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October 26, 2010

Vasco sees revenue growth of 19%

Net income $0.06 per diluted share

By CBR Staff Writer

Vasco has reported revenue of $26.3m for the third quarter of 2010, an increase of 19% as compared to same quarter prior year.

The company posted gross profit of $18.5m as compared to $15.4m of Q3 FY09.

For the quarter, operating income was $2.5m as compared to operating income of $2.0m in the third quarter of 2009.

Net income for the third quarter of 2010 was $2.2m, or $0.06 per diluted share, as compared to net income of $1.5m, or $0.04 per share in the third quarter of 2009.

Vasco chairman & CEO Kendall Hunt said revenues from both the banking and enterprise and application security markets increased substantially over the same periods in 2009.

"Revenues were also up over the second quarter of 2010 as strength in the banking business offset the declines in third quarter revenues we normally experience due to the seasonality of our business," Hunt said.

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