Based on its current expectations, management expects revenues of $22.0 million to $24.0 million in the first quarter of 2013, which is seasonally the weakest of the year, and further expects non-GAAP, adjusted EBITDA of $(1.5) million to (0.75) million. For full year 2013, management expects revenues of $105.0 million to $115.0 million and non-GAAP, adjusted EBITDA of $4.0 million to $6.0 million.
Full Year 2012 Results
Commenting on 2012 full year results, Identive's CFO, David Wear said, "2012 was a challenging year as economic austerity measures impacted Citizen ID programs in Europe and contributed to a 25% drop in sales in the region. Customer project deferrals also impacted sales of our transponder products for the first three quarters. We took action in June to accelerate expense reduction and lowered our breakeven point by taking out more than $6 million in costs. At the same time, we increased our R&D investment and made significant progress in the development of core identification technologies as well as new and enhanced offerings to drive future sales. We entered 2013 with a leaner operating model and a stronger portfolio of products and solutions for Secure ID."
Revenue for the full year 2012 was $94.6 million, down 8% from $102.7 million in 2011. Revenue from Identive's Identity Management services and solutions segment was $54.1 million in 2012, down 4% from $56.5 million in 2011 primarily as a result of the completion of a large European Citizen ID program in the previous year, for which there were no new orders in 2012. Revenue from the Company's ID Product segment was $40.4 million, down 13% from $46.2 million in 2011 as a result of weaker demand for the Company's smart card readers for Citizen ID programs in Europe and deferrals of transponder product orders. These factors were partially offset by stronger sales of smart card readers to the U.S. government market to enable cyber security programs in 2012.
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