NW_20000410_VASCO Reports Preliminary Results for First Quarter 2000
OAKBROOK TERRACE, Illinois, April 10, 2000 -- VASCO Data Security International, Inc. (Nasdaq: VDSI ; www.vasco.com), a leading provider of Internet and enterprise security solutions worldwide, today released its preliminary consolidated results for the first quarter of 2000. The company generated $5.6 million in revenues, an increase of 15% over revenues of $4.8 million for the same period in 1999. This represents a 28% increase in revenue over the fourth quarter of 1999. The Company's first quarter 1999 financial results have been restated to reflect the acquisition of IntelliSoft Corp., which occurred in the fourth quarter of fiscal 1999 and has been accounted for as a pooling of interests.
For the first quarter of 2000, the Company reported a net loss of $813,855, or $.03 per basic and diluted share, as compared with a net loss of $982,191, or $.04 per basic and diluted share, for the first quarter of 1999.
"We are very pleased with our preliminary first quarter results," stated Mario Houthooft, President and Chief Executive Officer of VASCO.
On April 7, 2000, VASCO'S class of Common Stock began trading on the Nasdaq National Market under the symbol "VDSI." The Common Stock previously traded on the Electronic Bulletin Board under the same symbol.
VASCO Data Security International, Inc. reported the following results for the first quarter 2000:
ended March 31,
Net revenues $ 5,551,927 $ 4,818,254
Cost of goods sold $ 1,862,954 $ 1,889,801
Gross profit $ 3,688,973 $ 2,928,453
Sales and marketing $ 2,162,637 $ 1,402,660
Research and development $ 941,605 $ 976,498
General and administrative $ 1,160,664 $ 938,726
Total operating costs $ 4,264,906 $ 3,317,884
Operating loss ($ 575,933) ($ 389,431)
Interest expense ($ 162,911) ($ 227,900)
Other expense, net ($ 55,470) ($ 60,679)
Loss before income taxes ($ 794,314) ($ 678,010)
Provision for income taxes $ 19,541 $ 304,181
Net loss ($ 813,855) ($ 982,191)
Basic and diluted net loss per share ($0.03) ($0.04)
Weighted average shares outstanding 26,786,287 23,010,633
VASCO designs, develops, markets and supports security products and services which manage and secure access to computer systems of corporate and governmental clients, and enables secure financial transactions made over private enterprise networks and public networks, such as the Internet.
Reference is made to the Company’s public filings with the US Securities and Exchange Commission for further information regarding the company and its operations.
For more information please contact:
Media: Kerry Roche, Bridgeman Communications, +1 617 742 7270, [email protected]
Investor Relations: Todd Fromer, KCSA Public Relations Worldwide, +1 212 682 6300, [email protected]
VASCO: Mike Lange, +1 630 932 8844, [email protected]
Media (Benelux): Bob Pieters, Anthonissen & Associates, +32 3 286 7777, [email protected]
Media (Europe/Asia): Sven Kersten, HBI, +49 89 99 38 87 33, [email protected]
Investor Relations: Annemieke Blondeel, LBConsult, +44 208 308 7080, [email protected]
VASCO: Ariane Bosmans, +32 2 456 9810, [email protected]