NW_20010425_VASCO Announces Record First Quarter Revenues
OAKBROOK TERRACE, Ill. and BRUSSELS, Belgium – April 25, 2001 – US-based VASCO Data Security International, Inc. (Nasdaq: VDSI; Nasdaq Europe: VDSI; www.vasco.com ), a global provider of security solutions that enable e-business and e-commerce, today announced financial results for the quarter ended March 31, 2001. Revenues for the quarter increased 42% to $7,872,725, up from $5,551,927 for the first quarter of 2000. This is a record for revenues recorded in a first quarter for VASCO.
For the first quarter of 2001, the Company reported an operating loss, before non-cash compensation for stock options to certain officers of the Company, of $971,612 and a net loss before these options of $887,243 or $0.04 per share, compared with an operating loss of $575,933 and a net loss of $813,855, or $0.03 per share, for the same period in 2000. The stock options referred to are stock options issued to officers of the Company located outside the US whose services are rendered under consulting agreements. If these officers had been employees in the US, there would be no effect on operating income, net income or earnings per share.
The Company recorded a net loss, after the items referred to above, of $1,038,574 or $.05 per share, compared with a net loss in the first quarter of 2000 of $813,855 or $.03 per share. Loss before interest, taxes, depreciation and amortization, and non-cash compensation charges for options was $365,298 for the first quarter of 2001, compared with $320,370 for the first quarter of 2000.
“We are pleased to report that VASCO is continuing its pattern of substantial year over year growth," stated Mario Houthooft, President and CEO of VASCO. “During the first quarter we saw our business grow on all fronts, with the closing of an important strategic acquisition, the announcement of new products, customers, and partnerships, and the opening of a new sales office. We are seeing demand for our real-world anywhere, anytime, anyhow security products continuing from our outstanding growth in the year 2000.”
Dennis D. Wilson, Executive Vice President and Chief Financial Officer of VASCO, noted that “our 42% growth in revenue from the first quarter of 2000 was the best first quarter in our Company's history and consistent with the guidance that we gave to the investment community earlier this year. VASCO had approximately $14 million of cash on hand at the end of the first quarter, giving us more than sufficient financial resources to continue implementing our growth strategy we outlined at the beginning of the year.”
Highlights for the quarter include:
· The signing of a Letter of Intent to acquire Identikey Ltd., an international security software company with headquarters in Australia and operations in the United States and Europe, to provide immediate entry into the fast-growing web portal security market. VASCO completed the acquisition as scheduled before the end of the quarter.
· Accelerated business in the important US market, led by SouthTrust Corporation, a Top 25 US commercial bank, which is utilizing VASCO Identikey security software and Digipass authenticators to provide secure access to commercial banking services over the Internet for its corporate customers.
· An announcement with Siemens that the communications giant has joined forces with VASCO to put Digipass strong authentication and digital signature security on Siemens’ new MultiMobile SX45 Wireless PDA. According to Siemens, “we chose Digipass to provide anywhere, anytime, anyhow security for MultiMobile SX45 because VASCO’s technology offered us the strong combination of easy to use and flexible security.”
· The opening of a sales office in Paris, France to accelerate sales of the Digipass family of security platforms, including the Digipass 800 portable smart card reader.
· Introduction of the Digipass 110 secure smart card VASCO to expand the Company’s reach into the billion-dollar worldwide smart card market, with Digipass strong authentication and digital signature security now available for all market-leading smart card operating systems.
· The signing of one of the leading banks in the Asia/Pacific region, OCBC Bank of Singapore, following the opening of a sales office in Singapore, demonstrating VASCO’s ability to rapidly expand into new geographic regions.
VASCO Data Security International, Inc. reported the following (see attached graphic)
VASCO secures the enterprise from the mainframe to the Internet with infrastructure solutions that enable secure e-business and e-commerce, protect sensitive information, and safeguard the identity of users. The Company's family of Digipass® and SnareWorks® products offers end-to-end security through strong authentication and digital signature, true Single Sign-On, access control and advanced entitlements, web portal security, and PKI enablement, while sharply reducing the time and effort required to deploy and manage security. VASCO's customers include hundreds of financial institutions, blue-chip corporations, and government agencies in more than 50 countries. More information is available at www.vasco.com.
Forward Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “believes,” “anticipates,” “plans,” “expects,” and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
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 contact:
+1 630 932 8844
+32 2 456 9810