EXHIBIT 99.2

L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 1

 

 

 

 

L-1 IDENTITY SOLUTIONS INC

 

Moderator:  Lisa Cradit

October 28, 2009

11:00 a.m. EST

 

 

If at any point your question has been answered you may remove yourself from the queue by pressing the pound key. If you should require operator assistance, please press star zero. We ask that you please pick up your hand set to allow optimal sound quality. It is now my pleasure to turn the floor over to Lisa Cradit. Ms. Cradit, you may begin.

 

 

Forward-looking statements are based on management's current belief and assumptions and involve inherent risks and uncertainties. Any statements made today about future expectations or results are necessarily only estimates. Actual results could differ materially from any forward-looking expectations.

 

Factors that may cause differences between forward-looking expectations and future actual results are fully described in the company's SEC filing. The company expressly disclaims any obligation to revise or update any forward-

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 2

 

looking statements. Representatives of L-1 plan to use a number of defined financial terms during this morning's call such as adjusted EBITDA, organic growth, unlevered free cash flow and backlog.

 

Please refer to the company's earnings release issued this morning for further definition of and context for the use of these terms. With that, I'm now pleased to turn the call over to Bob LaPenta.

 

 

Number one, for the quarter we reported revenues that were roughly in line with guidance, maybe $3 or $4 million low, and we reported EBITDA at the top end of the range. For the year, we lowered guidance by about $25 million in revenue and we, again, reported EBITDA at the midpoint of the range.

 

So one of the obvious questions is well, how can you lower revenue guidance and keep your EBITDA basically in line with the guidance we provided at the beginning of the year? And the answer to that question is actually good news and that is we're seeing a lot more IP and Biometric traction which is yielding, a much higher gross margin.

 

Typically, you know, on a program there'd be a mix of product and IP and what we're seeing this year, and I think this is going to bode well for the future, is that our AFIS, our ABIS and our IP opportunities are increasing proportionately so we have a very favorable sales mix.

 

Conversely, if you look at our short fall in sales, it's coming from relatively low margin areas. We had expected higher sales from IBT or the Enrollment Services Group in the second half. And while they're having a great year, we had expected them to do even better with additional revenues in New York State and on the TWIC program which basically leveled off a lot sooner than we thought.

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 3

 

So although our Enrollment Services Group is up 45 percent for the 9-month period, we expect them to be up probably 50 percent for the year. Their revenues are a little lighter then we had originally expected. The other area where we had some sales erosion was in Government (Consulting) – the government Intel business. Now that's a reasonably profitable business at 15 percent roughly EBITDA, but again, its margins are much lower than the margins that we incur when we sell IP or when we deliver HIIDEs.

 

So basically it's a favorable sales mix and we expect that to continue on in the next year. I'll try and give you a little bit more color into what we put into our original estimate of what next year will look like. But I think the bottom line is we are seeing a lot more IP, ABIS opportunities, which is improving the profit and actually putting a little bit of pressure on the sales line.

 

Now when you look at our cash flow, you might say, "Well, what happened there? Your EBITDA is on target, why did you miss your Capex?" Basically it amounts to one State, California, they actually signed a contract a little sooner than we thought and that generated an additional Capex requirement this year of over $12 million.

 

On the other side of that, we had expected that when we incurred that $12 million, we would get a milestone payment of $3 or $4 million and that's not going to happen now until the first quarter. So basically the whole cash flow item for this year is California.

 

The sales mix is basically some government Intel, some of it due to government in-sourcing. And it's due to the Enrollment Services business, particularly TWIC, New York State, ramping up slower than we had expected. And again, those are not particularly high margin businesses.

 

So with that, and you may have additional questions on that, but I wanted to head some of those questions off up front. Let me just talk about, you know, what's going on in the year, what opportunities we're looking at and how some of our businesses are doing.

 

The Enrollment Services business as I indicated is doing exceedingly well. As we indicated in our release, we started the year with 700 enrollment

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 4

 

centers and right now we have over 1,000. We think this is a franchise business, we think it's going to continue to grow. States across the country are just implementing new laws requiring new groups of people to get background checks.

 

That's teachers, it's health care workers, it's police departments, it's education, it's mortgage brokers, right on down the line. So this is a business that we expect to continue growing and we're excited about that growth going forward.

