Helsinki, Finland -
October 22, 2003
SSH interim report for January 1 - September 30, 2003
- Net sales for January-September totaled EUR 11.0 million, down 11
percent (EUR 12.4 million in 2002).
- Operating loss shrank by two thirds, year-on-year, to EUR -4.0
million (operating loss of EUR 11.9 million). The corresponding
period last year was burdened by non-recurring restructuring costs
of EUR 4.8 million.
- After the third quarter, SSH no longer pays royalties to F-Secure
Corporation, which improves significantly SSH's sales margin.
- SSH Tectia(TM), launched in September and based on an innovative
data security architecture, is expected to increase the average
size of contracts and strengthen SSHs competitiveness in the
enterprise markets. November will see the delivery of the major
related new products for the current Secure Shell customers.
- In October, SSH announced that it would divest its OEM business
to SafeNet, Inc., based in the USA, for about EUR 12 million, which
will improve almost in full the profit for 2003.
- As a result of the OEM divestment, SSH expects its net sales for
2003 to decrease to about EUR 14 million, but the company will make
a significant profit for the whole year.
KEY FIGURES
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2003 2002 2003 2002 2002
Net sales, EUR million 3.3 3.9 11.0 12.4 16.8
Net sales, change % -14.1 -12.6 -11.2 -17.3 -15.4
Operating profit/loss, -0.8 -2.1 -4.0 -11.9 -14.1
EUR million
% of net sales -24.1 -55.0 -36.7 -96.2 -83.7
Operating profit/loss, 61.5 -4.6 66.2 -173.3 -109.3
change %
Profit/loss before -0.8 -2.0 -4.0 -11.9 -13.6
extraordinary items and
taxes, EUR million
% of net sales -24.6 -51.9 -36.0 -95.8 -81.0
Number of employees, 131 156 131 156 147
period-end
Earnings/share, EUR -0.14 -0.43 -0.49
Equity/share, EUR 1.16 1.37 1.30
NET SALES
Consolidated net sales for January-September totaled EUR 11.0
million (EUR 12.4 million), down by 11 percent, year on year.
Third-quarter net sales of EUR 3.3 million (EUR 3.9 million) fell
by 14 percent over the previous year. This fall was particularly
due to the three following factors relevant to the company:
- In September, SSH launched its SSH Tectia solution, absorbing
marketing and sales resources to the detriment of other products,
albeit on a temporary basis.
- Arrangements for divesting the OEM business to SafeNet, Inc.
rescheduled several key OEM contracts into the fourth quarter,
and significantly refocused management attention on this complex
transaction during the third quarter.
- The US dollar continued to weaken against the euro, as evidenced
by the January-September fall of almost 17 percent, year on year.
The majority of SSHs invoicing is based on US dollars.
RESULTS AND EXPENSES
SSH was successful in continuing to trim its costs during January-
September while reducing its operating loss to almost a third of
the 2002 level. Operating loss for the period came to EUR -4.0
million (a loss of EUR 11.9 million), net loss totaling EUR -4.0
million (a loss of EUR 11.9 million). In 2002, the January-
September operating result was burdened by the non-recurring
expenses of EUR 4.8 million caused by company restructuring.
Third-quarter operating loss came to EUR -0.8 million (a loss of
2.1 million) while the same period showed a net loss of EUR -0.8
million (a loss of EUR 2.1 million).
SSHs cost-cutting measures yielded positive results during the
report period, and fixed expenses continued to fall steadily,
decreasing by about EUR 3.1 million year on year, excluding non-
recurring company restructuring expenses. Cost-cutting measures
applied to payroll and other operating costs, on a fifty-fifty
basis.
Research and development expenses for January-September totaled EUR
4.0 million (EUR 6.6 million). Sales and marketing expenses for the
period came to EUR 6.9 million (EUR 11.4 million), while
administrative expenses amounted to EUR 2.2 million (EUR 3.5
million).
Third-quarter R&D expenses totaled EUR 1.1 million, while a year
ago they were EUR 1.5 million. Sales and marketing expenses for the
same period amounted to EUR 2.0 million (EUR 3.0 million) while
administrative expenses totaled EUR 0.6 million (EUR 0.9 million).
