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February 22, 2009

Vasco Q4 net income down 14%

Revenue down 7%

By CBR Staff Writer

Vasco Data Security International has reported a net income of $2.8m, or $0.07 per fully diluted share, for the fourth quarter ended December 31, 2008, a decrease of 14%, compared to $3.3m, or $0.09 per fully diluted share, for the fourth quarter of 2007.

Revenue for the fourth quarter of 2008 decreased 7% to $28.9m from $31.2m in 2007. Operating income for the fourth quarter of 2008 was $1.8m, a decrease of 71% from $6.3m for the fourth quarter of 2007.

Net income for the full year 2008 was $24.3m, or $0.64 per fully diluted share, an increase of 16% from $21m, or $0.55 per fully diluted share, for the full year 2007.

For the full year 2008, revenue increased 11% to $133m from $120m in 2007. For the full year 2008, operating income was and $28.1m, a decrease of 9% from the $30.9m reported for the full year 2007.

Kendall Hunt, chairman and CEO of Vasco, said: Even though the fourth quarter of 2008 was difficult due to the worldwide economic conditions, 2008 was a successful year for Vasco. In 2008, we made substantial investments in new products, new markets and our infrastructure that we believe will help support our growth for years to come. We are also proud of the fact that Vasco was profitable in each quarter of 2008 in spite of the difficult economies.

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