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BIO-key® Reports Strong 2010 Second Quarter and Six Month Financial Results
Date:7/28/2010

g health care, retail and financial services. We believe our technology and partners position us well to participate in the strengthening industry fundamentals for both the near and long-term. "

Six Month Comparisons

Total revenue for the six months ended June 30, 2010 was $2,409,226 compared to $818,879 for the same six-month period last year, an increase of 194%. Driving this increase were higher licensing sales to both new and existing customers, partially offset by lower service fees.

Gross profit and gross profit margin for the six months ended June 30, 2010 were $2,195,285 and 91.1% respectively, as compared to $613,368 and 74.9% respectively, for the six months ended June 30, 2009. The increase in gross profit margin is directly attributable to higher licensing fees as a percentage of net sales for the comparable period.  

Operating expenses for the six months ended June 30, 2010 were $2,157,386, a decrease of 1.9% as compared to operating expenses of $2,198,991 for the same period in 2009. This decrease was due to a 7.4% decline in selling, general and administrative expenses, offset by an 18.2% increase in research, development and engineering expenses. The decline in SG&A was primarily related to lower legal and professional service fees, and charges for non-cash compensation, offset by higher commission and referral fee expenses.

Operating income was $37,899 compared to an operating loss of ($1,585,623) for the periods ended '/>"/>

SOURCE BIO-key International, Inc.
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