 

In the Biometric group, as I indicated, I think they're having a terrific year. And I think its being really positioned well for the future, particularly with respect to national ID programs where their ABIS capabilities are being used as the database management capability.

 

We've had a great year with HIIDEs, we've delivered about 60 percent of our orders in the third quarter. We expect to deliver the rest without any new orders in the fourth quarter. They were selected as the de-facto standard for a large opportunity in India where we basically are going to be their iris matching capability.

 

And we're looking at a very nice opportunity in Mexico where we expect to have a decision within the next 30 to 45 days. We're teamed with Hewlett-Packard on that opportunity, it's for a national ID program and we think we're positioned well for that opportunity. We don't have any revenue for that in our forecast. If it should come in earlier, there could be some upside relative to that program.

 

Secure Credentialing is having a great booking year and as you're seeing that's both the good news and the bad news. Good news is as we've indicated in our press release, we have won every competitive opportunity we participated in, 16 out of 16 and I think we were notified yesterday that number is now 17 out of 17.

 

We're also negotiating with another large State, which we hope to book in the next 3 to 4 weeks. The good news there is that this bodes well for the future.

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 5

 

And as I noted in our press release, once we get through the initial complement of investment for facilities, printers and things that we have to stand up prior to starting to deliver on these new opportunities, cash flow is going to be terrific, and Jim will talk to you about some of the cash flow margins in that business.

 

So Secure Credentialing is having a good year; now they, versus our original forecast for the year, are down probably about $20 million. And that comes from a couple of areas. Number 1, passports this year are down over 30 percent; we thought they'd be down, but we didn't think they'd be down 30 percent.

 

Number 2, the Registered Traveler (RT) program where we had about $7 or $8 million in sales last year. We all read that that program basically was stopped and that resulted in about $6 million in sales reduction. And relative to RT, let me give you a quick update on that.

 

We are proceeding and we are becoming encouraged that that program is going to be restarted. We think L-1 will receive a contract to be the prime on that program and we're relatively confident that this thing could be started as early as the first quarter of next year.

 

You may recall I said I had about $5 million of investment, fixed asset software development on the balance sheet right now, that's looking like we're going to be able to recover that amount. They also had some softness in some of the driver's license sales and that resulted from some of the States like California being booked later than we anticipated. So we're not incurring – we're not getting the sales, but we are incurring the Capex. But overall Secure Credentialing is positioned very well.

 

We're looking forward to one TSA opportunity that we think we're in good position on. It's basically between us and two other companies. There have been three different RFPs issued for this, it's for an airport boarding pass program. That RFP is going to be reissued and we think the program is going to be awarded in the first quarter of next year. This could provide a nice opportunity for us next year.

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 6

 

You look at our Government Consulting group, the organic growth this year in that group is down from what we expected, we thought they'd be up north of 10-12 percent. They're going to be up about 5 percent for the year. They lost two competitive opportunities, one in particular that we thought we were very well-positioned on. They weren't successful in that opportunity.

 

And in the CIA in particular we're seeing increased effort on the part of the government to in-source some of the opportunities that we're working on. So their growth this year is going to be about 5 or 6 percent. And while we are bidding on new opportunities, particularly in the cyber area at ACI, we're being cautious on our guidance for that for next year.

 

So the bottom line is we have adjusted our guidance in sales for this year and we've maintained our EBITDA. That's due to a much better sales mix than we had originally anticipated. We lowered our cash flow guidance for this year and that's basically the result of California coming in, requiring us to stand up that facility sooner than we expected.

 

Next year we're looking at organic growth between 10 and 15 percent. And we factored basically one opportunity in that, that's the TSA opportunity at Secure Credentialing and it's the Mexico opportunity at Biometrics. So that's our preliminary estimate for next year. We have a high Capex again next year as we complete the build out on State contracts.

 

And as I've indicated in our note here, I expect 2011 and beyond to be very robust as we begin recovering these fixed asset investments over the driver's license deliveries in subsequent years. With that I'll turn it over to Jim to give you some more color on the numbers and then we'll open it up for Q&A.

 

 

It's should be noted that Digimarc was acquired in August 2008. And therefore the results include only 2 months of activity with the 2008 third quarter. Overall, as Bob noted, the third quarter represented solid operational

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 7

 

performance by expanding our unique franchises and our integrated solutions. As highlighted by our growing margins and showing backlog. Our reported revenues for the quarter were up 12 percent to $173 million from $155 million reflecting strong demand for Biometric solutions and Enrollment Services.

