SSH COMMUNICATIONS SECURITY CORPORATION FINANCIAL STATEMENT RELEASE, JANUARY 1 – JUNE 30, 2014

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| Source: SSH Communications Security Oyj
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Helsinki, Finland, 2014-07-23 10:15 CEST (GLOBE NEWSWIRE) --  

SSH COMMUNICATIONS SECURITY CORPORATION        FINANCIAL STATEMENT RELEASE
July 23, 2014 AT 11:15 A.M

SSH COMMUNICATIONS SECURITY CORPORATION FINANCIAL STATEMENT RELEASE, JANUARY 1 – JUNE 30, 2014


April-June 2014: 5% net sales growth, losses due to timing of sizeable deals and investments to future growth. Cash flow negative but cash position remained strong.

- Net sales totaled EUR 3.4 million, up by 4.5 % year on year (EUR 3.3 million in 4-6/2013).
- Operating loss was EUR -0.6 million (EUR -0.1 million in 4-6/2013) including EUR 0.0 million non-recurring costs (EUR 0.0 million). Loss was EUR -0.6 million (EUR -0.1 million)
- Earnings per share EUR -0.02 (EUR -0.01).

January-June 2014:
Slight net sales growth, losses due to timing of sizeable deals and investments to future growth. Cash flow negative but cash position remained strong.

- Net sales totaled EUR 6.3 million, up by 1.6 % year on year (EUR 6.2 million in 1-6/2013).
- Operating loss was to EUR -1.5 million (EUR -0.0 million in 1-6/2013) including EUR 0.0 of non-recurring costs (EUR 0.0 million). Loss was EUR -1.5 million (EUR -0.0 million)
- Earnings per share EUR -0.05 (EUR -0.00).


In 2014, SSH Communications Security estimates its revenue to grow significantly and profitability to improve from 2013. 

 

KEY FIGURES              
  4-6/
2014
4-6/
2013
1-6/
2014
1-6/
2013
Change % 1-12/
2013
 
 
               
Net sales (MEUR) 3.4 3.3 6.3 6.2 1.6 13.3  
Operating profit/loss (MEUR) -0.6 -0.1 -1.5 -0.0 -8 227.5 0.2  
   % of net sales -17.3 -2.2 -23.7 -0.3 -8 094.4 1.3  
Profit/loss before taxes (MEUR) -0.6 -0.1 -1.5 -0.0 -5 832.3 0.2  
Profit/loss (MEUR) -0.6 -0.1 -1.5 -0.0 -3 496.0 0.2  
               
Return on equity, %     -23.1 -7.2 -220.2 2.2  
Return on investment, %     -22.1 -4.7 -369.6 1.9  
Liquid assets     4.6 6.7 -31.4 6.0  
Gearing (%)     -77.4 -88.4 12.5 -80.1  
Equity ratio (%)     68.8 79.3 -13.2 76.6  
               
Earnings Per Share (EUR) -0.02 -0.01 -0.06 -0.00 -3 495.8 -0.00  
Shareholders' equity per share (EUR) 0.19 0.20 0.19 0.20 -3.3 0.24  



CEO'S REVIEW

The first half of 2014 finished in line with previous set expectations as we continued to invest the development of our operations, product development and key customer acquisitions. Major cases continue to move well down the pipeline and we expect to see more significant deals closing in Q3 and Q4.

With the continuous and increasing number and flow of publicized cybersecurity breaches, our technology continues to receive reaffirmation of its relevance in both the commercial and government sectors as our pipeline develops at a healthy rate.  An important win in Q2 was successfully helping one our largest Universal SSH Key Manager customers to close an audit point which had been outstanding since 2009.  Additional successful deliveries of our CryptoAuditor technology have now permitted us to successfully penetrate and deploy reference cases in each region of the globe.

A major trend evolving is the quick proactive movements of governments to reassess, confirm and ensure the confidentiality and security of their encrypted networks. SSH as a trusted encryption provider is ideally positioned to capitalize on this development and has seen multiple inquiries for assistance over the last several months.

