Boston, MA 04/28/2014 (wallstreetpr) – VASCO Data Security International, Inc. (NASDAQ:VDSI) is a $443 million company that provides products that support security access and management in hardware and software. The company reported Q1.14 results and declared revenue in the quarter the best ever that the company has seen in its life. And just before investors and analysts could ask about the future, the management was quick to point out that strong demand for the traditional products and the launch of new products should help the company realize improving performance into the future.
Q1.14 in figures
VASCO Data Security International, Inc. (NASDAQ:VDSI) reported Q1.14 revenue of $38.8 million, up about 10 percent from $35.4 million revenue in the corresponding quarter a year ago. Continuing operations generated net income of $3.5 million or 9 cents per share in the quarter. That was a significant increase from operating net income of $2.4 million or 6 cents per share in the same period last year.
The company experienced operating loss related to continuing operations of $21.9 million, up 8 percent from $20.4 million suffered in the corresponding quarter a year ago. The operating expenses in the latest quarter included $0.6 million as long-term compensation incentive.
VASCO closed Q1.14 with balance sheet cash total of 4109.5 million. That compared with $98.6 million $98.6 million at the end of fiscal 2013.
Besides VASCO Data Security International, Inc. (NASDAQ:VDSI) noting a strong revenue in the latest quarter, the company also experienced strong new orders in the quarter and expects the trend to continue. In addition to the strong demand for the traditional and new products, the CEO T. Kendall Hunt said the company is also improving its product mix with cloud-based products. However, he noted that while the cloud-based products might not have an impact on revenue in the current year, they will play an important role in revenue growth, in the future.