November 14, 2013 -
BIO-key International has announced its third quarter results for 2013, shortly following a significant private placement and new plans for integration.
Total revenue for the three months ended September 30, 2013 was $431,576, compared to Q3’12 revenue of $409,919, an increase of approximately 5%. According to the company, sales growth, year over year, resulted primarily from higher services revenue that was partially offset by lower license revenue. Q3’13 service revenue increased as a result of higher non-recurring service revenue for special implementations of customized software.
“The Company continued to expand the size and diversity of its customer base,” Michael DePasquale, BIO-key CEO said. “We met our primary goal, to increase revenue, during the quarter. While we remain behind plan, year to date, our pipeline of opportunities continues to grow, which is encouraging. Our work with InterDigital is proceeding forward, while new partners like AMD align with us. Lastly, due to our recent successful capital raise, BIO-key enjoys its strongest balance sheet in years, providing resources to invest in sales and marketing to drive future revenue. So, with the commercial biometrics industry starting to emerge, we are well positioned to execute and I am quiet encouraged about BIO-key’s future.”
Total revenue for the nine months ended September 30, 2013 was $1,658,476, compared to $2,353,059 for the nine months ended September 30, 2012, a decrease of 30%. The reduction in sales resulted primarily from a 47% decrease in license revenue the company said.
Reported previously, earlier this week, BIO-key completed a significant private direct placement, raising $3.7 million in equity capital.
The company also announced this week that it is working with AMD to ensure the compatibility of its WEB-key biometric management platform with AMD’s upcoming security solutions.