Security and encryption systems vendor RSA Security has posted a net profit of $US1.7 million on revenue of $US61.3 million for the first quarter of its fiscal year 2003, the company said.
The profit reverses a string of quarterly losses which had seen the company lose $US96.8 million in fiscal year 2002 and $US2.5 million in 2001.
Revenue for the first quarter was 10 per cent up on the $US55.5 million recorded in the first quarter of last year, but the company remained cautious about the business environment.
Chief financial officer, Jeff Glidden, said IT spending budgets remain constrained and that business was still unpredictable due to the generally soft economy and continuing uncertainty relating to the Iraq war.
RSA expected revenue for the second quarter to fall in the range of $US58 million to $US63 million, with net profit between breakeven and $0.04 per share.
RSA's products include encryption technologies, user authentication and Web access management, and software for securing electronic business applications.