Aware announces quarterly earnings
Aware has reported financial results for its first quarter which ended March 31, 2017.
Revenue for the first quarter of 2017 was $4.3 million, a 10 percent decrease compared to $4.8 million in the same quarter last year. Operating income in the first quarter of 2017 was $0.4 million compared to $0.9 million in the first quarter of 2016.
The decrease in revenue and operating income were primarily due to lower imaging software license sales and no hardware sales that were partially offset by higher biometrics software license sales and higher operating expenses that were partially offset by lower cost of hardware sales.
Net income in the first quarter of 2017 was $0.4 million, or $0.02 per diluted share, which compares to $0.6 million, or $0.03 per diluted share, in the same period a year ago.
“Our revenue and operating income for the first quarter were consistent with our expectations,” commented Kevin Russell, Aware’s chief executive officer and president. “Our pipeline for 2017 looks promising, but we are unable to predict when opportunities will result in revenue. We continue to make investments in product and market initiatives in order to grow our business in the government, commercial and mobile markets.”
Earlier this week, Aware released Indigo|Onboard, the first in the company’s new Indigo line of cloud-based solutions that provide biometric search functionality either as a software-as-a-service (SaaS) subscription or as a server-based software license.