approximately $108,000, over the same period in 2009.

Research and development expense consists primarily of salaries, related benefits, third-party consultant fees and other engineering related costs. Research and development expenses were $927,000 in Q2 2010, which is down from $979,000 in Q2 2009 resulting in a 5.3% decrease quarter over prior year quarter. The decrease was primarily the result of a net decrease in consulting costs. During 2009, after making the decision to move research and development in-house, the Company modified its consulting agreement with Softworks Group Pty Ltd. The transition from outside consulting to in-house occurred during the latter half of 2009 and into 2010, resulting in a significant decrease in consulting expenses. Management believes that significant investments in research and development is required to remain competitive, and as such, expects research and development expenses to increase in order to extend the core functionality and features within our products.

General and administrative expenses were $1.0 million and $1.1 million for the three months ended June 30, 2010 and 2009, respectively, a $33,000 or 3.1%, decrease year over prior year. The decrease was primarily a result of the reduction in stock-based compensation expenses, offset by an increase to lease and rents expense. During 2009, we subleased approximately 30,000 square feet of our unused office space to a company. The proceeds from the sublease were used to offset our monthly facilities rent expense. The company’s current corporate facility lease expires at the end of 2010. On August 2, 2010, the Company entered into a lease agreement with Kilroy Realty, L.P. The lease commences January 1, 2011 with a term of sixty-five (65) months from the commencement date.

Liquidity

The Company has existing credit facilities with Silicon Valley Bank and Partners for Growth, LP (“PFG”), under which there was borrowing availability of $440,000 and $750,000, respectively, as of June 30, 2010. On July 20, 2010, the PFG note was paid off, and on August 3, 2010 the Company received proceeds of $3.0 million in connection with the issuance of subordinated convertible notes.

Business Outlook

Mr. Ryan added, “In addition to strong current quarter sales and operational execution, we anticipate significant expense savings as we move into 2011 with our announced move to a new headquarters building in Q4, 2010. The move enables us to significantly improve our space which will create long term operational benefits. Moreover, the move also represents an annual cost savings of about $1 million which we will be able to reinvest in our growth strategy.”

About St. Bernard

St. Bernard Software develops and markets Internet security appliances and services that empower IT professionals to effectively, efficiently and intelligently manage their enterprise's Internet-based resources. Incorporated in 1986, the Company has evolved to become a well recognized leader in the SWG market and now recognized for delivering one of the leading Web filtering and security appliances, iPrism®. With millions of end users worldwide in approximately 6,000 enterprises, educational institutions, small and medium businesses, and government agencies, St. Bernard strives to deliver simple, high performance solutions that offer excellent value to our customers. Based in San Diego, California, St. Bernard (OTCBB: SBSW) markets its solutions through a network of value added resellers, distributors, system integrators, OEM partners and directly to end users. For more information about St. Bernard Software, visit www.stbernard.com .

©2010 St. Bernard Software, Inc. All rights reserved. The St. Bernard Software logo, LivePrism, iPrism, and iGuard are trademarks of St. Bernard Software, Inc. All other trademarks and registered trademarks are hereby acknowledged.

Forward Looking Statement

This press release may contain forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, among other things, any projections of savings and our ability to reinvest any savings towards our growth strategy; any statements of the plans, strategies, and objectives of management for future operations (including statements about our ability to support our drive for greater growth in our core business); any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include, among other things, performance of contracts by customers and partners; employee management issues; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; our ability to integrate our acquisitions in accordance to plan; and the difficulty of keeping expense growth at modest levels while increasing revenues. These and other risks and factors that could cause events or our results to differ from those expressed or implied by such forward-looking statements are described in our most recent annual report on Form 10-K, as well as other subsequent filings with the Securities and Exchange Commission. We assume no obligation and do not intend to update these forward-looking statements.

Contact:
St. Bernard Software

Lorrie Hunsaker
St. Bernard Software
Investor and Public Relations Manager
(858) 524-2002
IR@stbernard.com

ALiVE

08/10/10 7:25 PM

Post #8

Re: #3: @ALiVE - SBSW

very nice.

ALiVE

08/07/10 11:22 AM

Post #7

http://www.stbernard.com/

St. Bernard Software, Inc.
15015 Avenue of Science
San Diego, CA 92128

Phone: (858) 676-2277

ALiVE

08/07/10 11:18 AM

Post #6

Re: #2: @10 bagger - SBSW.. $0.50

looking good Hank

ALiVE

08/07/10 11:17 AM

Post #5

Form 4

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7390351

amongst other things.

902772 shares at 1.10 for $993,050.00

ALiVE

08/07/10 11:07 AM

Post #4

8k filed - 65 month lease signed

setting up shop for the long haul imo.

and not cheaply I might add.

first class facility.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7398664

January 1, 2011 -
December 31, 2011**
$635,652.60/yr $52,971.05/month $1.850/per sq ft.

