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Aware, Inc. Reports Second Quarter 2010 Financial Results
Date:8/13/2010

BEDFORD, Mass., July 26 /PRNewswire-FirstCall/ -- Aware, Inc. (Nasdaq: www.aware.com/ir.  The conference call may also be heard by calling 719-457-2621 and referencing the confirmation number 5684541.  A replay of the call will be archived on our website after the call.

About Aware

Aware is a leading technology and supplier for the telecommunications and biometrics industries. Aware has pioneered innovations at telecommunications standards-setting organizations for DSL and home networking. Telecom equipment vendors and phone companies use Aware's DSL test and diagnostics modules and Dr. DSL® software to provision and troubleshoot DSL circuits globally. Aware is also a veteran of the biometrics industry, providing biometric and imaging software components used in government systems worldwide since 1992. Aware's interoperable, standard-compliant, field-proven imaging products are used in a number of applications, from border management to criminal justice to medical imaging. Aware is a publicly held company (Nasdaq: www.aware.com

Safe Harbor Warning

Portions of this release contain forward-looking statements regarding future events and are subject to risks and uncertainties, such as estimates or projections of future revenue and earnings and the growth of the DSL test and diagnostics and biometrics markets. Aware wishes to caution you that there are factors that could cause actual results to differ materially from the results indicated by such statements. General factors include, but are not limited to: our quarterly results are unpredictable and may fluctuate significantly; our business is subject to rapid technological change; we face intense competition from a wide range of competitors; current economic conditions, including the credit crisis affecting the financial markets; our intellectual property is subject to limited protection; our ability to obtain or enforce patents could be affected by new laws, regulations or rules; and our business may be affected by government regulations. DSL test and diagnostic factors include, but are not limited to: our DSL test and diagnostic businesses depend upon a limited number of customers; the success of our DSL test and diagnostics products businesses requires telephone companies to install DSL service in volume; our test and diagnostic hardware and software products could have quality problems; we depend on a single source contract manufacturer for the manufacture of our DSL hardware products; and we are dependent on single source suppliers for components in our DSL hardware products. Biometric factors include, but are not limited to: market acceptance of our biometric technologies and products; changes in contracting practices of government or law enforcement agencies; the failure of the biometrics market to experience continued growth; announcements or introductions of new technologies or products by our competitors; failures or problems in our biometric software products; delays in the adoption of new industry biometric standards; growth of proprietary biometric systems which do not conform to industry standards; our ability to sell services contracts in a manner that is consistent with our business model; our ability to deliver services contract milestones; and our dependence on third party contractors and consultants to deliver certain services contract milestones. We refer you to the documents Aware files from time to time with the Securities and Exchange Commission, specifically the section titled Risk Factors in our annual report on Form 10-K for the fiscal year ended December 31, 2009 and other reports and filings made with the Securities and Exchange Commission.

Aware and Dr. DSL are trademarks or registered trademarks of Aware, Inc. Any other trademarks appearing herein are the property of their respective owners.



AWARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)


Three Months Ended
June 30,


Six Months Ended
June 30,


2010


2009


2010


2009

Revenue:








  Product sales

$3,911


$3,852


$8,562


$6,671

  Contract revenue

346


1,442


555


2,719

  Royalties

714


470


1,470


947

     Total revenue

4,971


5,764


10,587


10,337









Costs and expenses:








  Cost of product sales (1)

840


1,043


1,877


1,556

  Cost of contract revenue (1)

74


909


145


1,817

  Research and development (1)

2,082


3,058


4,117


6,170

  Selling and marketing (1)

1,053


1,184


2,119


2,265

  General and administrative (1)

1,416


1,216


2,818


2,429

     Total costs and expenses

5,465


7,410


11,076


14,237









Loss from operations

(494)


(1,646)


(489)


(3,900)

Other income

325


-


325


-

Interest income

21


61


39


186


Loss before provision for income taxes


    (148)



    (1,585)



(125)



(3,714)

Provision for income taxes

-


1


1


4


Net loss


($148)



($1,586)



($126)



($3,718)









Net loss per share – basic

($0.01)


($0.08)


($0.01)


($0.17)

Net loss per share – diluted

($0.01)


($0.08)


($0.01)


($0.17)









Weighted average shares – basic

19,927


20,666


19,920


21,974

Weighted average shares – diluted

19,927


20,666


19,920


21,974




(1)  The amounts in the Consolidated Statements of Operations above include stock-based compensation as follows (in thousands):



Three Months Ended
June 30,


Six Months Ended
June 30,


2010


2009


2010


2009

Cost of product sales

$    3


$    3


$   5


$   5

Cost of contract revenue

1


36


7


68

Research and development

54


138


169


285

Sales and marketing

13


57


51


109

General and administrative

132


175


316


333

Total stock-based compensation costs

$203


$409


$548


$800




AWARE, INC.
Non-GAAP Financial Measures and Reconciliation
(In thousands, except per share data)
(unaudited)


Three Months Ended
June 30,


Six Months Ended
June 30,


2010


2009


2010


2009

GAAP net loss

($148)


($1,586)


($126)


($3,718)

  Stock-based compensation

203


409


548


800

Non-GAAP net income (loss)

$55


($1,177)


$422


($2,918)






Three Months Ended
June 30,


Six Months Ended
June 30,


2010


2009


2010


2009

GAAP net loss per share

($0.01)


($0.08)


($0.01)


($0.17)

  Stock-based compensation

0.01


0.02


0.03


0.04

Non-GAAP net income (loss) per share

$0.00


($0.06)


$0.02


($0.13)




AWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)



June 30,
2010


December 31,
2009


ASSETS






    Cash and investments


$39,129


$39,669

    Accounts receivable, net


4,533


3,565

    Inventories, net


1,334


1,113

    Property and equipment, net


6,555


6,744

    Other assets, net


366


363






    Total assets


$51,917


$51,454








LIABILITIES AND STOCKHOLDERS' EQUITY










    Total current liabilities


$2,758


$2,501

    Long-term deferred revenue


536


593

    Total stockholders' equity


48,623


48,360

    Total liabilities and stockholders' equity


$51,917


$51,454




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SOURCE Aware, Inc.
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