Identix Reports Fiscal 2002 Second Quarter Results In-Line With Company Expectations, Raises Fiscal Third Quarter Revenue Expectations
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/
TO BUSINESS EDITOR:
Identix Reports Fiscal 2002 Second Quarter Results In-Line With Company
Expectations; Modestly Raises Fiscal Third Quarter Revenue Expectations
LOS GATOS, Calif., Jan. 23 /PRNewswire-FirstCall/ --
Identix Incorporated (Nasdaq: IDNX) today reported consolidated results
in-line with the Company's expectations for its fiscal second quarter and
six-months ended December 31, 2001. Revenue for the 2002 fiscal second
quarter came in near the top of the Company's October expectations at
$19.5 million, a 16 percent sequential increase over fiscal 2002 first quarter
revenue of $16.8 million. The net loss for the fiscal 2002 second quarter was
$6.2 million, or $0.16 per share, also in-line with expectations provided by
the Company in October. This compares to revenue for the fiscal 2001 second
quarter of $21.0 million, with a net loss of $5.2 million, or $0.15 per share.
Identix also said that it is modestly increasing its revenue expectations
for its fiscal 2002 third quarter. The Company now expects revenue to be in
the range of $19.0 million to $20.5 million. This is greater than the revenue
expectations set forth in October of 2001 of between $18.5 million and
$20 million.
Fiscal 2002 second quarter Security revenue was $2.1 million, exceeding
the Company's October expectations for Security revenue of between
$1.6 million and $2.0 million. Prior year second quarter Security revenue was
$2.1 million. Government Services revenue of $13 million also exceeded the
Company's October expectations. In October the Company expected Government
Services revenue to be in the range of $10.5 million to $11.5 million. Fiscal
2001 second quarter Government Services revenue was $12.8 million. Government
Services backlog as of December 31, 2001 stands at approximately $128 million.
Imaging revenue for the fiscal 2002 second quarter was $4.4 million, below the
Company's expectations of between $6.0 million and $7.0 million. This
compares to Imaging revenue of $6.1 million in the fiscal 2001 second quarter.
For the first six months of fiscal 2002, revenue was $36.3 million, with a
net loss of $14.7 million or $0.39 per share, including charges of
approximately $2.0 million related to the July 2001 reduction in the Company's
worldwide workforce and expected non-cash charges related to option expenses.
This compares to year-earlier revenue of $41.1 million, with a net loss of
$12.6 million, or $0.38 per share, including expected non-cash charges of
approximately $1.9 million related to preferred stock and stock option
expenses.
Identix Chairman & CEO Bob McCashin commented, "We are pleased to have met
the revenue and EPS expectations we provided in October of 2001 and to have
exceeded those expectations in our Security and Government Services lines of
business. We demonstrated good overall revenue growth of 16 percent over the
first quarter of fiscal 2002 in the face of an overall weak economy.
"The landscape of the Live Scan market has changed dramatically over the
past year," McCashin continued, "with increasing demand in the commercial
sector for applicant background checks providing what we believe is the future
potential to balance out a slowing demand in the mature U.S. law enforcement
market. We saw a significant increase in demand for our Live Scan applicant
systems, led by adoption by 19 airports in the quarter. Since we have the
largest installed base of Live Scan systems in the law enforcement market, we
also see good opportunities to up-sell to our current customer base, as well
as to sell replacement systems, upgrades and additional maintenance to current
customers. Additionally, we believe that the recently announced
internationalized version of the TP 2000 offers the potential to expand our
industry-leading technology beyond the U.S.
"We believe the acceptance and adoption of biometric authentication and
security solutions has been greatly accelerated," McCashin concluded. "Our
challenge is to take advantage of the huge opportunity that lies before us.
We believe we are up to the challenge."
As of December 31, 2001, the balance sheet reflected a current ratio of
5.1:1, working capital of $68 million, including cash of $59 million, no
long-term debt and shareholders' equity of $100.5 million.
About Identix
Identix Incorporated, www.Identix.com, is a leader in designing,
developing, manufacturing and marketing products for the capture and/or
comparison of fingerprints for security, anti-fraud, law enforcement, physical
access and other applications. Identix designs and develops proprietary,
cost-effective, security products and solutions for personal identification
and verification. Through itrust(TM), Identix offers an array of Internet and
wireless Web secure transaction processing services, and provides a wide range
of applications to markets that include corporate enterprise security,
Intranet, extranet, and Internet, wireless Web access and security,
E-commerce, government and law enforcement agencies.
