AuthenTec Inc., a leading provider of security, identity management and touch control solutions, Friday reported financial results for the first quarter ended April 2, 2010.
The company reported consolidated revenue of $9.2 million for the first quarter of 2010, a 30 percent increase over the first quarter of 2009. First-quarter revenue included $900,000 of revenue from AuthenTec’s Embedded Security Solutions, which it acquired from SafeNet Inc. in late February.
“We made outstanding progress since our last earnings call in several areas including new product introductions, important design wins in the PC market, continued progress in the wireless market and finally, the acquisition of SafeNet’s Embedded Security Solutions division,” AuthenTec CEO Scott Moody stated in the press release. “These factors have moved us closer to our goal of becoming a more comprehensive provider of security, identity management and touch control solutions. The addition of the Embedded Security business greatly strengthens our security and identity management solutions, while also expanding our addressable markets as evidenced by our recently announced security solutions for smart grid infrastructure.
AuthenTec’s fingerprint sensor business, now called Smart Sensor Solutions, contributed revenue of $8.2 million during the first quarter, an increase of 17 percent over the $7.0 million reported in the first quarter of 2009, and was comparable with the $8.3 million recorded in the fourth quarter of 2009.
Moody said new opportunities in the wireless market for the company’s AES1750, some through partners and some directly to AuthenTec, will result in new phones expected to ship in the fourth quarter of 2010.
“In our Smart Sensor Solutions business, the investments we have made over the last year are beginning to pay off. The market acceptance of our new PC smart sensors, the small form factor AES1660 and the wider and newly introduced AES2660, has been very positive,” Moody stated. “Moreover, we will soon be announcing our first PC product using our TouchStone™ packaging technology, which has received wide acceptance in the wireless market and we expect as much in the PC market. In fact, we have already secured our first design win for this new PC product, which we plan to formally introduce in the third quarter.”
AuthenTec reported a net loss for the first quarter of 2010 at $2.4 million, or $0.08 per diluted share, compared to a net loss of $3.6 million, or $0.12 per diluted share, in the first quarter of 2009.
Gross margin in the first quarter was 50.2 percent, compared to 48.8 percent in the first quarter of 2009 and 46.1 percent in the fourth quarter of 2009.
For more information visit http://www.authentec.com
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