BIO-key Releases Final 2013 Financial Results

Bio-key LogoApril 2, 2012 – by Peter B. Counter     

As reported previously on findBIOMETRICS, BIO-key International was scheduled to release its fiscal year and fourth quarter 2013 financial results this week. The results were made public on Monday, and on Tuesday there was a subsequent conference call discussing the numbers.

In terms of the quarterly breakdown, a marked decrease in comparison to Q4 2012, is called a result from lower license revenue that led to a decrease in sales this past year. The total revenue for the three months ending on December 31, 2013 came out to be $327,500: a 78 percent decrease from the previous year’s Q4 number of $1.48 million.

“Despite disappointing financial performance, 2013 was a pivotal year for BIO-key,” assures BIO-key chairman and CEO Michael DePasquale. “We met virtually all of our initiatives to prepare for what we believe is the beginning of a hyper-growth phase of development for us.”

He goes on to explain: “With Apple, Samsung and other providers deploying fingerprint enabled smartphones, there is no doubt our market is here. Our marquee partnerships with InterDigital, IBM, CA and others drive our cloud-based strategy. Our recent partnership with IDEX promises to put BIO-key technologies on mobile phones in the United States and abroad. We believe we are one of the only core fingerprint technology developers that can perform both cloud and on-device authentication and we may be the only biometric vendor that currently integrates to most of the popular security infrastructure solutions used by enterprises and governments worldwide.”

Taking a look at the full year, the loss is less of a drop. The year ending December 31, 2013 had BIO-key raking in $1.99 million, 48 percent less than the previous year’s final number of $3.84 million.

The outlook on 2014 is positive, however, considering the company’s liquidity and capital resources entering 2014 ($2.02 million compared to last year’s $83,989). This is in stride with earlier claims that BIO-key was in its strongest financial position in years.

“Not only is BIO-key in its strongest financial position in years, but we are operationally prepared to capitalize on increased market demand and substantially grow our business,” expands DePasquale. “Our pipeline is expanding and we are executing well on our strategic plan. We believe our sales visibility and prospects for both growth and more consistent revenue performance are improving, such that we can provide some guidance for our shareholders. We’ve got more work to do, but I’ve never been more excited about our prospects for Q1 and beyond.”

To listen to a recording of the April 1, 2014 conference call that BIO-key broadcast yesterday, it is available to stream via company’s official website.