Vasco Data Security International Inc. said first-quarter revenue and earnings fell, despite numerous new customers.
The Oakbrook Terrace, Ill., security technology company said Thursday it signed up 357 customers in the quarter, including 51 banks in countries such as Spain, Paraguay and Germany. New nonbank customers included Square Enix Co., which agreed to use Vasco's authentication system for online games such as Final Fantasy XI.
Vasco said its first-quarter revenue declined 20% from a year earlier, to $23.2 million. Net income declined 29%, to $3.5 million.
Jan Valcke, Vasco's president and chief operating officer, said in a press release that despite "strong interest in our products," the newest customers have less of an appetite for purchases than those has it signed up in the past.
"Many of our customers appear to be operating with lower levels of our product in their inventory and placing more orders for smaller quantities to meet their short-term business needs," Valcke said.