Aware reports Q1 financial results
Aware, Inc. has reported its financial results for the first quarter of this year, ending March 31, 2013.
Revenue for the first quarter of 2013 was $5.6 million, an increase of 15% compared to $4.9 million in the same quarter last year. Operating income before patent related income in the first quarter of 2013 was $2.0 million compared to $1.0 million in the first quarter of 2012.
Net income for the first quarter of 2013 was $1.9 million, or $0.08 per diluted share, which compares to net income of $1.1 million, or $0.05 per diluted share, for the same period a year ago.
The company has also reported that the improvement in operating income before patent-related income this year versus last year was primarily due to increase profitability its biometrics and imaging business and lower general and administrative expenses.
“Our strong operating results this quarter were driven by record revenue and profitability in our biometrics and imaging business,” Rick Moberg, Aware’s co-CEO and CFO said. “Biometrics revenue growth was primarily the result of a large sale to a government agency, solid international sales, and sales of licenses to OEM customers. G&A expenses benefitted from lower patent related expenses as a result of our 2012 patent sales.”
Net income in the first quarter includes income from a patent arrangement of $0.8 million, which related to an agreement the company entered into several years ago with an unaffiliated third party under which patents were assigned in return for royalties on proceeds from its patent monetization efforts.
Income tax expense for the first quarter was $1 million versus $2,000 in the prior year’s quarter.
Last year, the Biometric Research Group identified Aware as a “speculative buy” for investors.
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