VASCO Provides A Preliminary Estimate Of Revenue For Q3 2013 - Reduces
Guidance For Full-Year 2013. VASCO Announces Conference Call Scheduled for
October 16, 2013 at 9 am EDT
OAKBROOK TERRACE, Ill., and ZURICH, Oct. 15, 2013
OAKBROOK TERRACE, Ill., and ZURICH, Oct. 15, 2013 /PRNewswire/ --VDSI Data
Security International, Inc. (Nasdaq: VDSI) (www.vasco.com), today provided a
preliminary estimate of revenues for the third quarter of 2013 and updated its
full-year 2013 guidance.
The company expects revenue for Q3 2013 to be approximately $39 million,
subject to completion of its normal quarterly review processes.
VASCO reduces its guidance for the full year 2013. The company expects:
oRevenue for full year 2013 to be in the range of $150 million to $155
oOperating income as a percentage of revenue, excluding the amortization of
purchased intangible assets, for full-year 2013 is projected to be in the
range of 8% to 10%.
"Lower than expected performance in the Enterprise and Application Security
market in the third quarter and an expected continuation of that trend in the
fourth quarter is the primary reason that VASCO is reducing its revenue and
operating margin guidance for full year 2013," said T. Kendall Hunt, VASCO's
Chairman & CEO. "We are disappointed that our increased investments in the
Enterprise and Application Security market have not yielded the expected
return. Going forward, we will focus more directly on the solid base of
business we have in that market and take the necessary actions to ensure that
our costs for the business are appropriate for the revenues and gross margins
the business generates. A lessor contributing factor to the shortfall to
previous guidance is that some of the banking RFP's that we are tracking were
delayed one or more quarters with shipments beginning in 2014 rather than
2013. Even at the lower revenue levels, we expect that we will continue to be
profitable in 2013."
More detailed information about the third quarter 2013 results and the full
year 2013 guidance will be discussed during a conference call at 9 am EDT.
And mention VASCO to be connected to the Conference Call.
The Conference Call is also available in listen-only mode on www.vasco.com.
Please log on 15 minutes before the start of the Conference Call in order to
download and install any necessary software. The recorded version of the
Conference Call will be available on the VASCO website 24 hours a day for at
least 60 days.
VASCO is a leading supplier of strong authentication and e-signature solutions
and services specializing in Internet Security applications and
transactions.VASCO has positioned itself as global software company for
Internet Security serving a customer base of approximately 10,000 companies in
more than 100 countries, including approximately 1,700 international financial
institutions. VASCO's prime markets are the financial sector, enterprise
security, e-commerce and e-government.
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934 and Section 27A of the
Securities Act of 1933. These forward-looking statements (1) are identified
by use of terms and phrases such as "expect", "believe", "will", "anticipate",
"emerging", "intend", "plan", "could", "may", "estimate", "should",
"objective", "goal", "possible", "potential", "projected" and similar words
and expressions, but such words and phrases are not the exclusive means of
identifying them, and (2) are subject to risks and uncertainties and represent
our present expectations or beliefs concerning future events. VASCO cautions
that the forward-looking statements are qualified by important factors that
could cause actual results to differ materially from those in the
forward-looking statements. Factors that could cause actual results to differ
materially from those contemplated above include, among others, our ability to
integrate and effectively sell Cronto's technology, our ability to recover
amounts held in escrow related to our acquisition of DigiNotar and
unanticipated costs associated with DigiNotar's bankruptcy or potential claims
that may arise in connection with the hacking incidents at DigiNotar.
Additional risks, uncertainties and other factors have been described in our
Annual Report on Form 10-K for the year ended December 31, 2012 and include,
but are not limited to, (a) risks of general market conditions, including
currency fluctuations and the uncertainties resulting from turmoil in world
economic and financial markets, (b) risks inherent to the computer and network
security industry, including rapidly changing technology, evolving industry
standards, increasingly sophisticated hacking attempts, increasing numbers of
patent infringement claims, changes in customer requirements, price
competitive bidding, and changing government regulations, and (c) risks
specific to VASCO, including, demand for our products and services,
competition from more established firms and others, pressures on price levels
and our historical dependence on relatively few products, certain suppliers
and certain key customers. Thus, the results that we actually achieve may
differ materially from any anticipated results included in, or implied by
these statements. Except for our ongoing obligations to disclose material
information as required by the U.S. federal securities laws, we do not have
any obligations or intention to release publicly any revisions to any
forward-looking statements to reflect events or circumstances in the future or
to reflect the occurrence of unanticipated events.
Thisdocumentmay contain trademarks of VASCO Data Security International,
Inc. and its subsidiaries, including VASCO, CertiID, DIGIPASS, VACMAN,
aXsGUARD IDENTIKEY, the VASCO "V" design, and the dP+ design.
For more information contact:
Jochem Binst, +32 2 609 97 00, firstname.lastname@example.org
SOURCE VASCO Data Security International, Inc.
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