SSH will continue to enhance its operational efficiency and pursue
a tight cost control policy. In line with the companys strategy
built around SSH Tectia, SSH will be able to speed up the
development of all of its operations, since unrelated Development,
Marketing and Sales activities for the OEM business will be
eliminated, to enable focusing all resources to meet the needs of a
broad, but homogeneous group of customers.
BALANCE SHEET AND FINANCIAL POSITION
SSHs financial position remained solid and strong during the
report period. Consolidated balance sheet total on September 30,
2003 stood at EUR 35.2 million (EUR 44.2 million), of which liquid
assets accounted for EUR 28.6 million (EUR 35.5 million), or 81.3
percent (80.6 percent) of the balance sheet total. The Group has no
long-term liabilities other than the subordinated loan of EUR 0.2
million granted by the National Technology Agency (Tekes).
Gearing, or the ratio of net liabilities to shareholders equity,
was -89.2 (-92.9) at the end of the third quarter. The equity ratio
met with a favorable development, coming to 95.2 percent (88.6
percent) on September 30, 2003.
The reported gross capital expenditure for the period totaled EUR
0.8 million (EUR 0.3 million), consisting mainly of software
investment for business purposes. The reported financial income
consisted of interest income and investment income. Financial
income and expenses for the period totaled EUR 0.08 million,
compared to EUR 0.05 million in the previous year. The increase in
the value of bond funds, worth EUR 0.4 million, has not been
recognized as income.
MARKET DEVELOPMENTS
By and large, SSH's customers continued to pursue a cautious
investment policy, postponing their investment decisions until a
later date.
In North America, the companys main market area, growing IT
budgets of large corporations, financial institutions and the US
government sector also involved increasing IT allocations to data
security. However, under continued budget pressures, many customers
are carefully analyzing the costs and benefits involved, and,
consequently, they have come to realize the opportunities provided
by the centrally managed SSH Tectia solution for cutting total
costs and managing risks more effectively. This trend is also
partly due to the increase in warnings related to the vulnerability
of free data security software versions.
Europe, for its part, did not begin to show increasing interest in
data security until the end of the third quarter, and the most
interesting countries in Europe for SSH include Germany, the UK and
Switzerland. In particular, there were positive signals in the
response to the company's Public Key Infrastructure (PKI) based
products targeted at enterprises.
SSH is confident that the SSH Tectia solution will strengthen its
competitive position in the US market for enterprises, financial
institutions, and government agencies. As the worlds leading
provider of managed security middleware, SSH holds a unique
position and SSH Tectia solution does not have direct competitors
in the enterprise security markets.
According to SSH, the company has maintained its share in the
market for data security products for hardware and software
manufacturers.
SALES PERFORMANCE
SSHS NET SALES
EUR million 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 1-12/
2003 2003 2003 2002 2002 2002
BY SEGMENT
AMER 1.2 1.8 2.0 2.0 1.5 7.1
APAC 0.7 0.7 0.3 0.8 0.5 2.2
EROW 1.4 1.6 1.3 1.6 1.9 7.5
SSH Group total 3.3 4.1 3.6 4.4 3.9 16.8
BY PRODUCT*
Enterprise Security 1.8 3.0 2.0 3.2 2.5 10.4
Products
OEM products 1.5 1.1 1.6 1.2 1.4 6.4
SSH Group total 3.3 4.1 3.6 4.4 3.9 16.8
* Due to changes in the product portfolio, the figures for 2002 are
not completely comparable with those for 2003.
By focusing on large enterprises, financial institutions and public
sector organizations, SSH succeeded in increasing the average size
of potential customer contracts during the report period. As a
result, however, the sales process has become longer, which was
reflected in third-quarter sales of products targeted at large
enterprises.
In SSHs main market areas, the mild upturn in the purchasing
activity of both end-user organizations and hardware and software
manufacturers has not yet been reflected in major improvements in
sales. The postponement of certain SSH Tectia based product
deliveries until the next quarter caused some customers to put off
their final purchasing decisions.
The Americas, Asia Pacific, and Europe and the Rest of the World
accounted for 45.4 percent (40.8 percent), 15.3 percent (11.1
percent) and 39.3 percent (48.0 percent) of reported net sales,
respectively. Although the USA remained SSHs main market area
during the report period, its share fell over the previous quarter,
due mainly to the larger deal sizes and consequent longer sales
cycles stated above and delayed product development, which was
reflected especially in sales of enterprise security products for
US companies.
