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BIO-key(R) Reports Fourth Consecutive Quarter of Operating Profitability
Date:11/13/2009

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Net income for the three quarters ended September 30, 2009 was $292,408 compared a net loss of ($792,382) for the three quarters ended September 30, 2008.

Commenting on the third quarter results, Mike DePasquale, BIO-key CEO said, "We are pleased that we have been able to deliver consistent and sustained profitability. The third quarter marks three consecutively profitable quarters from operations, following a profitable year in 2008. Our disciplined approach to investing in technology and markets while containing costs has continued to reflect good success in our financial performance. We are however disappointed with our lack of top line growth in the quarter due to two large orders slipping from the third quarter into the fourth quarter. We expect then to have strong revenues in the fourth quarter and to meet our internal objectives for the full year"

DePasquale added, "We are on track to have our shareholders meeting on November 19th and close the sale of our Law Enforcement Division to Interact Safety shortly thereafter. When the transaction is completed, we believe we will be debt free, have a positive shareholder equity and a strong growing high margin biometric business."

In September the company announced that it was awarded the contract to provide fingerprint identification matching technology to the FBI for its Next Generation Identification (NGI), along with its partner MorphoTrak by the prime contractor, Lockheed Martin. At the time, Mike DePasquale characterized the award as being "... the most important award the company has ever received and it may be the most important biometric contract ever awarded."

Highlights for the third quarter ended September 30, 2009 included the following:

  • $397,600 in biometric orders received from McKesson Automation as part of the continued deployment of McKesson's AcuDose-Rx medication dispensing cabinet solution that is biomet
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SOURCE BIO-key International, Inc.
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