OAKBROOK TERRACE, Ill. and ZURICH, Oct. 9, 2012 /PRNewswire/ -- VASCO Data Security International, Inc. (Nasdaq: VDSI) ( www.vasco.com) today provided a preliminary estimate of revenues for the third quarter of 2012 and updated its full-year 2012 guidance. The company expects revenue for Q3 2012 to be approximately $36 million, subject to completion of its normal quarterly review processes. VASCO reduces its guidance for the full-year 2012. The company expects:
Revenue for full-year 2012 to be in the range of $150 million to $157 million, and
Operating income as a percentage of revenue, excluding the amortization of purchased intangible assets, for full-year 2012 to be in the range of 11% to 13%.
"Lower than expected order intake in the third quarter for delivery in the third or fourth quarters has prompted VASCO to reduce its revenue guidance for full-year 2012," said T. Kendall Hunt, VASCO's Chairman & CEO. "Notwithstanding the fact that we expect our results to vary quarter to quarter based on the timing of receipt of orders, especially from our banking business, and traditional seasonality, the lower than expected order intake in Q3 requires us to lower our estimates of full-year revenue and related operating margins. While we will continue to monitor the business closely, we believe that the shortfall in orders in Q3 from the banking market are primarily related to timing of the receipt of orders and does not reflect a fundamental weakening of either the global banking market or our competitive position in that market. Even at the lower revenue levels, we expect that we will continue to be profitable and we expect that we will continue to benefit from our global presence, our large installed customer base, and our solid balance sheet." More detailed information will be discussed during a conference call at 9 am EDT. During the Conference Call, Mr. Ken Hunt, CEO, Mr. Jan Valcke, President and COO, and Mr. Cliff Bown, CFO, will discuss VASCO's preliminary estimate of revenue for Q3 2012 and the reduction of the guidance for full-year 2012. To participate in this Conference Call, please dial one of the following numbers: