Viisage Technology Inc. announced that revenues for the second quarter ended June 29, 2003 increased 13 percent to $10.2 million from $9 million in the comparable period last year. The net loss for the second quarter of 2003 narrowed to $1.3 million, or 7 cents per diluted share, compared to a net loss of $2.8 million, or 14 cents per diluted share, for the second quarter of 2002.

For the first six months of 2003, revenues rose 22 percent to $18.8 million from $15.4 million for the first half of 2002. The net loss for the six months ended June 29, 2003 was $3.1 million, or 15 cents per diluted share, compared to a net loss of $3.7 million, or 18 cents per diluted share for the comparable period in 2002.

Bill Aulet, Viisage’s CEO said, “Based upon our results for the first half of this year, we remain confident that our revenue guidance for the full year of $37 million to $40 million is achievable. As we have stated previously, we will not adjust guidance to reflect the acquisition of ZN until that transaction is completed, but we remain bullish about our combined potential to win significant business in the identity verification market on a worldwide basis. In light of those opportunities and our strengthened competitive positioning, we are continuing to invest in Research and Development and Sales and Marketing, though at slightly lower levels than in 2002. Our cost control efforts continue to be successful, and this, combined with our increased revenues, enables us to continue to anticipate significantly reducing our loss in 2003 compared to 2002.”

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