VDSI

[saffeysite1]

THis one's hot.  Was going to buy last week but didn't. Will tomorrow.   I think this will be a nice long play.

[saffeysite1]

Up  0.45 today.  Anyone take profits?

I am wiating till hit $9.20 then $$$$$$

[Adam]

follow through on good volume

[Adam]

on the move

[ramlau]

VDSI is one of my long-term favorites. One of those you should put in your 401k.

Ram

[Terliso]

Shorts are covering...just like David did, now they pushing up higher
BUY LOW, SELL HIGH

[la-onda]

Profile:
VASCO Data Security International, Inc., through its subsidiaries, engages in the design, development, marketing, and support of open standards-based hardware and software security systems that manage and secure access to information assets worldwide. Its identity authentication products enable secure financial transactions to be made over private enterprise networks and public networks, such as the Internet. VASCO's identity authentication software is delivered via its Digipass security products, small calculator hardware devices carried by an end user, or in a software format on mobile phones, other portable devices, and personal computers. The company's security solutions are sold through its direct sales force, as well as through distributors, resellers, and systems integrators. The company operates in the United States, Belgium, Australia, Singapore, and Shanghai. VASCO Data Security International was founded in 1996 and is headquartered in Oakbrook Terrace, Illinois. VASCO Data Security International, Inc. acquired A.O.S. Hagenuk B.V. in February 2005.

Earnings:
VDSI: Q4 Results 8c vs 2c; Beats 5c Est; No Guidance
Tuesday , February 21, 2006 08:46 ET

QUARTER RESULTS
Vasco Data Security International Inc (VDSI) reported Q4 results ended December 2005. Q4 Revenues were $17.52M; +88.39% vs yr-ago; BEATING revenue consensus by +13.99%. Q4 EPS was 8c; +300.00% vs yr-ago; BEATING earnings consensus by +60.00%.

Q4 RESULTS      Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE
----------  ------------  ------------  ----------  ------------  ----------
Revenues:        $17.52M        $9.30M     +88.39%       $15.37M     +13.99%
----------  ------------  ------------  ----------  ------------  ----------
EPS:                  8c            2c    +300.00%            5c     +60.00%
----------  ------------  ------------  ----------  ------------  ----------

QUARTERLY GUIDANCE:
Company provided NO Revenue guidance for next quarter.

Company provided NO EPS guidance for next quarter.


YEAR-END RESULTS
Co. also reported Year-End results ended December 2005. FY Revenues were $54.58M; +82.60% vs yr-ago; BEATING revenue consensus by +4.34%. FY EPS was 21c; +133.33% vs yr-ago; BEATING earnings consensus by +10.53%.


FY RESULTS    Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE
----------  ------------  ------------  ----------  ------------  ----------
Revenues:        $54.58M       $29.89M     +82.60%    $52.31M      +4.34%
----------  ------------  ------------  ----------  ------------  ----------
EPS:                 21c                  9c      +133.33%        19c        +10.53%
----------  ------------  ------------  ----------  ------------  ----------

ANNUAL GUIDANCE:
Company provided NO Revenue guidance for coming year.
Company provided NO EPS guidance for coming year.
ADDITIONAL COMMENTARY:
Current backlog for orders to be shipped in Q1 2006 is $12.8 million, an increase of $2.1 million or 20% from the backlog for Q1 2005.

Analysis (6 slides; Price Target 13$):
http://www.knobias.com/research.pdf?id=3820


chart:

[la-onda]

time for rebounding IMO 

more information about CC 2005:
VASCO Reports Results for Fourth Quarter and Full-Year 2005
Tuesday , February 21, 2006 02:00 ET

OAKBROOK TERRACE, Ill., and BRUSSELS, Belgium, Feb 21, 2006 /PRNewswire-FirstCall via COMTEX/ -- VASCO Data Security International, Inc. (Nasdaq: VDSI) ( http://www.vasco.com ), today reported financial results for the fourth quarter and full-year ended December 31, 2005.

Revenues for the fourth quarter of 2005 increased 88% to $17,519,000 from $9,298,000 in 2004 and, for the full-year 2005, increased 83% to $54,579,000 from $29,893,000 in 2004.

