VASCO Data Security cut view due to lower than expected order intake in Q3

theflyonthewall.com

CEO T. Kendall Hunt commented: "Lower than expected order intake in Q3 for delivery in Q3 or Q4has prompted VASCO to reduce its revenue guidance for FY12. 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."

View Comments (0)