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ActivIdentity Reports Fourth Quarter and Fiscal 2008 Financial Results
Fiscal Fourth Quarter Revenue Increases 14% to $15.6 million over Prior-Year Quarter
Fremont, CA, November 20, 2008 ActivIdentity Corporation (NASDAQ: ACTI), a global leader in digital identity assurance, today announced preliminary and unaudited financial results for the fourth quarter and fiscal year ended September 30, 2008.
Revenue for the quarter ended September 30, 2008 was $15.6 million, compared to $13.8 million for the quarter ended September 30, 2007. Revenue for the year ended September 30, 2008 was $59.0 million, compared to $59.6 million for the prior year.
Net loss for the quarter ended September 30, 2008 was $23.9 million or $(0.52) per basic and diluted share, compared to a net loss of $1.7 million, or $(0.04) per basic and diluted share for the three months ended September 30, 2007. Net loss for the year ended September 30, 2008 was $77.3 million or $(1.69) per basic and diluted share, compared to a net loss of $9.3 million or $(0.20) per share for the prior year.
Non-GAAP net loss for the quarter ended September 30, 2008 was $4.4 million or $(0.10) per basic and diluted share compared to a loss of $0.4 million or $(0.01) for the fourth quarter of fiscal 2007. Non-GAAP net loss for the full year ended September 30, 2008 was $10.3 million or $(0.23) per basic and diluted share compared to a loss of $3.7 million or $(0.08) per basic and diluted share in the year-ago period. Quarterly non-GAAP net loss excluded $0.7 million of stock-based compensation expense, $0.6 million of amortization expense, $0.8 million of severance expenses related to our global cost reduction program and an estimated impairment charge of $17.4 million for auction rate securities. Please refer to the GAAP to non-GAAP reconciliation table for further detail. Certain financial results are subject to the application of accounting estimates, especially with regards to fair value accounting. Management has used what it believes to be appropriate valuation techniques to assess the fair value of impaired investments and the fair value of undelivered elements in multi-element software arrangements.
Fiscal Fourth Quarter and Fiscal Year Financial Highlights
· Fourth quarter revenues were higher on both a sequential and year-over-year basis due to new large customers in banking both in Europe and North America and large enterprise deals, which drove both software and hardware revenue streams.
· Although 2008 revenues were flat compared with 2007, the Company finished the 2008 fiscal year with momentum, reflecting the new ID360 business strategy which will focus on targeting 3 key markets: Employer-to-Employee, Business-to-Customer, and Government-to-Citizen.
The following information was filed by Actividentity Corp on Thursday, November 20, 2008 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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