Net income available to common shareholders for the fourth quarter of 2005 was $2,962,000, or $0.08 per diluted share and compares to $481,000, or $0.02 per diluted share in 2004. Net income available to common shareholders for the full-year 2005 was $7,687,000, or $0.21 per diluted share compared to income of $3,021,000, or $0.09 per diluted share in 2004.

Financial Highlights:
     -- Results reflect the twelfth consecutive quarter of operating profit
        and positive earnings before interest, taxes, depreciation and
        amortization ("EBITDA").
     -- Results reflect the seventh consecutive quarter-over-quarter increase
        in revenue.  Revenue for the fourth quarter 2005 was 32% higher than
        the third quarter of 2005.
     -- Gross profit was $11,035,000 or 63% of revenue for the fourth quarter
        and $34,438,000 or 63% of revenue for the full-year 2005.  Gross
        profit was $6,032,000 or 65% of revenue for the fourth quarter and
        $20,709,000 or 69% of revenue for the full-year 2004.
     -- Operating expenses for the fourth quarter and full-year 2005 were
        $6,827,000 and $23,485,000, respectively, an increase of 50% from
        $4,539,000 reported for the fourth quarter 2004 and an increase of 55%
        from $15,157,000 reported for the full-year 2004.
     -- Operating income for the fourth quarter and full-year 2005 was
        $4,208,000 and $10,953,000, respectively, an increase of $2,715,000,
        or 182%, from $1,493,000 reported for the fourth quarter of 2004 and
        an increase of $5,401,000, or 97%, from the $5,552,000 reported for
        the full-year 2004.  Operating income as a percentage of revenue for
        the fourth quarter and full-year 2005 was 24% and 20%, respectively,
        compared to 16% and 19% for the comparable periods in 2004.
     -- Other income/expense, which primarily includes exchange gains and
        losses, was expense of $7,000 for the fourth quarter 2005 and income
        of $506,000 for the full-year 2005 and compares to expense of $538,000
        for the fourth quarter of 2004 and expense of $539,000 for the full-
        year 2004.
     -- Net income for the fourth quarter and full-year 2005 was $2,962,000
        and $7,701,000, respectively, and compares to $516,000 and $3,253,000
        reported for the same periods in 2004.
     -- Earnings before interest, taxes, depreciation and amortization was
        $4,456,000 and $12,536,000 for the fourth quarter and for the full-
        year 2005, respectively, an increase of 276% from $1,186,000 reported
        for the fourth quarter of 2004 and an increase of 118% from $5,747,000
        reported for the full-year 2004.
     -- Net cash balances, total cash and cash equivalents less bank
        borrowings, at December 31, 2005 totaled $13,970,000 compared to
        $9,272,000 and $8,220,000 at September 30, 2005 and December 31, 2004,
        respectively.

    Operational and Other Highlights:
     -- VASCO won 251 new customers in Q4 2005 (21 banks and 230 corporate
        network access customers) and 821 for full-year 2005.  Year-to-date
        new customers include 89 new banks and 732 corporate network access
        customers.
     -- VASCO shipped approximately 2,425,000 Digipass authentication products
        in the fourth quarter and approximately 7,340,000 for the full-year
        2005, an increase of 159% over the number of Digipass products shipped
        in the full-year 2004.  The 2,425,000 units shipped in the fourth
        quarter of 2005 reflected an increase of 1,360,000 units, or 128%,
        over the 1,065,000 Digipass products shipped in the fourth quarter of
        2004.
     -- Rabobank (The Netherlands) to Use VASCO's Digipass 810 for EMV-CAP and
        Digipass Two Factor Authentication
     -- Lloyds TSB Trials VASCO Digipass with 30,000 Online Banking Customers
     -- Friesland Bank (The Netherlands) to Use VASCO's Digipass 815 Secure
        Card Reader for Retail Banking
     -- UK Online Gambling Company Redbet Uses VASCO's Digipass 260 to Secure
        Online Gambling Applications
     -- Dutch Online Service Provider DigiNotar Uses VASCO's Digipass GO3 to
        Secure Online Authentication Services
     -- VASCO and SAB2i Announce Solution Partnership
     -- VASCO launches VACMAN Controller for Hardware Security Module (HSM)
     -- VASCO launches Hyper-Portable Digipass 100, Digipass Strong User
        Authentication on Flexible Smart Card
     -- VASCO selected by Red Herring magazine as one of the inaugural Red
        Herring Small Cap 100

