BIO-key International reports strong Q4 and full fiscal year 2012
BIO-key International has reported a profitable fourth quarter and full fiscal year 2012.
Total revenue for the three months ended December 31, 2012 was $1,482,835 compared to $545,451 for the same period last year, an increase of 172%. According to the company, this increase is directly related to orders for new business including expanded services and technologies for several hospitals, reaching agreements with two blood centers and sales developed through growing OEM relationships.
Gross profit and gross profit margin for the three months ended December 31, 2012 were $1,333,583 and 90%, respectively, as compared to $353,325 and 65%, respectively, for the three months ending December 31, 2011. The increase in gross profit percentage was driven primarily by increased core license revenues and decreased third party hardware sales and associated higher costs of goods sold.
Operating expenses for the three months ended December 31, 2012 were approximately $842,000, a decrease of 36% as compared to operating expenses of approximately $1,324,000 for the same period in 2011. This decrease was driven by reversal of bad debt expense and reduced R&D consulting expenses, offset by increased commission related to increased revenue, and the legal and settlement fees related to the alleged patent infringement suit.
Last year the company was awarded a contract to provide the Provincial Government of British Columbia Department of Corrections with fingerprint biometric authentication solutions for inmates seeking access to personal records.
Reported previously in BiometricUpdate.com, BIO-key International recently appointed Jay Meier, as Vice President, Corporate Development.
Total revenue for the year ended December 31, 2012 was approximately $3.8 million compared to approximately $3.5 million for the year ended December 31, 2011, an increase of 9%. Driving this increase was a higher core license sales, offset with lower third party hardware sales which has a higher cost of goods sold.
“The Fourth Quarter of 2012 was strong and representative of the model we are building,” Michael DePasquale, BIO-key CEO said. “We grew revenue from a diversified customer base, while keeping expenses in line, driving profitability in both the Quarter and Fiscal Year 2012. It was a milestone for us and we are proud of what we accomplished in Fiscal 2012.”