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November 15, 2009

SCM Q3 revenues up 109% to $13.3m

Security and Identify Solutions business revenue up 113% on year ago quarter

By CBR Staff Writer

SCM Microsystems has reported revenues of $13.3m for the third quarter of 2009, an increase of 109% compared to $6.4m for the same period last year.

The company has posted an operating loss of $1.5m, a decrease compared to $2m for the same period last year. Loss from continuing operations was $2.3m, compared to $3.3m.

For the quarter ended September 30, 2009, gross profit increased to $6.3m from $2.9m for the third quarter of 2008. Gross profit margin was 48%, compared to 46% in the same period a year ago, and was positively impacted by sales of higher-margin products made by the Hirsch subsidiary and in the digital media and connectivity business.

Revenue from the Security and Identity Solutions business was $12.5m for the third quarter of 2009, an increase by 113% from $5.9m for same period last year. The primary reason for the increase was the inclusion of revenue from the Hirsch subsidiary. Digital Media and Connectivity business revenues increased by 59% to $0.8m from $0.5m for the same period last year.

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The company has posted a net loss of $2.2m or EPS of $0.09 for the third quarter of 2009, a decrease compared to $2.8m or EPS of $0.18 for the same period last year.

Felix Marx, CEO of SCM Microsystems, said: We are very pleased with the momentum we are seeing from our merger with Hirsch. Customers around the globe are expressing their interest and enthusiasm, we have new opportunities in every region, and SCM is being recognised as the first company capable of delivering truly converged solutions for network and physical access applications.

“The integration of Hirsch and SCM has proceeded rapidly as we have focused on creating synergies within our sales and marketing organisations to accelerate the acquisition of new customers, expand our mutual distribution channels and introduce new products in target markets.

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