"The results of the fourth quarter and full-year 2005 demonstrate clearly that our strategies are working," said Ken Hunt, VASCO's CEO and Chairman. "Our strategy of being the high-volume, high-quality, low-cost producer is clearly paying off as our unit volume for the quarter exceeded our nearest competitor by approximately 900,000 units, or 60%. Efficiencies created by our operating model were also strongly evident as our operating earnings, as a percentage of revenue, were 24% for the quarter and 20% for the full-year. As we look forward, I believe our vision of being the full-option, all-terrain authentication company will serve our customers well and maintain our market leading position."

"The fourth quarter in each of the last two years has reflected important changes in our business," said Jan Valcke, VASCO's President and COO. "Last year, the fourth quarter showed a significant increase in unit volume as the demand for consumer level authentication increased substantially. In the fourth quarter of this year, we saw a higher sense of urgency from our customers as the time lag between placing an order and the delivery of the product became shorter. In the fourth quarter of this year, we sold and delivered approximately $4.8 million of new business from October 27th, the date that we announced our backlog for the quarter, through the end of the quarter. We have also seen continuing strong demand through the 2005 holiday season and into 2006. Our current backlog for orders to be shipped in Q1 2006 is $12.8 million, an increase of $2.1 million or 20% from the backlog for Q1 2005. The current backlog is $1.4 million or 12% higher than our results for the full first quarter of 2005."

Cliff Bown, Executive Vice President and CFO added, "Our balance sheet continues to strengthen as a result of the strong operating performance. Net cash balances, cash and cash equivalents less bank borrowings, increased $4,698,000 or 51% from September 30, 2005 and our working capital increased by $3,504,000 or 27% from September 30, 2005. At December 31, 2005 our working capital balance was $16,325,000. Days Sales Outstanding (DSO) in net accounts receivable increased to approximately 63 days at December 31, 2005 from 59 days at September 30, 2005 due in large part to the significant amount of shipments in the month of December."

[la-onda]

VDSI: ThinkEquity Starts @ Buy; Sets Tgt @ $12; Analyst Notes
Thursday , March 23, 2006 08:34 ET

Issuer: Vasco Data Security International Inc (NasdaqSC: VDSI)

Analyst Firm:  ThinkEquity Partners

Ratings Action: INITIATE
Current Rating: Buy
Target Price Action: INITIATE
Target Price: $12.00
Analyst Comments: The firm believes that VASCO is the best way to play the growth in the nascent consumer (Internet banking) authentication space, one of their favorite growth themes. VASCO has a competitive advantage in consumer as it was the first mover and has the largest installed base. They believe that VASCO can outperform expectations in 2006 based on new bank wins. However, they believe that expectations are too high going into 1Q06, which may create a better buying opportunity.

[la-onda]

VDSI: Volume Spike; 64% > 20-adsv, Stock -5.38%
Monday , April 03, 2006 15:10 ET

This is the 4th VOLUME alert for VDSI in the past 7 calendar days.

Trading for Vasco Data Security International Inc (NASDAQ SC: VDSI) has been heavier than usual in today's session. By 15:10 ET, the stock had already traded 1,111,200 shares via 1,084 trades. The cumulative volume is 63.72% above its 20-day average of 678,700. Normally the stock experiences around 1,094 individual trades per session.

So far, today's volume surge has caused a net decline in VDSI's stock price. At the time of this alert, the stock was trading at $7.740, down $-0.440 (-5.38%).

One year ago, the Company's shares closed at $6.360. The price has gained more than 21 percent since then.

Over the last 10 trading session VDSI has traded in a range between $7.880 and $9.900 and is currently trading 37.98% below its 52-week high of $12.480 set on November 14,2005 and 28.79% above its 52-week low of $6.010 from April 04,2005.

