Barracuda Networks Swings To Q2 Profit, Results Top View

(RTTNews) - Security technology company Barracuda Networks, Inc. (CUDA), which went public in November 2013, reported Thursday a profit for the second quarter compared to a loss last year, reflecting revenues growth. Both adjusted earnings per share and quarterly revenues topped analysts' expectations.

"We are pleased to report another quarter of strong performance on both our top and bottom line. In the second quarter, we added more than 11,250 new active subscribers, bringing our total active subscribers to more than 225,000. Our results reflect our continued traction in our faster-growing categories of storage and network and application security," President and CEO BJ Jenkins said in a statement.

The Campbell, California-based provider of cloud-connected security and storage solutions reported net income of $0.74 million or $0.01 per share for the second quarter, compared to a net loss of $2.18 million or $0.08 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $4.55 million or $0.08 per share, compared to $0.87 million or $0.02 per share in the prior-year quarter.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 19 percent to $68.65 million from $57.79 million in the same quarter last year, and topped nine Wall Street analysts' consensus estimate of $66.76 million.

Appliance revenues grew to $20.68 million from $17.91 million, while subscription revenue, which constitutes 70 percent of total revenues, increased to $47.98 million from $39.88 million last year.

Gross billings for the quarter grew 18 percent to $89.04 million from $75.62 million last year. Total deferred revenue at the end of the quarter stood at $342.66 million, compared to $286.79 million at the end of the year-ago quarter.

"We recently introduced a number of new products and feature enhancements to our portfolio, which we believe will strengthen our position as a leading provider of security and storage solutions that simplify the lives of IT professionals," Jenkins added.

Barracuda provides cloud-based technology products to customers that help them address security threats, improve network performance and protect and store their data.

CUDA closed Thursday's regular trading session at $26.64, down $1.13 or 4.07% on a volume of 0.44 million shares. However, the stock gained $0.86 or 3.23% in after-hours trading.