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MG Strategies: BIO-key(R) Reports First Quarter 2008 Results
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:16052008
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BIO-key International Inc. (OTC BB: BKYI) to the list of potential
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BIO-key International Inc. was down less than $0.004 on above average
volume early trading Thursday, May 15, 2008. They recently announced
the following:
Thursday, May 15, 2008 BIO-key International, Inc., a leader in
wireless public safety and finger-based biometric identification
solutions, today announced its financial results for the first quarter
ended March 31, 2008.
2008 First Quarter Consolidated Results
Total revenue from continuing operations for the three months ended
March 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% compared
to 85.6% for the previous quarter. Operating expenses from continuing
operations for the first quarter of 2008 remained flat at $3.0 million
compared to the quarter ended December 31, 2007. BIO-key's operating
loss from continuing operations for the first quarter of 2008 increased
by $0.3 million to ($0.9 million) from ($0.6 million) reported in the
previous quarter.
"Our quarterly results continue to reflect growing demand in our
biometrics business which we began to see several quarters ago," said
Michael DePasquale, BIO-key's Chief Executive Officer. "During the
first quarter of 2008, the Company recognized revenue on several large
commercial biometric orders, as well as from an international voter
registration order. We believe these orders indicate an inflection
point in the growth of our biometrics business in the coming quarters
of this year. We are also very excited about the prospects for our
recently deployed initiative with wireless carriers on handheld devices
tailored for public safety use. This business opportunity enables us to
leverage our broad installed base in public safety to drive sales."
DePasquale concluded, "We are seeing unprecedented industry-wide
interest in biometrics and wireless applications. I believe the market
is finally catching up to our value proposition of biometrically secure
identification. We believe we are well positioned for profitability."
BIO-key's net loss was ($0.9 million) for the first quarter ended March
31, 2008 compared to a net loss of ($0.6 million) for the fourth
quarter of 2007. The first quarter 2008 net loss per share was ($0.02)
compared to a net loss per share of ($0.02) for the previous quarter.
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