Viisage Technology reports 34% revenue growth for Q1-03
MAY 8--Viisage Technology Inc. (Littleton, MA; www.viisage.com), a provider of identity verification, reports that its revenues for the quarter ended March 30, 2003, increased 34% to $8.59 million from $6.40 million in the comparable period last year.
MAY 8--Viisage Technology Inc. (Littleton, MA; www.viisage.com), a provider of identity verification, reports that its revenues for the quarter ended March 30, 2003, increased 34% to $8.59 million from $6.40 million in the comparable period last year. Net loss was $1.73 million, or $0.09 per diluted share, for the first quarter of 2003, compared to a net loss of $857,000, or $0.04 per diluted share, for the first quarter of 2002. The increased loss reflects the company's decision in 2002 to invest more heavily in research, development, sales, and marketing, especially in the facial-recognition arena.
"Viisage continues to make progress in 2003, winning new and add-on business and announcing the acquisition of ZN Vision Technologies, subject to shareholder approval. With this acquisition, we will establish global technological leadership in facial recognition. ZN will enable us to secure valuable customers and establish a major foothold in Europe. We expect to complete this acquisition in July 2003. We won a key new state driver's license contract, two driver's license contract extensions (one announced after the quarter ended), as well as a Department of Defense contract extension, resulting in our backlog rising to $82 million at the end of the quarter," says Bernard Bailey, president and chief executive officer of Viisage.
Operating expenses for the first quarter of 2003 were $3.45 million, reflecting continued spending on prospective market opportunities, particularly in the facial-recognition arena. These expenditures included $1.41 million in sales and marketing costs and $945,000 in research and development. General and administrative expenses were $1.1 million in the first quarter of 2003, more than $1.0 million lower than in the fourth quarter of 2002. Total operating expenses in the same quarter last year totaled $1.97 million, which included $862,000 in sales and marketing costs, $506,000 in research and development, and $597,000 in general and administrative costs.