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Kenneth H. Traub
President and Chief Executive Officer
Tel. (609) 632-0800
Mark J. Bonney
Executive Vice President and Chief Financial Officer
Tel. (609) 632-0800
AMERICAN BANK NOTE HOLOGRAPHICS REPORTS
FOURTH QUARTER AND FULL YEAR 2006 FINANCIAL RESULTS
Robbinsville, NJ March 30, 2007 American Bank Note Holographics, Inc. (ABNH or the Company) (OTC Bulletin Board: ABHH) a world leader in the origination, production and marketing of holograms for security applications, today announced financial results for the fourth quarter and year ended December 31, 2006.
Sales in the fourth quarter of 2006 were $7.6 million compared with $10.1 million in the fourth quarter of 2005, a decrease of $2.5 million or 25%. The decrease in sales was primarily due to the previously reported cessation of the Visa HoloMag program. Sales for the full year of 2006 totaled $32.5 million compared to $32.3 million in 2005, an increase of $0.2 million or 1%.
Net income for the fourth quarter of 2006 was $0.9 million, or $0.04 per fully diluted share versus a net loss of ($2.8) million, or ($0.15) per fully diluted share, for the fourth quarter of 2005. Net income for the full year of 2006 was $3.6 million, or $0.18 per fully diluted share versus a net loss ($0.6) million, or ($0.03) per fully diluted share, for the full year of 2005. Fourth quarter and full year net income for 2006 includes stock based compensation costs of $0.1 million and $0.6 million, respectively. These costs were not included in the prior year results as we adopted Financial Accounting Standards Board No. 123 (R), Share Based Payments, as of January 1, 2006 using the modified prospective method. We also adopted Financial Accounting Standards No. 151, Inventory Costs, and recorded approximately $0.8 million of overhead
The following information was filed by American Bank Note Holographics Inc on Tuesday, April 3, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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