SUNNYVALE, Calif.--(BUSINESS WIRE)--July 28, 1998--Identix Inc.
(ASE:IDX.A), a leading provider worldwide of live-scan and biometric
verification systems, Tuesday announced that revenues for the fiscal
year ended June 30, 1998, grew by 51 percent to a record $79 million,
versus the previous year's revenues of $53 million.
Product revenue, including both bio imaging and bio security
products, increased 30 percent to $35 million over the previous year's
product revenues of $27 million. Services revenues for fiscal 1998
from the company's ANADAC subsidiary increased 68 percent to $44
million, compared with $26 million in the year-earlier period.
Net income for the fiscal year ended June 30, 1998, was $768,000,
or 3 cents per share, including a loss of $171,000 on the company's
start-up joint venture with Sylvan Learning Systems and reorganization
charges of $717,000 recorded in the fiscal third quarter. This
compares with net income for the previous fiscal year, which was prior
to the inception of the Identix/Sylvan joint venture, of $518,000, or
2 cents per share (the previous year's results are adjusted for a
software company acquisition that was accounted as a pooling of
interests). Gross product margins increased slightly to 51 percent
for fiscal 1998, versus gross product margins of 50 percent for the
year earlier period.
For the fourth quarter ended June 30, 1998, revenues rose to $22
million from the year-earlier $17 million; net income for the June 30,
1998, fourth quarter was $691,000, or 3 cents per share, including a
loss of $138,000 on the Identix/Sylvan joint venture, versus a
previous-year fourth quarter profit of $762,000, or 3 cents per share,
prior to the inception of the joint venture.
Chairman, President and Chief Executive Officer Randall C. Fowler
commented: "We saw further strong growth this year overall in our
products and services businesses, and further strengthened our lead
among biometric vendors worldwide. The past year was remarkable for
the explosion of start-ups in biometric fields of all kinds, from
fingerprint recognition to facial analysis. We consider this trend a
strong validation of the need for biometric technology, an area we've
led for more than a decade.
"We believe that fingerprint ID is the most convenient and the
easiest way for machines to recognize the people with whom they're
interacting -- whether the machine in question is a computer, an ATM,
a time-clock, an airport entrance, a credit-card reader or an
electronic funds-transfer terminal. We believe that there are more
Identix biometric security systems employed worldwide than any other
biometric security system in the world. We also believe that
fingerprint-oriented identification solutions will increasingly be
recognized as the keys to successful implementations of biometric
strategies by end users."
Fowler said that for the year ended June 30, 1998, sales of
biometric products using Identix technologies moved ahead well. He
pointed out that the company's strategic relationships were expanded
during the year with large and prestigious companies such as Computer
Associates, NEC Technologies, Sagem MORPHO and Sylvan Learning
Systems. Fowler said that the recent contract with the California
Department of Corrections (CDC) for Touchlock II(TM) single-finger
biometric verification readers represents a valuable endorsement of
Identix Bio Sentinel(TM) networking software for physical access
control applications, which will be installed in all 33 California
State prisons over the next 12 months.
Chief Financial Officer James Scullion said that the company's
joint venture with Sylvan Learning Systems now includes operating
locations in 10 U.S. cities; he added that the joint venture hopes to
initiate customer recruitment programs over the coming 12 months. He
added that the company's financial position remains strong, with a
current ratio of approximately 2:1, and no long-term debt.
Identix is a leader in designing, developing, manufacturing and
marketing products for the capture and/or comparison of fingerprints
for security, anti-fraud, law enforcement and other applications.
The statements in this release that relate to future plans,
events or performance are forward-looking statements that involve
risks and uncertainties, including risks associated with uncertainties
pertaining to customer orders, orders from and contacts with
government entities, availability of government funds,
competition, demand for products and services, development of markets
for the company's products and services and other risks as identified
in the company's SEC filings.
Actual results, events and performance may differ materially.
The company undertakes no obligation to publicly update these
forward-looking statements to reflect events or circumstances that
occur after the date hereof or to reflect the occurrence of
unanticipated events.
-0-
*T
IDENTIX INCORPORATED
SELECTED FINANCIAL DATA
Three Months Ended Twelve Months Ended
June 30, June 30,
1998 1997(a) 1998 1997(a)
Revenues:
Net product
revenues $10,029,000 $ 8,280,000 $34,720,000 $26,652,000
Fingerprinting
Services
revenues 344,000 --- 1,078,000 ---
Services
revenues 11,396,000 8,333,000 43,576,000 25,891,000
Total
Revenues 21,769,000 16,613,000 79,374,000 52,543,000
Costs and
expenses:
Cost of
product
revenues 4,916,000 4,139,000 16,887,000 13,359,000
Cost of
finger-
printing
services 329,000 --- 1,028,000 ---
Cost of
services
revenues 10,119,000 7,026,000 37,477,000 20,633,000
Research,
development
& engineering 942,000 750,000 4,572,000 2,754,000
Selling,
general &
administrative 4,433,000 4,010,000 17,581,000 15,247,000
Reorganization
costs --- --- 717,000 ---
Total costs and
expenses 20,739,000 15,925,000 78,262,000 51,993,000
Income from
operations 1,030,000 688,000 1,112,000 550,000
Other income
(expense), net (201,000) 74,000 (173,000) (32,000)
Income before
taxes 829,000 762,000 939,000 518,000
Income taxes --- --- --- ---
Income after
taxes 829,000 762,000 939,000 518,000
Equity interest
on joint
venture (138,000) --- (171,000) ---
Net income $ 691,000 $ 762,000 $ 768,000 $ 518,000
Basic earnings
per share $ 0.03 $ 0.03 $ 0.03 $ 0.02
Diluted earnings
per share $ 0.03 $ 0.03 $ 0.03 $ 0.02
Common shares
outstanding 25,243,000 24,887,000 25,104,000 24,817,000
Common shares
assuming
dilution 25,563,000 25,626,000 25,669,000 25,586,000
(a) Prior year adjusted for BA&T acquisition which was accounted for
as a pooling of interests.
*T
--30--RMS/np* JP/np
CONTACT: Allen & Caron Inc.
Damon Wright (investors)
Owen Daley (media)
714/957-8440
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED EARNINGS
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
Copyright 1998, Business Wire
|
