Calm amid the stormBIO-key reports profitability for Q4, full year 2008
Total revenue from continuing operations for the quarter ending 31 December 2008 was $3.9 million, representing an increase of 47 percent from the $2.6 million reported in the fourth quarter of 2007
Wall, New Jersey-based BIO-key International is not Northrop Grumman when it comes to size. It is, though, an active actor in wireless public safety and finger-based biometric identification solutions, and it has just reported results for the fourth quarter and year ending 31 December 2008. The company’s results reflected profitability for the fourth quarter and full year ending 31 December 2008 as well as strong revenue growth for the quarter and the year.
Fourth Quarter
Total revenue from continuing operations for the quarter ending 31 December 2008 was $3.9 million, representing an increase of 47 percent 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 percent during the fourth quarter of 2008, continuing a twelve-month trend, compared to 85.6 percent for the corresponding quarter in 2007. The company says that its continued emphasis on cost containment enabled operating expenses to decrease by 17 percent to $2.5 million for the fourth quarter of 2008, compared to the $2.9 million reported in the quarter ending 31 December 2007.
Net income from continuing operations for the fourth quarter ending 31 December 2008 increased to $0.9 million compared to a net loss of ($0.6 million) for the corresponding period in 2007. The significant improvement in net income was a result of increased revenues, higher gross margins and lower operating expenses.
Twelve months consolidated results
Total revenue from continuing operations for the twelve months ending 31 December 2008 was $12.9 million reflecting a revenue increase of 29 percent from the $10.0 million reported for the twelve months ending 31 December 2007. Gross margin improved during the year ending 31 December 2008 to 86.5 percent compared to 82.1 percent for the corresponding period in 2007.
The company highlights its commitment to cost containment, which resulted in operating expenses decreasing by 19 percent to $11.0 million for the year ending 31 December 2008 compared to $13.6 million reported for the corresponding period in 2007.
Net income from continuing operations for the twelve months ending 31 December 2008 increased to $0.2 million as compared to a net loss of ($5.5 million) for the corresponding period in 2007. The significant improvement in net income was a result of increased revenues, higher gross margins and lower operating expenses.
Consolidated cash and cash equivalents at 31 December 2008 was $1.7 million compared to $1.0 million at 31 December 2007.
