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SCM Microsystems Reports Third Quarter 2009 Results
Date:11/16/2009

onnectivity business increased 59% to $0.8 million in the third quarter of 2009, compared with $0.5 million in the third quarter of 2008.

In aggregate, total revenue in the third quarter of 2009 was $13.3 million, up 109% from $6.4 million in the third quarter of 2008.

Gross profit margin was 48% in the third quarter of 2009, compared with 46% in the third quarter of 2008, and was positively impacted by sales of higher-margin products made by the Hirsch subsidiary and in the Digital Media and Connectivity business.

As expected, operating expenses in the third quarter increased year over year as a result of the addition of expenses for the Hirsch subsidiary, from $5.0 million in the third quarter of 2008 to $8.0 million in the third quarter of 2009, an increase of 61%. Operating expenses in the third quarter of 2009 included approximately $0.8 million in transaction-related costs related to the proposed combination with Bluehill ID and $0.5 million in severance expenses, offset by a pre-tax gain of $1.2 million from the sale of SCM's office building in India. Excluding the incremental expenses from the Hirsch business and the one-time expenses and credits described above, operating expenses decreased year over year and were flat with the previous quarter.

Operating loss was $(1.6) million in the third quarter of 2009, compared with operating loss of $(2.0) million in the third quarter of 2008. Loss from continuing operations in the third quarter of 2009 was $(2.3) million, or $(0.09) per share, compared with loss from continuing operations of $(3.3) million, or $(0.21) per share in the third quarter of 2008.

Cash and cash equivalents at the end of the third quarter of 2009 were $6.2 million, up from $5.3 million at the end of the previous quarter. The increase in cash in the 2009 third quarter resulted from the gain on the sale of SCM's office building in India during the quarter.

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SOURCE SCM Microsystems, Inc.
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