BANGALORE: Shares of Vasco Data Security International Inc plunged to a 52-week low in morning trade, after the company posted lower-than-expected quarterly results due to a delay in booking of revenue from three orders.
The net result of the delay was that about $3.6 million of revenue moved from 2007 into 2008, the company's director of corporate communications Jochem Binst said by phone. Vasco, which makes hardware and software security systems, also forecast 2008 revenue growth of 25 per cent to 35 per cent, indicating a miss in market expectations.
It posted a revenue of $120.0 million in 2007. Analysts on average were expecting revenue of $163.6 million for 2008. Net income available to common shareholders for the fourth quarter was $3.3 million, or 9 cents per share, compared with $5.1 million, or 13 cents per share, a year ago.
Revenue rose 24 per cent to $31.2 million. Analysts on average were expecting earnings of 20 cents a share, excluding items, on revenue of $36.6 million. Shares of the Oakbrook Terrace, Illinois-based company were trading down $6.08 at $12.19 in morning trade on Nasdaq.
They touched a year low of $11.70 earlier in the session. The company, which competes with ActivIdentity Corp, has lost almost three-fourth of its share value since it touched a year-high of $44.25 in October last year.
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