We will be releasing an SSH Risk Assessment Snapshot Service in Q3 which will provide customers a quick and easy method to determine previously unidentified risks around user access into critical infrastructure. It will serve as an additional method for SSH to build closer customer intimacy and differentiated market leadership in the space.

Progress is also being made with our intellectual property and the first engagements have now been opened for potential licensing opportunities.  These are expected to contribute significantly to our company’s revenue growth over the coming years.

Despite the risk of longer than desirable sales cycles typical with larger enterprise customers, the outlook for the remainder of the year continues to progress favorably.

Tatu Ylönen
CEO



NET SALES

Consolidated net sales for April-June totaled EUR 3.4 million (EUR 3.3 million), up by 4.5 %, year on year.

Consolidated net sales for January-June totaled EUR 6.3 million (EUR 6.2 million), up by 1.6 %, year on year.  
Sales growth was weak due to small amount of new licence deals. Complexity of customer needs and long sales cycles with big corporations impacted license sales growth.

The Americas, the Europe, Middle East and Africa (EMEA) market area and the Asia Pacific region accounted for 55.8% (42.9%), 30.5% (45.6%) and 13.7% (11.5%) of reported net sales, respectively. The change of geographical focus of a significant customer project impacts the changes between relative share of net sales between regions.
 

SSH NET SALES              
EUR million 4-6/
2014
4-6/
2013
1-6/
2014
1-6/
2013
Change % 1-12/
2013
 
 
               
BY SEGMENT              
   AMERICAS 2.3 1.4 3.5 2.7 32.2 5.3  
   APAC 0.5 0.3 0.9 0.7 21.9 1.5  
   EMEA 0.6 1.6 1.9 2.8 -32.2 6.6  
   SSH Group Total 3.4 3.3 6.3 6.2 1.6 13.3  
               
BY OPERATION              
   License sales 1.0 1.0 1.7 2.0 -17.1 4.6  
   Consulting 0.8 0.8 1.6 1.4 16.2 3.0  
   Maintenance 1.6 1.4 3.0 2.8 8.0 5.6  
   Total 3.4 3.3 6.3 6.2 1.6 13.3  



The majority of SSH Communications Security’s invoicing is U.S. dollar based. During the report period, the U.S. dollar’s average exchange rate to euro weakened approximately -2.8% compared to the same period a year ago. With comparable exchange rates 2014 net sales growth would have been +3.3% compared with 2013 corresponding period.


RESULTS AND EXPENSES

Operating loss for April–June was EUR -0.6 million (EUR -0.1 million), with loss totaling EUR -0.6 million (EUR -0.1 million).

Operating loss for January–June was -1.5 million (EUR -0.0 million), with loss totaling EUR -1.5 million (EUR -0.0 million).
Profitability was influenced by higher share of service sales in addition to investments to sales and product development and delays of closing sizeable deals.

There were no non-recurring items during January-June.

Sales, marketing and customer support expenses for the April-June reporting period amounted EUR -2.0 million (EUR -1.8 million), while research and development expenses totaled EUR -1.1 million (EUR -0.8 million) and administrative expenses EUR -0.2 million (EUR -0.4 million).

Sales, marketing and customer support expenses for the January-June reporting period amounted EUR -3.7 million (EUR -3.3 million), while research and development expenses totaled EUR -2.0 million (EUR -1.5 million) and administrative expenses EUR -0.7 million (EUR -0.7 million).

BALANCE SHEET AND FINANCIAL POSITION

The financial position of
SSH Communications Security remained in good level during the reporting period. The consolidated balance sheet total on June 30, 2014 stood at EUR 12.0 million (June 30, 2013 EUR 14.0 million; December 31, 2013 EUR 13.5 million), of which liquid assets accounted for EUR 4.6 million (June 30, 2013 EUR 6.7 million; December 31, 2013 EUR 6.0 million), or 38.1 % of the balance sheet total. On June 30, 2014, gearing, or the ratio of net liabilities to shareholders’ equity, was -77.4% (June 30, 2013 -88.4%; December 31, 2013 -80.1%) and the equity ratio stood at 68.8% (June 30, 2013 79.3%; December 31, 2013 76.6%).

