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Aware, Inc. Reports Third Quarter 2013 Financial Results
Date:10/28/2013

BEDFORD, Mass., Oct. 28, 2013 /PRNewswire/ -- Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and services, today reported financial results for its third quarter ended September 30, 2013. 

Revenue for the third quarter of 2013 was $4.5 million, a decrease of 15% compared to $5.3 million in the same quarter last year. The net loss for the third quarter of 2013 was $1.2 million, or $0.05 per diluted share, which compares to net income of $10.3 million, or $0.46 per diluted share, for the same period a year ago. Net income in the third quarter of 2012 included a gain on the sale of patent assets of $15.2 million.  Operating income before patent related income in the third quarter of 2013 was a loss of $2.2 million compared to income of $1.4 million in the third quarter of 2012.

For the nine months ended September 30, 2013, revenue increased 5% to $14.9 million, compared to $14.2 million in the same period a year ago.  Net income for the nine months ended September 30, 2013 was $1.0 million, or $0.04 per diluted share. These results compared to net income of $66.3 million, or $3.03 per diluted share, for the same period a year ago. Year-to-date net income in 2012 included an $86.4 million gain on the sale of patent assets.  Operating income before patent related income for the first nine months of 2013 was $134,000 compared to $2.6 million for the same period a year ago.

Financial results for the three and nine month periods ended September 30, 2013 were materially affected by the Company's decision to shut down its DSL service assurance business.  This decision limited our ability to record revenue from our DSL service assurance business in the quarter.  We also incurred $2.8 million of costs to shutdown the business. Notwithstanding the impact on the quarter and year-to-date periods, we believe this action
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SOURCE Aware, Inc.
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