Security software company RSA Security has reported a loss of
$49.8m (£30.5m) in the fourth quarter of 2002, compared with a loss
of $10.1m in the same quarter last year.
A variety of factors contributed to the company's lacklustre
performance, including charges related to layoffs and lease
obligations, inventory write-downs as well as charges resulting
from the decline in the fair value of the company's investments.
RSA's performance for the year was down from 2001, with a net loss
of $96.8m (£59.3m), compared with a loss of $2.5m in 2001.
RSA reported revenue of $61m (£37.4m) in the fourth quarter of
2002, compared with $63mfor the same period in 2001. For the year,
the company brought in $232.1m (£142.3m), compared with $282.7m in
2001.
RSA pointed to a slight uptick in revenue in the fourth quarter as
well as the company's success in limiting expenses and improving
its operating margin as reasons for optimism.
The company anticipates continued flat revenue in the first quarter
2003, ranging from $57m to $61m.