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BIO-key sees record revenue of $2.3M and net income of $753,000 for Q2

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BIO-key sees record revenue of $2.3M and net income of $753,000 for Q2

BIO-key International reported record results for its second quarter ended June 30, 2015, with a record-revenue of $2.3 million and a net income of $753,000.

As such, the company is on track to achieve its full year 2015 revenue guidance range of $5.0 million to $7.0 million, compared to revenue of $4.0 million in 2014.

“BIO-key continues to see growth in demand for our products as enterprises and governments move to deploy stronger user authentication technologies,” said Michael DePasquale, chairman and CEO of BIO-key. “Our favorable growth outlook is supported by a steady increase in customer dialogues across healthcare, financial services, mobile communications and government markets. The prospects are considering deployment of fingerprint biometrics to solve key cybersecurity, regulatory and fraud prevention goals.”

Additionally, BIO-key signed a Memorandum of Understanding with an existing strategic partner Worldwide Touch Technology Holdings Limited regarding a proposed equity investment in BIO-key.

BIO-key reported that its license fee revenue increased from $121,078 in Q2 ’14 to $2,017,535 in Q2 ’15, which reflects a large telecommunications license it signed in Q2 ’15.

Meanwhile, BIO-key’s service revenues decreased slightly from $281,711 in Q2’14 to $255,269 in Q2’15.

The company’s total revenue increased from $402,789 in Q2’14 to $2,272,804 in Q2 ’15.

BIO-key’s sales in highly regulated industries represented about 83% of total sales, with the OEM channel representing about 80% of total sales.

Meanwhile, the company’s Q2’15 gross margin increased to 94% from 60% in Q2’14, reflecting the substantial increase in high-margin software license revenue.

The company’s Q2 ’15 operating expenses increased 1% to $1,373,860 from $1,366,035 in Q2 ’14, based on increases in selling, general and administrative and reductions in research, development and engineering expense.
BIO-key reported Q2’15 net income of $753,146 compared to a net loss of ($1,026,286) in Q2’14.

Finally, BIO-key’s 2015 year-to-date revenue is tracking to the midpoint of its full year guidance range. The company currently expects its Q3 revenue to range between $700,000 and $1.5 million, compared to $1.3 million in Q3 ’14.

Previously reported, BIO-key International, Inc. reported results for its first quarter ended March 31, 2015, as well as provided an update on its full year 2015 revenue guidance range which remains $5 million to $7 million.

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