Precise Biometrics reports Q1 results, shows strong start
Precise Biometrics has announced a strong start to 2013, boasting impressive sales statistics for the period ending March 31, 2013, totaling US$2.53 million (SEK 16.8 million).
Available cash at the end of the quarter was US$1.16 million, and the group’s operating result for the quarter was US$-150,698 (SEK -1.0 million).
Precise has also announced that the credit facility that was obtained during the first quarter 2012 was re-paid in January 2013. The company utilized, before the repayment, US$3 million (SEK 2 million) of the credit facility of US$4.52 million (SEK 30 million). Within the framework of the credit facility agreement, and until the end of May 2013, the company can obtain order financing.
At the company’s Annual General Meeting, held on April 23, it was resolved to approve the board’s proposal to increase the company’s share capital by way of a new share issue with preferential right for the company’s shareholders. The AGM further resolved to approve the board’s proposal for a reduction of the share capital, to authorize the board to increase the company’s share capital by way of new issue of shares and/or convertibles and to adopt guidelines for remuneration to management.
Reported previously in BiometricUpdate.com, the company’s flagship Tactivo reader has been awarded FIPS 201 certification from the U.S. Government Services Administration. Upon the news of the FIPS certification, the company’s stock jumped as much as 12 percent.
Earlier this month, Precise Biometrics published its 2012 annual report which the company said showed positive development in the mobile market, though Tactivo sales did not meet expectations.