January 1, 2012 -
December 31, 2012**
$654,722.16/yr $54,560.18/month $1.905/per sq ft.

January 1, 2013 -
December 31, 2013
$674,363.88/yr $56,196.99/month $1.963/per sq ft.

January 1, 2014 -
December 31, 2014
$694,594.80/yr $57,882.90/month $2.022/per sq ft.

January 1, 2015 -
December 31, 2015
$715,432.56/yr $59,619.38/month $2.082/per sq ft.

January 1, 2016 -
May 31, 2016
$736,895.52/yr $61,407.96/month $2.145/per sq ft.

ALiVE

08/07/10 11:03 AM

Post #3

SBSW

10 bagger

05/05/10 10:52 AM

Post #2

SBSW.. $0.50

St. Bernard Software Announces Growth in Cash Flow From Operations and Its Financial Results for the First Quarter Ended March 31, 2010

Market Wire - May 05 at 08:00

Company Symbols: NASDAQ-OTCBB:SBSW

SAN DIEGO, CA -- (MARKET WIRE) -- 05/05/10 -- St. Bernard Software, Inc. (OTCBB: SBSW), a leader in Web security appliances, today announced unaudited financial results for its first quarter ended March 31, 2010.

First Quarter 2010 Financial Highlights:

-- Cash and cash equivalents increased to $2.8 million as of March 31,
2010 from $2.5 million as of December 31, 2009 and $930,000 as of
March 31, 2009

-- Generated positive cash flow of $332,000 for Q1 2010 compared to $1.1
million negative cash flow for the same period in 2009, an increase of
130% vs. Q1 2009

-- Cash flow provided by operating activities increased $936,000 to
$273,000, an increase of 141% for the current quarter

-- Q1 2010 general and administrative expenses decreased $209,000 from
Q1 2009 or 18%

-- Q1 2010 operating expenses decreased $499,000 from Q1 2009 or 13%

-- Net loss of $149,000 as of March 31, 2010, compared to a net loss of
$633,000 for the same period in 2009

"The first quarter met our operational expectations," said Lou Ryan, CEO of St. Bernard Software. "In addition to exiting the quarter with greater overall financial strength, we were able to increase our development efforts through a more efficient cost structure compared to 2009 which will help as we execute on our broader product roadmap throughout 2010."

Financial Results

St. Bernard reported revenues of $4.4 million for the three months ended March 31, 2010 compared to revenues of $4.4 million for the same period in 2009; operating expenses of $3.5 million and $4.0 million for the periods ended March 31, 2010 and 2009, respectively, representing a decrease of approximately $499,000, or 13%, quarter over prior year quarter; a net loss for the three months ended March 31, 2010 of $149,000, compared to a net loss of $633,000 for the same period in 2009.

The Company ended the first quarter of 2010 with cash and cash equivalents of $2.8 million compared to $2.5 million at December 31, 2009 and $930,000 at March 31, 2009. Cash provided by operations increased $936,000 to $273,000 for the three months ended March 31, 2010 compared to cash used by operations of $663,000 for the same period in 2009. The Company achieved positive cash flow for the fourth straight quarter in Q1 2010.

During the first quarter of 2010, the Company successfully negotiated with Silicon Valley Bank ("SVB") to enter into a sixth amendment to its Loan and Security Agreement, which was originally executed on May 11, 2007. Pursuant to the terms of the amendment, SVB extended the maturity date to May 2011, increased the available line, and reduced the interest rate. As of March 31, 2010 the balance outstanding under the line was $1.6 million compared to $1.5 million at December 31, 2009 and $1.4 million at March 31, 2009.

Sales and marketing expense consists primarily of salaries, related benefits, commissions, consultant fees, advertising, lead generation and other costs associated with our sales and marketing efforts. For the three months ended March 31, 2010 sales and marketing expense increased 4.2%, or approximately $70,000, over the same period in 2009.

Research and development expense consists primarily of salaries, related benefits, third-party consultant fees and other engineering related costs. Research and development expenses were $788,000 in Q1 2010, which is down from $1.1 million in Q1 2009 resulting in a 31% decrease quarter over prior year quarter. The decrease was primarily the result of a net decrease in compensation costs. During 2009, after making the decision to move research and development in-house, the Company modified its consulting agreement with Softworks Group Pty Ltd. The transition from outside consulting to in-house occurred during the latter half of 2009 and into 2010, resulting in a significant decrease in consulting expenses. Management believes that significant investments in research and development is required to remain competitive, and as such, expects research and development expenses to increase in order to extend the core functionality and features within our products.

General and administrative expenses were $985,000 and $1.2 million for the three months ended March 31, 2010 and 2009, respectively, a $209,000 or 18%, decrease year over prior year. The decreases were primarily a result of the reduction in compensation, consulting, and stock-based compensation expenses. The company's current corporate facility lease expires at the end of 2010. Management is currently exploring alternate office space and expects rent expense to decrease significantly beginning January 2011.

