SEN 2.82% 7.3¢ senetas corporation limited

2mill turnaround

  1. 11,992 Posts.
    Senetas Returns to Profit - $2M Turnaround
    Half year results to 31 December 2007:
    • Turnaround of $2M to $59,000 profit
    • Result in line with market forecast
    • Total Operating Revenue up 31%
    • Direct & Channel revenue up 148%
    • Expenses $410K below previous corresponding period
    • Senetas reaffirms FY 2008 profit guidance of before tax profit in the
    range of $1.5M to $2.5M
    MELBOURNE February 28, 2008: $2 Million Turnaround.
    The Board of Senetas Corporation Limited (ASX: SEN), the world’s leading developer and
    supplier of high speed network encryption hardware today announced that at December 31,
    2007 it had achieved a turnaround of approximately $2 million through the first six months to a
    half year profit of $59,000.
    Senetas said that its progress in returning to profitability was in line with Directors’
    Directors reaffirmed previous market guidance that full year pre tax profit is expected to be in
    the range of $1.5 million to $2.5 million - a projected turnaround of at least $16 million.
    Senetas has met its published market forecast of a breakeven result for the first half year.
    Senetas Chairman Alan Stockdale said the result reflected well on the company’s strategic
    approach and the performance of management and staff.
    He said: “We are on track in our turnaround strategy. This positive outcome is due to
    increased focus on local and international sales, improvements in our relationship with
    SafeNet and tight control on costs.”
    Mr Stockdale said Senetas CEO John DuBois had worked very hard to lock in the benefits of
    Senetas’ growing world-wide sales channels.
    Senetas had renegotiated its contract with SafeNet, worked diligently to improve its
    relationship with SafeNet, upgraded training of SafeNet staff, collaborated on market-driven
    product improvements and focused both companies’ staffs on marketing Senetas products.
    These changes resulted in higher royalties from increased sales of OEM CypherNet
    technology by SafeNet.
    Mr DuBois: “This result reflects a 148 percent increase in direct and channel sales, a 138
    percent in royalty revenue and cost reductions of six percent ($410K) compared with the
    previous corresponding period.
    Senetas is starting to see its world-leading technological edge reflected in sales,” he said.
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