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CE Unterberg Downgrades Viisage

CE Unterberg downgrades Viisage Technology (VISG) to market perform from buy.

Analyst Scott Greiper says fourth-quarter 2004 is in line with preannouncement.

He notes the 18-cent net loss, vs. his forecast (before preannouncement) of a 4-cent loss due to contract delays, Sarbanes-Oxley compliance expenses, foreign exchange, and $2 million in non-cash charges for termination of a Georgia driver's license contract.

The company says 2005 guidance is below consensus and his estimates, which will lead to reduced 2005 forecasts. He cuts his $82.2 million 2005 revenue estimate to $74 million and 9 cents GAAP earnings per share to a 4-cent loss.

Greiper notes this is the second disappointment for Viisage in the last three weeks, which has clearly broken stock. He is positive on the company's long-term.

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