Released on: 25, April 2007
, Author: VASCO Data Security
, Audience: Software related
Financial Highlights: Gross profit was $17.5 million or 66% of revenue for the first quarter of 2007 andcompares to gross profit of $9.5 million or 69% of revenue in the first quarter of2006. Operating expenses for the first quarter of 2007 were $10.7 million, an increaseof $4.1 million or 63% from $6.6 million reported for the first quarter 2006. Operating expenses in 2007 and 2006 included $0.4 million and $0.3 million,respectively, related to stock based incentives. Operating income for the first quarter was $6.9 million, an increase of $4.0million or 137% from $2.9 million reported for the first quarter of 2006. Operatingincome as a percentage of revenue for the first quarter of 2007 was 26% compared to21% for the first quarter of 2006. Earnings before interest, taxes, depreciation and amortization was $7.6 millionfor the first quarter of 2007, an increase of 231% from $2.3 million reported forthe first quarter of 2006.  Net cash balances, total cash and cash equivalents less bank borrowings, at March31, 2007 totaled $16.8 million compared to $12.6 million at December 31, 2006.Operational and Other Highlights: A total of 619 new accounts sold in the first quarter 2007, including 94 banks and525 Enterprise Security customers. In the first quarter of 2006, 341 new accountswere sold, including 34 banks and 307 Enterprise Security customers. AIB (Ireland) to use VASCOÂ's Alphanumeric Digipass 550 and VACMAN Controller KBC (Belgium) offers secure retail e-banking and e-commerce with Digipass 810 Discount Bank (Uruguay) secures its private banking customers with Digipass GO3and VACMAN Controller Reliance Money (India) to use Digipass GO3 and VACMAN Controller Huntington Bank (U.S.A.) secures online corporate business with Digipass GO3 andVACMAN Controller VASCO establishes European Headquarters in Zà rich (Switzerland) VASCO launches aXs GUARD authentication appliance and adds SSL-VPN service VASCO launches refined Digipass Pack strategy for Small and Medium Enterprises( SMEÂ's )
Guid ance for full-year 2007:VASCO reaffirmed the full-year 2007 guidance provided on February 20, 2007, whichincluded: Revenue growth of 35% to 45% for the full-year 2007 over full-year 2006, Gross margins as a percentage of revenue of 60% to 68% for the full-year 2007, and Operating margins as a percentage of revenue of 18% to 25%.
 The growth in our revenue and profitability continue to demonstrate theeffectiveness of our Full-Option, All-Terrain Strategy, which was introduced in thefirst quarter of 2006, said Ken Hunt, VASCOÂ's CEO, and Chairman.  Throughout 2006,we increased the functionality of our core platform, VACMAN Controller, and acquiredcompanies/technologie s that expanded the breadth of our product line. The strengthof our product offering is being accepted at record levels by customers looking tostrongly authenticate users to its applications.Â
 The results of the first quarter in 2007 reflect the continued strong growth of thebusiness in both our banking and the enterprise security markets compared to thefirst quarter of 2006," said Jan Valcke, VASCO's President and COO.  We are andwill continue to invest heavily in our infrastructure to meet the growing marketdemand, which is evidenced by a strong flow of new opportunities and new orders. Aswe start the second quarter, we have a backlog of firm orders to be shipped in thesecond quarter of $28.0 million, which is 75% higher than the $16.0 million backlogwe had entering the second quarter of 2006 and 51% higher than the $18.5 million inactual sales reported for Q2 2006."
Cliff Bown, Executive Vice President and CFO added, Â Our balance sheet continues tobe strong. Net cash balances, cash and cash equivalents less bank borrowings, were$16.8 million, an increase of $4.2 million or 33% from December 31, 2006. Ourworking capital was $29.0 million at the end of the first quarter, an increase of$6.9 million, or 31%, from $22.1 million at December 31, 2006. Days SalesOutstanding (DSO) in net accounts receivable increased to 81 days at March 31, 2007from 72 days at December 31, 2006.Â
Conference Call DetailsIn conjunction with this announcement, VASCO Data Security International, Inc. willhost a conference call today, April 26, 2007, at 10:00 a.m. EDT - 16:00h CET. During the Conference Call, Mr. Ken Hunt, CEO, Mr. Jan Valcke, President and COO,and Mr. Cliff Bown, CFO, will discuss VASCOÂ's Results for the First Quarter of 2007.To participate in this Conference Call, please dial one of the following numbers:USA/Canada: +1 888-335-5539International: +1 973-582-2857
And mention access code: VASCO to be connected to the Conference Call.
The Conference Call is also available in listen-only mode on www.vasco.com. Pleaselog on 15 minutes before the start of the Conference Call in order to download andinstall any necessary software. The recorded version of the Conference Call will beavailable on the VASCO website 24 hours a day.
About VASCO: VASCO is the number one supplier of strong authentication ande-signature solutions and services. VASCO has established itself as the worldÂ'sleading software company specialized in Internet Security, with a customer base ofover 4,800 companies in more than 100 countries, including close to 750international financial institutions. VASCOÂ's prime markets are the financialsector, enterprise security, e-commerce and e-government.
Forward Looking Statements Statements made in this news release that relate to future plans, events orperformances are forward-looking statements. Any statement containing words such as believes,  anticipates,  plans,  expects, and similar words, isforward-looking, and these statements involve risks and uncertainties and are basedon current expectations. Consequently, actual results could differ materially fromthe expectations expressed in these forward-looking statements.
Reference is made to the Company's public filings with the US Securities andExchange Commission for further information regarding the Company and itsoperations.
For more information contact:Jochem Binst, +32 2 609 97 40, jbinst@vasco.com
Source: Express-Press-Release.com
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