NW_20011212_VASCO to Reach Targeted Revenue for Q4

December 12, 2001

OAKBROOK TERRACE, Ill. and BRUSSELS, Belgium, Dec. 12 /PRNewswire/ -- VASCO Data Security International, Inc. (Nasdaq: VDSI; Nasdaq Europe)
( http://www.vasco.com ), a global provider of security products that enable e-business and e-commerce, today announced guidance for the fourth quarter of fiscal 2001 and the full year 2002. VASCO announces that it will reach its targeted revenue for Q4 2001 and expects to obtain operating profitability for each quarter of 2002.
Mario Houthooft, VASCO CEO stated, "We are announcing today that we anticipate the fourth quarter results to be consistent with the guidance that we gave to the market in October. Our revenues should be between $5.0 and $6.0 million, with a loss per share before restructuring charges of between $0.10 and $0.13. The restructuring of our Company to achieve greater efficiencies and refocus our business is nearly complete. We expect a fourth quarter charge of approximately $4.0 and $4.5 million, of which $3.0 to $3.5 million is the write-off of intangible assets, or an additional $0.10 to $0.14 per share for this restructuring. This reorganization will result in a substantially lower cost structure for our Company. We expect to achieve operating profitability for each quarter of 2002. Our forecasted revenue for
2002 is between $28 and $33 million, with earnings per share for the year of between $0.06 and $0.16."
The Company also announced the following quarterly estimates for 2002.
Quarter 1, revenue between $6.0 and $7.0 million with a small operating profit, and a loss per share of between zero and ($0.01); Quarter 2, revenue between $7.0 and $8.5 million and earnings per share between $0.01 and $0.04;
Quarter 3 revenues between $6.5 and $8.0 million, with earnings per share between $0.01 and $0.03; Quarter 4, revenues between $8.5 and $10 million and earnings per share between $0.05 and $0.09 per share.
VASCO's management will discuss their outlook during an analyst conference call on December 12, 2001, at 11.30 EST/17.30 CET . The conference call will be audiostreamed live onhttp://www.vasco.com and on http://www.streetevents.com.
Participants are advised to log into the website 10 minutes before the start of the call in order to check they have the necessary software. A replay will also be available.

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(R) and VACMAN(R) products offers end-to-end security through strong authentication and digital signature, enterprise Single Sign-On, and LAN security, 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.

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.