10-Q/APeriod: Q1 FY2011

Fortinet, Inc. Quarterly Report (Amendment) for Q1 Ended Mar 31, 2011

Filed July 29, 2011For Securities:FTNT

Summary

This filing is an amendment (10-Q/A) to Fortinet's quarterly report for the period ending March 31, 2011. The amendment primarily addresses corrections to exhibits related to certifications by the principal executive and financial officers. No revisions were made to the financial statements themselves, and no events occurring after the original filing date of May 5, 2011, are reflected. Investors should note that the core financial performance and business operations as previously reported remain unchanged by this amendment. For investors, this filing signifies a procedural update rather than a substantive change in the company's financial health or strategic direction. The company continues to operate as an accelerated filer, indicating a certain level of financial transparency and reporting rigor. The primary takeaway is that the original financial disclosures for the first quarter of 2011 are still valid, with this amendment serving solely to correct and refile specific certification documents.

Financial Highlights

27 data points
Beta

Revenue

$93.27M

74.9% Gross Margin

Net Income

$13.59M

14.6% Net Margin

EPS (Diluted)

$0.02

Cash & Equivalents

$68.98M

Free Cash Flow

$40.18M

Financial Statements
Beta
Revenue$93.27M
Cost of Revenue$23.42M
Gross Profit$69.85M
R&D Expenses$14.42M
Operating Expenses$52.41M
Operating Income$17.45M
Net Income$13.59M
EPS (Basic)$0.02
EPS (Diluted)$0.02
Shares Outstanding (Basic)751.54M
Shares Outstanding (Diluted)814.32M

Key Highlights

  • 1This is an amendment (10-Q/A) to the Form 10-Q for the period ended March 31, 2011, filed on May 5, 2011.
  • 2The amendment's purpose is to correct and refile specific exhibits (Exhibits 31.1 and 31.2) related to officer certifications.
  • 3No revisions have been made to the company's financial statements within this amendment.
  • 4The amendment does not reflect any events or information that occurred after the original filing date of May 5, 2011.
  • 5Fortinet is classified as an 'accelerated filer', indicating it meets certain size and filing history requirements.
  • 6The company confirms it is not a 'smaller reporting company' or a 'shell company'.
  • 7As of April 28, 2011, there were approximately 75.98 million shares of common stock outstanding.

Frequently Asked Questions

This filing is an amendment to correct minor errors in certain exhibits (specifically Exhibits 31.1 and 31.2) concerning the certifications by Fortinet's principal executive and financial officers. It's a procedural correction, not a reflection of changes in financial performance or new business developments.

No, investors should not be concerned about new financial information. The company explicitly states that no revisions were made to the financial statements and that this amendment does not include any events occurring after the original filing date of May 5, 2011.

Being an 'accelerated filer' means Fortinet meets certain criteria set by the SEC, typically related to market capitalization and filing history. This classification indicates that the company is of a certain size and has a track record of timely SEC filings, suggesting a certain level of financial transparency and maturity.

Yes, the original financial results reported in the Form 10-Q filed on May 5, 2011, remain valid. This amendment focuses solely on correcting and refiling specific certification documents as exhibits.