LaserCard: Fiscal 2Q11 Financial Results

(in US$ millions)	2Q10	2Q11	6 mo. 10	6 mo. 11
Revenues	15.7	12.7	32.0	24.3
*Growth*		-19%		*-24%*
Net income (loss)	1.8	0.8	3.8	1.3

LaserCard Corporation announced the financial results for its fiscal 2011 second quarter ended October 1, 2010.

Revenues for the second quarter of fiscal 2011 were $12.7 million, compared with $11.6 million in the prior quarter and $15.7 million in the same quarter a year ago. GAAP net income for the second quarter of fiscal 2011 was $0.8 million, or $0.07 per diluted share, compared with GAAP net income of $0.4 million, or $0.04 per diluted share, in the prior quarter, and GAAP net income of $1.8 million, or $0.15 per diluted share, in the same quarter a year ago.

LaserCard optical security media card revenues for the quarter were $9.0 million compared with $11.9 million in the second quarter of fiscal 2010. Revenues from specialty cards and printers totaled $3.7 million compared with $3.8 million from the same quarter a year ago. Optical security media card backlog at October 1, 2010 was $9.6 million.

LaserCard Corporation’s cash, cash equivalents, and investments were $36.2 million at October 1, 2010. Debt at October 1, 2010 totaled $0.1 million.

Non-GAAP Results
Non-GAAP net income for the second quarter of fiscal 2011 was $1.3 million, or $0.10 per diluted share, compared to non-GAAP net income of $0.9 million, or $0.07 per diluted share, in the prior quarter, and a non-GAAP net income of $1.9 million, or $0.15 per diluted share, in 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 relating to the fair value adjustment of auction rate securities and our UBS put option agreement, and exclude the gain related to the termination of a contract.

"We have achieved profitability over the past seven quarters due to the ongoing contributions from our core customer programs and the previously implemented refinements to our cost model," said Robert DeVincenzi, President and CEO of LaserCard. "As is typical in our business and industry, our program revenue and financial results will continue to be subject to fluctuations on a quarterly basis."