AuthenTec, Inc. (NASD: AUTH), the world leader in providing fingerprint authentication sensors and solutions to the high-volume PC, wireless device and access control markets, recently reported its financial results for the third fiscal quarter ended October 3, 2008. Quarterly revenue posted a 22 percent increase to $18.4 million when compared to the corresponding period one-year earlier and was in line with the company’s updated guidance range of $18.2 million to $18.5 million for the third quarter.
On a non-GAAP basis, the company reported record net income for the third quarter of $1.4 million, or $0.05 per diluted share. This reflects a year-over-year improvement of 62 percent compared to net income of $859,000, or $0.03 per diluted share, in the third quarter of 2007 and beat third quarter estimates of $0.03 per share. AuthenTec, Inc. expects revenue in the fourth quarter to range from $12.5 million to $13.5 million.
F. Scott Moody, chairman and chief executive officer of AuthenTec, commented during a recent conference call, “We will continue to aggressively manage expenses and be conservative with our cash. We generated record profits and cash flow in the third quarter on essentially the same revenues as the second quarter. If you take the midpoint of our fourth quarter revenue guidance, we are forecasting a loss of just over $500,000. To put that in perspective, this is less than 1 percent of our cash. Mr. Moody added, “Unlike some of our competitors, we do not have to raise money in this economic environment. While others might be looking to simply survive, we are working to accelerate our development activities.”
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