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ActivIdentity Reports Fourth Quarter Fiscal 2009 Financial Results

Revenue for the Full Fiscal Year 2009 Increased by 6% to $62.3 Million over Prior Fiscal Year

Fremont, Calif., Nov 19, 2009 - ActivIdentity Corporation (NASDAQ: ACTI), a global leader in credential management and strong authentication, today, reported revenue for the quarter ended September 30, 2009 of $14.5 million and revenue of $62.3 million for the full fiscal year ended September 30, 2009. Revenue was $15.6 million in the quarter ended September 30, 2008 and $15.4 million in the quarter ended June 30, 2009.

ActivIdentity’s net loss for the quarter ended September 30, 2009, was ($0.3) million or ($0.01) per basic and diluted share, compared to a net loss of ($23.1) million, or ($0.50) per basic and diluted share for the three months ended September 30, 2008. Net loss for the quarter ended September 30, 2009 included realized and unrealized gains on foreign exchange totaling $0.2 million, primarily due to the weakening of the U.S. dollar. ActivIdentity’s net loss for fiscal 2009 was ($5.5) million, or ($0.12) per basic and diluted share, as compared to a net loss for fiscal 2008 of ($76.5) million, or ($1.67) per basic and diluted share. The fiscal 2008 net loss included an other than temporary impairment on auction rate securities of $21.2 million and a goodwill impairment of $35.9 million.

ActivIdentity’s operating loss was ($1.3) million in the quarter ended September 30, 2009 compared to an operating loss of ($4.5) million in the quarter ended September 30, 2008 and ($1.1) million in the quarter ended June 30, 2009.  Operating loss in fiscal 2009 was ($7.2) million, as compared to an operating loss of ($56.5) million in fiscal 2008, which included a $35.9 million goodwill impairment. 

Adjusted EBITDA was $0.5 million for the quarter ended September 30, 2009 and $2.3 million for the full fiscal year 2009, representing an improvement of $13.2 million over the prior fiscal year.  Adjusted EBITDA is a Non-GAAP measure and is defined as Operating Income adjusted for non-recurring and non-cash items such as stock-based compensation expense, depreciation, amortization of intangibles, severance and asset impairments.  Adjusted EBITDA in the quarter ended September 30, 2008 was ($2.0) million and $0.9 million in the quarter ended June 30, 2009.

“We are pleased with our financial results for fiscal 2009,” said Grant Evans, chief executive officer and chairman of ActivIdentity.  “We were able to increase our top line by six percent year over year and generate positive Adjusted EBITDA in this challenging economic environment.  We’ve improved our execution and maintained fiscal discipline over the last several quarters and we will maintain this posture going forward.”

Financial Highlights

ActivIdentity is presenting non-GAAP numbers in this press release as it believes the one time charges for non-recurring items and the non-cash charges distort the period to period results and that investors will benefit from the comparison of information from period to period without these items. Please refer to the GAAP to non-GAAP reconciliation table for further detail. Certain financial results are subject to the application of accounting estimates, especially with regards to fair value accounting. Management has used what it believes to be appropriate valuation techniques to assess the fair value of impaired investments and the fair value of undelivered elements in multiple element arrangements.

Conference Call Details

ActivIdentity will host its Fourth Quarter conference call on Thursday, November 19, at 9:00 a.m. Eastern Standard Time / 6:00 a.m. Pacific Standard Time.

To access the conference call within the U.S. or Canada, please dial (866) 393-1796 and enter conference ID 35100820. To access the conference call outside the U.S. or Canada please dial (706) 679-9681 and enter conference ID 35100820.

A replay of the conference call will be available approximately two hours after the conclusion of the call at www.actividentity.com.

Please click here to access the detailed press release, which includes all the financials.

 

About ActivIdentity

ActivIdentity Corporation is a global leader in strong authentication and credential management, providing solutions to confidently establish a person's identity when interacting digitally. For more than two decades the company's experience has been leveraged by security-minded organizations in large-scale deployments such as the U.S. Department of Defense, Nissan, and Saudi Aramco. The company's customers have issued more than 100 million credentials, securing the holder's digital identity. ActivIdentity is headquartered in Silicon Valley, California. For more information, visit www.actividentity.com.

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ActivIdentity is a registered trademark in the United States and/or other countries. All other trademarks are the property of their respective owners in the United States and/or other countries.

Safe Harbor Statement

The statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include risks relating to our history of losses and need for revenue growth and cost containment, the integration of acquired business and technologies, the variability of our quarterly results, and other risks identified under the caption "Risk Factors" in our most recent Annual Report on Form 10-K, and in subsequent Quarterly Reports on Form 10-Q, which are filed with the United States Securities and Exchange Commission (SEC). There can be no assurance that we will achieve targeted levels of revenues for fiscal 2009 or that our strategic initiatives will result in the anticipated benefits. Copies of our SEC filings, which have more information about these and other risks, are available from the Company and on the SEC website at www.sec.gov. Actual results, events and performance may differ materially from our forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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