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VASCO Reports Fourth Quarter and Full Year 2003 Results

Thursday 12 February 2004 19:45 CET | News

VASCO Data Security International, has reported financial results for the fourth quarter and full year 2003. The results being reported for 2002 have been restated to report the activities of the VACMAN Enterprise business unit, which was sold during the third quarter of 2003, as a discontinued operation.

Revenues for the fourth quarter of 2003 were $6,196,000 and were $2,805,000, or 83% better than the $3,391,000 reported for the fourth quarter of 2002. Revenues for the full year ended December 31, 2003 were $22,866,000 and were $5,496,000, or 32% better than the $17,370,000 reported for the full year 2002. Operating income for the fourth quarter of 2003 was $365,000 and compares to an operating loss of $2,008,000 for the same period in 2002. Operating income for the full year ended December 31, 2003 was $1,124,000 and compares to an operating loss for the full year ended December 31, 2002 of $4,713,000. Operating expenses for the fourth quarter of 2003 were $3,548,000, a decrease of $627,000 or 15% from $4,175,000 for the same period in 2002. Operating expenses for the full year ended December 31, 2003 were $12,732,000, a decrease of $2,191,000 or 15% from $14,923,000 for the full year ended December 31, 2002. The Company reported net income from continuing operations of $235,000 and $761,000 for the quarter and full year ended December 31, 2003, respectively, compared to net losses from continuing operations of $1,908,000 and $5,108,000 for the quarter and full year ended December 31, 2002, respectively. Net income from total operations was $265,000 and $2,756,000 for the quarter and full year ended December 31, 2003, respectively and compares to a net loss from total operations of $1,899,000 and $4,539,000 for the quarter and full year ended December 31, 2002, respectively. Income per basic and diluted common share from total operations was $0.01 for the fourth quarter 2003 and compares to a loss per basic and diluted common share of $0.08 for the comparable period in 2002. The Company reported a loss per basic and diluted common share of $0.06 from total operations for the full year 2003 compared to a loss per basic and diluted common share of $0.20 for the full year 2002. The loss per basic and diluted common share for the full year 2003 included a non-cash charge of $3,720,000 or $0.12 per share associated with the beneficial conversion option included in the Series D 5% Cumulative Convertible Voting Preferred Stock issued in the third quarter of 2003. The company revised its third quarter 2003 results to reflect a deemed dividend under EITF 98-5 relating to the issuance of its Series D Convertible Preferred Stock during the quarter and will file an amended Form 10-Q as soon as practicable. The change resulted in a reduction in net income available to common shareholders of $3,720,000 and a reduction in net income (loss) per common share. Net income per common share was reduced from $0.04 and $0.06 for the quarter and nine-months ended September 30, 2003, respectively, to a net loss of $0.08 and $0.06 per common share, respectively. Earnings before interest, taxes, depreciation and amortization (EBITDA or operating cash flow) from continuing operations were $348,000 and $2,299,000 for the fourth quarter and the full year of 2003, respectively, and compares with a loss before these items of $1,602,000 and $3,510,000 in the fourth quarter and full year of 2002, respectively. The Company had a cash balance at December 31, 2003 of $4,817,000 compared to $5,524,000 at September 30, 2003 and $2,616,000 and December 31, 2002.


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Categories: Payments & Commerce | Payments General
Countries: World
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