Strong Future Outlook For Biometrics Revenue and Profit Growth
WALL, N.J., Nov. 14 /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 third quarter ended September 30, 2007.
Total revenue from continuing operations for the three months ended September 30, 2007 was $2.2 million representing a 27% decrease from the $3.0 million reported in the financial statements for the corresponding period in 2006. Third quarter 2007 revenue from continuing operations was impacted primarily by delays in specific follow-on orders from several of the Company's Law Enforcement customers.
BIO-key's gross margin for the third quarter of 2007 was 79% consistent with the corresponding period in 2006. Operating expenses from continuing operations for the third quarter of 2007 decreased 14% to $3.2 million from $3.7 million reported for the third quarter of 2006. BIO-key's loss from continuing operations for the third quarter of 2007 improved by $5.7 million to ($1.2 million) from ($6.9 million) for the corresponding period in 2006.
Net loss was ($1.2 million) for the third quarter ended September 30, 2007 compared to a net loss of ($6.2 million) for the corresponding period in 2006. The net loss amount in the 2006 period included $5.5 million from the extinguishment of convertible debt. The third quarter 2007 net loss per share was ($0.03) compared to a net loss per share of ($0.13) for the corresponding period in 2006.
"We saw significant improvement in the performance of our Biometrics
business during the third quarter highlighted by our partnership with Tiger
IT to provide a biometric solution for Bangladesh's upcoming general
election," said Michael DePasquale, BIO-key's Chief Executive Officer.
"This contract represents the largest biometric registration ever --
covering 100 million
|SOURCE BIO-key International, Inc.|
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