LaserCard: Fiscal 1Q11 Financial Results

LaserCard Corporation announced financial results for its fiscal 2011 first quarter ended June 30, 2010.

Revenues for the first quarter of fiscal 2011 were $11.6 million, compared with $14.2 million in the prior quarter and $16.3 million in the same quarter a year ago. GAAP net income for the first quarter of fiscal 2011 was $432,000, or $0.04 per diluted share, compared with GAAP net income of $853,000, or $0.07 per diluted share in the prior quarter, and GAAP net income of $1.9 million, or $0.16 per diluted share, in the same quarter a year ago.

Revenues from optical security media cards for the quarter were $6.3 million compared with $12.4 million in the first quarter of fiscal 2010. Revenues from specialty cards and printers were $4.6 million compared with $3.2 million from the same quarter a year ago, with the remaining revenues coming from professional services and other products and services within the drive systems and services segment. Optical security media card backlog at June 30, 2010 was $9.1 million.

LaserCard Corporation’s cash, cash equivalents, and investments were $34.7 million at June 30, 2010. Debt at June 30, 2010 totaled $126,000.

Non-GAAP Results:
Non-GAAP net income for the first quarter of fiscal 2010 was $877,000, or $0.07 per diluted share, compared with non-GAAP net income of $2.2 million, or $0.18 per diluted share, for the same quarter a year ago.

Non-GAAP net income and net income per diluted share exclude expenses related to ASC 718 (formerly SFAS123R) stock-based compensation, the unrealized income (expense) relating to the fair value adjustment of auction rate securities and UBS put option agreement.

"Although revenue is down versus our prior quarter, we are pleased to realize a sixth consecutive quarter of profitability. Revenue visibility over the coming several quarters has been reduced and we will be maintaining careful control of our cost structure as we advance," said Robert DeVincenzi, President and CEO.