Identive Group announced preliminary results of its second quarter (Q2) ended June 30, 2013. These results are subject to further review and completion by the company and its auditors. Identive intends to hold a conference call and webcast to discuss Q2 performance on August 13, 2013.
Identive Group announced preliminary results of its second quarter (Q2) ended June 30, 2013. These results are subject to further review and completion by the Company and its auditors. Identive intends to hold a conference call and webcast to discuss Q2 performance on August 13, 2013.
Preliminary Q2 Results
Revenue for Q2 2013 is expected to be approximately $23.6 million, in the mid-range of management guidance for the quarter of $22 million to $26 million. This represents sales growth of approximately 17% year-over-year, excluding the company's Access Control & Security business, which decreased 41% year-over-year mainly as a result of temporary, sequester-related delays in US government sales. Revenue growth in the quarter came from an 81% increase in Transponder division sales, the tripling of SaaS sales in the idOnDemand division and a slight increase in ID Infrastructure (smart card reader) sales, offset by a 16% decline in ID Solutions sales compared with the same quarter of 2012. The decrease in ID Solutions sales primarily resulted from variability in the timing of orders from payment customers.
Gross profit margin is expected to be approximately 38.9% in Q2 2013, compared with 40.2% in Q2 2012. Operating expenses are expected to be approximately $11.9 million, reflecting an 11% decrease in base operating expenses (sales and marketing, research and development, and general and administrative expenses) year-over-year as a result of cost reductions initiated in the company's 2012 restructuring.