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DATAKEY ANNOUNCES ITS 2000 4TH-QUARTER FINANCIAL RESULTS

MINNEAPOLIS




Datakey Inc., an international provider of smart card-based information security and digital signature products, reports the results for its fourth quarter and year ending Dec. 31.

The company recently announced that, unless a purchaser could be found for its Electronic Products (EP) business unit, that unit would be discontinued. The results would then reflect the EP business unit as a discontinued operation and that the prior year results have been restated for comparative purposes.

Revenue from continuing operations for the fourth quarter was $1.4 million, up 54 percent from $885,000 for the same period in 1999 and up 62 percent from the third quarter of 2000. Net loss for the quarter was $539,000, or 7 cents per share, compared to a net loss of $474,000, or 9 cents per share, in the year-earlier period. Revenue from continuing operations for 2000 increased by 174 percent to $3.6 million from $1.3 million in 1999. Net loss for the year was $3 million, or 37 cents per share, compared to $2.9 million, or 80 cents per share, in 1999.

“Our fourth-quarter gross profit margin percentage increased compared to the third quarter due to the addition of licensing revenue, which carries a higher profit margin than product sales,” says Carl P. Boecher, president and CEO of Datakey. “Our loss from continuing operations is approximately the same as 1999 because we are continuing to invest in R&D and sales expansion as reflected by recent announcements of new products and planned new sales office locations.”

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