During the third quarter, Europe increased its share of SSHs net
sales over the second quarter, due mainly to lower US sales. Year
on year, Europes share of consolidated net sales for the report
period fell by less than 10 percent. Asia Pacific maintained its
third-quarter share at the second-quarter level, but showed a
marked year-on-year improvement.
In line with its strategy, SSH focused its sales on Enterprise
Security Products targeted at end-user companies, their share of
the companys net sales showing a growth, year on year. Accounting
for 61.2 percent (58.1 percent) of reported net sales, Enterprise
Security Products incorporate the SSH Tectia solution, consisting
of the end-user versions of the former SSH Secure Shell product
family, the SSH Certifier product family and IPVia hardware
technology license fees. Similarly, OEM products for hardware and
software manufacturers accounted for 38.8 percent (41.9 percent) of
reported net sales. This product group includes Toolkit and SSH
Sentinel products.
During the report period, SSH concluded 13 customer agreements each
worth more than EUR 100,000, 4 of which during the third quarter.
SSHs ten largest customers accounted for 34.9 percent of reported
net sales. However, none of the customers represents over 10
percent of the net sales, i.e. the company does not depend on a
single customer.
In September, SSH announced a major distributor agreement with Lyme
Computer Systems. Similar to the agreement concluded with iGov.com
in the second quarter, Lyme Computer Systems will provide the US
government sector with a broad range of SSHs products.
During the third quarter, SSH and Fujitsu Invia entered into a
partnership in providing Nordic healthcare organizations with SSH
Tectia Certifier software (formerly SSH Certifier (TM)) designed
for the creation and management of digital certificates, with the
first SSH Tectia Certifier sale to the Hospital District of
Varsinais-Suomi.
PRODUCTS AND MARKETING
In line with its long-term strategy, SSH focused its sales and
marketing efforts on serving large enterprises, financial
institutions and government agencies, as well as selected hardware
and software manufacturers in the USA, Europe and Asia.
In particular, SSH Tectia, a solution based on an innovative data
security architecture SSH launched in September, required
significant marketing and sales resources during the third quarter.
Dedicated efforts to develop SSH Tectia, which falls into the new
managed security middleware product category, is part of the
strategic decision previously announced by SSH to meet the
increasing data security needs of large corporations.
This innovative middleware operating between corporate information
system infrastructure and business applications will secure both
the related internal and external data communications, the
solutions key features including centralized management and
transparency and ease-of-use to end-users.
During the third quarter, SSH joined the RSA Secured Partner
Program launched by RSA Security, a US company. This partnership
will enable SSHs customers to make more efficient use of their SSH
Tectia Client/Server software (former SSH Secure Shell for
Workstations/for Servers products) interoperable with RSAs popular
RSA SecurID(R), an authentication solution.
FIPS 140-2 certification by NIST (U.S. National Institute of
Standards and Technology), as stated in the previous interim
report, for the company's crypto module used in many of SSHs
products is now in the final stages. SSH now expects the
certification during the next few weeks, which is expected to
support SSHs marketing and sales efforts in its selected customer
segments.
RESEARCH AND DEVELOPMENT
January-September R&D expenses totaled EUR 4.1 million (EUR 6.6
million), accounting for 37.6 percent of net sales (53.1 percent).
The marked decrease in R&D expenses was mainly due to the
discontinuance of VPN hardware and software development, and the
focus of R&D resources on software products in line with the
companys new business strategy. During the third quarter, the
company put dedicated efforts into the development of products
based on the SSH Tectia solution.
Since the beginning of 2003, SSH has adopted an accounting
principle complying with the IAS standard for its R&D expenditure,
according to which it will capitalize only the product development
expenses caused by the commercialization of new products at the end
of R&D processes. Such R&D expenses incurred during the third
quarter totaled EUR 0.1 million, resulting from the
commercialization of the new SSH Tectia Manager solution. SSH will
continue to expense the majority of its R&D expenses.
At the end of September, SSH held five patents while 36 were
pending.
HUMAN RESOURCES AND ORGANIZATION
At the end of the report period, the Group had 131 employees on its
payroll. The number of employees decreased by 25 over the previous
year (-16.6 percent). During the third quarter, company employees
reduced by two over the second quarter of 2003.
At the end of the period, 47.3 percent of the personnel worked in
R&D, 39.7 percent in sales and marketing, and 13.0 percent in
administration.
