BIO-key(R) Reports First Quarter 2008 Results
May 16th, 2008 | by admin |Continued Growth in Biometrics Business in First Quarter
WALL, N.J., May 15 /PRNewswire-FirstCall/ — BIO-key International,Inc. (OTC Bulletin Board: BKYI), a leader in wireless public safety andfinger-based biometric identification solutions, today announced itsfinancial results for the first quarter ended March 31, 2008.
2008 First Quarter Consolidated Results
Total revenue from continuing operations for the three months endedMarch 31, 2008 was $2.5 million representing a decrease of 3.8% from the$2.6 million reported for the quarter ended December 31, 2007.
BIO-key’s gross margin for the first quarter of 2008 was 82.6% comparedto 85.6% for the previous quarter. Operating expenses from continuingoperations for the first quarter of 2008 remained flat at $3.0 millioncompared to the quarter ended December 31, 2007. BIO-key’s operating lossfrom continuing operations for the first quarter of 2008 increased by $0.3million to ($0.9 million) from ($0.6 million) reported in the previousquarter.
“Our quarterly results continue to reflect growing demand in ourbiometrics business which we began to see several quarters ago,” saidMichael DePasquale, BIO-key’s Chief Executive Officer. “During the firstquarter of 2008, the Company recognized revenue on several large commercialbiometric orders, as well as from an international voter registrationorder. We believe these orders indicate an inflection point in the growthof our biometrics business in the coming quarters of this year. We are alsovery excited about the prospects for our recently deployed initiative withwireless carriers on handheld devices tailored for public safety use. Thisbusiness opportunity enables us to leverage our broad installed base inpublic safety to drive sales.”
DePasquale concluded, “We are seeing unprecedented industry-wideinterest in biometrics and wireless applications. I believe the market isfinally catching up to our value prSOURCE BIO-key International, Inc.Copyright©2008 PR Newswire.All rights reservedoposition of biometrically secureidentification. We believe we are well positioned for profitability.”
BIO-key’s net loss was ($0.9 million) for the first quarter ended March31, 2008 compared to a net loss of ($0.6 million) for the fourth quarter of2007. The first quarter 2008 net loss per share was ($0.02) compared to anet loss per share of ($0.02) for the previous quarter.
Liquidity and Capital Resources
Consolidated cash and cash equivalents at March 31, 2008 was $0.6million. In addition, the Company held approximately $0.2 million inrestricted cash at the conclusion of the first quarter of 2008.
Conference Call Details
BIO-key has scheduled a call for Thursday, May 15th at 9:00 a.m.Eastern Time to discuss 2008 first quarter financial results. Dialing303-205-0033 and asking for the BIO-key call at least 10 minutes prior tothe start time can access the conference call live. The conference callwill also be broadcast live over the Internet by logging ontohttp://www.bio-key.com. A telephonic replay of the conference call will beavailable through May 22, 2008 and may be accessed by dialing 303-590-3000and using the pass code 11114279#. Additionally, an archive of the webcastwill be available shortly after completion of the call on the Company’swebsite (http://www.bio-key.com) for a period of three months.
About BIO-key
BIO-key International, Inc., headquartered in Wall, New Jersey,develops and delivers advanced identification solutions and informationservices to law enforcement departments, public safety agencies, governmentand private sector customers. BIO-key’s mobile wireless technology providesfirst responders with critical, reliable, real-time data and images fromlocal, state and national databases. BIO-key’s high performance, scalable,cost-effective and easy-to-deploy biometric finger identifiSOURCE BIO-key International, Inc.Copyright©2008 PR Newswire.All rights reserved
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