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

erations, BIO-key's net income for the first quarter of 2010 was $1,000,558 compared to net income of $222,049 for the first quarter of 2009

"We are very pleased with our first quarter financial results," said Michael DePasquale, BIO-key's Chief Executive Officer. "Top line revenue growth increased 81% from the same period in 2009 gross margin improved by 14 percentage points and expenses declined 13%.  Our Biometrics business is doing well and we are positioned to continue executing our plan for solid growth and profitability in 2010."

DePasquale went on to say, "Our sales and margins continued to improve on a year-over-year basis, and sequentially.  With stable and high margins and a relatively fixed overhead structure, the key for our company will be top-line growth.  With the many projects underway, our goal is to post sequential improvements in sales, and over time, generate higher returns for our shareholders."

Liquidity and Capital Resources

Consolidated cash, cash equivalents and accounts receivables totaled over $1.8 million on March 31, 2010. The total included $482,523 in cash due BIO-key from a contract delivered under our arrangement with Interact Public Safety Systems and recorded as discontinued operations.

Highlights for the first quarter included the following:

  • Contract award in excess of  $530,000 from the Oklahoma Blood Institute, the 11th largest non-profit regional blood center in America for the deployment of our WEB-key software for donor identification
  • Purchase orders totaling over

SOURCE BIO-key International, Inc.
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