After the report period, approximately 25 SSH employees will join
SafeNet, Inc.s payroll, as a result of SSHs OEM business
divestment.
SHARES AND SHAREHOLDING
The reported trading volume of SSH Communications Security Corp
shares totaled 5,286,666 (valued at EUR 5,994,713.07), i.e. 19.1
percent of the shares changed hands. The highest quotation was EUR
2.36 and the lowest EUR 0.61. The trade weighted average price for
the period amounted to EUR 1.13, and the share closed at EUR 1.91
(on September 30, 2003).
There were no substantial changes in SSH Communications Security
Corps shareholding during the period. Applied Computing Research
(ACR) Oy still holds 61.2 percent of the companys shares.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
SSHs AGM of April 29, 2003 authorized the Board to decide to
increase share capital through a rights issue and/or grant stock
options or issue bonds with warrants, or convertible bonds, in such
a way that the resultant share capital may exceed by a maximum of
EUR 120,000.
The AGM approved SSHs new stock-option schemes. On the basis of
the stock-option scheme I/2003, the company may offer its personnel
a maximum of 625,000 stock options. Each stock option entitles the
holder to subscribe for one SSH Communications Security Corp share,
at a nominal value of 3 cents. Depending on the type of warrant,
the subscription period will begin in several tranches, on May 1,
2004, May 1, 2005, May 1, 2006, and end on May 1, 2009, for all
stock options. The share subscription price is the closing price of
SSH shares, as quoted in continuous trading on the Helsinki
Exchanges on May 6, 2003 (EUR 0.87), plus 10 percent, and rounded
upwards to the nearest ten cents. As a result of these
subscriptions, the companys share capital may rise by a maximum of
EUR 18.750.
On the basis of the II/2003 stock-option scheme, SSH may offer its
personnel in the USA a maximum total of 75.000 stock options. Each
stock option entitles the holder to subscribe for one SSH
Communications Security Corp share, at a nominal value of 3 cents.
Depending on the type of warrant, the subscription period will
begin in several tranches, on May 1, 2004, May 1, 2005, May 1, 2006
and May 1, 2007, and end on April 29, 2013, for all stock options.
The share subscription price is the closing price of SSH shares, as
quoted in continuous trading on the Helsinki Exchanges on May 6,
2003 (EUR 0.87), plus 10 percent, and rounded upwards to the
nearest ten cents. As a result of these subscriptions, the
companys share capital may rise by a maximum of EUR 2,250.
At the end of the report period, on September 30, 2003, SSHs share
capital came to EUR 831.908,07, totaling 27,730,269 shares at a
nominal per-share value of EUR 0.03.
EVENTS AFTER THE REPORT PERIOD
On October, SSH agreed to sell its OEM business, consisting of the
SSH's OEM Product group and VPN hardware businesses, to SafeNet,
Inc. (NASDAQ: SFNT), a US company, for about USD 14 million, or
approximately EUR 12 million, payable in cash.
The price will be specified during the business transfer, the so-
called Closing period. Fulfilling the standard terms and conditions
governing the conclusion of agreements is required to finalize the
agreement, which is expected to take place by mid-November 2003. On
that date, SSH will transfer its OEM business, including an
estimated number of 25 employees, to SafeNet.
This divestment is a manifestation of SSHs re-focused strategy
whereby the company focuses on its core business, i.e. serving
large enterprises, banks and other financial institutions, as well
as public sector organizations.
PROSPECTS
As a result of the OEM business divestment, SSH will revise its
2003 net sales and profit estimates issued earlier this year. SSHs
previous estimations suggested that if SSH succeeds well in
improving its sales and achieving the targeted EUR 18 million net
sales, it is still well positioned to show a profit on the latter
half of the year.
As a result of the OEM divestment, SSH expects its net sales for
2003 to decrease to about EUR 14 million, but the company will make
a significant profit for the whole year, because the about EUR 12
million received from the sale of the OEM business will improve
almost in full SSH's profit for 2003. Also, the expiry of
contractual royalties at the end of the third quarter paid to F-
Secure Corporation, entered as purchasing and production costs,
will contribute to the companys profit.
SSH expects the market situation and customers purchasing behavior
to remain challenging during the rest of the year. The company will
invest in the development of its core business, while focusing on
selling its SSH Tectia solution to large enterprises, financial
institutions and government agencies.
