BIO-key Reports Third Quarter 20... (people -- and will require significant t...)

BIO-key Reports Third Quarter 2007 Results

Date:11/14/2007

people -- and will require significant technical capabilities. Consequently, we are quite proud to be participating in this project. We believe this quarter represented an inflection point in the growth of our Biometrics group and we anticipate continued revenue growth to be achieved in the coming quarters. Given the high gross margin of our biometric business, small increments of revenue growth have a high leverage impact on profitability."

"During the third quarter of 2007, we also continued to maintain our focus on our Law Enforcement business where our installed base now exceeds more than 750 customers. Our introduction of new applications -- such as MobileCop(R) Navigator -- geared towards enhancing law enforcement agencies' productivity and efficiency has dramatically increased our add-on business. Additional commitments for new applications in the third quarter of 2007 were received from police departments in Anchorage, Alaska and Littleton, Colorado. "

DePasquale concluded, "As a result of our strengthening biometric forecast, our new law enforcement product applications releases, strong maintenance service revenues and continued cost controls, I am increasingly optimistic that we are on a path for revenue growth in the fourth quarter."

Total revenue from continuing operations for the nine months ended September 30, 2007 was $7.3 million representing a 13% decrease from $8.4 million reported for the corresponding period in 2006. BIO-key's gross margin for the nine months ended September 30, 2007 increased to 81% from 77% for the corresponding period in 2006. Operating expenses from continuing operations for the nine months ended September 30, 2007 decreased 8% to $10.6 million from $11.5 million reported for the corresponding period in 2006.

BIO-key's loss from continuing operations for the nine months ended September 30, 2007 improved by $7.2 million to ($5.0 million) from ($12.2 million) for the corresponding period in 2006.

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BIO-key Reports Third Quarter 20...(people -- and will require significant t...)