 

There are several points regarding growth worth highlighting. The company continued its momentum in Secure Credentailing by capturing an additional $280 million of sole source business, securing our driver's license and passport franchises for an additional 5 plus years. We currently serve 45 Department of Motor Vehicles in the United States and we will continue to invest in this significant area over the next 12 months, which will drive future grown and cash flows.

 

Our Biometrics division continues to establish itself as the DoD, Department of Defense, platform of choice for multi-biometrics solutions as evidenced by continued demand for HIIDE and ABIS solutions. We shipped over $8 million of multi-mobile systems and booked another $6 million of HIIDEs during the quarter, which will bring our total presence to over 13,000 units.

 

Bob noted our success in ABIS and our momentum in solidifying our software and workflow as the agency standard for the coming years. Other areas of note include our Enrollment Services division, which continues to grow significantly; 42 percent in the third quarter, driven by demand in existing space, newly won States and key federal programs including TWIC and HazPrint.

 

Overall, our total backlog increased to $1.2 billion including unexercised options, the value was approximately $2 billion which continues to provide a solid base for significant future growth. Reported gross margins for the quarter approximated 32 percent with cash margins of 37 percent, ahead of our expectation and increased from last year reflecting our transition to a solution-driven enterprise.

 

Overall, operating expenses were flat quarter-over-quarter, and as a percentage of revenues was 24 percent, down from 26 percent due to our focus on leveraging infrastructure and implementing effective cost savings

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 8

 

strategies. Cash operating expenses as a percentage of revenues were approximately 20 percent, meeting our objectives, and will continue to decline into the next year.

 

As a result, adjusted EBITDA was $28.3 million, in excess of 16 percent of revenues. Our strength and value-added solutions and our continued focus on costs will continue to drive our EBITDA margins above 16 percent. Other items of note, total cash interest expense for the quarter was $7.1 million. We expect fourth quarter interest to approximate $7 million as we continue to invest in key Department of Motor Vehicle programs.

 

Weighted average shares outstanding increased to 86.0 million from 80 million in the prior year, reflecting equity issued in connection with 2008 acquisitions. The company continues to target 85 to 86 million shares on a fully diluted basis for the full year.

 

A few key items to note on the balance sheet; working capital for the year was virtually flat, reflecting effective management of our supply chain and inventory level relative to the growth and timing of sales. Capital spending for the 9 months was approximately $38 million, and as Bob noted, is expected to approximate $50 million for the full year, reflecting sole source awards and acceleration of time tables on a California program awarded going forward.

 

Our investments over the next 12 months will yield significant increases in operating cash flows once we complete our programs. Total debt for the company was $461 million, down from $464 million in the prior quarter due to principle repayments on our term loan. The debt balance is comprised of $286 million of term and $175 million of convertible debt. The company remains in compliance with all its financial covenants and we have full access to our revolving credit line.

 

Back to you, Bob.

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 9

 

 

Again, we do ask that you pose your question you please pick up your handset to provide optimal sound quality. Thank you. Our first question is coming from (Daniel Meron) with RBC Capital.

 

 

 

 

 

So we modeled it looking at the credentialing business and what they're going to be delivering on driver's licenses. We made some projections on passports. But relative to new business, the only new business we included in that forecast for next year was this TSA program that I talked about where we think we're in a good position and that will generate about $10, $15 million in revenue.

 

When it comes to the other businesses, we basically forecasted no material new wins in the Intel (Government Consulting) group, and so we forecasted modest organic growth for the Intel (Government Consulting) group. When we got to Biometrics, we forecasted that they would continue to perform on existing programs, we would complete – substantially complete our program

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 10

 

in the Middle East and that would require additional HIIDE deliveries next year for that customer. That's part of backlog.

 

And we assumed a measure of win in this Latin American opportunity that we think we're well positioned for. Enrollment Services, we did not factor in any additional wins and we basically rolled out their run rate for the fourth quarter of this year. Again, no major new State wins and there a couple of competitions coming up – one is in Massachusetts and one is in Pennsylvania. So, you know, our guidance we think is very reasonable and our cash flow and EBITDA, I think we feel relatively comfortable that we're going to achieve it.

