Vasco Data Security International Inc. design develop market and support security products and services which manage and secure access to computer systems of corporate and government customers. Additionally the company enables secure financial transactions made over private enterprise networks and public networks such as the Internet. The company's software and hardware products provide organizations with strong flexible and effective Internet and enterprise security solutions and they compete favorably against those of the competitors. VASCO Data Security International Inc. has a market cap of $245.2 million; its shares were traded at around $6.54 with a P/E ratio of 10.9 and P/S ratio of 1.8. VASCO Data Security International Inc. had an annual average earning growth of 107% over the past 5 years.
Highlight of Business Operations:estimate that the strengthening of the U.S. Dollar versus these two currencies in 2009 compared to 2008 resulted in a decrease in revenue of approximately $1,869 for the quarter ended March 31, 2009, compared to the same period in 2008 and a decrease in operating expenses of approximately $1,438 for the quarter ended March 31, 2009, compared to the same period in 2008.
Consolidated net interest income was $143 in the first quarter of 2009 as compared to income of $257 in the first quarter of 2008. The decline in interest income reflects the lower interest rates paid on invested cash balances partially offset by higher average cash balances. Our average cash balance in the first quarter of 2009 of $57,522 was $14,198, or 33%, higher than in the first quarter of 2008.
Other income (expense) primarily includes exchange gains (losses) on transactions that are denominated in currencies other than our subsidiaries functional currencies, subsidies received from foreign governments in support of our export business in those countries and other miscellaneous non-operational, non-recurring expenses. Other expense for the first quarter of 2009 was $248 and compares to other income of $261 for the first quarter of 2008. The decrease in other income (expense) primarily reflects exchange losses of $521 in the first quarter of 2009 compared to exchange gains of $341 in the first quarter of 2008 partially offset by an increase in $352 in other income mostly related to government subsidies.
Our net cash balance was $57,329 at March 31, 2009, a decrease of $385, or less than 1%, from $57,714 at December 31, 2008. The decrease in cash from December 31, 2008 primarily reflected the pay down of current liabilities and the impact of the strengthening of the U.S. dollar partially offset by positive earnings before interest, taxes, depreciation and amortization (EBITDA).
At March 31, 2008, we had working capital of $75,252, a $678 decrease, or less than 1%, from $75,930 reported at December 31, 2008. The decrease in working capital was primarily related to the impact of the strengthening of the U.S. dollar.
EBITDA from continuing operations for the three months ended March 31, 2009, and 2008 was $5,302 and $7,021, a decrease of $1,719, or 24%, from the same period of the prior year. A reconciliation of EBITDA to net income for the three months ended March 31, 2009, and 2008 follows:
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