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UPDATE 1-L-1 Identity Q2 loss widens; cuts FY revenue view
July 28, 2010 / 12:46 PM / 7 years ago

UPDATE 1-L-1 Identity Q2 loss widens; cuts FY revenue view

* Q2 loss/shr $0.03 vs loss/shr $0.01 a year ago

* Q2 rev down 2 pct

* Sees FY rev at $715-$725 mln vs $740-$760 mln earlier

July 28 (Reuters) - L-1 Identity Solutions Inc ID.N, a maker of biometric identity systems, reported a wider quarterly loss, and cut its full-year revenue outlook citing federal and international program delays.

For 2010, the company now expects revenue of $715 million to $725 million, down from its prior view of $740 million to $760 million.

To meet 2010 revenue expectations the company needs incremental revenue of about $100 million above the first half results of $312.3 million, L-1 Identity said.

This amount is expected to be derived through trends such as increased U.S. passport and passport card demand and the additional growth in intelligence and enrollment services, the company said.

For the second quarter, the company reported a net loss of $2.7 million, or 3 cents a share, compared with a loss of $1.2 million, or 1 cent a share a year ago.

Revenue fell 2 percent to $164.1 million.

Analysts on average were expecting a loss of 1 cent a share, on revenue of 180.5 million, according to Thomson Reuters I/B/E/S.

Shares of the company, which has been exploring alternatives, closed at $8.51 Tuesday on the New York Stock Exchange. (Reporting by Bijoy Koyitty in Bangalore;Editing by Prem Udayabhanu)

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