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SonicWALL Reports Second Quarter 2009 Financial Results

SonicWALL reported performance in the quarter ended June 30, 2009, with revenue of $48.6 million

SUNNYVALE, Calif., July 23 /PRNewswire-FirstCall/ -- SonicWALL, Inc. (Nasdaq: SNWL), today reported performance in the quarter ended June 30, 2009, with revenue of $48.6 million. The Company shipped 39,000 revenue units in the quarter. Cash flow from operations was $11.1 million. The company ended the quarter with cash, equivalents and total investments of $189 million, and deferred revenue of $111 million.

Net income for the second quarter of 2009 calculated in accordance with U.S. generally accepted accounting principles (GAAP) was $3.4 million, or $0.06 per diluted share. In comparison, GAAP net income for the second quarter of 2008 was $0.9 million, or $0.02 per diluted share.

Non-GAAP net income for the second quarter of 2009 was $5.4 million or $0.10 per diluted share. In comparison, non-GAAP net income for the second quarter of 2008 was $3.6 million, or $0.06 per diluted share. Non-GAAP net income excludes amortization of purchased intangible assets, restructuring charges, and share-based compensation expense primarily associated with the expensing of stock options in accordance with Financial Accounting Standards No. 123R (FAS 123R). An explanation of our use of non-GAAP measures is included in the section in this press release entitled "Use of Non-GAAP Financial Measures."

The Company reported second quarter non-GAAP operating margin of 16%. In comparison, non-GAAP operating margin for the second quarter of 2008 was 7%. Non-GAAP gross margin in the second quarter was 74%, compared to 71% in the second quarter of 2008.

"Our commitment to operational excellence has served us well," said Matt Medeiros, CEO of SonicWALL. "We have continually made strong improvements in profitability and business efficiency while simultaneously keeping our focus on delivering an expanded array of solutions that are more competitive and relevant to the market."

Guidance for Q3 2009

SonicWALL expects third quarter 2009 revenue to be in the range of $46 million to $49 million. The Company expects non-GAAP gross margin to be in the range of 72.5% to 73.5% of revenue. SonicWALL expects earnings per share in the third quarter of 2009 to be in the range of $0.08 to $0.09 per diluted share on a non-GAAP basis. On a GAAP basis, inclusive of a total of approximately $3.0 million, before taxes, in combined amortization of purchased intangibles assets, and share-based compensation expense, the Company expects earnings per share to be in the range of $0.05 to $0.06. Share-based compensation expense associated with the expensing of stock options is estimated to be approximately $2.0 million for the third quarter of 2009.

This is the only statement SonicWALL will be giving during the quarter with respect to guidance, unless a decision is made to provide an update.

Conference Call

A conference call to discuss second quarter 2009 results will take place today, July 23, 2009, at 2:00 p.m. PT (5:00 p.m. ET). SonicWALL President and CEO Matt Medeiros and SonicWALL CFO Rob Selvi will host the call. A web cast of the live call can be found at http://www.sonicwall.com/us/company/2518.html. A replay of the call will be available beginning at approximately 5:00 p.m. PT (8:00 p.m. ET) today at the Company's website or by telephone until 5:00 p.m. PT on July 27 at 888-203-1112 (toll-free) or 719-457-0820 (International), passcode 4662767.

About SonicWALL, Inc.

Founded in 1991, SonicWALL, Inc. designs, develops and manufactures comprehensive network security, email security, secure remote access, and continuous data protection solutions. For more information, contact SonicWALL at +1 (408) 745-9600 or visit the company web site at http://www.sonicwall.com/.

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