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| cardsnmore.com / press_releases / 17-01-2008-4b406.html |
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LaserCard Corporation Reports Financial Results for FY08 Third Quarter |
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17.01.2008 - LaserCard Corporation (NASDAQ:LCRD), a leading supplier of secure ID solutions, today announced the financial results for its fiscal 2008 third quarter ended December 31, 2007.
Revenues for the third quarter of fiscal 2008 were $11.2 million, compared with $10.7 million in the prior quarter and $6.2 million in the same quarter a year ago. The net loss for the third quarter of fiscal 2008 was $1.1 million, or ($0.09) per diluted share, compared with a net loss of $498,000 or ($0.04) per diluted share in the prior quarter, and net loss of $3 million or ($0.25) per diluted share in the same quarter a year ago.
LaserCardÒ optical memory card revenues for the quarter were $7.9 million compared with $6.7 million in the second quarter of fiscal 2008 and $3.1 million in the third quarter last year. Revenues from specialty cards and printers were $3.1 million for the third quarter of fiscal 2008 compared with $3.3 million in the prior quarter and $2.9 million in the same quarter a year ago.
LaserCard Corporation’s cash, cash equivalents, and short-term investments were $18.6 million at December 31, 2007 compared with $18.5 million at September 30, 2007.
"Our continued focus on expanded client service offerings is paying off. During the December quarter we were granted a $1.7 million contract by the government of Costa Rica for optical memory cards and a complete Foreign Resident ID Management system," said Richard Haddock, president and CEO of LaserCard. "We are developing and supplying a full suite of solutions covering data capture for client enrollment, card issuance, quality assurance, and our new fingerprint biometric ID check system to detect and prevent duplicate enrollments. This project builds upon the experience we gained integrating and installing card issuance systems in cities throughout a Middle Eastern nation.
"We are encouraged that the Italian government has further progressed toward the full implementation of the citizen ID card program during 2008 and beyond," said Haddock. "The state printing office, Poligrafico, issued an invitation to vendors to apply to qualify for supplying and supporting more than 9,000 data capture stations for the enrollment of citizens in the program. The anticipated contract will include the installation and support of approximately 1,300 optical memory card encoders, which we believe will be sourced from us.
"We are also on the winning team for a national ID card program in Angola, our first national-level optical memory card program in the African continent. Revenues could reach $90 million over five years if the prime contract is fully implemented," said Haddock. |
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