Record results for BIO-key


BIO-key International has reported record results for its second quarter ended 30 June 2015.

Revenue increased to US$2,272,804 compared to Q2 2014’s US$402,879, a figure which principally reflected a US$2.0 million licence order from an existing international customer.  Net income rose to US$753,000 (US$0.01 per basic and diluted share), compared to a net loss of US$1,026,286 (US$0.02) in Q2 2014.

During the quarter, the company executed a Memorandum of Understanding with an existing strategic partner – Worldwide Touch Technology Holdings Limited – regarding a proposed equity investment in BIO-key.

“BIO-key continues to see growth in demand for our products as enterprises and governments move to deploy stronger user authentication technologies,” says Michael DePasquale, the company’s chairman and CEO. “Network breaches, identity theft and fraud are on the rise as traditional password and other single factor authentication methods continue to fail. BIO-key’s proven, scalable and highly secure fingerprint biometric software solutions directly address this problem, providing security and convenience in a cost-effective manner.

“Our favourable growth outlook is supported by a steady increase in customer dialogues across healthcare, financial services, mobile communications and government markets. The prospects are considering deployment of fingerprint biometrics to solve key cybersecurity, regulatory and fraud prevention goals. While we continue to expect variability in our quarterly operating results due to the size and timing of potential deals in our pipeline, we remain confident that we will achieve our full year revenue guidance of between US$5 and 7 million, and expect cash flow breakeven at or above revenue of US$6.5 million.”

He adds: “As previously announced, and to support BIO-key’s ability to capitalise on growing industry demand, we are in discussions with Worldwide Touch Technology, an existing BIO-key partner with substantial reach in Asia, regarding a strategic partnership and substantial capital infusion. We believe this relationship would substantially broaden our distribution reach while providing additional capital and opportunities to jointly develop new products based on our collective biometric technologies.”


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Record results for BIO-key
Record results for BIO-key

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