LONDON ARC International's unaudited turnover for the first half of the 2005 calendar year will be approximately £5.4million, nearly 9 percent higher than the corresponding period and business in 2004.
The company has also signed a license agreement with a leading smartcard technology company. It is a new licensee for ARC and the deal is valued at £900,000l giving the customer wide access to ARC’s patented configurable technology.
The company has signed seventeen new licenses in the first half of the year but Monica Johnson, chief financial officer, said that “the delay of one contract and expected delivery in the second half for 2 other contracts resulted in revenue below expectations. Headcount and expenses remain inline with management’s expectations and our significant cash position is substantively unchanged from the 2004 year end.”
Carl Schlachte, president and chief executive officer, said, “Although these results are slightly below our own expectations, we continue to be pleased with ARC’s increasing licensing momentum and with the growing adoption of our patented configurable technology by market leaders.