LaserCard Corporation Reports Financial Results for FY10 Third Quarter
Fourth Consecutive Profitable Quarter
Mountain View, Calif. – February 2, 2010 – LaserCard Corporation(NASDAQ:LCRD), a leading provider of secure IDsolutions, today announced the financial results for its fiscal 2010 thirdquarter ended December 31, 2009.
Revenues for the third quarter of fiscal 2010were $12.4 million, compared with $15.7 million in the prior quarter and $10.9million in the same quarter a year ago. Net income for the third quarter of fiscal 2010 was $1.3 million, or $0.11per diluted share, compared with net income of $1.8 million, or $0.15 perdiluted share, in the prior quarter, and net loss of $849,000, or ($0.07) perdiluted share, in the same quarter a year ago.
LaserCardŇ optical memory cardrevenues for the quarter were $9.1 million compared with $6.0 million in the thirdquarter of fiscal 2009. Revenuesfrom specialty cards and printers totaled $3.3 million compared with $4.3million from the same quarter a year ago. Drives, systems and services segment revenue for the quarter was $0.1 million,compared with $0.7 million from the same quarter a year ago.
Cash
Cash, cash equivalents, and investments lessdebt associated with auction rate securities were $33.8 million at December 31,2009 compared with $20.6 million at March 31, 2009.
Non-GAAP Results
The non-GAAP net incomefor the third quarter of fiscal 2010 was $1.8 million, or $0.15 per diluted share,compared to non-GAAP net income of $1.9 million, or $0.15 per diluted share, inthe prior quarter, and a non-GAAP net loss of approximately $25,000, or $0.00per diluted share, in the same quarter a year ago.
Non-GAAP net income andnet income per diluted share exclude expenses related to ASC 718 (formerlySFAS123R) stock-based compensation, the unrealized income relating to the fairvalue adjustment of auction rate securities and our UBS put option agreement,and exclude the gain related to the termination of a contract.
“We have achieved strong operating results overthe past four quarters,” said Robert DeVincenzi, President and CEO ofLaserCard. “Our performance continues to benefit from our previouslyimplemented expense reduction and resource reallocation program and the ongoingcontributions from our core customer programs. Our program revenue andfinancial results will continue to be subject to fluctuations on a quarterlybasis.”
EarningsResults Conference Call
LaserCardwill hold a conference call to discuss its fiscal 2010 third quarter resultstoday, February 2, 2010, at approximately 2:00 p.m. Pacific Time / 5:00 p.m.Eastern Time. For access to theconference call, please call 773-799-3302 by 1:50 p.m. Pacific Time. A taped replay of the call will beavailable for one week. To accessthe replay, please call 203-369-0057. You will need to reference the passcode “LaserCard” and the conferenceleader “Robert DeVincenzi.” Tolisten to the call via the Internet, please log on to: www.lasercard.com orwww.investorcalendar.com. TheInternet Webcast will be archived for one year. A copy of this press release will be furnished to theSecurities and Exchange Commission on a Form 8-K and be posted to our web siteprior to the conference call.
AboutLaserCard Corporation LaserCard Corporation, together with its subsidiaries,is a leading provider of secure ID solutions to governments and commercialclients worldwide. It develops, manufactures, and integrates LaserCard® opticalmemory cards, multi-technology cards, encoders, peripherals, smart andspecialty cards, biometrics, and modular software. The Company’s cards andsystems are used in various applications, including citizen identification,border security, government service delivery, and facility access.
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