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AuthenTec posts $4.7 million loss, cites buyout, litigation costs
Wednesday, 12 May 2010 12:39

Melbourne-based AuthenTec Inc. said Wednesday it lost $4.7 million, or 16 cents per share, in the first quarter, nearly even with its results in the year-ago period.

Sales were up 30 percent to $9.2 million in the quarter.

Absent one-time charges, the maker of fingerprint-recognition systems posted a loss of $2.4 million, or 8 cents per share, in line with the consensus Wall Street estimate.

Its sales beat the analyst forecast of $8.6 million, according to the Thomson Reuters survey.

AuthenTec said its latest quarter included a month's worth of sales from a newly acquired embedded security systems unit from SafeNet Inc.

The company makes fingerprint-ID sensors for the global consumer electronics market.

AuthenTec also cited costs of the SafeNet division buyout and ongoing patent litigation with California-based UPEK Inc., its rival in the fingerprint-electronics industry.

Boosted by new product designs and business orders, AuthenTec expects its results to improve later this year. It expects second quarter sales to be in a range of $10.4 million to $11.4 million, and a per-share loss of 6 cents to 10 cents.

Until a pickup in PC sales at the end of 2009, AuthenTec's revenues had suffered from slowed consumer spending during the sour economy.

The addition of new security and wireless products has "moved us closer to our goal of becoming a more comprehensive provider of security and identity management solutions," CEO Scott Moody said in a statement.

"We anticipated that 2010 would be a challenging year for us," he said. "But our investments in new products and our focus on expanding our capabilities are beginning to pay off with design wins and new market opportunities that will contribute to increased revenues starting late this year."

 

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