Aware, Inc. Reports First Quarter 2009 Financi...( BEDFORD Mass. May 5 /- Aware Inc. (Na...)

BEDFORD, Mass., May 5 /PRNewswire-FirstCall/ -- Aware, Inc. (Nasdaq: AWRE), a leading supplier of broadband technology and biometrics software, today reported financial results for its first quarter ended March 31, 2009.

Revenues for the first quarter of 2009 were $4.6 million, a decrease of 22% compared to $5.9 million in the same quarter last year.

The Company reports its net income and basic and diluted net income per share in accordance with U.S. generally accepted accounting principles (GAAP), and additionally, on a non-GAAP basis. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation expense. The company uses the non-GAAP information internally to evaluate its operating performance and believes these non-GAAP measures are useful to investors as they provide additional insight into the underlying operating results. However, non-GAAP measures are not stated in accordance with, should not be considered in isolation from, and are not a substitute for, GAAP measures. A reconciliation of GAAP to non-GAAP results has been provided in the attached financial tables.

The GAAP net loss for the first quarter of 2009 was $2.1 million, or $0.09 per diluted share, which included $0.4 million of stock-based compensation charges in accordance with the provisions of FAS 123(R). This compared to a GAAP net loss of $1.3 million, or $0.05 per diluted share, for the same period a year ago.

The non-GAAP net loss for the first quarter of 2009, excluding the effect of stock-based compensation, was $1.7 million, or $0.07 per diluted share.

Michael Tzannes, Aware's chief executive officer, said, "We continued to experience slowdowns in our business as a result of the slowing economy during the first quarter. Our goal is to emerge from the current environment st
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