Continued Growth in Biometrics Business in First Quarter
WALL, N.J., May 15 /PRNewswire-FirstCall/ -- BIO-key International, Inc. (OTC Bulletin Board: BKYI), a leader in wireless public safety and finger-based biometric identification solutions, today announced its financial results for the first quarter ended March 31, 2008.
2008 First Quarter Consolidated Results
Total revenue from continuing operations for the three months ended March 31, 2008 was $2.5 million representing a decrease of 3.8% from the $2.6 million reported for the quarter ended December 31, 2007.
BIO-key's gross margin for the first quarter of 2008 was 82.6% compared to 85.6% for the previous quarter. Operating expenses from continuing operations for the first quarter of 2008 remained flat at $3.0 million compared to the quarter ended December 31, 2007. BIO-key's operating loss from continuing operations for the first quarter of 2008 increased by $0.3 million to ($0.9 million) from ($0.6 million) reported in the previous quarter.
"Our quarterly results continue to reflect growing demand in our biometrics business which we began to see several quarters ago," said Michael DePasquale, BIO-key's Chief Executive Officer. "During the first quarter of 2008, the Company recognized revenue on several large commercial biometric orders, as well as from an international voter registration order. We believe these orders indicate an inflection point in the growth of our biometrics business in the coming quarters of this year. We are also very excited about the prospects for our recently deployed initiative with wireless carriers on handheld devices tailored for public safety use. This business opportunity enables us to leverage our broad installed base in public safety to drive sales."
DePasquale concluded, "We are seeing unprecedented industry-wide
interest in biometrics and wireless applications. I believe the market is
finally catching up to our value pr
|SOURCE BIO-key International, Inc.|
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