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February 11, 2010

McAfee Q4 revenues up 24% to $525.7m

Expects revenue to be in the range of $500m to $520m for Q1 2010

By CBR Staff Writer

McAfee has reported total net revenue of $525.7m for the fourth quarter of 2009, an increase of 24% compared to $424m for the same period last year. Revenue from corporate business grew 30% year-over-year to $338m, while consumer business revenue grew 15% to $188m.

The company posted an operating income of $72.2m for the fourth quarter of 2009, an increase of 122%, compared to $32.6m for the same period last year.

For the fourth quarter ended December 31, 2009, the company posted net income of $54.5m, an increase of 20% compared to a net income of $45.4m for the same quarter a year ago. Net income per share was up 16% to $0.34 from $0.29 per share for year ago quarter.

Geographically, North America revenue grew 28% year-over-year to $299m in the fourth quarter of 2009, accounting for 57% of the total revenue. International revenue grew 19% to $227m accounting for 43% of total quarter revenue, which include a growth of 24% in Europe, the Middle East and Africa, 6% in Asia Pacific, 10% in Japan and 20% in Latin America.

The company posted revenue of $1.9bn for the full year ended December 31, 2009, an increase of 20%, compared to $1.6bn in 2008. Operating income for the year was $222.3m, up 17% from $189.6m in 2008. Net income was up 1% to $173.4m from $172.2m in 2008, while net income per share increased to $1.09 from $1.08.

Dave DeWalt, president and chief executive officer of McAfee, said: “Amid challenging global economic conditions, our 2009 performance is a testament to the power of our business model, strength of our team and ongoing solid demand for comprehensive security solutions. Looking ahead, a strong operational foundation and leading product portfolio has McAfee well positioned for continued market share gains and future success as a leading global security provider.”

McAfee anticipates net revenue in the first quarter of 2010 to be in the range of $500m to $520m and net income to be in a range of $0.30 to $0.36 per diluted share.

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