In the previous 3 sessions, VDSI trading has displayed a mixed trend. Closing results have been as follows:

March 31, 2006 --- closed at $8.180 down $0.170 (-2.04%) on 1,253,600 shares
March 30, 2006 --- closed at $8.350 down $0.760 (-8.34%) on 3,187,400 shares
March 29, 2006 --- closed at $9.110 up $0.040 (+0.44%) on 659,600 shares

&

VDSI: Morgan Keegan Cuts to Mkt Perform from Outperform; Analyst Notes
Thursday , March 30, 2006 08:45 ET
Issuer: Vasco Data Security International Inc (NasdaqSC: VDSI)
Analyst Firm:  Morgan Keegan Inc.
Ratings Action: DOWNGRADE
Current Rating: Mkt Perform (from Outperform)

Analyst Comments: The firm is downgrading VDSI based on their belief that the dynamic competitive and regulatory environment limited the company's ability to close enough large deals to overcome lower-than-typical intraquarter visibility. They are also lowering their 1Q06 revenue estimate by $1.5M to $15.1M (consensus $16.8M). Due to rounding, their 1Q06E EPS remains at 5c (below consensus of 6c). Their new 2006E revenue is $72.9M (was $77.0M, vs. consensus = $79.3M), and EPS is 26c (was 28c, consensus = 29c).

This rating information was reported by Morgan Keegan Inc..

[la-onda]

VDSI: Raymond James Cuts to Mkt Perform from Outperform; Analyst Notes
Tuesday , April 04, 2006 08:32 ET
Issuer: Vasco Data Security International Inc (NasdaqSC: VDSI)
Analyst Firm:  Raymond James Financial Inc.
Ratings Action: DOWNGRADE
Current Rating: Mkt Perform (from Outperform)
Analyst Comments: The firm is downgrading shares due to the change in competitive dynamics between the company and RSAS.
&

VDSI: Brean Murray Sets @ Strong Buy; Sets Tgt @ $10; Analyst Notes
Tuesday , April 04, 2006 07:43 ET
Issuer: Vasco Data Security International Inc (NasdaqSC: VDSI)
Analyst Firm:  Brean Murray
Current Rating: Strong Buy
Target Price Action: INITIATE
Target Price: $10.00
Analyst Comments: The firm is assuming coverage on the stock and continues to believe VDSI is poised to deliver superior results due to favorable macro trends, competitive position, and strong momentum in new banking customer acquisition.

[la-onda]

13 $ price target:
http://www.knobias.com/research.pdf?id=4538
(7slides)

nice rebound IMO

[la-onda]

update, nice rebound this week IMO

[la-onda]

VDSI update:
http://www.vasco.com/documents/misc/ir/backgrshortMarch06.pdf

[la-onda]

fyi:
VASCO Reports Results for First Quarter of 2006
Thursday , April 27, 2006 02:00 ET

OAKBROOK TERRACE, Ill., and BRUSSELS, Belgium, April 27, 2006 /PRNewswire via COMTEX/ -- VASCO Data Security International, Inc. (Nasdaq: VDSI) ( http://www.vasco.com ), today reported its financial results for the first quarter ended March 31, 2006.

Revenues for the first quarter of 2006 increased 20% to $13.7 million from $11.4 million in the first quarter of 2005. Net income for the first quarter 2006 increased 39% to $2.0 million, or $0.05 per diluted share, from $1.4 million, or $0.04 per diluted share, in the first quarter of 2005.

Financial Highlights:

    -- Gross profit was $9.5 million or 69% of revenue for the first quarter
       of 2006 and compares to gross profit of $7.2 million or 63% of revenue
       in the first quarter of 2005.

    -- Operating expenses for the first quarter of 2006 were $6.6 million, an
       increase of $1.3 million or 24% from $5.3 million reported for the
       first quarter 2005.   Operating expenses in 2006 included $0.3 million
       related to stock based incentives.

    -- Operating income for the first quarter was $2.9 million, an increase of
       $1.0 million or 51% from $1.9 million reported for the first quarter of
       2005.  Operating income as a percentage of revenue for the first
       quarter of 2006 was 21% compared to 17% for the first quarter of 2005.

    -- Earnings before interest, taxes, depreciation and amortization was
       $3.1 million for the first quarter of 2006, an increase of 29% from
       $2.4 million reported for the first quarter of 2005.

    -- Net cash balances, total cash and cash equivalents less bank
       borrowings, at March 31, 2006 totaled $14.5 million compared to
       $14.0 million at December 31, 2005.


