Double digit earnings growth for L-1
L-1 Identity Solutions has announced its results for the fourth quarter and financial year ended 31 December 2007, revealing significant improvements in its revenue.
Revenue for the quarter was US$113.9 million, up from US$76.3 million in the same period of 2006. The company says: “Pro forma organic growth in revenues in the quarter, excluding acquisitions consummated in 2007, represents an increase of 11% compared to the fourth quarter of 2006. The slightly lower than previously projected revenue is due to delays in international customer orders, some of which have already been recognised in the first quarter if 2008 while others are expected to be recorded in the first half of 2008.”
L-1’s net income in the fourth quarter of 2007 was US$26.2 million, or $0.35 per diluted share, compared to US$2.0 million or US$0.03 per diluted share in the fourth quarter of 2006.
“In our first full year as L-1 Identity Solutions, our business has recognised important synergies and achieved significant milestones in our mission to protect and secure personal identities,” says the company’s chairman, president and CEO Robert V LaPenta. “Our divisions are working well together and as a result we are achieving a diversified revenue stream and an expanded base of multi-modal business opportunities, such as the US Department of Defense ABIS contract, which includes finger, face, palm and iris records. To support our growth, we have made strategic investments in our marketing efforts to position us for important state, federal and international opportunities. The combination of L-1’s bottom line double-digit earnings growth, solid backlog and deal flow, coupled with our ability to capitalise on synergies within the business and take full advantage of our diversified global footprint, will be an important foundation upon which to take the business forward.”
Revenue for the 12 months ended 31 December 2007 was US$389.5 million compared with US$164.4 million for the same period of 2006, representing an increase of US$225.1 million, or 137%, of which US$189.3 million is the result of acquisitions.
For the full year ended December 31 2007, the company reported net income of US$17.7 million, or US$0.24 per diluted share, compared to a net loss of US$31.0 million, or (US$0.71) per diluted share in 2006, which includes asset impairments and merger-related charges of US$5.0 million in 2007 and US$22.8 million in 2006.
The company has recently recorded orders of more than US$60 million, including US$6.3 million in purchase orders from the Department of State for US Passport Printers, and a US$3.7 million deal to modernise Panama’s National and Voter Registration ID system.
http://www.L1ID.com.
http://www.securitydocumentworld.com/
February 14, 2008
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