VASCO Reports Results for First Quarter 2015
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Revenue from continuing operations for the first quarter of 2015 increased 68% to $65.1 million from $38.8 million in the first quarter of 2014. Net income from continuing operations for the first quarter of 2015 was $13.7 million, or $0.34 per fully diluted share, an increase of $10.1 million, or 287%, from $3.5 million, or $0.09 per fully diluted share, for the first quarter of 2014.
Net income, which includes the impact of our discontinued operations, for the first quarter of 2015 was $13.6 million, or $0.34 per diluted share. Net income for the first quarter of 2014 was $3.5 million, or $0.09 per diluted share.
"We are pleased with the results of the first quarter," stated T. Kendall Hunt, Chairman & CEO. "Revenue reported for the first quarter of 2015 was the highest of any quarter in our history and reflected both the delivery of a significant amount of card readers using our new Cronto technology to Rabobank, which was part of our record backlog at the beginning of the year, and a significant increase in revenues from other customers in the quarter. Revenues related to our delivery of all products sold to Rabobank globally exceeded 30% of the first quarter's revenue while the combined revenues from all other customers in the first quarter of 2015 increased more than 15% over the first quarter of 2014. We are also increasing our guidance for the full-year 2015 revenue based on the strength of our first quarter results and strong pipeline of potential new orders for both our traditional and new products. We expect that our mobile solutions, DIGIPASS for Apps and DIGIPASS for Mobile, and solutions based on our Cronto technology will continue to make important contributions to our revenues in 2015 and beyond. As noted previously, and as evident from our current guidance, we expect that comparisons of 2015 results to the prior year will be stronger in the first half of this year than in the second half."
"The results for the first quarter reflected an 83% increase in revenues from the Banking market and a 5% increase in revenues from the Enterprise and Application Security market," said Jan Valcke, VASCO's President and COO. "The increase in revenues from the Banking market reflected a significant increase in hardware products sold, especially card readers. The increase in revenues from the Enterprise and Application Security market primarily reflected our growing base of maintenance revenues. The results for the quarter also continued to demonstrate the leverage we have in our operating model. While our gross margins declined as a percentage of revenue, our operating income as a percentage of revenue increased significantly." |