 

 

 

 

 

We would expect that number to ramp up proportionately next year as these new contracts that we're spending this Capex on begin to ramp. So we're looking at next year not having anywhere near the second half ramp that we had this year.

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 11

 

this year SpecTel is going to grow. Their organic growth is up about 5 percent. We thought they were going to be up 20 percent this year.

 

There were three large opportunities and, you know, we were unsuccessful on two of them and the rate at which the customer is trying to recruit some of our people has accelerated. So, as opposed to having 20 percent growth, they're going to come in with about 7 or 8 percent growth this year. We're looking at some good opportunities. We have great management in that division and I feel confident that, you know, that next year we'll start seeing some growth again in that space.

 

We're excited about ACI and the opportunities and some of the prime opportunities they're looking at in the cyber space and McClendon is doing very well also. So again, you know, the growth wasn’t what we'd hoped it would be this year. That resulted, you know, in lower sales, but thankfully those are being made up by Biometrics and IP revenue.

 

 

 

 

 

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 12

 

 

 

We have incorporated in these new wins, and many of the States are already implementing a lot of the Real ID/Pass ID initiatives, so we're putting facial recognition in, we're putting document authentication in, we're putting in, and the States are requiring a higher quality, more secure card.

 

So to answer your question, we are seeing an increase in card prices of somewhere around 30 or 40 percent. We think that’s going to bode well for us in the future. We are not seeing any new competitors thus far. We're competing, you know, because of our relationship with the customers, our knowledge of these programs, and the fact that we are able to provide all of the biometric and card technology as opposed to our competitors that have to get it from outside sources.

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 13

 

I'm hoping that we fare as well. We've assumed we would win a high percentage of those when we came up with our estimated Capex for next year. But as I indicated in our release, 2011, you're going to start to see very robust cash flow and I think very impressive organic growth in that space.

 

 

 

 

 

 

 

 

 

 

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 15

 

 

So we don't have the printers this year. So the revenue on the Pass Card program is going from $19 million last year to $14 million this year. And we think that's, you know, relatively steady state. When you look at the Passport now, last year we did about $33 million, and it looks like this year we're going to do about $20 million.

 

So that's a major decrease, and by the way, that's a relatively profitable program. You will see that – or we announced that we had recently gotten a 5-year extension valued at up to $195 million. Based on what we're seeing in the travel space, we would expect next year to improve off of the $20 million, but we're not projecting any substantial improvement.

 

 

 

 

 

 

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 16

 

 

 

 

 

Again, we don't have that in our forecast. We don't know when the competition is going to take place, and we don't know if we're going to win. So just based on a run rate, and assuming kind of, you know, a level run rate on TWIC, which is lower than we had anticipated, TWIC revenue this year is going to be about, let me see, I think it's going to be about $18 million – it's going to be about $18 million then. Let me just give you a number there.

 

TWIC revenue this year is going to be $20 million. We think, you know, next year it could be about, you know, the same run rate. They're going to exit the year, that is Enrollment (Services), with a run rate of somewhere between $30 and $32 million. So and we think New York State will continue to ramp. There are a lot of additional agencies that are beginning to sign on to that program. So next year we think IBT (Enrollment Services) could do north of $150 million. Or Enrollment (Services) could do north of $150 million versus this year, $118 million.

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 17

 

be a great program. The bad news is there'd be an additional capital requirement. But for that, you know, there's going to be negative cash flow in the early part of that program.

 

For that, we would probably go, you know, we've had interest on a number people that want to become our partner, and they want to own the capital because it's a long-term program and, you know, basically like a lease opportunity.

 

So if we did win Chile, we'd probably go look at partnering with somebody to provide the upfront capital, and the best of all worlds there would be an operating lease. But again, that would be incremental EBITDA, but it could be offset a little bit if we go to an operating lease. We're looking at a large opportunity in India. We're looking at two opportunities in Africa, particularly in Kenya and Nigeria.

 

 

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 18

 

But what we're going to start to develop after that, and it's already on the drawing board, is a – we call it Blackberry-type HIIDE. That's going to be a very, you know, sexy, you know, capable device. We're going to start working on that next year.

 

As far as sales, we think the HIIDE 4 and HIIDE 5 have legs. We think we're going to sell those to some of these international opportunities that I talked about and some of these border opportunities and, you know, we've been working – and Joseph Atick has been spending about 80 percent of his time in the Middle East and India, and we believe next year we're going to have or second and possibly third customer for HIIDE, either 4 or 5.

