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Certicom beats revenue guidance, reports $32.1 million loss

MISSISSAUGA, Ontario—Certicom Corp. released results for its fourth quarter and fiscal year 2002, ended April 30, and it announced its fiscal 2003 growth strategy and guidance for the first quarter.

Certicom reported a $3.8 million revenue for its fourth quarter, up from previous guidance of $3.7 million. The company reported a loss of $32.1 million, or $1.01 per share, which it blamed on restructuring and other charges. During the fourth quarter, Certicom moved its headquarters to Mississauga, Ontario from Hayward, Calif., appointed a new senior management team, and launched a new sales office in Washington, D.C. Certicom said its total cash at quarter end was $17.1 million, well above previous guidance of $13 million.

Certicom’s fiscal 2002 results were not as positive. The company reported revenue of $12.3 million, compared with last year’s $26.6 million and said losses were $95.8 million, or $3.06 per share compared with last year’s loss of $40.7 million or $1.54 per share.

The company said it plans to focus on growth and profitability in 2003 with a revenue of $3.5 million for the first quarter.

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