Internet security solutions developer Commtouch Software Ltd. (Nasdaq: CTCH; TASE: CTCH) reported 20% revenue growth in 2010, and predicts further growth in 2011.
In its guidance for the full year of 2011 , Commtouch expects a non-GAAP net profit of $6.2-6.7 million on $22.5-23.5 million revenue.
Commtouch's revenue rose to $18.2 million in 2010 from $15.2 million in 2009. GAAP-based net profit fell 15% to $4.4 million ($0.18 per share) in 2010 from $5.2 million in 2009, but non-GAAP net profit rose 32% to $5.4 million ($0.22 per share) from $4.1 million.
Fourth quarter revenue rose 34% to $5.4 million from $4 million for the corresponding quarter. GAAP-based net profit fell to $1.7 million ($0.07 per share) for the fourth quarter from $3.2 million for the corresponding quarter, but non-GAAP net profit rose 29% to $1.4 million ($0.06 per share) from $1.1 million.
New CEO Ido Hadari said, "We are pleased with the results of 2010, especially with the rapid integration of Command Antivirus into our operations and consolidated offering."
Commtouch's share price rose 1.2% on Nasdaq yesterday to $3.94, giving a market cap of $93 million, and rose 1.8% by midday on the TASE to NIS 14.36.
Published by Globes [online], Israel business news - www.globes-online.com - on February 9, 2011
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