BIO-key reports third quarter financial results

November 20, 2012 - 

BIO-key International Inc., a global leader in fingerprint biometric identification solutions and advanced mobile identification technology reported results for the third quarter of 2012.

Total revenue for the three months ending Sept. 30, 2012 was approximately US$410,000, representing a decrease of 29% from the US$574,000 reported for the same quarter last year.

“While not yet reflected in our financials, the third quarter of 2012 included a number of significant accomplishments with key partners,” Mike DePasquale, CEO said.

BIO-key’s gross margin for the third quarter was 76% compared to 63% for the same period in 2011, due to reduced costs associated with the third party hardware revenue. Operating expenses for the third quarter decreased 40% at the company.

The net loss for the third quarter was US$232,609 – a 57% improvement from last year.

“We expect our financial year 2012 fourth quarter to be our strongest of the year in terms of revenues and profit and for the company to be profitable for the year, ending December 31, 2012,” DePasquale said. “With a number of industry changing events taking place over the past 90 days, including the purchase of AuthenTec […] we are experiencing an increase in demand for our product offerings. The partner relationships that we have built in healthcare and in the Identity Access Management spaces are creating many new international opportunities that we will monetize in the coming quarters.”

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