Revenues for the first quarter of fiscal 2010 were USD 16.3 million, compared with USD 14.7 million in the prior quarter and USD 10.7 million in the same quarter a year ago. Net income for the first quarter of fiscal 2010 was USD 1.9 million, or USD 0.16 per diluted share, compared with net income of USD 944,000, or USD 0.08 per diluted share, in the prior quarter, and a net loss of USD 1.3 million, or (USD 0.11) per diluted share, in the same quarter a year ago.

LaserCard optical memory card revenues for the quarter were USD 12.4 million compared with USD 5.9 million in the first quarter of fiscal 2009. Revenues from specialty cards and printers totaled USD 3.2 million compared with USD 3.6 million from the same quarter a year ago. Drives, systems and services segment revenue for the quarter was USD 0.7 million, compared with USD 1.2 million in the first quarter of the prior year.

LaserCard Corporation's cash, cash equivalents, and investments were USD 39.6 million at June 30, 2009 compared with USD 29.3 million at March 31, 2009. Debt at June 30, 2009 totaled USD 9.1 million compared with USD 8.9 million at March 31, 2009.

The non-GAAP net income for the first quarter of fiscal 2010 was USD 2.2 million, or USD 0.18 per diluted share, and a non-GAAP net loss of USD 0.8 million, or (USD 0.06) per diluted share, in the same quarter a year ago.

"Our strong financial performance reflects a robust shipment quarter, but also the results of our dedicated efforts over the last year to improve manufacturing efficiencies and our cost structure," said Bob DeVincenzi, president and CEO of LaserCard. "We expect to benefit from the additional operating leverage as the Angolan national ID project comes online, although the complex nature of the secure ID business will continue to subject our results to fluctuations on a quarterly basis."