Identix Reports Fiscal 2002 Second Quarter Results In-Line With Company Expectat
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/
TO BUSINESS EDITOR:
Identix Reports Fiscal 2002 Second Quarter Results In-Line With Company
Expectations; Modestly Raises Fiscal Third Quarter Revenue Expectations
LOS GATOS, Calif., Jan. 23 /PRNewswire-FirstCall/ --
Identix Incorporated (Nasdaq: IDNX) today reported consolidated results
in-line with the Company's expectations for its fiscal second quarter and
six-months ended December 31, 2001. Revenue for the 2002 fiscal second
quarter came in near the top of the Company's October expectations at
$19.5 million, a 16 percent sequential increase over fiscal 2002 first quarter
revenue of $16.8 million. The net loss for the fiscal 2002 second quarter was
$6.2 million, or $0.16 per share, also in-line with expectations provided by
the Company in October. This compares to revenue for the fiscal 2001 second
quarter of $21.0 million, with a net loss of $5.2 million, or $0.15 per share.
Identix also said that it is modestly increasing its revenue expectations
for its fiscal 2002 third quarter. The Company now expects revenue to be in
the range of $19.0 million to $20.5 million. This is greater than the revenue
expectations set forth in October of 2001 of between $18.5 million and
$20 million.
Fiscal 2002 second quarter Security revenue was $2.1 million, exceeding
the Company's October expectations for Security revenue of between
$1.6 million and $2.0 million. Prior year second quarter Security revenue was
$2.1 million. Government Services revenue of $13 million also exceeded the
Company's October expectations. In October the Company expected Government
Services revenue to be in the range of $10.5 million to $11.5 million. Fiscal
2001 second quarter Government Services revenue was $12.8 million. Government
Services backlog as of December 31, 2001 stands at approximately $128 million.
Imaging revenue for the fiscal 2002 second quarter was $4.4 million, below the
Company's expectations of between $6.0 million and $7.0 million. This
compares to Imaging revenue of $6.1 million in the fiscal 2001 second quarter.
For the first six months of fiscal 2002, revenue was $36.3 million, with a
net loss of $14.7 million or $0.39 per share, including charges of
approximately $2.0 million related to the July 2001 reduction in the Company's
worldwide workforce and expected non-cash charges related to option expenses.
This compares to year-earlier revenue of $41.1 million, with a net loss of
$12.6 million, or $0.38 per share, including expected non-cash charges of
approximately $1.9 million related to preferred stock and stock option
expenses.
Identix Chairman & CEO Bob McCashin commented, "We are pleased to have met
the revenue and EPS expectations we provided in October of 2001 and to have
exceeded those expectations in our Security and Government Services lines of
business. We demonstrated good overall revenue growth of 16 percent over the
first quarter of fiscal 2002 in the face of an overall weak economy.
"The landscape of the Live Scan market has changed dramatically over the
past year," McCashin continued, "with increasing demand in the commercial
sector for applicant background checks providing what we believe is the future
potential to balance out a slowing demand in the mature U.S. law enforcement
market. We saw a significant increase in demand for our Live Scan applicant
systems, led by adoption by 19 airports in the quarter. Since we have the
largest installed base of Live Scan systems in the law enforcement market, we
also see good opportunities to up-sell to our current customer base, as well
as to sell replacement systems, upgrades and additional maintenance to current
customers. Additionally, we believe that the recently announced
internationalized version of the TP 2000 offers the potential to expand our
industry-leading technology beyond the U.S.
"We believe the acceptance and adoption of biometric authentication and
security solutions has been greatly accelerated," McCashin concluded. "Our
challenge is to take advantage of the huge opportunity that lies before us.
We believe we are up to the challenge."
As of December 31, 2001, the balance sheet reflected a current ratio of
5.1:1, working capital of $68 million, including cash of $59 million, no
long-term debt and shareholders' equity of $100.5 million.
About Identix
Identix Incorporated, www.Identix.com, is a leader in designing,
developing, manufacturing and marketing products for the capture and/or
comparison of fingerprints for security, anti-fraud, law enforcement, physical
access and other applications. Identix designs and develops proprietary,
cost-effective, security products and solutions for personal identification
and verification. Through itrust(TM), Identix offers an array of Internet and
wireless Web secure transaction processing services, and provides a wide range
of applications to markets that include corporate enterprise security,
Intranet, extranet, and Internet, wireless Web access and security,
E-commerce, government and law enforcement agencies...
Fred |