Business Outlook

Mr. Ryan added, "We plan to continue to build on our experience leading the industry with our lower Total Cost of Ownership ("TCO") web security solution as we move through 2010. New customers that joined St. Bernard in the first quarter, many of whom abandoned their older more costly software-only solutions, confirmed that operational efficiency in IT will continue to be a driving force throughout the year. We remain optimistic that our position will be reinforced with this trend as the economy rebuilds and as we deliver on our roadmap throughout the year. Our customers will benefit not only from reduced TCO, but also reduced total cost of IT security acquisition and deployment."

Important Dates

St. Bernard filed its 2010 Proxy on April 30, 2010. It can be viewed / downloaded on http://www.sec.gov/Archives/edgar/data/1288496/000119312510101494/0001193125-10-101494-index.htm.

The Company will hold its 2010 Annual Meeting of Stockholders on Tuesday, June 15, 2010 at 9:00 a.m. local time at 15015 Avenue of Science, San Diego, CA 92128. Meeting objectives include:

1. Elect three directors to hold office until the 2011 Annual Meeting of
Stockholders.
2. Approve an amendment to the Company's 2005 Stock Option Plan to
authorize the issuance of an additional 900,000 shares of common stock
under such plan.
3. Ratify the selection by the Audit Committee of the Board of Directors
of Squar, Milner, Peterson, Miranda & Williamson, LLP as independent
auditors of the Company for its fiscal year ending December 31, 2010.
4. Conduct any other business properly brought before the meeting.

These items are described in greater detail in the proxy statement.

The record date for the 2010 Annual Meeting is April 23, 2010. Only stockholders of record at the close of business on that date may vote at the meeting or any adjournment thereof.

About St. Bernard

St. Bernard Software develops and markets Internet security appliances and services that empower IT professionals to effectively, efficiently and intelligently manage their enterprise's Internet-based resources. Incorporated in 1986, the Company has evolved to become a well recognized leader in the SWG market and now recognized for delivering one of the leading Web filtering and security appliances, iPrism&4;. With millions of end users worldwide in approximately 6,000 enterprises, educational institutions, small and medium businesses, and government agencies, St. Bernard strives to deliver simple, high performance solutions that offer excellent value to our customers. Based in San Diego, California, St. Bernard (OTCBB: SBSW) markets its solutions through a network of value added resellers, distributors, system integrators, OEM partners and directly to end users. For more information about St. Bernard Software, visit www.stbernard.com.

&9;2010 St. Bernard Software, Inc. All rights reserved. The St. Bernard Software logo, LivePrism, iPrism, and iGuard are trademarks of St. Bernard Software, Inc. All other trademarks and registered trademarks are hereby acknowledged.

Forward Looking Statement

This press release may contain forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, among other things, any projections of earnings, revenues (including where the underlying contract has already been signed), expenses (including statements about our expected decrease in our rent expense starting in 2011 and research and development expenses), or other financial items; any statements of the plans, strategies, and objectives of management for future operations (including statements about our ability to execute on our broader product roadmap throughout 2010 and continue to build on our experience to lead in the industry without lower Total Cost of Ownership ("TCO") web security solution) ); any statements concerning proposed new products, services, or developments (including the statement regarding the transitioning of the research and development in house); any statements regarding future economic conditions or performance; statements of belief (such as statements that management believes that significant investments in research and development is required to remain competitive) and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include, among other things, performance of contracts by customers and partners; employee management issues; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; our ability to maintain a lower Total Cost of Ownership; and the difficulty of keeping expense growth at modest levels while increasing revenues. These and other risks and factors that could cause events or our results to differ from those expressed or implied by such forward-looking statements are described in our most recent annual report on Form 10-K, as well as other subsequent filings with the Securities and Exchange Commission. We assume no obligation and do not intend to update these forward-looking statements.

St. Bernard Software, Inc.

Consolidated Balance Sheets

March 31, December 31,
2010 2009
------------ ------------
(Unaudited)
Assets

Current Assets
Cash and cash equivalents $ 2,786,000 $ 2,454,000
Accounts receivable - net of allowance for
doubtful accounts of $12,000 and $13,000
at March 31, 2010 and December 31, 2009,
respectively 2,780,000 2,534,000
Inventories - net 216,000 242,000
Prepaid expenses and other current assets 322,000 335,000
------------ ------------

Total current assets 6,104,000 5,565,000

Fixed Assets - Net 510,000 564,000

Other Assets 398,000 148,000

Goodwill 7,568,000 7,568,000
------------ ------------
Total Assets $ 14,580,000 $ 13,845,000
============ ============

