Aware, Inc. Reports Fourth Quarter and 2008 Financi...( BEDFORD Mass. Feb. 11 /- Aware Inc. (...)

BEDFORD, Mass., Feb. 11 /PRNewswire-FirstCall/ -- Aware, Inc. (Nasdaq: AWRE), a leading supplier of broadband technology and biometrics software, today reported financial results for its fourth quarter and year ended December 31, 2008.

Revenues for the fourth quarter of 2008 were $12.1 million, an increase of 79% compared to $6.8 million in the same quarter last year. For the year ended December 31, 2008, revenues increased 15% to $30.5 million, compared to $26.4 million in 2007.

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.

GAAP net income for the fourth quarter of 2008 was $5.0 million, or $0.21 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 GAAP net income of $0.2 million, or $0.01 per diluted share, for the same period a year ago. GAAP net income for the year ended December 31, 2008 was $1.8 million, or $0.07 per diluted share, compared to net income of $0.2 million, or $0.01 per diluted share, for 2007.

Non-GAAP net income for the fourth quarter of 2008, excluding the effect of stock-base
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