LaserCard: Fiscal 4Q09 Financial Results

LaserCard Corporation announced financial results for its fiscal 2009 fourth quarter and fiscal year ended March 31, 2009.

Revenues for the fourth quarter of fiscal 2009 were $14.7 million, compared with $10.9 million in the prior quarter and $7.3 million in the same quarter a year ago. The GAAP net income for the fourth quarter of fiscal 2009 was $944,000, or $0.08 per diluted share, compared with a GAAP net loss of $849,000, or ($0.07) per diluted share in the prior quarter, and a GAAP net loss of $3.3 million, or ($0.27) per diluted share, in the same quarter a year ago.

For the fiscal year ended March 31, 2009, LaserCard reported revenues of $49.8 million, compared with prior fiscal year revenues of $37 million. The GAAP net loss for fiscal 2009 was $940,000, or ($.08) per diluted share, compared with a GAAP net loss of $7.2 million, or ($0.60) per diluted share in the prior year.

Revenue from optical memory cards totaled $30.9 million in fiscal 2009, compared with $22.1 million in fiscal 2008. Revenue from specialty cards and printers totaled $15.8 million in fiscal 2009 versus $13.2 million in fiscal 2008, with the remaining revenues coming from the enabling services and other products and services within the drive systems and services segment. Optical memory card backlog at March 31, 2009 totaled $21.4 million.

LaserCard Corporation’s cash, cash equivalents, short-term investments and long-term investments were $29.3 million at March 31, 2009, compared with $18.5 million at March 31, 2008. Debt at March 31, 2009 totaled $8.9 million compared with $0.1 million at March 31, 2008.

Non-GAAP Results:
The non-GAAP net income for the fourth quarter of fiscal 2009 was $1.6 million, or $0.13 per diluted share and a non-GAAP net loss of $2.8 million, or ($0.23) per diluted share, in the same quarter a year ago.

The non-GAAP net income for fiscal 2009 was $1.7 million, or $0.14 per diluted share, compared with a non-GAAP net loss of $5.1 million, or ($0.43) per diluted share for the previous year.

Non-GAAP net income (loss) and net income (loss) per diluted share exclude expenses related to SFAS123R stock-based compensation and the unrealized income (expense) relating to the fair value adjustment of auction rate securities and UBS put option agreement.

Highlights of FY2009:

• Awarded subcontract for the supply of encoders and new advanced cards for the Department of Homeland Security’s U.S. Permanent Resident Card (‘Green Card’) Program
• Signed a card supply agreement with Gemalto for new phase of the Kingdom of Saudi Arabia national ID card program
• Awarded the Italian Ministry of Justice employee ID program
• Completed installation of first end-to-end credentialing system (part of Enabling Services) in Costa Rica
• Received initial purchase orders and delivered equipment and supplies for card issuing infrastructure for Angola National Citizen ID card program

“Fiscal 2009 was a year of improving financial results for LaserCard,” said Robert DeVincenzi, president and chief executive officer. “Full year revenues grew 34% over the prior year, reflecting the ramp-up of several major ID card programs, the expansion of our business into Africa and the initial contribution from the new Enabling Services component of our ID solutions offering. We also made important innovations related to our core technology and credentialing solutions. Among other enhancements, we are now delivering a broad set of contact and contactless technologies in combination with optical memory."

“Finally, our success in tuning LaserCard’s cost model has reduced manufacturing costs and improved production efficiencies, strengthening the company’s competitiveness as we enter fiscal 2010,” continued DeVincenzi.