Aware reports strong Q2 2014 with $6.8 million in revenue
Aware, Inc. reported the financial results for its second quarter ended June 30, 2014, which saw a 53% increase in the company’s revenue over the same quarter last year.
The report comes on the heels of Aware’s recent announcement that it declared a special cash dividend of $1.75 per share, which amounts to a total of about $40 million.
For Q2 2014, Aware reported revenue of $6.8 million, which is significantly greater when compared to the $4.4 million in revenue it earned in Q2 2013.
“The second quarter was an eventful quarter for us in three respects,” said Rick Moberg, co-CEO and CFO at Aware. “First, we were able to deliver solid operating earnings despite increased spending on new product development initiatives. Second, our engineering teams continued to make progress in the accuracy and scalability of our biometric matching technology which currently is offered through our NEXA product line. And thirdly, we announced that we were going to pay a $1.75 special cash dividend in July 2014. We hope to carry the momentum we saw in the first six months of 2014 into the second half of the year.”
The company’s operating income before patent related income was $1.4 million compared to $0.5 million in Q2 2013. Aware attributes this rise in revenue and operating income to achieving higher sales of software licenses, software maintenance, services, and hardware.
Meanwhile, income from continuing operations in Q2 2014 was $0.9 million compared to $0.5 million in Q2 2013.
Aware’s net income was $0.9 million, which is three times higher than in Q2 2013 when its net income was $0.3 million.
For the six months ended June 30, 2014, revenue increased 42% to $13.4 million. This was comparatively higher than the $9.4 million it earned in the same period a year ago.
Additionally, operating income before patent related income for the first six months of 2014 and 2013 remained unchanged at $2.7 million.
Net income for the six months ended June 30, 2014 was $1.7 million, compared to a net income of $2.2 million for the same period a year ago.