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February 17, 2010

Vasco Q4 revenue up 10% to $31.9m

Expects revenue growth of 15-20% for full year 2010

By CBR Staff Writer

Vasco Data Security has reported total revenue of $31.9m for the fourth quarter of fiscal 2009, an increase of 10% compared to $28.9m for the same period last year.

Gross profit was $22.4m or 70% of the revenue. The company posted an operating income of $5.4m, an increase of 197% compared to $1.8m for the same period a year ago.

For the fourth quarter ended December 31, 2009, the company posted a net income of $5.6m, up 100% compared to $2.8m of the same period last year.

For FY09, the company reported total revenue of $101.7m, a decrease of 24% compared to $133m for the fiscal year 2008. The operating income decreased to $13.4m from $28.1m and net income decreased by 48% to $12.6m from $24.3m in FY08.

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Cliff Bown, executive vice president and CFO, said: During the fourth quarter of 2009 our working capital balances continued to grow even though our cash balances declined slightly.

“During the fourth quarter our working capital increased $5.6m, or 7%, from September 30, 2009 and our net cash balance decreased $3.6m or 5% from September 30, 2009. For the full year, our net cash balance increased $9.9m, or 17%, and our working capital increased $13.0m, or 17%, from December 31, 2008.

The company expects revenue growth of 15% to 20% for the full-year 2010 over full-year 2009, and operating margins as a percentage of revenue for full-year 2010 to be in the range of 5% to 10%.

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