LaserCard: Fiscal 1Q09 Financial Results

LaserCard Corporation announced the financial results for its fiscal 2009 first quarter ended June 30, 2008.

Revenues for the first quarter of fiscal 2009 were $10.7 million, compared with $7.3 million in the prior quarter and $7.9 million in the same quarter a year ago. The net loss for the first quarter of fiscal 2009 was $1.3 million, or ($0.11) per diluted share, compared with a net loss of $3.3 million or ($0.27) per diluted share in the prior quarter, and a net loss of $2.4 million, or ($0.20) per diluted share, in the same quarter a year ago.

LaserCard optical memory card revenues for the quarter were $5.9 million compared with $4.6 million in the first quarter of fiscal 2008. Revenues from specialty cards and printers totaled $3.6 million compared with $2.9 million from the same quarter a year ago. Drives, systems and services segment revenue for the quarter was $1.2 million, compared with $400,000 in the first quarter of the prior year.

LaserCard Corporation’s cash, cash equivalents, and investments were $13.8 million at June 30, 2008 compared with $18.5 million at March 31, 2008. Subsequent to quarter end, the company received $5.8 million in cash in line with its standard terms and conditions of sale for the future delivery of optical cards, encoders and personalization systems.

Quarter Highlights

• Orders received from the U.S. Department of Homeland Security for secure encoders, software and sample cards for the next generation U.S. Green Card program
• Orders received totaling $4.7 million from the Kingdom of Saudi Arabia for the nation’s National ID Card program
• Order received valued at $1.1 million from the government of Italy for its Foreign Resident Card program
• Acceptance received from the government of Costa Rica for the completed installation of its Foreign Resident ID management system, enabling revenue recognition of $1.7 million
• Optical memory card backlog of $4.9 million at June 30, 2008

"I am very pleased to join LaserCard at this time to guide the company’s continuing transformation from a supplier of core ID technology to a provider of comprehensive secure ID solutions, from data capture to card issuance. We have an extraordinary opportunity before us," said Bob DeVincenzi, president and CEO. "An important pillar of this model is our enabling services strategy, in which we assume responsibility for certain services components of an ID management program, not just the supply of optical cards and associated technology. Initially launched in support of the Kingdom of Saudi Arabia’s National ID program, the success of this strategy is demonstrated by our recent achievements in Costa Rica. LaserCard has shown its ability to accelerate a system implementation while ensuring optimum efficiency of the process and consistent high quality of the finished cards."