First-quarter profit surged at IT security authentication company
Vasco Data Security
, beating analyst expectations.
Shares of Vasco recently climbed $2.82, or 16% to $20.48.
Net income for the quarter soared to $5 million, or 13 cents a share, from $1.2 million, or 3 cents a share, a year earlier.
Analysts polled by Thomson Financial were expecting 11 cents a share.
Revenue increased 93% to $26.4 million. Analysts were expecting revenue of $24.8 million.
Vasco, which makes hardware security tokens that compete with RSA Security, a division of
, sold 619 new accounts in the first quarter 2007, including 94 banks and 525 enterprise security customers. That compares with 341 new accounts sold in the first quarter 2006.
For the full fiscal 2007, Vasco said revenue is likely to grow 35% to 45% over 2006, or in the range of $102.7 million to $110.3 million. Analysts were expecting revenue of $108.7 million.
Vasco expects gross margins of 60% to 68% for the year.