L-1 Identity Solutions Inc. (ID) announced preliminary results for the fourth quarter and full year ended December 31, 2009.
Based on a preliminary review of fourth quarter 2009 results, the company expects revenue of approximately $160.0 million and adjusted EBITDA in the range of $23.0 million-$25.0 million.
The decrease from previously announced expectations of revenue between $180.0 million and $190.0 million and adjusted EBITDA in the range of $30.0 million-$35.0 million is due primarily to the delay in the award of an enterprise license with an existing U.S. customer. Less than anticipated revenues on an enrollment services program also contributed to the lower sales number.
For the full-year ended December 31, 2009, revenue is expected to be approximately $650.0 million, down from the previously anticipated range of $670.0 million-$680.0 million. The company expects adjusted EBITDA to be between $95.0 million-$97.0 million compared to prior range of $102.0 million-$107.0 million.
Preliminary expectations provided for the full year ending December 31, 2010 remain unchanged at revenue of between $750.0 million and $775.0 million and adjusted EBITDA in the range of approximately $110.0 million-$120.0 million.
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