RSA Security has reported preliminary financial results for the third quarter ended 30 September, 2000. The company expects revenue for the third quarter to be approximately $72 million, an increase of approximately 29 percent from $55.7 million for the third quarter of 1999. The company expects earnings for the third quarter from the company`s core operating business to be $0.24 per share on a diluted basis, compared to $0.18 per share for the same period in 1999. The company will report final results for the third quarter on Thursday, 12 October, after the market closes.
"We exceeded Wall Street expectations for revenues and earnings, and all product lines and geographies were at or above our internal goals," said Art Coviello, president and CEO of RSA Security. "We were particularly pleased with the 34 percent sequential revenue growth we recorded for our public key infrastructure (PKI) solutions."
RSA Security also announced today that its Board of Directors has authorised the company to repurchase up to an additional four million shares of its common stock over the next 12 months. The company believes that RSA Security`s stock is undervalued and represents an attractive investment opportunity. The timing and amount of shares repurchased will be determined by the company`s management based on its evaluation of market and economic conditions. The company reported that the repurchased shares will be used for the company`s stock option plans, employee stock purchase and other stock benefit plans, and for general corporate purposes.
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