BIO-key(R) Reports Profitability on Strong Revenue Growth for Second Qu... (ne30 2008 increased 18.2% to $6.1 millio...)

BIO-key(R) Reports Profitability on Strong Revenue Growth for Second Quarter 2008

Date:8/10/2008

ne 30, 2008 increased 18.2% to $6.1 million from the corresponding period in 2007. Gross margin for the six months ended June 30, 2008 increased to 85.9% compared to 81.8% for the corresponding period in 2007. Gross profit increased by 24.1% to $5.3 million compared to $4.2 million in the corresponding period in 2007. Operating expenses from continuing operations for the six months ended June 30, 2008 decreased 20.8% to $5.9 million. BIO-key's operating loss for the six months ended June 30, 2008 improved by $2.6 million to ($0.6 million) from ($3.2 million) for the corresponding period in 2007.

BIO-key's net loss for the six months ended June 30, 2008 was ($0.7 million) compared to net income of $0.8 million for the six months ended June 30, 2007. Net income in 2007 included a gain of $4.1 million as a result of the sale of the Company's Fire/EMS Services division to ZOLL Data Systems.

Liquidity and Capital Resources

Consolidated cash and cash equivalents at June 30, 2008 was $600,000.

"Achieving profitability is only the first of several operating objectives that BIO-key's management team is focused on delivering to shareholders," stated DePasquale. "We also remain focused on strengthening our balance sheet through non-dilutive strategies. We believe that BIO-key is better positioned than ever to grow, gain market share and create long-term shareholder value."

Conference Call Details

BIO-key has scheduled a call for Monday, July 28th at 10:00 a.m. Eastern Time to discuss 2008 second quarter financial results. Dialing 303-205-0033 and asking for the BIO-key call at least 10 minutes prior to the start time can access the conference call live. The conference call will also be broadcast live over the Internet by logging onto http://www.bio-key.com. A telephonic replay of the conference call will be available through August 4, 2008 and may be accessed by dialing 303-590-3000 an
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BIO-key(R) Reports Profitability on Strong Revenue Growth for Second Qu...(ne30 2008 increased 18.2% to $6.1 millio...)