VASCO Reports Results for Fourth Quarter and Full Year 2010
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"We are pleased with the results for the fourth quarter of 2010," stated T. Kendall Hunt, Chairman & CEO. "Revenues in the fourth quarter of 2010 were the best in the company's history when compared to any prior year's fourth quarter and the third best quarter in our history when compared to all quarters previously reported. In addition to the strong revenue, we made good progress in developing new products, including our DIGIPASS as a Service platform, developed important relationships with new banks in various markets and continued investing in people and processes that we believe will benefit us in 2011 and future years."
"The results for the fourth quarter were strong from both a revenue and order intake point of view," said Jan Valcke, VASCO's President and COO. "During the fourth quarter and the second half of 2010, we saw a large number of deals move from the proposal stage to and through the contract negotiation stage. As a result, our order intake in the fourth quarter and second half of 2010 were the best in the company's history. In addition to orders received, our pipeline for future deals also remained strong at the end of the year. We expect that order intake and the pipeline for future deals will remain strong throughout 2011."
Cliff Bown, Executive Vice President and CFO added, "During the fourth quarter of 2010 our working capital balances continued to grow even though our cash balances declined slightly. During the fourth quarter our working capital increased $4.6 million, or 5%, from September 30, 2010 and our net cash balance decreased $0.9 million or 1% from September 30, 2010. For the full year, our net cash balance increased $17.9 million, or 27%, and our working capital increased $9.3 million, or 11%, from December 31, 2009." |
