Security and encryption systems supplier RSA Security has posted a net profit of $1.7m (£1.08m) on revenue of $61.3m (£39m) for the first quarter of 2003.
The profit reverses a string of quarterly losses which had seen the company lose $96.8m (£62m) in 2002 and $2.5m (£1.6m) in 2001.
Revenue for the first quarter was 10% up on the $55.5m (£35.3m) recorded in the first quarter of last year. But the company remains cautious about the business environment.
Chief financial officer Jeff Glidden said the company believed that IT spending budgets remain constrained, and that business is still unpredictable owing to the generally soft economy and continuing uncertainty relating to the Iraq war.
RSA expects revenue for the second quarter to fall in the range of $58m (£37m) to $63m (£40.1m).
RSA's products include encryption technologies, user authentication and web access management, and software for securing electronic business applications.