Against the backdrop of the Obama administration”™s renewed commitment to security following an attempted aircraft bombing in Detroit, L-1 Identity Solutions Inc. said fourth-quarter results would be at least $20 million lower than expected due to a delayed contract, but gave a more bullish outlook for the new year.
The Stamford-based company produces tamper-resistant credentials like passports and driver licenses, as well as high-tech devices that identify individuals through scans of fingerprints, irises and facial features.
For the fourth quarter, L-1 expects revenue to total $160 million, and the company said 2009 sales likely totaled $650 million. The company expects sales to total $750 million this year.
“While we are disappointed with the preliminary results, we have achieved several important milestones,” said Robert LaPenta, CEO of L-1, in a prepared statement. “We also were successful on a number of domestic and international opportunities that we expect to announce once contractual terms are finalized, totaling approximately $80 million.”
