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PR Newswire, 02/28/2001 02:30

SCM Microsystems Announces Record Results for Fourth Quarter and Fiscal Year 2000

/FROM PR NEWSWIRE SAN FRANCISCO 415-543-7800/ [STK] SCMM [IN] CPR MLM [SU] ERN TO
BUSINESS AND TECHNOLOGY EDITORS:

SCM Microsystems Announces Record Results for Fourth Quarter and Fiscal

Year 2000

Year of Investment Furthers Company`s Lead in Opening Access to Content

In the Digital Home

FREMONT, Calif., Feb. 28 /PRNewswire/ -- SCM Microsystems, Inc., (NASDAQ:SCMM; Neuer Markt:
SMY), a leading provider of solutions that open the Digital World, today announced results for its
fourth quarter and fiscal year ended December 31, 2000.

Revenues for the fourth quarter were $52.5 million, up 31% from revenues of $40.1 million in the
fourth quarter of 1999. Excluding one-time items and the amortization of goodwill, net income in the
fourth quarter was $4.0 million, or $0.25 per share, compared with net income of $6.5 million in the
fourth quarter of 1999, or $0.42 per share. One-time items for the quarter of $9.4 million included the
write off of in-process R&D, stock based compensation expense, and acquisition, settlements and
restructuring charges relating primarily to the December 2000 acquisition of Dazzle, Inc. Including
one-time items and the amortization of goodwill, net loss for the fourth quarter was ($6.2) million, or
($0.41) per share, compared with net income of $6.1 million, or $0.40 per share for the fourth quarter
of 1999.

"We`re pleased to report fourth quarter results that demonstrate the continued momentum of our
business strategy," said Robert Schneider, chief executive officer of SCM Microsystems. "In particular,
we experienced continued strong demand in Europe for our digital TV security modules, which control
access to premium television content. Record revenues in the fourth quarter were also driven by
increased retail sales of our Microtech and Dazzle digital imaging products, which continue to hold
leading market share positions in the U.S. and Europe."

For fiscal 2000, revenues were $157.8 million, up 24% from revenues of $127.3 million for fiscal
1999. Excluding one-time items and the amortization of goodwill, net income for fiscal 2000 was
$10.2 million, or $0.66 per share, compared with $14.4 million, or $0.95 per share for fiscal 1999.
One-time items for the year of $12.2 million included the write off of in-process R&D, stock based
compensation expense and acquisition, settlements and restructuring charges relating to the
Company`s acquisitions of Microtech International, 2-Tel and Dazzle, Inc. in fiscal 2000. Including
one-time items and the amortization of goodwill, net loss for the year ended December 31, 2000 was
($4.7) million, or ($0.32) per share, compared with net income in fiscal 1999 of $9.1 million, or $0.60
per share.

"2000 was a year of solid achievement for SCM," said Robert Schneider, chief executive officer of
SCM. "We continued to lead the way in standardizing digital platforms and opening access to digital
content, thus supporting new applications and value added services across a range of markets. We
also invested in the Company`s growth through strategic acquisitions, adding technologies and
resources that position us to capitalize on the convergence opportunities in our markets over the next
several years."

SCM`s strategic acquisitions during fiscal 2000 included:

-- Microtech International, a leading U.S. provider of solutions that

enhance the user`s digital experience with digital devices such as

digital cameras;

-- 2-Tel N.V, a Dutch company with significant smart card terminal

technology and secure e-commerce expertise; and

-- Dazzle Multimedia, Inc., a U.S. and European market leader in consumer

digital video solutions.

Schneider concluded, "Our acquisitions of Microtech and Dazzle in 2000 have given us leading global
consumer brands, opportunities for operational synergies and a closer connection to the end user.
Balancing our traditional OEM model with a retail presence and consumer orientation was an
important step for SCM. We re now positioned to leverage our core strength in security technology to
open access to content in the digital home, from entertainment to e-commerce."

SCM will hold a conference call and Webcast on Wednesday, February 28, 2001 at 8:30 AM Eastern
Time to discuss the results of its fourth quarter. The dial in number for the call is 415-904-7302. The
Webcast can be accessed at www.scmmicro.com/ir/index.html or at www.streetfusion.com.

