Achieves record biometric revenues and profitability
WALL, N.J., July 28 /PRNewswire-FirstCall/ -- BIO-key International, Inc. (OTC Bulletin Board: BKYI), a leader in wireless public safety and finger-based biometric identification solutions, announced today that it achieved profitability and strong revenue growth for its second quarter ended June 30, 2008.
Total revenue from continuing operations for the quarter ended June 30, 2008 was $3.6 million, an increase of 40.9% from the $2.5 million reported for the quarter ended March 31, 2008. The increase in revenues during the second quarter of 2008 was primarily driven by strong and record growth in BIO-key's Biometrics business. For the quarter ended June 30, 2008, Biometric revenues were $1.2 million compared to $353,000 in the previous quarter. Revenues from BIO-key's Law Enforcement business also show solid growth, increasing by 7.8% in the second quarter of 2008 to $2.4 million compared to $2.2 million in the previous quarter.
In commenting on the quarter's performance, Tom Colatosti, BIO-key Chairman said, "These financial results are a milestone event for the company. Indeed, within our emerging industry, few of our peers can match our achievement of GAAP profitability. Our results reflect the efficacy of our strategy, the superiority of our technology, the rising market interest in biometrics and mobile solutions and the commitment of our people."
"We are very pleased to report our first quarter of corporate
profitability as well as record quarterly revenues generated by our
biometric business," said Michael DePasquale, BIO-key's Chief Executive
Officer. "Many of the initiatives that we deployed over the last few
quarters, from partnership agreements with leading technology suppliers and
wireless carriers to expense management, have enabled us achieve our major
operating objective -- profitable growth. With the achievement of this
objective, management is now focused
|SOURCE BIO-key International, Inc.|
Copyright©2008 PR Newswire.
All rights reserved