IRE Revenues Up, But Loss Posted for the Year
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Information Resource Engineering Inc., a provider of encryption-based Internet security systems, posted a net loss of $0.5 million for the fourth quarter of 1997 on revenues of $5.1 million, up 56% from $3.2 million for the fourth quarter of 1996.
The net loss for the quarter was $0.09 per share on a diluted basis, compared to a net loss of $4.3 million, or $0.80 per share on a diluted basis for the same period in 1996.
Revenue for the year ended December 31, 1997 increased 12% to $16.0 million, from $14.3 million reported last year. The net loss for the year was $3.6 million, or $0.67 per share on a diluted basis, compared to a net loss of $7.1 million, or $1.34 per share in 1996.
"Our strong growth in the fourth quarter reflects the market's growing acceptance of IRE's SafeNet Virtual Private Networks, (VPNs) solutions," said IRE Chairman Anthony Caputo. "During the fourth quarter, we introduced several new SafeNet solutions. Market acceptance was evidenced by the sale of 8,000 new SafeNet products during the quarter."
IRE provides worldwide network security systems using advanced encryption technology for remote access, electronic commerce, and distributed business communication applications.
Clients include J.P. Morgan & Company, Chase Manhattan Bank, Bank of New York, and Banc One, as well as the United States Treasury Department, TRW and the Federal Bureau of Investigation.