VASCO Data Security International Inc. (VDSI, Financial) filed Quarterly Report for the period ended 2010-09-30.
Vasco Data Security International Inc. has a market cap of $298 million; its shares were traded at around $7.94 with a P/E ratio of 34.5 and P/S ratio of 2.8. Vasco Data Security International Inc. had an annual average earning growth of 22.1% over the past 5 years.VDSI is in the portfolios of Chuck Royce of Royce& Associates.
The financial position and results of operations of most of our foreign subsidiaries, with the exception of our subsidiaries in Switzerland and Singapore (in which the functional currency is the U.S. Dollar), are generally measured using the local currency as the functional currency. Accordingly, assets and liabilities are translated into U.S. Dollars using current exchange rates as of the balance sheet date. Translation adjustments arising from differences in exchange rates are included as a separate component of stockholders equity. Revenue and expenses are translated at average exchange rates prevailing during the period. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations in other non-operating income (expense). Foreign exchange transaction gains aggregating $330 and $63 in the third quarter and first nine months of 2010, respectively, compare to gains aggregating of $308 and $643 in the third quarter and first nine months of 2009.
Total revenue for the nine months ended September 30, 2010 increased $5,199, or 7%, from the first nine months of 2009. Including the impact of changes in currency exchange rates, the increase was primarily attributable to a 7% increase in revenues from the banking market and a 9% increase in revenues from the enterprise and application security market. As noted above, for the nine months ended September 30, 2010, we estimate that the weakening of the U.S. Dollar as compared to the Euro resulted in a decrease in revenue of $773.
Revenue in the third quarter of 2010 from the banking market increased $3,259, or 20%, from the third quarter of 2009 and revenue from the enterprise and application security market increased $916, or 17%, in the same period.
Revenue for the first nine months of 2010 from the banking market increased $3,478, or 7%, compared to the first nine months of 2009 and revenue from the enterprise and application security market increased $1,721 or 9% in the same period. The increase in banking revenue for the first nine months of 2010 was primarily attributable to growth in the third quarter of 2010 as noted above. The increase in revenues from enterprise and application security revenue for the first nine months of 2010 was primarily attributable to an increase in non-hardware revenue in the first half of the year and an increase in both hardware and non-hardware revenues in the third quarter of 2010, also described above.
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Vasco Data Security International Inc. has a market cap of $298 million; its shares were traded at around $7.94 with a P/E ratio of 34.5 and P/S ratio of 2.8. Vasco Data Security International Inc. had an annual average earning growth of 22.1% over the past 5 years.VDSI is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
The U.S. Dollar strengthened by approximately 12% and 3% against the Euro for the quarter and nine months ended September 30, 2010, respectively, compared to the same periods in 2009. The U.S. Dollar weakened 7% and 18% against the Australian Dollar for the quarter and nine months ended September 30, 2010, respectively, as compared to the same periods in 2009. We estimate that the changes in the exchange rate of the U.S. Dollar to these two currencies in 2010 compared to 2009 resulted in a decrease in revenue and operating expenses of approximately $1,232 and $1,179, respectively, for the quarter ended September 30, 2010 and a decrease in revenue and operating expenses of approximately $773 and $691, respectively for the nine months ended September 30, 2010 compared to the same periods in 2009.The financial position and results of operations of most of our foreign subsidiaries, with the exception of our subsidiaries in Switzerland and Singapore (in which the functional currency is the U.S. Dollar), are generally measured using the local currency as the functional currency. Accordingly, assets and liabilities are translated into U.S. Dollars using current exchange rates as of the balance sheet date. Translation adjustments arising from differences in exchange rates are included as a separate component of stockholders equity. Revenue and expenses are translated at average exchange rates prevailing during the period. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations in other non-operating income (expense). Foreign exchange transaction gains aggregating $330 and $63 in the third quarter and first nine months of 2010, respectively, compare to gains aggregating of $308 and $643 in the third quarter and first nine months of 2009.
Total revenue for the nine months ended September 30, 2010 increased $5,199, or 7%, from the first nine months of 2009. Including the impact of changes in currency exchange rates, the increase was primarily attributable to a 7% increase in revenues from the banking market and a 9% increase in revenues from the enterprise and application security market. As noted above, for the nine months ended September 30, 2010, we estimate that the weakening of the U.S. Dollar as compared to the Euro resulted in a decrease in revenue of $773.
Revenue in the third quarter of 2010 from the banking market increased $3,259, or 20%, from the third quarter of 2009 and revenue from the enterprise and application security market increased $916, or 17%, in the same period.
Revenue for the first nine months of 2010 from the banking market increased $3,478, or 7%, compared to the first nine months of 2009 and revenue from the enterprise and application security market increased $1,721 or 9% in the same period. The increase in banking revenue for the first nine months of 2010 was primarily attributable to growth in the third quarter of 2010 as noted above. The increase in revenues from enterprise and application security revenue for the first nine months of 2010 was primarily attributable to an increase in non-hardware revenue in the first half of the year and an increase in both hardware and non-hardware revenues in the third quarter of 2010, also described above.
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