Viisage Technology reports record revenues

AUGUST 6--Viisage Technology Inc. (Littleton, MA; www.viisage.com), a provider of advanced technology solutions for identity verification, reports that revenues for the second quarter, ended June 29, 2003, increased 13% to a record $10.2 million, from $9.0 million in the comparable period last year.

AUGUST 6--Viisage Technology Inc. (Littleton, MA; www.viisage.com), a provider of advanced technology solutions for identity verification, reports that revenues for the second quarter, ended June 29, 2003, increased 13% to a record $10.2 million, from $9.0 million in the comparable period last year. The net loss for the second quarter of 2003 narrowed to $1.3 million, or $0.07 per diluted share, compared to a net loss of $2.8 million, or $0.14 per diluted share, for the second quarter of 2002.

For the first six months of 2003, revenues rose 22% to $18.8 million from $15.4 million for the first half of 2002. The net loss for the six months ended June 29, 2003 was $3.1 million, or $0.15 per diluted share, compared to a net loss of $3.7 million, or $0.18 per diluted share for the comparable period in 2002.

Says Bernard Bailey, president and chief executive officer, "The quarter's results were achieved while we were simultaneously working to close our previously announced acquisition of ZN Vision Technologies, the European market leader in facial recognition. This transaction is anticipated to close in the third quarter this year. We are also delighted with the collaborative win of the Alberta, Canada drivers' license contract with ZN, as well as our expanded role in developing facial-recognition solutions for the Department of Defense. Lastly, our backlog has remained stable at $81 million at the end of the quarter, down just slightly from the $82 million we reported at the end of the first quarter this year."

Total operating expenses for the second quarter of 2003 continued to decline sequentially (by 10%) and year-over-year (by 25%), reflecting the impact of cost cutting measures implemented late in 2002. Operating expenses for the quarter were $3.1 million, reflecting a commitment to spending on prospective market opportunities, particularly in the facial recognition arena. These expenditures included $1.1 million in sales and marketing costs and $937,000 in research and development. General and administrative expenses were $1.0 million in the second quarter of 2003. Total operating expenses in the same quarter last year totaled $4.2 million, including $1.7 million in sales and marketing costs, $1.3 million in research and development and $1.1 million in general and administrative costs. For the first quarter of 2003, total operating expenses were $3.4 million.


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