Actividentity Corp 10-Q Quarterly Report August 2010

— ActivIdentity Corporation (NASDAQ: ACTI), a global leader in credential management and strong authentication, reported revenue for the quarter ended June 30, 2010, of $13.6 million, compared to $15.4 million for the quarter ended June 30, 2009, and $14.2 million for the quarter ended March 31, 2010.

ActivIdentity’s net loss for the quarter ended June 30, 2010, was ($0.2) million, or ($0.00) per basic and diluted share, compared to net income of $2.1 million, or $0.05 per basic and diluted share for the three months ended June 30, 2009. Net loss for the quarter ended June 30, 2010, was negatively impacted by $0.5 million in net foreign exchange losses and positively impacted by $1.8 million in gains from the sale of auction rate securities.

ActivIdentity’s operating loss was ($1.9) million for the quarter ended June 30, 2010 compared to an operating loss of ($1.1) million for the quarter ended June 30, 2009, and ($3.0) million for the quarter ended March 31, 2010. Adjusted EBITDA was $0.8 million for the quarter ended June 30, 2010, a decrease of $0.1 million compared to the quarter ended June 30, 2009, and an increase of $ 1.8 million compared to the quarter ended March 31, 2010. Adjusted EBITDA is a Non-GAAP measure and is defined as Operating Income (Loss) adjusted for non-recurring and non-cash items such as stock-based compensation expense, depreciation, amortization of intangibles, severance and asset impairments.

“Our quarterly revenues have been impacted by the economic climate and continued delays in the IT procurement cycle,” said Grant Evans, chief executive officer and chairman of ActivIdentity. “Our cost structure reflects our lower level of activity and should position us for further financial leverage when the general economic climate becomes more accommodating.”

Financial Highlights

	Three Months Ended								Nine Months Ended
GAAP RESULTS	Jun. 30			Mar. 31			Jun. 30		Jun. 30			Jun. 30
(In Millions, except Per Share Data)	2010			2010			2009		2010			2009
Revenues	$	13.6		$	14.2		$	15.4	$	42.5		$	47.8
Net (Loss) Income	$	(0.2	)	$	(4.0	)	$	2.1	$	(4.5	)	$	(5.2	)
(Loss) Earnings Per Share - Basic	$	(0.00	)	$	(0.08	)	$	0.05	$	(0.09	)	$	(0.11	)
(Loss) Earnings Per Share - Diluted	$	(0.00	)	$	(0.08	)	$	0.05	$	(0.09	)	$	(0.11	)

NON-GAAP RESULTS

Adjusted EBITDA	$	0.8		$	(1.0	)	$	0.9	$	(1.5	)	$	1.8

The following information was filed by Actividentity Corp on Thursday, August 5, 2010 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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CIK: 1183941
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-10-042673
Submitted to the SEC: Fri Aug 06 2010 1:19:46 PM EST
Accepted by the SEC: Fri Aug 06 2010
Period: Wednesday, June 30, 2010
Industry: Prepackaged Software