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VASCO's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: VDSI

We started the year with a backlog that was lower the last years. At the end of Q2, we have closed that gap completely and are well underway to reach our 2012 guidance objectives. In the first half of 2012, it does not appear that the sovereign debt issue in the Eurozone has been significant impediment for VASCO’s business.

Our banking business in Europe in still going strong, we have also received orders from banks in countries where the sovereign debt issue seems to be the most severe. A motivating factor for banks to many parts of the world is the fact that internet banking is a very low cost and profitable application.

The cost bases internet banking is very low since banks can eliminate much of their investments in Bricks Mortar and related staff. With VASCO banks can offer their customers security combined with convenience. This is very appealing to many banks and their customers. We also had excellent results from our Asia Pacific operations driven by strong growth and banking in the government sector. Cliff will give you a little more information on our revenue per region.

During Q2, we officially launched MYDIGIPASS.COM and started to address the market with our hosted consumer authentication platform, which provides convenient and secure login services to various web applications. Currently, we have over 200 websites testing, integrating and are using MYDIGIPASS.COM. I believe that this is an impressive number considering the fact that we launched the platform in April of this year. Going forward, we will take numerous actions to make MYDIGIPASS.COM even more attractive for end users and websites including localized and translated versions of the portal, new options functionalities and more.

Read the rest of this transcript for free on seekingalpha.com

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