|
|
 |
|
| cardsnmore.com / press_releases / 03-08-2006.html |
|
LaserCard Corporation Reports Financial Results for FY07 First Quarter |
|
03.08.2006 - LaserCard Corporation (NASDAQ:LCRD), a leading supplier of ID credentials used in biometric identification, today announced the financial results for its fiscal 2007 first quarter ended June 30, 2006.
Revenues for the first quarter of fiscal 2007 were $10.6 million, compared with $14.1 million in the prior quarter and $7.0 million in the same quarter a year ago. The net income for the first quarter of fiscal 2007 was $212,000, or $.02 per diluted share, compared with $1.9 million or $0.15 per diluted share in the prior quarter, and a net loss of $1.7 million or a loss of $0.15 per diluted share, in the same quarter a year ago.
LaserCard optical memory card revenues for the quarter were $7.5 million compared with $3.9 million in the first quarter of fiscal 2006. Revenues from specialty cards and printers totaled $2.9 million compared with $2.8 million in the same quarter a year ago.
Cash
LaserCard Corporation's cash, cash equivalents, and short-term investments were $23.4 million at June 30, 2006 compared with $23.5 million at March 31, 2006.
"We are pleased to have had a profitable first quarter with breakeven operating results," said Richard Haddock, CEO of LaserCard. "The first quarter was bolstered by $2.1 million in revenue derived from shipments of sports membership logbook cards to a customer in Slovenia. We also recorded SFAS 123(R) stock option compensation expense for the first time of approximately $400,000, which was partially offset by a one-time benefit of approximately $200,000 from implementation of SFAS 151."
"The newly elected Italian government established a commission to make recommendations to improve the efficiency, cost effectiveness and speed of roll-out of the national citizen ID card program," said Haddock. "Any such plan will take time to implement, so we expect the receipt of a significant order to be further delayed possibly until our third fiscal quarter. As a result, we currently expect a loss for the second quarter and first half of fiscal 2007, followed by a profitable second half and full fiscal year."
Earnings Results Conference Call
LaserCard will hold a conference call to discuss the company's fiscal 2007 first quarter results today, August 3, 2006, at approximately 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. For access to the conference call, please call 517-308-9001 by 1:50 p.m. Pacific Time. A taped replay of the call will be available for one week. To access the replay, please call 203-369-2035. You will need to reference the passcode "LaserCard" and the conference leader "Richard Haddock." |
|
|
|
|
