VASCO announces third quarter results; VASCO revenues up 380% over 1995
Source: Business Wire
LOMBARD, Ill.--(BUSINESS WIRE) via Individual Inc. -- VASCO
Corp.(OTCBB: VASC)announced today its consolidated financial results
for its third quarter ending Sept. 30, 1996. The company showed
strong growth over the comparable period for 1995, with third quarter
1996 revenues of $3,085,966 vs. third quarter 1995 revenues of
$792,804, representing an increase in excess of 380%. This increase
is attributable to both internally-generated growth and by
acquisition. VASCO and its operating subsidiaries, VASCO Data
Security Inc. (VDSI), Lintel SECURITY (Lintel) and Digipass, reported
the following.
Three months ended Nine months ended
Sept. 30 Sept. 30
1996 1995 1996 1995
Total Sales (1) $3,085,966 $792,804 $6,211,232 $2,301,182
Cost of Sales (1,854,906) (332,734) (3,721,791) (962,128)
Gross Profit 1,231,060 460,070 2,489,441 1,339,054
Total Operating
Expenses (1,687,405) (411,721) (2,963,380) (1,148,433)
Income (Loss) From
Operations (456,345) 48,349 (473,939) 190,621
Total Other
(Expense) Income (108,853) (27,237) (135,786) (94,198)
Net Income (Loss)
Before Tax (1) (565,198) 21,112 (609,725) 96,423
Federal Income
Tax (Benefit) (189,883) N/A (207,583) N/A
Net Income (Loss)
From Continuing
Operations (375,315) 21,112 (402,142) 96,423
Discontinued Operations,
Net of Tax (2) (27,561) N/A (27,561) N/A
Net Income after Taxes (402,876) 21,112 (429,703) 96,423
Preferred Stock
Dividends (27,000) (27,000) (81,000) (81,000)
Net Income (Loss)
Available for
Common Shareholders (429,876) (5,888) (510,703) 15,423
Earnings (Loss) Per
Common Share NIL NIL NIL NIL
Weighted Average Shares
Outstanding 17,486,847 14,849,088 16,299,573 14,394,794
(1) Includes results of operations of the company's newest
subsidiaries, Lintel SECURITY and Digipass, for the entire third
quarter of 1996.
(2) Relates to disposition of VASCO Performance Systems (VPS).
VASCO Corp., headquartered in Lombard, and its foreign and domestic
subsidiaries offer information security technologies which enable
critical client applications designed to achieve corporate
initiatives and improve profitability. Since initiating its strategy
in 1986, VASCO Corp., through strategic acquisitions and internal
growth, has become a leader in computer security authentication
devices, with nearly two million units shipped to date.
The Company's computer security subsidiaries include VASCO Data
Security Inc. headquartered in Lombard, IL., as well as Lintel
Security and Digipass s.a. both of Brussels, Belgium. VASCO's
patented and proprietary hardware and software security products
provide computer security, Advanced Authentication Technology and
RSA/DES encryption for financial institutions, industry and
government.
CONTACT: VASCO Corp. | 1919 S. Highland Ave. | Suite 118-C | Lombard, Illinois 60148 |
Ken Hunt, CEO | 630/932-8844 | fax: 630/495-0279 | email: tkh@vasco.com | WWW:
vasco.com | OTC Symbol: VASC
[11-25-96 at 12:17 EST, Business Wire]
Contact: Business Wire |
