BIO-key International, Inc. , a leader in wireless public safety and finger-based biometric identification solutions, today reported results for the fourth quarter and year ended December 31, 2008. The Company’s results reflected profitability for the fourth quarter and full year ended December 31, 2008 as well as strong revenue growth for the quarter and the year.
Total revenue from continuing operations for the quarter ended December 31, 2008 was $3.9 million representing an increase of 47% from the $2.6 million reported in the fourth quarter of 2007. Revenue growth in the fourth quarter came from performance in both the Biometrics and Law Enforcement Divisions.
Gross margin improved to 87.9% during the fourth quarter of 2008, continuing a twelve-month trend, compared to 85.6% for the corresponding quarter in 2007.
Highlights for the fourth quarter and full year ended December 31, 2008 included the following:
* Completion of our initial $2 million contract with Sagem Morpho to deliver advanced technology that fuses both companies’ technology to create a large scale ultra-high performance finger matching solution that can be used on government, commercial and international identification management programs
* Using BIO-key’s advanced finger identification system to insure "one citizen one vote," Bangladesh conducted an acclaimed free and fair election in December, 2008 of 80 million voters
* $182,000 biometric software contract with McKesson booked in the fourth quarter of 2008
* $193,000 contract with InterAct Public Safety Systems for MobileCop and PocketCop units booked in the fourth quarter of 2008
* $500,000 contract with the Hawaii County Police Department for MobileCop and PocketCop units facilitated by the Company’s wireless carrier partnerships
* $400,000 contract with the City of Baltimore Police Department for additional MobileCop software
* $28,000 contract with the St. Paul, Minnesota Police Department for PocketCop units consequent from the agency’s need to manage traffic during the Republican National Convention
* $92,000 contract with the Lincoln, Nebraska Police Department representing the first agency in the country to deploy BIO-key’s new secure messaging solution
* U.S. Patent & Trademark Office patent issued (No. 7,359,553) covering BIO-key’s image enhancement and data extraction core algorithm components
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Company Contact: BIO-key International, Inc.
Investor Contact: DRG&E
Gus Okwu, Managing Director