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VASCO Reports Results for Fourth Quarter and Full Year 2010

OAKBROOK TERRACE, Ill. ZURICH Feb. 17, 2011 www.vasco.com December 31, 2010

$33.0 million $31.9 million $108.0 million $101.7 million

$6.7 million $0.17 $1.8 million $4.8 million $0.13 $10.8 million $0.28 $1.1 million $11.9 million $0.31

Financial Highlights:

  • $23.3 million $76.0 million $22.4 million $71.2 million
  • $15.7 million $63.6 million $17.7 million $58.5 million
  • $7.6 million $12.4 million $3.0 million $4.6 million $0.3 million $12.6 million
  • $8.2 million $15.5 million $6.2 million $18.1 million
  • December 31, 2010 $85.5 million $86.4 million $67.6 million September 30, 2010 December 31, 2009

Operational and Other Highlights:

  • VASCO won 449 new customers in Q4 2010 (111 new banks and 338 new enterprise security customers).  For the full year 2010, VASCO won 1,754 new customers (269 banks and 1,485 enterprise security customers).  Although management considers the number of new customers as an indicator of the momentum of our business and effectiveness of our distribution channel, the number of new customers is not indicative of future revenue.
  • Tunisia
  • VASCO announced its collaboration with leading Russian bank VTB 24. VTB 24 will use VASCO’s authentication solution IDENTIKEY Server to ensure the security of its banking channels.
  • VASCO announces the availability of its DIGIPASS as a Service, its cloud-based authentication platform, for Business-to-Business web-based applications.
  • VASCO adds a new layer to its mobile security offerings by launching ground-breaking DIGIPASS Nano, a solution that consists of a thin film that users place over the SIM card, turning the phone into a mobile security device capable of generating one-time passwords and e-signatures.
  • VASCO announces that its PKI-based solution, DIGIPASS CertiID, is now embedded in DIGIPASS Key 200 and DIGIPASS Key 860. The software suite and embedded editions of DIGIPASS CertiID are now also available for Linux and MacOS X.
  • VASCO launches DIGIPASS 920, a connected card reader with PKI-based digital reader signature and What You See Is What You Sign capability which protects the smart card PIN.
  • VASCO announces that SEB, a leading Swedish bank, has decided to deploy VASCO’s DIGIPASS 920 to protect its retail and corporate customers’ access to BankID and additional applications.
  • Middle East Dubai
  • VASCO’s IDENTIKEY Server won the prestigious Computing Security Award in the category "Remote access solution of the year".

Guidance for full-year 2011:

VASCO is providing guidance for the full-year 2011 as follows:

  • Revenue growth of 20% or more for the full-year 2011 over full-year 2010,
  • Operating margins, excluding expenses related to the amortization of acquisition-related intangible assets, for full-year 2011 are projected to be in the range of 8% to 12% of revenue.

T. Kendall Hunt

Jan Valcke

Cliff Bown $4.6 million September 30, 2010 $0.9 million September 30, 2010 $17.9 million $9.3 million December 31

Conference Call Details

February 17, 2011 10:00 a.m. EST Ken Hunt Jan Valcke Cliff Bown

To participate in this Conference Call, please dial one of the following numbers:

USA/Canada: +1 800-381-7839

International:   + 1 212-231-2904

And mention VASCO to be connected to the Conference Call.

www.vasco.com

VASCO Data Security International, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three months ended

Twelve months ended

December 31,

December 31,

2010

2009

2010

2009

Revenue

$   33,005

$   31,936

$107,963

$101,695

Cost of goods sold

9,709

9,576

31,997

30,535

Gross profit

23,296

22,360

75,966

71,160

Operating costs:

Sales and marketing  

7,899

8,439

31,027

30,299

Research and development

3,625

3,301

13,568

11,582

General and administrative  

4,072

5,884

18,538

16,183

Amortization of purchased intangible assets

114

121

443

453

Total operating costs

15,710

17,745

63,576

58,517

Operating income

7,586

4,615

12,390

12,643

Interest income

99

191

324

572

Other income

40

617

698

2,107

Income before income taxes

7,725

5,423

13,412

15,322

Provision for income taxes

1,071

589

2,606

3,460

Net income

$     6,654

$     4,834

$   10,806

$   11,862

Basic net income per share

$       0.18

$       0.13

$       0.29

$       0.32

Diluted net income per share

$       0.17

$       0.13

$       0.28

$       0.31

Weighted average shares outstanding:

Basic

37,417

37,322

37,413

37,319

Diluted

38,316

38,068

38,241

38,084

VASCO Data Security International, Inc.

Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

December 31,

2010

2009

ASSETS

Current assets

Cash and equivalents

$       85,533

$      67,601

Accounts receivable, net of allowance for doubtful accounts

21,702

30,400

Inventories

10,710

9,015

Prepaid expenses

1,859

1,588

Deferred income taxes

369

563

Foreign sales tax receivable

2,282

1,086

Other current assets

199

632

Total current assets

122,654

110,885

Property and equipment, net

4,771

5,189

Goodwill

12,772

13,813

Intangible assets, net of accumulated amortization

1,603

1,797

Other assets

1,141

1,040

Total assets

$    142,941

$    132,724

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

$         8,857

$         4,505

Deferred revenue

6,464

7,188

Accrued wages and payroll taxes

4,971

5,178

Income taxes payable

2,109

3,097

Other accrued expenses

3,364

3,285

Total current liabilities

25,765

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