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VASCO Reports Results for First Quarter 2012

OAKBROOK TERRACE, Ill. ZURICH April 26, 2012 www.vasco.com March 31, 2012

$32.3 million $36.1 million $2.0 million $0.05 $1.7 million $3.6 million $0.10

$1.9 million $0.05 $2.5 million $0.06

Financial Highlights:

  • $21.9 million $22.6 million
  • $19.7 million $18.4 million $1.1 million $0.5 million $0.6 million $0.5 million
  • $2.2 million $2.0 million $4.2 million
  • $3.4 million $5.4 million
  • March 31, 2012 $93.4 million $84.5 million December 31 March 31, 2012 December 31, 2011

Operational and Other Highlights:

  • VASCO launched the next step in its DIGIPASS as a Service strategy with a new free services program for web application providers/web site owners.
  • CDS (Condomínio de Solucoes Corporation), a vendor and business solutions integrator, chose DIGIPASS GO3 with IDENTIKEY to enhance the security of the business intelligence retail program it developed for General Motors Brazil.
  • Brazil
  • VASCO launched a new optical e-signature device, DIGIPASS 736, with adaptive signing functionality.
  • VASCO showcased its first acoustic smart card reader, DIGIPASS 837, at CeBIT.

Guidance for full-year 2012:

VASCO is reaffirming its guidance for the full-year 2012 as follows:

  • $175 million
  • Operating income as a percentage of revenue, excluding the amortization of purchased intangible assets, for full-year 2012 is projected to be in the range of 13% to 16%.

T. Kendall Hunt

Jan Valcke

Cliff Bown March 31, 2012 $112.7 million $4.1 million December 31, 2011 $93.4 million $8.9 million December 31

Conference Call Details

April 26, 2012 10:00 a.m. EDT Ken Hunt Jan Valcke Cliff Bown

To participate in this conference call, please dial one of the following numbers:

USA Canada

And mention VASCO to be connected to the conference call.

www.vasco.com

VASCO Data Security International, Inc. 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(In thousands, except per share data) 

(Unaudited) 

 Three months ended 

 March 31,  

2012

2011

 Revenue 

$   32,258

$   36,065

 Cost of goods sold 

10,380

13,438

 Gross profit 

21,878

22,627

 Operating costs: 

 Sales and marketing  

9,407

9,024

 Research and development 

4,702

3,821

 General and administrative  

5,075

5,101

 Amortization of purchased intangible assets 

479

493

 Total operating costs 

19,663

18,439

 Operating income 

2,215

4,188

 Interest income, net 

77

109

 Other income, net 

232

292

 Income from continuing operations before income taxes 

2,524

4,589

 Provision (benefit) for income taxes 

530

942

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