Liabilities and Stockholders' Deficit

Current Liabilities
Short-term borrowings $ 2,350,000 $ 2,250,000
Accounts payable 915,000 817,000
Accrued compensation 948,000 834,000
Accrued expenses and other current
liabilities 748,000 597,000
Warranty liability 193,000 192,000
Current portion of capitalized lease
obligations - 22,000
Deferred revenue 10,145,000 10,209,000
------------ ------------
Total current liabilities 15,299,000 14,921,000

Deferred Revenue 8,165,000 7,708,000
------------ ------------
Total liabilities 23,464,000 22,629,000
------------ ------------
Commitments and Contingencies (Note 10)

Stockholders' Deficit
Preferred stock, $0.01 par value; 5,000,000
shares authorized; no shares issued and
outstanding - -
Common stock, $0.01 par value; 50,000,000
shares authorized; 13,391,439 and
13,319,991 shares issued and outstanding
at March 31, 2010 and December 31, 2009,
respectively 133,000 132,000
Additional paid-in capital 40,822,000 40,774,000
Accumulated deficit (49,839,000) (49,690,000)
------------ ------------
Total stockholders' deficit (8,884,000) (8,784,000)
------------ ------------
Total Liabilities and Stockholders' Deficit $ 14,580,000 $ 13,845,000
============ ============

St. Bernard Software, Inc.

Unaudited Consolidated Statements of Operations

Three months ended March 31,
----------------------------
2010 2009
------------- -------------

Revenues
Subscription $ 3,496,000 $ 3,689,000
Appliance 883,000 754,000
License 9,000 6,000
------------- -------------
Total Revenues 4,388,000 4,449,000
------------- -------------
Cost of Revenues

Subscription 393,000 461,000
Appliance 600,000 536,000
License 2,000 2,000
------------- -------------
Total Cost of Revenues 995,000 999,000
------------- -------------
Gross Profit 3,393,000 3,450,000

Sales and marketing expenses 1,730,000 1,660,000
Research and development expenses 788,000 1,148,000
General and administrative expenses 985,000 1,194,000
Total Operating Expenses 3,503,000 4,002,000
------------- -------------
Loss from Operations (110,000) (552,000)

Other Expense (Income)
Interest expense - net 41,000 92,000
Other income - net (2,000) (16,000)
Total Other Expense 39,000 76,000
------------- -------------
Loss Before Income Taxes (149,000) (628,000)

Income tax expense - (5,000)
------------- -------------
Net Loss $ (149,000) $ (633,000)
============= =============
Loss Per Common Share - Basic and Diluted $ (0.01) $ (0.04)
------------- -------------
Weighted Average Shares Outstanding - Basic
and Diluted 13,388,264 14,837,699
============= =============

St. Bernard Software, Inc.

Unaudited Consolidated Statements of Cash Flows

Three months ended March 31,
----------------------------
2010 2009
------------- -------------
Cash Flows From Operating Activities
Net loss $ (149,000) $ (633,000)
Adjustments to reconcile net loss to net
Cash used in operating activities:
Depreciation and amortization 85,000 104,000
Allowance for doubtful accounts (1,000) (2,000)
Gain on change in fair value of warrant
derivative liability (2,000) (16,000)
Stock-based compensation expense 37,000 357,000
Noncash interest expense 15,000 38,000
Increase (decrease) in cash resulting from
changes in:
Accounts receivable (245,000) 573,000
Inventories 26,000 (73,000)
Prepaid expenses and other assets (252,000) (421,000)
Accounts payable 98,000 267,000
Accrued expenses and other current
liabilities 153,000 30,000
Accrued compensation 114,000 (410,000)
Warranty liability 1,000 (16,000)
Deferred revenue 393,000 (461,000)
------------- -------------
Net cash provided (used) by operating
activities 273,000 (663,000)
------------- -------------

Cash Flows From Investing Activities
Purchases of fixed assets (31,000) (63,000)
------------- -------------
Net cash used by investing activities (31,000) (63,000)
------------- -------------
Cash Flows From Financing Activities
Proceeds from the sales of stock under the
employee stock purchase plan 12,000 9,000
Principal payments on capitalized lease
obligations (22,000) (42,000)
Net increase (decrease) in short-term
borrowings 100,000 (362,000)
------------- -------------
Net cash (used) provided by financing
activities 90,000 (395,000)
------------- -------------
Net Increase (Decrease) in Cash and Cash
Equivalents 332,000 (1,121,000)
Cash and Cash Equivalents at Beginning of
Period 2,454,000 2,051,000
------------- -------------
Cash and Cash Equivalents at End of Period $ 2,786,000 $ 930,000
============= =============

Contact:
Lorrie Hunsaker
St. Bernard Software
Investor and Public Relations Manager
(858) 524-2002
Email Contact

Stock

07/04/09 10:40 AM

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St. Bernard Software Inc fka EWVE

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