Cyren Q2 Loss Widens; Appoints Michael Myshrall To Permanent Role Of CFO

(RTTNews) - Cyren Ltd. (CYRN), a provider of cloud-based security solutions, said that its GAAP net loss for the second quarter of 2014 widened to $2.0 million from $0.7 million in the second quarter of 2013. GAAP loss per share for second quarter was $0.08, compared to a loss of $0.03 last year.

Non-GAAP net loss for the second was $1.1 million compared to non-GAAP net income of $0.1 million in the previous year. Non-GAAP loss share for the second quarter was $0.04, compared to breakeven per share last year.

Revenues totaled $8.3 million up from $8.1 million last year. Non-GAAP revenues totaled $8.3 million compared to $8.2 million in the prior year.

Based on current expectations, the company reiterated its financial outlook for the full year 2014. Cyren anticipates that its core embedded business will be maintained, with flat to low single digit revenue growth during 2014 and that its recently launched CYREN WebSecurity offering will be incremental to this growth. The company plans to continue to invest the cash flow from its core business to accelerate the development and rollout of its cloud strategy.

In a separate press lease, Cyren announced the appointment of Michael Myshrall to the permanent role of Chief Financial Officer. Myshrall has served as interim CFO since March.

Myshrall joined Cyren in January 2011 as vice president of corporate development and recently served as vice president of financial planning and analysis. Prior to joining CYREN, he focused on technology strategy, financial advisory and mergers and acquisitions, first with Mercator Capital and more recently with Trilos Ventures. Myshrall previously held various roles with Nortel, Newbridge Networks, Corvis, and Civcom.