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SANTA ANA, Calif. and ISMANING, Germany, March 7, 2013 (GLOBE NEWSWIRE) -- Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV), a provider of products, services and solutions for the identification, security and RFID industries, today announced results for the fourth quarter (Q4) and year ended December 31, 2012.
Q4 2012 Highlights:
Record quarter for NFC and RFID transponder sales
Improved smart card reader market in Europe and strong demand in Asia
22% reduction in base operating expenses compared to fourth quarter 2011, further lowering breakeven point
Return to profitability on adjusted EBITDA basis - year over year improvement of $1.0 million
Cash of $7.4 million at year end
"The strengthening trend we saw beginning late in Q3 continued through Q4 with increased order flow and improved traction in much of our business. Pent up demand following the resumption of delayed customer projects, plus several new orders, drove NFC and RFID transponder sales in Q4 to more than double from the previous quarter and grow 34% year over year. It was particularly good to see improved order activity in Europe after several difficult quarters, and we also saw strong demand from a variety of our markets in Asia. Our U.S. Government sales remained stable and we have seen an increase in program activity at the state level," stated Ayman S. Ashour, CEO and chairman of Identive. "Our improved revenue performance combined with further reductions in base operating expenses allowed us to return to profitability on an adjusted EBITDA basis in Q4, and at a higher level than in the past."
As reported in accordance with U.S. generally accepted accounting principles (GAAP), Q4 2012 revenues were $26.6 million, down 5% from $27.9 million in Q4 2011. By segment, Identity Management Services and Solutions (Identity Management) revenues were $13.4 million and ID Products revenues were $13.2 million in Q4 2012.