SSH Tectia is expected to increase the average size of contracts,
while contributing to long-term customer relationships based on SSH
Tectia solution based system implementation programs.
INCOME STATEMENT
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2003 2002 2003 2002 2002
Net sales 3.3 3.9 11.0 12.4 16.8
Purchase and production -0.5 -0.9 -2.5 -3.5 -4.6
costs
Gross margin 2.8 3.0 8.5 8.9 12.2
Expenses
R&D -1.1 -1.5 -4.0 -6.6 -8.2
Sales and marketing -2.0 -3.0 -6.9 -11.4 -14.7
Administration -0.6 -0.8 -2.2 -3.5 -4.3
Other operating income 0.2 0.2 0.5 0.7 0.9
Operating profit/loss -0.8 -2.1 -4.0 -11.9 -14.1
Financial income and 0.0 0.1 0.1 0.0 0.5
expenses
Profit/loss before -0.8 -2.1 -4.0 -11.9 -13.6
extraordinary items and
taxes
Profit/loss before -0.8 -2.1 -4.0 -11.9 -13.6
taxes
Taxes* 0.0 0.0 0.0 0.0 0.0
Net profit/loss for the -0.8 -2.1 -4.0 -11.9 -13.6
period
* Taxes are proportionate to the net profit for the period, and no
deferred tax assets are recorded for the accrued loss.
1-9/ 1-9/ 1-12/
2003 2002 2002
Earnings per share, EUR -0.14 - -0.49
0.43
Earnings per share -0.14 - -0.49
(diluted), EUR 0.42
BALANCE SHEET
EUR million Sept.30, Sept.30, Dec.31,
2003 2002 2002
ASSETS
Fixed and other non-
current assets
Intangible assets 1.5 1.0 1.0
Tangible assets 0.3 0.7 0.6
Inventories and current
assets
Inventories 0.5 0.8 0.8
Short-term receivables 4.2 6.2 4.9
Short-term investments 20.6 20.0 20.4
Cash in hand and at 8.0 15.5 14.3
bank
Total assets 35.2 44.2 42.0
LIABILITIES AND
SHAREHOLDERS EQUITY
Shareholders equity 32.1 38.2 36.2
Obligatory provisions 1.7 1.5
Liabilities 3.2 4.4 4.3
Total liabilities and 35.2 44.2 42.0
shareholders equity
CASH FLOW STATEMENT
EUR million 1-9/ 1-9/ 1-12/
2003 2002 2002
Cash flow from business -5.1 -8.9 -9.5
operations
Cash flow from investments -0.8 -0.2 -0.4
Cash flow from financing 0.0 0.0 0.0
Change in liquid assets/increase -6.1 -9.1 -9.9
(+), decrease (-)
Liquid assets at period-start 34.7 44.2 44.6
Liquid assets at period-end* 28.6 35.5 34.7
* liquid assets consist of cash in hand and at bank, as well as
other securities.
STATEMENT ON
CHANGES IN
SHARE-
HOLDERS
EQUITY
EUR million Share Issue Retained Net Subord Total
capital premium profit profit/ inated
fund /loss loss loan
for the
period
Shareholders 0.8 54.6 -5.5 0.0 0.2 50.1
equity
January 1,
2002
Shareholders 0.8 54.6 -5.6 -11.9 0.2 38.2
equity June
30, 2002
Shareholders 0.8 54.6 -5.9 -13.6 0.2 36.2
equity
December 31,
2002
Shareholders 0.8 41.0* -5.9* -4.0 0.2 32.1
equity
September 30,
2003
* = According to the decision made by the Annual General Meeting on
April 29, 2003, the loss shown in the balance sheet has been
covered by reducing the issue premium fund of the parent company.
NET SALES BY SEGMENT
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2003 2002 2003 2002 2002
AMER 1.2 1.5 5.0 5.1 7.1
APAC 0.7 0.5 1.7 1.4 2.2
EROW 1.4 1.9 4.3 5.9 7.5
SSH Group total 3.3 3.9 11.0 12.4 16.8
EBIT BY SEGMENT
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2003 2002 2003 2002 2002
AMER -0.4 -0.6 -0.8 -6.3 -6.6
APAC 0.1 -0.4 -0.3 -1.3 -0.9
EROW 2.3 0.9 3.7 2.2 2.8
Common Group Expenses* -2.9 -1.9 -6.6 -7.4 -9.4
SSH Group total -0.8 -2.1 -4.0 -11.9 -14.1
* Common Group Expenses include Groups administration expenses
(e.g. Management, Finance) and headquarters Product Management and
R&D expenses.