The reported gross capital expenditure for the period totalled EUR 0.9 million (EUR 0.9 million).
The reported financial income and expenses consisted mainly of interest on deposits and exchange rate gains or losses. Financial income and expenses totalled EUR 0.0 million (EUR -0.0 million).

During January-June, SSH Communications Security reported a negative cash flow of EUR -0.4 million (EUR 0.1 million) from business operations, and investments showed a negative cash flow of EUR -0.9 million (EUR -0.9 million). Cash flow from financing totaled EUR -0.0 million (EUR -1.2 million). Total cash flow from operations, investments and financing was negative EUR -1.3 million (EUR -2.0 million).

Fair value of short term investment is determined from quoted prices available from markets. Financial investment belongs to level 1 according to IFRS 7. Market value of financial investment was EUR 2.0 million and nominal value EUR 2.0 million.


RESEARCH AND DEVELOPMENT

Research and development expenses for April-June totaled EUR -1.1 million (EUR -0.8 million), the equivalent of 32.1 percent of net sales (24.7 percent). During April-June company has capitalized R&D costs EUR 0.4 million (EUR 0.3 million).

Research and development expenses for January-June totaled EUR -2.0 million (EUR -1.5 million), the equivalent of 31.7 percent of net sales (23.9 percent). In reporting period R&D cost capitalizations amount to EUR 0.8 million (EUR 0.8 million).



HUMAN RESOURCES AND ORGANIZATION

At the end of June, the Group had 99 employees on its payroll. The number of employees increased by 13 persons from the previous year (+15%) and decreased by 2 persons from the previous quarter.

At the end of the period, 39% of the employees worked in sales, marketing and customer services, 49% in R&D, and 12% in corporate administration.


BOARD AND AUDITORS

At the Annual General Meeting, March 20, 2014 Timo Syrjälä was elected and Päivi Hautamäki and Tatu Ylönen were re-elected to directors of the company. Timo Syrjälä was elected as the Chairman of the Board of Directors in the board´s organizing meeting.

The Authorized Public Accountants KPMG Oy Ab was re-elected as the auditor of the company with Kirsi Jantunen, KHT, as the accountant with the main responsibility.


SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE

The reported trading volume of SSH Communications Security shares totaled
1,932,205 shares (valued at EUR 5,884,613). The highest quotation was EUR 3.74 and the lowest EUR 2.71. The trade-weighted average share price for the period was EUR 3.05 and the share closed at EUR 2.78 (June 30, 2014).

Company’s principal owner Tatu Ylönen holds directly and through his company, Clausal Computing Oy, 57.7% of the company's shares, Assetman Oy holds 10.4% and Timo Syrjälä directly and through companies under his control Maijos Oy, Ekobrokers Oy and Timo Syrjälä & co 5.0%. More information about the shareholding can be obtained from the company´s web site.

No dividend or return of capital has been distributed during the reporting period.


SHARE CAPITAL AND BOARD AUTHORIZATIONS

The company’s registered share capital on June 30, 2014 was EUR 924,753.99 consisting of 30,825,133 shares.

The Annual General Meeting approved the Board of Directors’ proposal to authorize the Board of Directors to decide upon the issuing of a maximum of 6,000,000 shares as a share issue against payment or by giving stock options or other special rights entitling to shares, in accordance with Chapter 10 Section 1 of the Finnish Companies Act, either according to the shareholders’ pre-emptive right to share subscription or deviating from this right, in one or more tranches. Based on the authorization, it can be either issuing of new shares or transfer of own shares which the company possibly has in its

possession. Based on the authorization, the Board of Directors shall have the same rights as the Annual General Meeting to decide upon the issuing of shares against payment and special rights (including stock options) in accordance with

Chapter 10 Section 1 of the Finnish Companies Act. Thereby, the authorization to be given to the Board of Directors includes, inter alia, the right to deviate from the shareholders’ pre-emptive rights with directed issues providing that the company has a weighty financial reason for the deviation in respect of the share issue against payment.

