Seattle, July 17: Network Associates Inc., a security software maker, on Wednesday reported a 95 per cent drop in quarterly profit as revenues fell, and the company cut its outlook, sending its shares down 16 per cent. Chief Executive George Samenuk said the lowered outlook reflected weaker demand for the company's "Sniffer" product used to monitor and manage computer networks.

"We're disappointed in Sniffer, that we have not been able to grow that business faster this year," Samenuk told analysts on a conference call.
Network Associates posted a second-quarter net profit of $1.1 million, or 1 cent per share, compared with $21.2 million, or 14 cents per share, a year earlier.
Excluding interest expense on debt, amortization, stock-based compensation, restructuring and other charges, Network Associates reported a quarterly profit of $20.0 million, or 11 cents per share. Bureau Report