L-1 Identity Solutions, a manufacturer of biometric and other identity verification products, announced this week that its losses for the fourth quarter narrowed in 2009 to $500,000 compared to $549.6 million in 2008.
Overall, the company reported a loss of 4.2 million in 2009, which is in stark contrast to the $551.6 million loss reported in 2008. Revenues were actually up 16 percent in 2009 to $650.9 million compared with $562.9 million in 2008.
Robert V. LaPenta, L-1's chairman, president and CEO, credited the turnaround to a complete group effort from the company's various divisions.
"Year-over-year growth in sales and profitability was achieved by each L-1 division in 2009, a significant accomplishment in this challenging economic climate, made possible in part by the ability to work effectively as independent business units and coming together to present an integrated solution on opportunities where it gives us competitive advantage to do so," he said in a prepared statement.
Click here to read the company's full fourth quarter and 2009 financial results.