February 13, 2014 -
Aware, Inc has reported its financial results for Q4 and for the year ended December 31, 2013.
According to the company, revenue from continuing operations for the fourth quarter of 2013 was $5.6 million, an increase of 16%, which compares to $4.9 million in the same quarter last year. Income from continuing operations for the current quarter was $0.5 million compared to $6.0 million for the same period a year ago. Income from continuing operations in the fourth quarter of 2012 included $1.1 million from a patent arrangement and an income tax benefit of $3.0 million.
In addition, income from discontinued operations, net of income taxes was $1.1 million in the fourth quarter of 2013 compared to a loss of $39,000 in the year ago period. The income from discontinued operations in the current quarter included $2.0 million of income from a customer termination agreement.
Net income for the fourth quarter was $1.6 million, or $.07 per diluted share, which compares to net income of $6 million for the same period a year ago.
For the year ended December 31, 2013, revenue from continuing operations was $19.4 million, an increase of 12%, compared to $17.3 million in 2012. Income from continuing operations in 2013 was $3.8 million compared to $72.4 million in 2012. The company notes that income from continuing operations in 2012 included an $86.4 million gain on the sale of patents.
“With the completion of the shutdown of our DSL service assurance business in the fourth quarter of 2013, we have become essentially a biometrics software and services company,” Rock Moberg, Aware co-CEO said. “I am pleased to report that this business turned in another solid performance in 2013. While it is difficult for us to forecast future financial performance, we are optimistic about our prospects for 2014. Our optimism is founded in revenue backlog as of December 31, 2013, the expected launch of new products, and new biometrics project opportunities.”
Reported previously, Aware recently announced that the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia has deployed several of the company’s COTS biometrics software as a component of the Kingdom’s update to its visa issuance management process.