47% Growth in Fourth Quarter Revenues
WALL, N.J., Feb. 24 /PRNewswire-FirstCall/ -- BIO-key International, Inc. (OTC Bulletin Board: BKYI), a leader in wireless public safety and finger-based biometric identification solutions, today reported results for the fourth quarter and year ended December 31, 2008. The Company's results reflected profitability for the fourth quarter and full year ended December 31, 2008 as well as strong revenue growth for the quarter and the year.
Total revenue from continuing operations for the quarter ended December 31, 2008 was $3.9 million representing an increase of 47% from the $2.6 million reported in the fourth quarter of 2007. Revenue growth in the fourth quarter came from performance in both the Biometrics and Law Enforcement Divisions.
Gross margin improved to 87.9% during the fourth quarter of 2008, continuing a twelve-month trend, compared to 85.6% for the corresponding quarter in 2007.
The company's continued emphasis on cost containment enabled operating expenses to decrease by 17% to $2.5 million for the fourth quarter of 2008, compared to the $2.9 million reported in the quarter ended December 31, 2007.
Net income from continuing operations for the fourth quarter ended December 31, 2008 increased to $0.9 million as compared to a net loss of ($0.6 million) for the corresponding period in 2007. The significant improvement in net income was a result of increased revenues, higher gross margins and lower operating expenses.
Twelve Months Consolidated Results
Total revenue from continuing operations for the twelve months ended December 31, 2008 was $12.9 million reflecting a revenue increase of 29% from the $10.0 million reported for the twelve months ended December 31, 2007.
Gross margin improved during the year ended December 31, 2008 to 8
|SOURCE BIO-key International, Inc.|
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