    Operational and Other Highlights:

    -- Approximately 1.8 million Digipass units shipped in the first quarter
       of 2006, an increase of more than 16% from the first quarter of 2005.

    -- A total of 341 new accounts sold in the quarter, including 34 banks and
       307 Corporate Network Access ("CNA") customers.  Both the number of new
       CNA customers and the number of new banks are a company record for a
       quarter.

    -- VASCO Launches Speech Enabled Digipass 300 Comfort Voice

    -- VASCO and Eutron Launch USB Enabled Digipass 860

    -- VASCO Launches Digipass for Web

    -- VASCO Launches Full Option, All Terrain Product Strategy

    -- VASCO Partners with IMPRIVATA To Deliver Digipass-Based Network
       Authentication Appliance

    -- SNS Bank Rolls Out Digipass 300 Comfort Voice to Blind and Visually
       Impaired Customers

    -- German LBBW (Landesbank Baden-Wuerttemberg) offers Secure Retail
       e-banking to its Customers with VASCO's Digipass 250

    -- VASCO Awards GE Money Bank Germany for Its Visionary Approach to the
       German E-Banking Market

    -- Dexia Bank (Belgium) to Secure Retail E-banking Customers with VASCO's
       Digipass 810 Strong Authentication

    -- Banca Monte Paschi Belgio (Belgium) to Use VASCO's Digipass 260 for
       Retail and Corporate Banking


    Guidance for full-year 2006:

VASCO reaffirmed the full-year 2006 guidance provided on February 21, 2006, which included:

-- Revenue growth of 35% to 45% for the full-year 2006 over full-year
       2005,

    -- Gross margins as a percentage of revenue of 58% to 63% for the
       full-year 2006, and

    -- Operating margins as a percentage of revenue of 13% to 18% as reported
       in accordance with Generally Accepted Accounting Principles and 15% to
       20% excluding stock related compensation and amortization expenses.

"We introduced our All Terrain Strategy in the first quarter of 2006 to further penetrate and protect our existing and growing customer base," said Ken Hunt, VASCO's CEO, and Chairman. "We will build on our strategy of being the high-volume, high-quality, low-cost producer by expanding our flexible platform to support a growing array of authentication products. Some of those products, like our Digipass for Web, which we announced this quarter, will allow customers to implement a strong authentication solution as a complement to or as an alternative to deploying hardware authentication devices. Our platform, which allows any of our forms of authentication to be used simultaneously, will allow customers to deploy an appropriate, cost-effective method of authentication for each user of their application by selecting the appropriate Digipass product, including Digipass for Web. We believe that Digipass for Web will provide a seamless, non-invasive way to authenticate users that goes well beyond today's fraud detection products. With the addition of Digipass for Web, VASCO will be able to serve and authenticate every audience that needs strong authentication, from people buying a book online once a year to CFO's of companies, transacting millions of dollars on a daily base. We will also be looking to acquire companies that can expand our authentication product offerings and product development capabilities."

"The results of the first quarter in 2006 reflect the continued strong growth of the business in both our banking and corporate network access markets compared to the first quarter of 2005," said Jan Valcke, VASCO's President and COO. "The increase in gross margin as a percentage of revenue in the quarter primarily reflects the fact that our corporate network access business, which has a higher gross margin rate than our banking business, grew faster than our banking business and the fact that we were able to reduce our average cost of product sold. We added 34 new banking customers as compared to 18 in the first quarter of 2005. We also saw a very strong order flow in the first quarter of 2006. As we start the second quarter, we have a backlog of firm orders to be shipped in the second quarter of $16.0 million, which is 48% higher than the $10.8 million backlog we had entering the second quarter of 2005 and 30% higher than the $12.3 million in actual sales reported for Q2 2005."

Cliff Bown, Executive Vice President and CFO added, "Our balance sheet continues to be strong. Net cash balances, cash and cash equivalents less bank borrowings, were $14.5 million, an increase of $0.5 million or 4% from December 31, 2005. Our working capital was $18.9 million at the end of the first quarter, an increase of $2.6 million, or 16%, from $16.3 million at December 31, 2005. Days Sales Outstanding (DSO) in net accounts receivable increased to 76 days at March 31, 2006 from 63 days at December 31, 2005."