 

 

 

 

 

 

 

 

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 20

 

 

 

 

 

 

 

 

 

Bottom line is have you been able to quantify what types of return on investment that you're looking for in this type of business so that we can have some idea that what you're investing is turning out to be a real – a return, that is, that is in line or let's say in excess of your cost of capital?

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 21

 

And as we noted, most of that Capex relates to that group. If you look at next year, again without RT, and without a lot of revenue, but some, or this TSA program I'm talking about. There are going to be somewhere in the $215-ish, $215, $220 million range, and we think they're going to earn north of $60 million.

 

But again, most of that Capex we're talking about, probably $50 million of it is going to be for investments in the driver's license business. We're then going to see that 30 percent increase in the $75 million driver's licenses I talked about, you're going to see the kiosks begin the gain traction.

 

We're going to be able – we're talking electronic kiosks for passports and driver's license renewal. And with recurring Capex in 2011 of let's say $20 million for them, we think they'll be earning in excess of $65 - $70 million. So that’s, you know, I think that’s a very nice business.

 

 

 

 

 

We're building a business and, you know, you got to make investment. You know I wish 2011 was 2010, but we're building a business and that's just what we got to do. So, you know, I'm not going to go out there and loose States just because – so our cash flow can be better next year. So, you know, looking at the long-term, I'm the largest investor. So my interests are aligned with everybody out there, and I feel very comfortable with where we are.

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 22

 

equipment obviously, you know. And while some of the analysts may have pooh-poohed it, some of the end-users we talked to really were high on some of the higher end TSA – you know, PIV and HSPD-12 compliant units that you have out there.

 

The question is, do your TSA numbers depend on the acceptance of some of these new ruggedized devices that are out there? Can you compete with them or without them? Or does this add a significant amount because though the devices look nice but the question – this is obviously the old Bioscrypt’s real foray into a lot of new devices in a long time?

 

 

They did a phenomenal job of designing a whole new product line. And when the customers saw our outdoor TWIC device, they said this device is unbelievable. And they gave us certification in like 2 weeks. I mean it was unbelievable.

 

Now what we're doing there is we're going to consolidate the Bioscrypt (Enterprise Access) group in with the Biometrics group. We're implementing that as we speak, and we're excited about that because we think it's going to help them focus and now (inaudible) their sales capability.

 

Also, the fact that we have the TWIC program in our Enrollment business says we're getting all the ports. I think that's going to bode well for us as we try to install those units in the ports. So, you know, I think they did a great job designing products. I think they have great product. And we're hoping next year that we're successful in selling some of them.

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 23

 

 

 

 

 

 

And I can tell you today we have every capability we need. There is no major hole in our ability to provide the solutions that we're currently competing on. Having said that, we continually look at areas where we can enhance our product line.

 

We're looking at incorporating new biometrics into our ABIS, like DNA and voice. And I think our contract with the DoD is going to facilitate that. Our contract in the Middle East, with this Middle Eastern customer, is a total end-to-end solution incorporating mobile. So we're excited about that.

 

You know, I'll also point out, we had a couple of successes this year that I didn't talk about. We were successful in booking our first State ABIS, which is really exciting to us, because I think we're going to be able to now go to

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 24

 

other States and offer them a solution competing against, you know, our good friends at Sagem.

 

And we won, I believe, a very exciting opportunity in a State to provide facial recognition that's going to be integrated into their video network. We think that's very exciting. We're going to have a marketing campaign next year to go and sell that to all the major States in the country.

 

 

 

Our performance relative to the competition was very, very strong. And, you know, I'm not going to go into the details on the procurement, but one of the things we had to work on was becoming CMMI certified. We have a program in place, and you know what that is, that's basically having all the facilities, have a good design program, have a lot of documentation, quality assurance, that kind of thing. We're going to have level 3 or level 4 CMMI by the end of next year.

 

 

 

 

 

 

 

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L-1 IDENTITY SOLUTIONS INC

Moderator: Lisa Cradit

10-28-09/10:00 a.m. CT

Confirmation # 32964355

Page 25

 

 

 

Please use, pass code 3296435, please disconnect your lines at this time and have a wonderful afternoon.

 

END