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Aware, Inc. Reports Second Quarter 2012 Financial Results
Date:7/26/2012

BEDFORD, Mass., July 26, 2012 /PRNewswire/ -- Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and DSL service assurance products, today reported financial results for its second quarter ended June 30, 2012. 

Revenue for the second quarter of 2012 was $5.3 million, a decrease of 10% compared to $5.9 million in the same quarter last year. Income from operations in the second quarter of 2012 was $369,000 compared to a loss of $283,000 for the same period a year ago.

Net income for the second quarter of 2012 was $54.9 million, or $2.49 per diluted share. These results compared to a net loss of $267,000, or $0.01 per diluted share, for the same period a year ago.  Net income in the second quarter of 2012 included a net gain of $71.2 million from the sale of patent assets.

For the six months ended June 30, 2012, revenue decreased 10% to $11.1 million, compared to $12.3 million in the same period a year ago. Income from operations for the first six months of 2012 was $1.4 million compared to $290,000 for the same period a year ago.

Net income for the six months ended June 30, 2012 was $56.0 million, or $2.60 per diluted share. These results compared to net income of $323,000, or $0.02 per diluted share, for the same period a year ago. Year-to-date net income in 2012 also included the aforementioned $71.2 million net gain from the sale of patent assets.  

Additional information regarding the gain on sale of patent assets is presented below:

As we previously disclosed, we completed a significant sale of patents for $75 million on June 21, 2012.  The net gain after transaction costs was $71.2 million. We were able to use a significant portion of our deferred tax assets to reduce income taxes on the gain. Our income tax liability on year-to-date earnings, including the gain on the sale of patent assets,
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SOURCE Aware, Inc.
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