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1994-03-10
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MCAFEE ASSOCS INC (MCAF) CUSIP number: 57905710
COM Exchange: K
Date Time Volume High Low Last Change
-------- ----- ---------- -------- -------- -------- --------
3/10/94 3:53 11,100 8 1/2 8 8 -0 1/2
CUSIP # Ticker Class SIC Beg Hist Last Update
--------- ------ ------ ----- ------------------ ------------------
57905710 MCAF Equity 7372 October 6, 1992 March 9, 1994
Exchange Code: National Exchange
Company & Issue: MCAFEE ASSOCS INC, COM
Issue Type: Common Stock, No Special Margin Status
Issue Status: Active, No Special Status
Earnings Date 12 Mo EPS I.A. Dividend Yield Shares Outstanding
------------------ --------- ------------- --------- ------------------
December 31, 1993 $.610 N/A .000% 11,188,000
52-Week High: 10 3/4 on Aug-25-1993
52-Week Low: 4 1/2 on Oct-19-1993
Trading Status: Regular Trading
Risk Measures
-------------
Standard & Poor's Quality Rating: NR
Beta Coefficient Using S&P 500 As "The Market": 0.000
Beta Centile Rank: 0
MCAFEE ASSOCIATES INC
President's Letter
(FROM ANNUAL REPORT TO SHAREHOLDERS)
TO OUR STOCKHOLDERS
Our objective in producing this, our first annual report, is to allow our
stockholders and customers a glimpse at our business approach. An approach
which, by its very nature, is different than other software companies. That's
why you won't find our products in elaborately designed boxes containing a
dozen diskettes and intimidating 300-page installation and instruction manuals.
Instead, we design our software to be distributed through the electronic
channel, a superior method of delivery that allows users around the world
instant access to our software through electronic bulletin board systems
(BBSs). Electronic distribution enables us to provide better products that can
be internally distributed by our users at minimal cost and with minimal effort.
Our products are designed from the ground up to be delivered electronically.
Documentation is integrated into the product, so there are no thick manuals to
read. This results in user friendly products that require minimal support.
Updates and new products are available to our users faster than the competition
can offer. And we take great pride in providing the best and most responsiveHPress <CR> for more !
H MCAFEE ASSOCIATES INC
President's Letter (Cont.)
support in the industry. These elements comprise our strategy, what we call The
McAfee Approach.
We believe that The McAfee Approach - the idea of reaching millions of
users faster and more frequently than anyone using traditional distribution
channels - is a compelling and critical advantage.
EXPLORING THE POSSIBILITIES OF ELECTRONIC DISTRIBUTION. At McAfee, our
product development strategy is to exploit the opportunities for electronic
distribution of software. Since our founding McAfee has concentrated on market
share and the creation of brand equity with respect to virus protection
software. Through our superior anti-virus products and growing marketing
efforts, we believe we have achieved a dominant share of the anti-virus
software market. Our anti-virus products continue to detect more viruses than
any competing products, and we remain the best in the industry for the number
and frequency of updates.
In 1992, several new software products were introduced in the general
purpose utility category, including TARGET, CONFIGURATION MANAGER, and mostHPress
MCAFEE ASSOCIATES INC
President's Letter (Cont.)
recently, PRO-VIEW. These products marked our strategic move beyond anti-virus
software leader to a developer of general purpose utility software for
electronic distribution. In addition, we are also expanding our product
platforms beyond DOS-based software to include Windows, OS/2 and NetWare for
Novell.
Thus far, we have only tapped a small part of the potential for the
electronic distribution of software. The opportunities in this field are
immense. For the foreseeable future, McAfee will continue developing advanced
utility software and acquire other products applicable to our distribution
channel and business model.
SPEED, SUPPORT AND SERVICE: A FORMULA FOR SUCCESS. We consider the essence
and true value of software products to be magnetic moments. Using electronic
distribution, these moments can move at the speed of light to millions of users
through our bulletin board system or online services such as CompuServe and
Internet. Duplicating software onto diskettes, packaging diskettes with hard
copy documentation in boxes, shrink wrapping the contents, and shipping the
product to distributors and retail outlets throughout the world, greatly slowsHPress <CR> for more !
H MCAFEE ASSOCIATES INC
President's Letter (Cont.)
the delivery of software to customers, prolongs the wait for updates and
product enhancements, and does little to enhance the value of the product.
McAfee has none of those constraints since we refuse to inhibit the flow of
software with packaging. Thus we get to market faster and combine this speed
with one of the finest technical and customer support teams in the industry.
FROM A COTTAGE INDUSTRY TO A PUBLIC COMPANY IN 1992. This past year was
truly transitional for McAfee Associates as we built our infrastructure and
expanded our product line. all functional areas of the company were
significantly expanded in 1992, including product development, customer support
and technical support. Our management team was strengthened with the additions
of Bil McKiernan as president and Dan McCammon as chief financial officer. A
comprehensive technical infrastructure in the form of a sophisticated telephone
system capable of tracking, queuing and routing calls, networked workstations
integrated with fax servers and a prospect database, was installed in the
customer support group. This has significantly enhanced workflow and increased
prospect follow-up.
