Digimarc Corporation has reported higher revenues, but deepening losses for both its fourth quarter and full year ended
Digimarc’s total revenue for 2005 was US$101.1 million, 9% higher compared with the US$92.9 million it posted in 2004. Net losses, however, came in at US$23.1 million compared with a net loss of US$9.0 million in 2004.
On a quarterly basis, fourth quarter revenue totalled US$25.1 million, up 13% on the US$22.3 million made in the same period of 2004. Fourth quarter net loss, meanwhile, was US$7.5 million, compared with a net loss of US$4.5 million in Q4, 2004.
Despite the worsening income figures, Digimarc Chairman and CEO Bruce Davis remained upbeat: “2005 ended on an encouraging note with a number of positive financial and market developments that position us well for improved financial performance in 2006. Digimarc’s quarterly financial trends were generally positive, as revenues grew at a higher rate in the second half of the year, operating expenses moderated, and cash flow improved."
Highlights in the fourth quarter included a new five-year agreement with the Texas Department of Public Safety valued at nearly US$30 million to provide a centrally issued driver license that included fingerprint matching and facial recognition to screen for attempted driver license fraud.
Among others, another highlight was a two-year contract extension with the California Department of Motor Vehicles to continue to operate its central-issue driver license system.
Early first quarter 2006 highlights included a new six-year contract with Indiana Bureau of Motor Vehicles to supply a new driver license issuance system.