Furthermore, the authorization includes the Board of Directors’ right to decide upon who are entitled to the shares and/or stock options or special rights in accordance with Chapter 10 Section 1 of the Finnish Companies Act as well as upon the related compensation, subscription and payment periods and upon the registering of the subscription price into the share capital or invested non-restricted equity fund within the limits of the Finnish Companies Act.

The authorization will be valid until the next Annual General Meeting, but will however expire at the latest on June 30th 2015.

The Annual General Meeting approved the Board of Directors’ proposal to authorize the Board of Directors to decide upon the acquiring of a maximum of 2 000 000 own shares of the company with assets belonging to the company’s non-restricted equity. This amount corresponds approximately to 6.50% of all the shares of the company. The shares can also be acquired otherwise than in proportion to the holdings of the existing shareholders (targeted repurchase). The maximum compensation to be paid for the acquired shares shall be the market price at the time of purchase, which is determined in the public

trading.

The Board of Directors proposed that the authorization for the acquiring of the company’s own shares would be used, inter alia, in order to strengthen the company's capital structure, to finance and realize corporate acquisitions and other arrangements, to realize the share-based incentive programs of the company or otherwise to be kept by the company, to be transferred for other purposes or to be cancelled. The acquisition of shares reduces the company’s distributable non-restricted equity.

Decision concerning the acquiring of own shares cannot be made so that the combined amount of the own shares which are in the possession of, or held as pledges by, the company or its subsidiaries exceeds one-tenth of all shares. The Board of Directors shall decide upon all other matters related to the acquisition of shares.

The authorization will be valid until the next Annual General Meeting, but will however expire at the latest on June 30th 2015.


RISKS AND UNCERTAINTIES

Largest risks that might impact the profitability of the company have remained by and large the same than in previous reporting period and are listed below. Other risks, which are currently either unknown or considered immaterial to SSH Communications Security may, however, become material in the future.

Largest risks:
- continuing uncertainty of the macroeconomic environment
- delays on product development and closing new business
- competitiveness of the product portfolio including intellectual property (IPR)
-  litigation, especially in U.S. market
-  competitive dynamics in the industry
-  ability of the organization to scale up operations with the growth
-  large portion of the company revenue is invoiced in USD currency so possible large fluctuation in USD currency rates during 2013 could have unpredictable effects for profitability that are at the time difficult to estimate. Currently USD currency position is not hedged, and company decides hedging of USD based contracts case by case.

Principles and organization of risk management of SSH Communications Security can be read from company´s webpage:
www.ssh.com.


FUTURE OUTLOOK

In 2014, SSH Communications Security estimates its revenue to grow significantly and profitability to improve from 2013. 


RELATED PARTY TRANSACTIONS

Clausal Computing Oy, a fully owned company of SSH Communications Security’s CEO Tatu Ylönen, has delivered the company mainly R&D services valued in total EUR 0.2 million during January-June 2014. During the reporting period there have not been any other significant related parties. Hybrid capital securities (EUR 4.0 million) of the company was subscribed by CEO Tatu Ylönen in 2012.


EVENTS AFTER THE BALANCE SHEET DATE

The SSH Communications Security´s management is not aware of any transactions that happened after the reporting period.



REPORTING

This financial statement release is prepared according to IAS 34. Financial statement release follows the same principles and standards as the previous financial statement release.  Additionally the effective changes in IAS/IFRS standards during reporting period have been adopted. These changes have no material impact on the interim report. The information presented in this interim report has not been audited.



