Identive Group showed higher revenue in the third quarter, thanks to a jump in NFC and RFID sales, but took a large impairment charge and will sell some “noncore assets,” as its share price continues to hover around historic lows.
The company has been restructuring to simplify its organization and narrow its focus to areas that it considers “high growth,” including supplying NFC tags for consumer electronics applications, as well as secure access and identity, especially “cloud-based” identity and mobile authentication, with support for NFC.
Identive reported a big operating loss for the third quarter of just under $25 million, largely from impairment charges to goodwill of $22.6 million, including its U.S. federal government physical access control business. The loss also included restructuring expenses of nearly $1.3 million. Identive's net loss for the quarter was $24.2 million. The company said it would have recorded a non-GAAP net loss of $1 million without the impairment and restructuring charges. The company reported an operating loss of $8.2 million and net loss of $7.9 million for third quarter of 2012.
