Aware reports financial results for Q1 2014, records $6.6M in revenue
Aware has reported its financial results for the first quarter of 2014, ended Match 31.
According to the company, revenue for the quarter was $6.6 million, an increase of 33% compared to $5 million in the same quarter in 2013. Operating income before patent related income in the first quarter was $1.3 million compared to $2.2 million in the first quarter of 2013.
Net income for the first quarter of 2014 was $0.9 million, which compared to net income of $1.9 million for the same period a year ago.
The company says its financial results for this quarter reflect Aware’s first quarter as primarily a biometrics software and services company after the completion of the shutdown of its DSL operations in the fourth quarter of 2013. Lower operating income before patent related income this quarter compared to Q1 2013 was primarily attributable to a large non-recurring direct sale to a government agency in the year ago and new product development initiatives in the current quarter.
Net income in Q1 2013 also included $0.8 million of income from a patent arrangement, the company says.
“Our first quarter financial performance was positive, particularly in light of the new product development investments we made. Notwithstanding these investments, cash and investment balances grew by $1.9 million to $77.3 million as of March 31, 2014,” Rick Moberg, Aware’s Co-CEO and CFO said. “As we move into the second quarter, we are focused on winning new customer biometrics projects and getting new products to market.”
Reported previously in BiometricUpdate.com, Aware recently reported its financial results for Q4 and for the full year ended December 31, 2013.