VASCO Reports Results for Third Quarter and First Nine Months of 2014
finance.yahoo.com
Revenue from continuing operations for the third quarter of 2014 was $52.6 million, an increase of 34% compared to the third quarter of 2013;
Operating income from continuing operations for the third quarter of 2014 was $13.8 million, an
increase of 175% compared to the third quarter of 2013.
Full-year 2014 guidance increased for revenue and operating margin.
"We are very pleased with our results for the third quarter and first nine months of 2014," stated T. Kendall Hunt, Chairman & CEO. "Revenues for the third quarter were the highest of any quarter in our history and reflected strong growth from both our Banking and Enterprise and Application Security markets. We believe that the growth in revenues in both markets is attributable to an increase in the demand resulting from an increasing level of sophisticated hacking attempts that are broadly publicized and our continued focus on providing innovative products. These same factors were important contributors to our strong intake of new orders in Q3. In Q3, we also had the strongest intake of new orders of any quarter in our history, replacing the first quarter of this year, which had been the best quarter in our history previously."
"The results for the third quarter reflected a 37% increase in revenues from the Banking market and a 23% increase in revenues from the Enterprise and Application Security market," stated Jan Valcke, VASCO's President and COO. "The growth in the Banking market reflected strong demand from both existing and new customers. In Q3, we also saw strong demand for our relatively new products that increase the level of security along with user convenience, such as our products that use the CrontoSign technology, and products that support new applications, especially mobile applications. The growth in the Enterprise and Application Security market is being driven in large part by growth in our maintenance revenues, which shows us that our strategy of focusing on software with related maintenance is working well." |