TABLES

 

SHORT COMPREHENSIVE INCOME STATEMENT            
EUR million 4-6/
2014
4-6/
2013
1-6/
2014
1-6/
2013
1-12/
2013
 
 
               
  Net sales 3.4 3.3 6.3 6.2 13.3  
  Cost of goods sold -0.7 -0.5 -1.3 -0.9 -1.9  
  Gross profit 2.7 2.8 5.0 5.3 11.4  
  Other operating income 0.0 0.1 0.0 0.1 0.1  
               
  Sales, marketing and customer support costs -2.0 -1.8 -3.7 -3.3 -6.9  
  Product development expenses -1.1 -0.8 -2.0 -1.5 -3.0  
  Administrative expenses -0.2 -0.4 -0.7 -0.7 -1.5  
               
  Operating profit/loss -0.6 -0.1 -1.5 -0,0 0.2  
               
  Financial income and expenses 0.0 -0.0 0.0 -0.0 -0.0  
               
  Profit/loss before taxes -0.6 -0.1 -1.5 -0,0 0.2  
  Taxes -0.0 -0.0 -0.1 -0.0 -0.0  
               
  Net profit/loss for the financial period -0.6 -0.1 -1.5 -0,0 0.2  
  Minority interest 0.0 0.0 0.0 0.0 0.0  
  Other profit and loss account items:            
  Items which might be later transferred to P/L statement            
             
     Foreign subsidiary translation differences 0.0 0.0 0.0 0.0 -0.0  
     Net change in fair value of available-for-sale
   financial assets
           
  0.0 0.0  0.0 0.0 0.0  
               
  Total comprehensive income -0.6 -0.1 -1.5 -0.0 0.2  
               
  Net profit/loss attributable to:            
  Owners of the Company -0.6 -0.1 -1.5 -0.0 0.2  
  Non-Controlling interest 0.0 0.0 0.0 0.0 0.0  
               
  EARNINGS PER SHARE            
  Earnings per share (EUR) -0.02 -0.01 -0.06 0.00 -0.00  
  Earnings per share diluted (EUR) -0.02 -0.01 -0.05 0.00 -0.00  

 

 
 

SHORT BALANCE SHEET      
EUR million      
    30.6.2014 30.6.2013 31.12.2013
  ASSETS      
         
  Non-current assets      
     Tangible assets 0.2 0.2 0.2
     Intangible assets 3.5 2.5 3.1
     Investments 0.0 0.0 0.0
  Total non-current assets 3.7 2.7 3.4
         
  Current assets      
     Trade and other receivables 3.8 4.5 4.1
     Short-term financial assets 2.0 2.0 0.0
     Cash and cash equivalents 2.5 4.7 6.0
  Total current assets 8.3 11.3 10.1
         
  Total assets 12.0 14.0 13.5
         
  LIABILITIES AND SHAREHOLDERS' EQUITY      
         
  Shareholders' equity      
     Equity attributable to the parent company shareholders
   total
6.0 7.1 7.4
 
        Non-controlling interest 0.0 0.5 0.0
  Shareholders' equity total 6.0 7.6 7.4
         
  Non-current liabilities      
     Provisions 0.0 0.1 0.1
     Non-current interest-bearing liabilities 0.0 0.0 0.0
  Total long-term liabilities 0.0 0.1 0.1
         
  Current liabilities 6.1 6.2 6.0
         
  Liabilities total 6.1 6.4 6.1
         
  Total equity and liabilities 12.0 14.0  13.5
         

 


 

CASH FLOW STATEMENT      
EUR million 1-6/2014 1-6/2013 1-12/2013
         
  Cash flow from business operations -0.4 0.1 0.4
  Cash flow from investments -0.9 -0.9 -2.0
  Cash flow from financing 0.0 -1.2 -1.2
         
  Increase(+) / decrease(-) in cash -1.3 -2.0 -2.8
         
  Cash at period start 3.8 6.6 6.6
  Effect of exchange rate 0.0 0.0 0.0
  Cash at period end* 2.5 4.6 3.8

 

* cash at period end does not include investments other than mutual funds of short term interest, thus investment of 2.0 million EUR is excluded from cash at period end.
 