NOTE: This press release contains forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934.
These statements are subject to risks and uncertainties which may cause actual results to differ
materially from those contemplated herein. These statements concern, among other things, the
continued momentum of our business strategy and demand for our products, including our digital TV
security modules and our Microtech and Dazzle digital imaging products; the convergence of our
markets and our role in standardizing digital platforms and supporting new applications and value
added services across a range of markets; and the anticipated benefits of our acquisitions including
opportunities for operational synergies and a closer connection to the end user. SCM`s business and
operating results depend upon, among other things, our ability to continue to grow based on a
strategy of participating in multiple early stage markets. SCM`s historic customers have been
primarily original equipment manufacturers. The acquisitions of Microtech and Dazzle significantly
expand our positioning in the consumer market. We maybe unable to successfully develop and
introduce new products that satisfy the evolving and increasingly complex requirements of our
consumer customers and our historic original equipment manufacturer customers. The markets in
which we participate or target may not grow, converge or standardize at anticipated rates or at all. We
may not participate fully in our target markets and competitors could take market share or create
pricing pressure. We may face difficulties in integrating our acquisitions and the anticipated
operational synergies and other benefits of these acquisitions may not occur. For a discussion of
further risks and uncertainties related to SCM`s business, please refer to SCM`s public company
reports, including the Report on Form 10-K for the year ended December 31, 1999 and the Report on
Form 10-Q for the quarter ended September 30, 2000, each filed with the U.S. Securities and
Exchange Commission.

About SCM Microsystems

SCM Microsystems is a leading supplier of solutions that open the Digital World by enabling people
to conveniently access digital content and services. SCM`s advanced silicon solutions, hardware and
software enable secure exchange of electronic information for digital applications from e-commerce
to broadband content delivery by providing controlled access points to platforms such as PCs, digital
cameras, and digital television set-top boxes. Known as a premier supplier to OEM companies
around the world, SCM also serves the retail market through its Dazzle, Microtech and FAST product
brands. Global headquarters are in Fremont, Calif., with European headquarters in Pfaffenhofen,
Germany. For additional information, visit the SCM Microsystems Website at www.scmmicro.com.

SCM MICROSYSTEMS, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Quarter ended Year ended

December 31, December 31,

2000 1999 2000 1999

Revenues $52,451 $40,143 $157,834 $127,288

Cost of revenues 35,676 24,326 104,863 82,624

Gross margin 16,775 15,817 52,971 44,664

Operating expenses:

Research and

development 3,887 2,535 13,066 8,900

Sales and marketing 8,375 3,912 22,984 13,322

General and

administrative 4,155 2,716 13,223 9,343

Amortization of

goodwill and

intangibles 3,077 432 5,466 1,265

In-process research

and development 2,000 -- 4,867 900

One-time acquisition,

settlements and

restructuring charges

and stock compensation

expense 7,369 -- 7,369 3,118

Total operating

expenses 28,863 9,595 66,975 36,848

Income (loss) from

operations (12,088) 6,222 (14,004) 7,816

Interest and other,

net 2,116 1,984 7,876 6,679

Income (loss) before

taxes and minority

interest in

earnings (9,972) 8,206 (6,128) 14,495

Benefit (provision)

for income taxes 3,585 (1,490) 1,032 (4,801)

Minority interest in

loss (earnings) of

consolidated

subsidiaries 164 (586) 387 (586)

Net income (loss) ($6,223) $6,130 ($4,709) $9,108

Net income (loss)

per share:

Basic ($0.41) $0.43 ($0.32) $0.65

Diluted ($0.41) $0.40# ($0.32) $0.60#

Shares used in

computing earnings

per share:

Basic 15,246 14,144 14,641 14,082

Diluted 15,246 15,105 14,641 15,086

Pro forma net income* $3,959 $6,482 $10,242 $14,412

Diluted shares used in

pro forma net income

per share 15,766 15,105 15,605 15,086

Pro forma net income

per share* $0.25 $0.42# $0.66 $0.95#

* Excluding product line redundancies in cost of revenues in the twelve months ended December 31,
1999, in-process research and development, one-time acquisition, settlements and restructuring
charges, stock based compensation expense and the amortization of goodwill and intangibles.

# Net income used to compute diluted earnings per share was reduced by the dilutive effect of Dazzle
stock options of approximately $144,000 for the fourth quarter of 1999 and $93,000 for fiscal 1999.

