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BIO-key(R) Reports First Quarter 2010 Financial Results
Date:5/13/2010

WALL, N.J., May 13 /PRNewswire-FirstCall/ -- BIO-key International, Inc. (OTC Bulletin Board: BKYI), a leader in finger-based biometric identification solutions, today reported financial results for the first quarter ended March 31, 2010. For clarity and consistency, the data presented in this release includes only the results of the Company's fingerprint-based Biometrics Division for such period.  The Company completed the sale of its Law Enforcement Division on December 8, 2009.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20050509/BIOKEYLOGO)

2010 First Quarter Consolidated Results

Total revenue for the three months ended March 31, 2010 was $976,175 representing an increase of 81% from the $538,194 reported for the quarter ended March 31, 2009. 

BIO-key's gross margin for the first quarter of 2010 was 89.0% compared to 75% for the same period in 2009.  Operating expenses for the first quarter of 2010 were reduced by 13% to $984,809 compared to expenses of $1,128,729 in the quarter ended March 31, 2009.  First quarter 2010 operating loss was $118,734, significantly improved from an operating loss of $727,614 in the first quarter of 2009. Accounting for income from derivative and warrant fair value adjustments and income from discontinued op
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SOURCE BIO-key International, Inc.
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