VASCO's non-banking business is growing steadily. For the first two quarters of 2010, our enterprise security business grew 6%, compared to the first two quarters of 2009. Non-banking revenue was 33% in Q2 and 30% of the first six months of 2010. This compares to 32% in Q2 a year ago and 29% for the first six months of 2009. Although our banking business is recovering more slowly than anticipated the longer-term still looks bright and visibility is improving.The RFPs that we have described to you in past calls are indeed materializing in the firm orders. Our order intake was up significantly in Q2, this is contributing to a growing backlog which will give us the visibility that we have been missing for a while. We do believe that banking market is recovering and will lead us to strong growth in 2011. The competitive landscape ahs changed dramatically, but some of our historic competitors have been acquired by private equity firms of larger corporations.
VASCO Data Security International, Inc. Q2 2010 Earnings Call Transcript
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