During the third quarter 2010, our cash and our working capital increased 14% and 10% respectively compared with our balances at the end of the second quarter. At September 30, 2010, our net cash balance was approximately $86.4 million and we have approximately $92.3 million of working capital. The strong cash balance gives us the flexibility to invest in our growth now that the economy seems to be improving. In past quarters, we told you that our banking business was recovering. We also told you that the number of RFPs was growing. These RFPs are now materializing in firm orders. Our order intake from the banking business is now growing quickly.As demonstrated by our Q3 2010, earnings report the recovery and the financial vertical is beginning to result in improved financial performance for our company. The confidence that we communicated in past quarterly earnings calls is we believe being justified today. We firmly believe that the banking market will contribute to strong growth in 2011. We also believe VASCO’s banking and enterprise and application security businesses are evolving back to normal.
VASCO Data Security Int., CEO Discusses Q3 2010 Results – Earnings Call Transcript
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