VDSI » Topics » Note 15 - Commitments and Contingencies

This excerpt taken from the VDSI 10-K filed Mar 13, 2009.

Note 14 – Commitments and Contingencies

The company leases office space and automobiles under operating lease agreements expiring at various times through 2017. Future minimum rental payments required under non-cancelable leases are as follows:

 

Year

   Amount

2009

     2,927

2010

     2,446

2011

     1,963

2012

     1,618

2013

     1,201

Thereafter

     3,956
      

Total

   $ 14,111
      

Rent expense under operating leases aggregated $2,228, $1,838 and $1,229 for the years ended December 31, 2008, 2007 and 2006, respectively. Rent expense is recorded on a straight-line basis over the life of the lease agreement.

 

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Table of Contents

VASCO DATA SECURITY INTERNATIONAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(amounts in thousands, except per share data)

 

From time to time, we have been involved in litigation incidental to the conduct of our business. Currently, we are not a party to any lawsuit or proceeding that, in management’s opinion, is likely to have a material adverse effect on its business, financial condition or results of operations.

These excerpts taken from the VDSI 10-K filed Mar 14, 2008.

Note 15 – Commitments and Contingencies

The company leases office space and automobiles under operating lease agreements expiring at various times through 2015. Future minimum rental payments required under non-cancelable leases are as follows:

 

Year

   Amount

2008

     2,359

2009

     1,906

2010

     1,550

2011

     921

2012

     174

Thereafter

     318
      

Total

   $ 7,228
      

Rent expense under operating leases aggregated $1,838, $1,229 and $836 for the years ended December 31, 2007, 2006 and 2005, respectively. Rent expense is recorded on a straight-line basis over the life of the lease agreement.

From time to time, we have been involved in litigation incidental to the conduct of our business. Currently, we are not a party to any lawsuit or proceeding that, in management’s opinion, is likely to have a material adverse effect on its business, financial condition or results of operations.

Note 15 – Commitments and Contingencies

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">The company leases office space and automobiles under operating lease agreements expiring at various times through 2015. Future minimum rental payments
required under non-cancelable leases are as follows:

 


























































Year

  Amount

2008

   2,359

2009

   1,906

2010

   1,550

2011

   921

2012

   174

Thereafter

   318
    

Total

  $7,228
    

Rent expense under operating leases aggregated $1,838, $1,229 and $836 for the years ended
December 31, 2007, 2006 and 2005, respectively. Rent expense is recorded on a straight-line basis over the life of the lease agreement.

SIZE="2">From time to time, we have been involved in litigation incidental to the conduct of our business. Currently, we are not a party to any lawsuit or proceeding that, in management’s opinion, is likely to have a material adverse effect on
its business, financial condition or results of operations.

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