Aware and Precise Biometrics report financial results for Q3 2014
Aware has reported financial results for its third quarter ended September 30, 2014, earning revenue of $6.0 million, which marks a 40% increase compared to $4.3 million in the same quarter last year.
The company’s operating income in the third quarter of 2014 was $4.1 million compared to $1.0 million for the same period in 2013.
Meanwhile, Aware’s net income in the third quarter was $2.6 million, compared to a net loss of $1.2 million for the same period a year ago. Net income for the same period a year ago included a $1.9 million loss from discontinued operations.
For the third quarter of 2014, revenue increased 41% to $19.4 million, compared to $13.7 million in the same period a year ago. Operating income for the third quarter was $6.8 million compared to $4.6 million in the same period of 2013.
The $0.9 million increase in operating income from biometrics can be attributed by a higher hardware and service revenue, which was partially offset by higher cost of goods sold, engineering and sales expenses.
Net income for the third quarter was $4.3 million. This is significantly higher when compared to its net income of $1.0 million for the same period a year ago, which included a $2.2 million loss from discontinued operations.
Precise Biometrics also reported its financial results for the first nine months of 2014, which saw mixed profit figures.
Precise reported nets sales figures of $32.1 million for the first nine months of 2014, and $6.1 million for the third quarter.
Meanwhile, Precise’s operating result for first nine months of 2014 saw a loss of $22.9 million, and a loss of $10.5 million for the third quarter.
The company’s net result for the first nine months of 2014 was a loss of $24.2 million, and a loss of $10.4 million for the third quarter.
In August, Precise announced it was restructuring with an increased focus on the Asian mobile market, which included staffing changes resulting in a new CFO and promotion of a new management team member, as well as some new product launches.
“Precise Biometrics is focusing the operations in order to reach profitability during 2015 through increased market presence in mainly Asia, and reduction of operating expenses,” said the firm. “Reorganizations have been made which will impact the third quarter with SEK 3.2 million in personnel costs.”