We have refocused our marketing efforts by taking a more proactiveHPress <CR> for more !
H MCAFEE ASSOCIATES INC
President's Letter (Cont.)
approach, while at the same time maintaining our commitment to helping the
customer. McAfee now has 172 agents around the world, including 104 in North
America and 68 agents in 51 countries. These agents are important to our
success, and were responsible for one-third of the licensing activity for the
year.
On October 6, 1992, we completed an initial public offering. Our efforts
for the year reached an apex as we reported recorded net revenue and pro forma
earnings, making 1992 our most successful year ever.
OVER 15,000 CUSTOMERS BOOST LICENSING, ADD TO DEFERRED REVENUE. For the
year ended December 31, 1992, McAfee licensed more users than ever before. In
fact, 66 of the Fortune 100 companies are licensed McAfee customers. Net
revenue increased 98% in 1992, to $13.7 million, compared to $6.9 million for
the prior year. Net revenue is based on license bookings, and is recognized
ratably over the two-year license term. Substantially all net revenue is
currently attributable to our anti-virus products. However, we expect revenue
from non-antivirus software to increase considerably over the coming years as
the product line is expanded and our marketing efforts increase. HPress <CR> for more !
H MCAFEE ASSOCIATES INC
President's Letter (Cont.)
Deferred revenue from licensing bookings exceeded $16.1 million, a 55%
increase over 1991. This deferred revenue will be recognized as revenue during
the next two years.
Pro forma net income for the year ended December 31, 1992, was $6.36
million, or 57 cents per share, compared to $3.15 million, or 29 cents per
share, for the year ended in 1991. Pro forma net income increased 102% in 1992.
It is our ability to get user-friendly products to our customers faster,
respond to problems quicker and release updates more frequently, that has set
us apart from our competition. Our successful approach to software development
and distribution has been recognized, as McAffee swept honors in
Computerworld's 1992 Brand Preference Study (anti-virus category) for best
service and support, best price/performance, best technology, most copies
installed, and the software company people prefer doing business with. As we
look to 1993, we believe we will maintain our leadership position in the
anti-virus category and, though introductions of new products, expand the
market for electronically distributed software. HPress <CR> for more !
H MCAFEE ASSOCIATES INC
President's Letter (Cont.)
We thank you for your interest in McAfee Associates and look forward to
another exciting year of providing superior products, at the best prices, all
backed by outstanding support.
Sincerely,
John D. McAfee Chief Executive Officer, Chairman of the Board
William S. Mckiernan President, Chief Operating Officer
J. Daniel McCammon Chief Financial Officer
10/ 6/92 through 3/ 9/94
MCAFEE ASSOCS INC
COM
Cusip: 57905710 Exchange: K Ticker: MCAF
Month-End Months Months Months Month-End
Date Volume High/Ask Low/Bid Close/Avg
--------- ---------- ---------- ---------- ----------
10/30/92* 7,421,100 23 1/4 18 1/4 19 1/4
11/30/92 1,510,800 20 3/4 17 1/4 20 3/4
12/31/92 2,337,600 21 1/4 13 17
1/29/93 2,702,400 20 1/4 13 15 1/4
2/26/93 1,721,000 15 3/4 8 3/4 9 5/8
3/31/93 1,450,300 10 4 3/4 6 1/2
4/30/93 1,056,000 8 5 1/4 6 7/8
5/31/93 1,704,800 7 1/4 6 1/8 6 1/2 #
6/30/93 500,200 7 1/2 6 1/4 6 3/4
7/30/93 861,400 7 4 1/2 6
8/31/93 1,060,400 10 3/4 5 1/4 9 3/4 HPress <CR> for more !
HH
MCAFEE ASSOCS INC
COM
Cusip: 57905710 Exchange: K Ticker: MCAF
Month-End Months Months Months Month-End
Date Volume High/Ask Low/Bid Close/Avg
--------- ---------- ---------- ---------- ----------
9/30/93 376,200 9 3/4 8 8 1/8
10/29/93 692,300 8 1/2 4 1/2 5 5/8
11/30/93 205,600 7 5 1/2 6 1/4
12/31/93 860,500 9 1/4 5 7/8 7 1/2
1/31/94 683,200 10 7 1/4 9 1/4
2/28/94 333,400 9 3/4 8 1/2 9
3/09/94* 55,000 9 8 8 1/2
* indicates a partial period
# indicates 'last' is from an earlier date in the periodHPress <CR> for more !
H Returns on Selected Issues
% %
Symbol Company name 3/10/93 3/09/94 Value Change Return
------ ---------------------------- -------- -------- ------ ------ ------
MCAF MCAFEE ASSOCS INC
COM 8 1/4 8 1/2 1,030 3.0 3.0