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BIO-key Reports Second Quarter 2007 Results
Date:9/3/2007

Company reports quarterly earnings and deepens customer relationships

WALL, N.J., Aug. 15 /PRNewswire-FirstCall/ -- BIO-key International, Inc. (OTC Bulletin Board: BKYI), a leader in wireless public safety and finger-based biometric identification solutions, today announced its financial results for the second quarter ended June 30, 2007.

Total revenue from continuing operations for the three months ended June 30, 2007 decreased 19% to $2.5 million from $3.0 million reported in the recast financial statements for the corresponding period in 2006. The reduction in revenue from continuing operations in the second quarter of 2007 was primarily due to timing issues related to several large orders. Service revenue from continuing operations for the second quarter of 2006 included $773,000 from a long-term project that the Company had participated in as a subcontractor, compared to $310,000 of license revenue from the same project in 2007.

BIO-key's gross margin for the second quarter of 2007 improved to 81.2% compared to 77.5% for the corresponding period in 2006. Operating expenses from continuing operations for the second quarter of 2007 decreased 10.7% to $3.5 million from $3.9 million reported for the second quarter of 2006. The improvement in operating expenses from continuing operations in the second quarter of 2007 was primarily driven by continued focus on expense management. BIO-key's operating loss from continuing operations in the second quarter of 2007 improved by $0.1 million to ($1.5 million) from ($1.6 million) in the corresponding period in 2006.

Net income was $1.7 million for the second quarter ended June 30, 2007 compared to a net loss of ($1.1 million) for the corresponding period in 2006. The Company's second quarter 2007 net income was supported by $4.1 million gained from the sale of its Fire/EMS services division to ZOLL Data Systems. The second quarter 2007 earnings per share was $0.02 compared to a net loss per sh
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SOURCE BIO-key International, Inc.
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