Fortinet shows off first results since IPO

Fourth quarter profits at network security and UTM specialist Fortinet rose over 400% to $43.9m (£27m) after the firm booked a $37.8m tax benefit in the final quarter of 2009, the company has announced.

Fourth quarter profits at network security and UTM specialist Fortinet rose over 400% to $43.9m (£27m) after the firm booked a $37.8m tax benefit in the final quarter of 2009, the company has announced.

Sales and operating profits for the three months to the end of December were also up, 20% to $70.7m and 19% to $7.5m respectively, wrapping up Fortinet's first set of results since its November IPO on the US-based NASDAQ index.

CFO Ken Goldman was "very pleased" with Fortinet's performance during its first listed quarter.

"In addition to reporting record total revenue, strong billings growth and cash collections led to fourth quarter and full-year cash flow that was ahead of our expectations," he added.

Fortinet also declared full-year sales of $252.1m, up 19% on fiscal 2008, and net income of $60.2m, including tax benefits.

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