August 15, 2013 – by Peter B. Counter
With its second quarter ending on June 30, fingerprint biometric identification solutions provider BIO-key International Inc. released its financial results for the period yesterday. According to the company’s press release announcement, when compared against Q2 2012, the most recent second quarter showed a decrease in revenue of approximately 21 percent reaching a total of $422,257 to last year’s $532,713.
The lower figure, according to BIO-key, is the result of higher service revenues offsetting a lower license revenue which in turn lead to a reduction in sales.
“Although I am disappointed with orders slipping from our second quarter, it’s the nature of our emerging business” says BIO-key CEO Mike DePasquale. “We are, however, tracking to plan with InterDigital, our sales and collections remain more diverse, and we continue to manage expenses well.”
Speaking to some of the quarter’s highlights, DePasquale continued: “We achieved some of our goals during the quarter, including gaining new certifications and OEM relationships, while holding down expenses. While we see indications of demand pull, we need to execute more tactically to grow the top-line near-term.”
Though this year’s second quarter results may seem discouraging, the net loss comes in contrast with the recent news that Frost & Sullivan has awarded BIO-key an award for competitive strategy innovation and leadership for its demonstrated focus and innovation in the cloud-based fingerprint biometrics market.
A conference call discussing the company’s Q2 2013 financial results was held this morning at 10 AM Eastern Time. It was recorded and is now being broadcast on BIO-key’s website.
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