BEDFORD, Mass., April 26, 2011 /PRNewswire/ -- Aware, Inc. (NASDAQ: AWRE), a leading supplier of broadband technology and biometrics software, today reported financial results for its first quarter ended March 31, 2011.
Revenues for the first quarter of 2011 were $6.4 million, an increase of 13% compared to $5.6 million in the same quarter last year. Net income for the first quarter of 2011 was $590,000, or $0.03 per diluted share. These results compared to net income of $22,000, or $0.00 per diluted share, for the same period a year ago.
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.
Non-GAAP net income for the first quarter of 2011, excluding the effect of $303,000 of stock-based compensation, was $893,000, or $0.04 per diluted share. These results compared to non-GAAP net income of $367,000, or $0.02 per diluted share, for the first quarter of 2010, excluding the effect of $345,000 of stock-based compensation.
Rick Moberg, Aware's co-chief executive officer and chief financial officer, said, "Our biometrics and DSL test and diagnostics businesses performed well in the first quarter. Solid results by both groups and lower genera
|SOURCE Aware, Inc.|
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