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April 28, 2009

Vasco Q1 net income down 29%

Revenue down 20% to $23.17m compared to $28.93m for year-ago quarter

By CBR Staff Writer

Vasco Data Security International, a developer of open standards-based hardware and software security systems, has reported a net income of $3.46m, or $0.09 per diluted share, for the first quarter ended March 31, 2009, a decrease of 29% compared to $4.9m, or $0.13 per diluted share, for the same quarter of 2008.

For the first quarter of 2009, net revenue was $23.17m, a decrease of 20% compared to $28.93m for the same quarter of 2008. Operating income was $4.72m, a decrease of 19% compared to $5.84m for the same quarter of 2008.

Kendall Hunt, chairman and CEO of Vasco Data Security International, said: As expected, the first quarter of 2009 was very challenging. But also, as expected, we were able to remain profitable while continuing to make substantial investments in new products and increasing our focus on marketing events, which has resulted in a significant number of new customers. We will continue to focus on our most productive markets, be selective in making new investments and maintain our focus on containing our costs and, as a result, expect to be profitable throughout 2009.

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