STATEMENT ON CHANGES IN SHAREHOLDERS' EQUITY                
 
EUR million Share capital Fair value reserves Other fund + other equity fund Translation difference Fund for own shares Non-controlling interest Unrestricted equity funds and retained earnings Total  
 
 
Shareholders' equity
Jan 01, 2013
0.9 0.2 4.1 -1.3 -1.0 0.2 3.1 6.3  
                   
Change         1.0 0.3   1.3  
Net profit             -0.0 -0.0  
                   
Shareholders' equity
Jun 30, 2013
0.9 0.2 4.1 -1.3 0.0 0.5 3.1 7.6  
 
                   
Change 0.0 0.2 0.0     -0.5   -0.3  
Net profit             0.1 0.1  
                   
Shareholders’ equity
Dec 31, 2013
0.9 0.4 4.1 -1.3 0.0 0.0 3.3 7.4  
 
                   
Change 0.0   0.0  0.0     0.1 0.1  
Net profit             -1.5 -1.5  
                   
Shareholders' equity
Jun 30, 2013
0.9 0.4 4.1 -1.3 0.0 0.0 1.9 6.0  
 



 

NET SALES BY SEGMENT            
EUR million 4-6/
2014
4-6/
2013
1-6/
2014
1-6/
2013
1-12/
2013
 
 
             
AMER 2.3 1.4 3.5 2.7 5.3  
APAC 0.5 0.3 0.9 0.7 1.5  
EMEA 0.6 1.6 1.9 2.8 6.6  
SSH Group Total 3.4 3.3 6.3 6.2 13.3  

 

GROSS MARGIN BY SEGMENT            
EUR million 4-6/
2014
4-6/
2013
1-6/
2014
1-6/
2013
1-12/
2013
 
 
             
AMER 1.5 1.4 2.7 2.7 5.3  
APAC 0.5 0.3 0.8 0.7 1.5  
EMEA 0.8 1.1 1.6 1.9 4.7  
SSH Group Total 2.7 2.8 5.0 5.3 11.4  

 

OPERATING PROFIT AND LOSS BY SEGMENT            
EUR million 4-6/
2014
4-6/
2013
1-6/
2014
1-6/
2013
1-12/
2013
 
 
             
AMER 0.8 0.2 0.9 0.5 0.8  
APAC 0.3 0.1 0.5 0.4 0.7  
EMEA 0.6 0.9 1.0 1.7 4.0  
Common Group expenses -2.3 -1.3 -3.9 -2.7 -5.4  
SSH Group Total -0.6 -0.1 -1.5 -0.0 0.2  


* Common Group expenses include Group administration expenses (e.g. management and finance) and product management and R&D expenses for corporate headquarters.
 

KEY FIGURES AND RATIOS        
EUR million 1-6/
2014
1-6/
2013
1-12/
2013
 
 
         
Net sales 6.3 6.2 13.3  
Operating profit/loss -1.5 -0.0 0.2  
Operating profit/loss as % of net sales -23.7 -0.3 1.3  
Profit/loss before extraordinary items and taxes -1.5 -0.0 0.2  
Profit/loss before extraordinary items and taxes as % of net sales -23.4 -0.4 1.1  
 
Profit/loss before taxes -1.5 -0.0 0.2  
Profit/loss before taxes as % of net sales -23.4 -0.4 1.2  
Return on equity (%) -23.1 -7.2 2.2  
Return on investment (%) -22.1 -4.7 1.9  
Interest-bearing net liabilities -4.6 -6.6 -6.0  
Equity ratio (%) 68.8 79.3 76.6  
Gearing (%) -77.4 -88.4 -80.1  
Gross capital expenditure 0.9 0.9 2.0  
   % of net sales 14.5 13.8 14.7  
R&D expenses 2.0 1.5 3.0  
   % of net sales 31.7 24.7 22.3  
Personnel period average 100 78 85  
Personnel period end 99 86 99  


Calculation for key figures and ratios are presented in 2013 financial statement and annual report. There have not been changes in calculation rules after that.

