L-1 round-upL-1 reports strong quarterly earnings
Fourth quarter revenue increases $61 million due to acquisition spree; company reports $164 million annual earnings; strong passport market provides an extra boost
Industry heavyweight L-1 Identity Solutions last week announced financial results for the fourth quarter and full year ending 31 December 2006. According to the company, revenue for the fourth quarter increased to $76.3 million from $15 million in the same period in 2005, with $57.1 million of the gain related to the (oft reported on) acquisitions of Integrated Biometrics Technology, SecuriMetrics, Iridian Technologies, Identix, and SpecTal. The remaining $4.2 million represented growth at the Viisage Technology business unit from an increased volume of U.S. passports and facial recognition solutions. Revenue for the year ended 31 December 2006 was $164.4 million, compared with $66.2 million for the previous year. “The annual revenue increase of 13 percent reflects growth in the U.S. passport business; facial recognition solutions; enrollment services for state, local,and federal customers; multi-modal mobile biometric devices; and counter-terrorism services of approximately 25 percent,” the company stated.
-read more in this company news release
