RSA losses widen in fourth quarter

Security software company RSA Security has reported a loss of $49.8m (£30.5m) in the fourth quarter of 2002, compared with a loss...

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.

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