Proofpoint Q3 2013 revenue up 27%

Proofpoint, Inc. (NASDAQ: PFPT) said its total revenue for the third quarter of 2013 was USD34.5m, an increase of 27% compared to USD27.1m in the prior-year period.

Within total revenue, subscription revenue was USD33.5m, an increase of 29% on a year-over-year basis. Hardware and services revenue contributed the remaining USD1.0m of total revenue.

Total billings were USD41.4m for the third quarter of 2013, an increase of 38% compared to USD30.0m in the third quarter of 2012. The company defines billings, a non-GAAP financial measure, as revenue recognized during the period plus the change in deferred revenue from the beginning to the end of the period.

GAAP gross profit for the third quarter was USD24.2m compared to USD19.0m for the third quarter of 2012. Non-GAAP gross profit for the quarter was USD25.0m compared to USD19.5m in the year ago period. Non-GAAP gross margin was 72% for the third quarter of 2013, compared to 72% for the same period last year.

GAAP operating loss for the third quarter was USD7.3m compared to a loss of USD4.6m during the third quarter last year. Non-GAAP operating loss for the third quarter of 2013 was USD2.4m, compared to a loss of USD2.2m during the same period last year.

GAAP net loss for the third quarter was USD7.2m or USD0.20 per share based on 35.4m weighted average diluted shares outstanding. This compares to a GAAP net loss of USD4.6m or USD0.14 per share based on 31.8m weighted average diluted shares outstanding in the prior-year period.

Non-GAAP net loss for the third quarter of 2013 was USD2.3m or USD0.07 per share based on 35.4m weighted average shares outstanding. This compares to a loss of USD2.2m or USD0.07 per share based on 31.8m weighted average shares outstanding during the same period last year.

Proofpoint is a leading security-as-a-service provider that focuses on cloud-based solutions for threat protection, compliance, archiving & governance, and secure communications. More information is available at www.proofpoint.com.

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