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Technology Stocks : Identix (IDNX)

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From: jad	7/14/2005 10:30:54 AM
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Identix Inc 1-Overweight / 5.61 (USD) EBITDA Profit Hurt by Project Delays Sector: 2-Neutral _ IDNX lowered its 4Q revenue guidance to $18.0-$18.5m from $20.5-$23.0m (vs. our $22m est). This was predominantly due to the DELAY of (1) a "rollout of systems"; & (2) of expected payments on various ABIS orders. It is IMPORTANT to NOTE that the contracts remain intact & that the revenue is simply pushed out to future quarters. _ The lowered revenue hurts gross margin significantly from our 43% est. to roughly 31% & more importantly postpones the "initial" goal of reaching EBITDA profitability, which had been set for the end of FY05. _ IDNX provided '06 rev. guidance in the $90-$98m range. We are lowering our '06 rev. est. from $103m to $95m, which lowers our FY06 EPS est. to $(0.10) from $(0.01). We believe that due to the high uncertainty of the timing of govt. contracts, our '06 numbers could potentially prove conservative. _ Though IDNX missing the quarter is a disappointment, the future of the overall biometrics industry, as well as IDNX's pipeline, remains promising. _ There is a conf. call at 9am ET today Anyone hear the cc?

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