Precise Biometrics publishes 2013 year-end report, says Q4 fell short

Precise Biometrics has just published its year-end report for 2013.

According to the report, the group’s net sales for the year was SEK 24.9 million (US $3.84 million) and for the fourth quarter, sales totalled SEK 2.9 million (US $450k).

In the report, the company reiterated some highlights from the previous year, including the financial information services deal, its framework agreement with Volkswagen and the Fingerprint Cards licensing agreement.

Despite the highlights, it’s been a tough few months for Precise Biometrics.

“It was not a very satisfactory quarter in terms of profits,” Håkan Persson, CEO and President of Precise Biometrics said. “Sales were lower than expected. Tactivo, for example, had a very limited turnover primarily due to low sales to US government clients. On the other hand we have continued to sell fingerprint readers to a government agency customer in the Middle East, and sales of our solution for one of Scandinavia’s largest gym chains have continued. Costs related to the change of CEO and price reductions to a US mobile operator have had a negative effect on profits. The price reductions mean that the Mobile business area showed a negative turnover for the quarter.”

In November 2013, the board of directors replaced Thomas Marscall from the CEO post, calling the move “necessary.”

According to the report, the mobile area of the company had a negative turnover in the second half of the year, partly because of product returns related the changed terms of an order in 2012. In addition, says the company, the retroactive price adjustment related to devices sold to an American mobile operator had an impact.

Precise has now divided the business into three different business areas: Mobile Smart Card Solutions (Tactivo), Desktop & Physical Access Solutions (readers, hardware, and solutions for access control), and Fingerprint Technology (licensing of algorithms).

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