SCM MICROSYSTEMS, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

December 31, December 31,

ASSETS 2000 1999

Current assets:

Cash, cash equivalents and short-term

investments $66,926 $125,409

Accounts receivable, net 54,913 32,215

Inventories 36,799 15,934

Other current assets 5,492 8,836

Total current assets 164,130 182,394

Property, equipment and other assets, net 24,136 20,584

Goodwill, net 64,129 8,006

Total assets $252,395 $210,984

LIABILITIES AND STOCKHOLDERS` EQUITY

Current liabilities:

Accounts payable $27,167 $17,679

Accrued expenses and other current liabilities 12,930 12,712

Notes payable -- 1,512

Total current liabilities 40,097 31,903

Deferred tax liability 1,214 3,201

Minority interest 636 84

Stockholders` equity: 210,448 175,796

Total liabilities and stockholders` equity $252,395 $210,984 SOURCE SCM Microsystems, Inc.

-0- 02/28/2001

/CONTACT: Andrew Warner, Chief Financial Officer, 510-360-2300, or [e-mail], or
Darby Dye, Investor Relations-US, 510-360-2302, or [e-mail], or Manfred Mueller,
Investor Relations-Europe, 49-84-41-896-140, or [e-mail], all of SCM Microsystems,
Inc./

/Web site: http://www.streetfusion.com/

/Web site: http://www.scmmicro.com/

[silencio.]

Hi,

der Sell-Off scheint zu beginnen. Aktuell 18.31€ im Xetra. Habe ich das richtig verstanden: Netto-Verlust von $0,41 in Q4 durch die mal wieder notwendigen Einmalaufwendungen??? Merken die noch was???

Gruss,

S.

[thefarmer]

Na ja,

immerhien ein par Cents mehr, als erwartet.

In Yahoo reichte die Schätzung von um die 13 bis 23 Cents.

Was mich interessiert:

Weshalb ist die Brutto-Marge so weit zurückgegangen?


mfg
thefarmer

[thefarmer]

Die Einmalaufwendungen sind niedriger, als in der
Dezember-Konferenz angekündigt. Das ist kein Grund
mehr zu verkaufen.

Das Eigenkapital wurde immerhien deutlich gesteigert.


SCM hat mal wieder nicht richtig formuliert:


Die hätten sagen müssen:

100 Prozent Gewinnsteigerung gegenüber dem Q 3 - 2000.


mfg
thefarmer

[silencio.]

Hi,

sag` das mal jemandem bei der derzeitigen Stimmung an der Börse und der Anti-Stimmunng gegenüber SCM insbesondere.

Was meinst Du denn zu den weiteren Kursaussichten von SMY?


Gruss,

S.

[thefarmer]

Der Buchwert pro Aktie liegt bei ca. 14 Dollar!!!!


Da sind aber die Patente nicht mitgerechnet und die
stillen Reserven beispielsweise in den Produktions-Anlagen.

Meine Meinung:

Wenn heute nach der Pressekonverenz die großen institutionellen
Amis zu rechnen anfangen und der Ausblick positv ist,
schliessen wir heute im Plus!

mfg
thefarmer

[hase584]

finde die zahlen ok
scm ist in so jungen märkten, daß man die gewinnreihen nicht so ernst nehmen kann. bei unter 300 mio $ marktkapitalisierung ist das restrisiko begrenzt! übrigens kommt der kostenanstieg hauptsächlich durch mehraufwendungen für marketing und vertrieb. ist dies langfristig schlecht???
neueinsteigern sei vielleicht ein abwarten auf trendwechsel empfohlen.
ps: als shortseller würde ich mir überlegen, ob es nicht langsam heiß wird!

[thefarmer]

So, ich habe jetzt auch eine Erklärung für die mit nur
leicht über 30 % liegende, geringe Brutto-Marge, gegenüber
fast 40 Prozent im letzten Q 4:


Herr Schneider spricht von hoher Nachfrage nach Digital-TV
Produkten in Europa.....

das ist die Sparta mit der geringsten Brutto-Marge,

die anderen beiden Geschäftsbereiche PC-Netzwerksicherheit
und/oder Digital TV haben also geschwächelt. Wenn die wieder
besser laufen, sollte auch die Marge wieder steigen.

mfg
thefarmer