Network Associates Inc, the result of last year’s combination of Network General and McAfee Associates Inc, reported first quarter net profits slightly ahead of Wall Street estimates in its first complete quarter of operation. The Santa Clara-based company, which is widely perceived to be the largest network and internet security company around at present, came in with first quarter net profits of $41.9m, from $13.3m last time. The per share figure was $0.56 this time, and according to First Call’s average estimate, the consensus on the Street was for two cents below that. Quarterly revenues rose 33.3% to $188.4m. During the quarter the company acquired veteran firewall and security company Trusted Information Systems Inc, which is expected to close any day now. On the day of Network Associates’ launch last December it acquired cryptography company Pretty Good Privacy Inc. Cash and equivalents stood at a hefty $782.5m as of March 31.