KEY FIGURES
1-9/ 1-9/ 1-12/
2003 2002 2002
Net sales, EUR million 11.0 12.4 16.8
Operating profit/loss, EUR -4.0 -11.9 -14.1
million
Operating profit/loss, % of net -36.7 -96.2 -83.7
sales
Profit/loss before extraordinary -4.0 -11.9 -13.6
items and taxes, EUR million
Profit/loss before extraordinary -36.0 -95.8 -81.0
items and taxes, % of net sales
Profit/loss before taxes, EUR -4.0 -11.9 -13.6
million
Profit/loss before taxes, -36.0 -95.8 -81.0
% of net sales
Return on investment, % -30.6
Return on equity, % -31.7
Interest-bearing net -28.4 -35.2 -34.5
liabilities, EUR million
Equity ratio, % 95.2 88.6 88.9
Net gearing, % -89.2 -92.9 -95.8
Gross capital expenditure, 0.7 0.3 0.4
EUR million
% of net sales 6.3 2.7 2.6
Investments, EUR million 0.8 0.3 0.4
% of net sales 7.5 2.7 2.6
R&D expenses, EUR million 4.0 6.6 8.2
% of net sales 36.4 53.1 49.0
Personnel, on average 136 166 166
Personnel, period-end 131 156 147
PER-SHARE DATA
1-9/ 1-9/ 1-12/
2003 2002 2002
Earnings/share, EUR (undiluted) -0.14 -0.43 -0.49
Earnings per share, EUR -0.14 -0.42 -0.49
(diluted)
Equity/share, EUR 1.16 1.37 1.30
Volume of shares, period-end, 27 730 27 711 27 702
1000
Share performance, in EUR
Average price 1.13 2.35 1.66
Low 0.61 0.98 0.60
High 2.36 3.65 3.70
Share price, period-end 1.91 0.98 0.75
Market capitalization, period- 53.0 27.1 20.8
end, EUR million
Volume of shares traded, 5.3 2.4 4.3
million
Volume of shares traded, 19.1 8.6 15.5
% of total
Value of shares traded, EUR 5.9 5.6 7.1
million
Price-earnings ratio (P/E) -1.6
CONTINGENT LIABILITIES
EUR million Sept.30, Sept. Dec.
2003 30, 31,
2002 2002
Assets pledged
Rental liabilities 1.2 1.2 0.8
Leasing liabilities 0.2 0.2 0.3
The social overhead expense based on stock options exercisable in
the future would be EUR 34,211, calculated using the closing price
of the companys share at EUR 1.91.
The figures are unaudited.
SHAREHOLDERS
The companys 10 largest shareholders, excluding nominee-registered
shareholders, were on September 30, 2003 as follows:
Applied Computing Research (ACR) Ltd. 61.2%
Ylönen Tatu 3.7%
Nixu Oy 1.8%
Promotion Capital I Ky 1.7%
Ilmarinen Mutual Pension Insurance Company 1.7%
Grahn Juha 1.4%
Assetman Oy 1.4%
Kaukonen Kalle 1.3%
Markula Jussi 0.9%
Kaleva Mutual Pension Insurance Company 0.8%
Total 76.1%
FINANCIAL REPORTING
A briefing on this interim report for analysts and the media will
be presented at the auditorium on the 1st floor of SSHs head
office at Fredrikinkatu 42, Helsinki, Wednesday, on October 22,
2003, starting at 11:00 a.m. Entrance from the corner of
Fredrikinkatu and Malminkatu.
SSH Communications Security Corp will release its next interim
report and financial statements for January 1-December 31, 2003 in
February 2004. Further information will be available on the
companys website in due course.
Helsinki, October 22, 2003
SSH COMMUNICATIONS SECURITY CORP
Board of Directors
Arto Vainio
CEO
CEO
Arto Vainio
Tel: +358 20 500 7400
Investor Relations/CFO
Mika Peuranen
Tel: +358 20 500 7419
E-mail: 
© 2003 SSH Communications Security Corp. All rights reserved. ssh® is a registered trademark of SSH Communications Security Corp in the United States and in certain other jurisdictions. All other names and marks are property of their respective owners.