 

PER SHARE DATA        
EUR 1-6/
2014
1-6/
2013
1-12/
2013
 
 
         
Earnings per share undiluted* -0.06 0.00 -0.00  
Earnings per share diluted* -0.05 0.00 -0.00  
Equity per share 0.19 0.20 0.24  
No. of shares at period average (thousand) 30 753 30 751 30 751  
No. of shares at period end (thousand) 30 825 30 751 30 751  
Share performance        
   Average price 3.05 1.28 2.11  
   Low 2.71 0.75 0.75  
   High 3.74 2.23 4.50  
Share price period end 2.78 1.70 2.91  
Market capitalization period end (EUR million) 85.7 52.3 89.5  
Volume of shares traded (million) 1.9 5.2 9.9  
Volume of shares traded as % of total 6.3 16.8 33.4  
Value of shares traded (EUR million) 5.9 7.2 20.8  
Price per earnings ratio (P/E) - - neg.  
Dividend per share 0.00 0.00 0.00  
Dividend per earnings, % 0.00 0.00 0.00  
Effective return on dividend, % 0.00 0.00 0.00  


* earnings per share is impacted by unpaid interest of hybrid capital securities
 

CONTINGENT LIABILITIES        
EUR million 30.6.2014 30.6.2013 31.12.2013  
 
         
Rent security deposits 0.1 0.1 0.1  
Leasing commitments outside the balance sheet        
 
   Maturing within 1 year 0.5 0.5 0.5  
   Maturing between 1 and 5 years 0.1 0.1 0.4  

At the time of reporting, unpaid interests of the hybrid loan was EUR 0.4 million.



DISCLAIMER

The content in this report is provided by SSH Communications Security  and its third party content providers for your personal information only. And does not constitute an offer or invitation to purchase any securities. Nor does it provide any form of advice (investment. tax. legal) amounting to investment advice. Or make any recommendations regarding particular investments or products. SSH Communications Security does not provide investment advice or recommendations to buy or sell its shares or the shares of others. If you are interested in investing in SSH Communications Security, please contact your financial adviser for further details and information. Past performance of SSH Communications Security  shares is not indicative of future results. EXCEPT AS PROVIDED BY APPLICABLE COMPULSORY LAW SSH COMMUNICATIONS SECURITY EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED. AS TO THE AVAILABILITY, ACCURACY OR RELIABILITY OF ANY OF THE CONTENT PROVIDED, OR AS TO THE FITNESS OF THE INFORMATION FOR ANY PURPOSE.

SSH Communications Security will release its next interim report for period January 1 – September 30, 2014 on October 22, 2014.

Helsinki, July 23, 2014


 

SSH COMMUNICATIONS SECURITY

Board of Directors

Tatu Ylönen
CEO


For further information, please contact:
Tatu Ylönen, CEO. tel. +358 20 500 7000
Jyrki Lalla, CFO, tel. +358 45 340 4641


Distribution:
NASDAQ OMX Helsinki Ltd.
Major media
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About SSH Communications Security

Founded in 1995, SSH Communications Security is the company that invented the SSH protocol - the gold standard protocol for data-in-transit security. Today, over 3,000 customers across the globe - including seven of the Fortune 10 - trust our Information Assurance Platform to secure the path to their information assets. We enable and enhance business for thousands of customers in multiple industries in the private and public sectors around the world. A fast-growing company, SSH Communications Security operates in the Americas, Europe, and APAC regions, with headquarters located in Helsinki, Finland. The company’s shares (SSH1V) are quoted on the NASDAQ OMX Helsinki.