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Aware, Inc. Reports Fourth Quarter and 2011 Financial Results
Date:2/14/2012

BEDFORD, Mass., Feb. 14, 2012 /PRNewswire/ -- Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and DSL service assurance products, today reported financial results for its fourth quarter and year ended December 31, 2011.  

Revenue for the fourth quarter of 2011 was $5.9 million, a decrease of 14% compared to $6.8 million in the same quarter last year. Net income for the fourth quarter of 2011 was $959,000, or $0.05 per diluted share. These results compared to net income of $230,000, or $0.01 per diluted share, for the same period a year ago.

For the year ended December 31, 2011, revenue increased 4% to $24.6 million, compared to $23.6 million in 2010.  Net income for the year ended December 31, 2011 was $2.6 million, or $0.12 per diluted share. These results compared to net income of $180,000, or $0.01 per diluted share, for the same period a year ago.

Additional information regarding fourth quarter financial results is presented below:

Product revenue declined from $5.3 million in the fourth quarter of 2010 to $4.2 million this quarter. The decrease was due to lower DSL service assurance hardware and software revenue.  Sales of biometrics software were higher than the year ago quarter, but not enough to offset lower DSL service assurance revenue.

The increase in services revenue from $949,000 in the fourth quarter of 2010 to $1.1 million this quarter was due to increased revenue from biometrics engineering projects.  The increase in royalties from $548,000 in the fourth quarter of 2010 to $605,000 this quarter was due to higher royalties reported to us by one of our DSL chip licensees.

Spending declined from $6.6 million in the fourth quarter of 2010 to $5.0 million this quarter. The $1.6 million spending decrease was primarily the result of three factors: i) lower hardware cost of goods sold on lo
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SOURCE Aware, Inc.
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