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May 5, 2009 BIO-key International, Inc. (OTC Bulletin Board:
BKYI), a leader in wireless public safety and finger-based biometric
identification solutions, today reported financial results for the first quarter
ended March 31, 2009. The Company's results reflected its second consecutive
profitable quarter following full year profitability in 2008. The Company also
recorded strong revenue growth for the quarter.Total
revenue for the three months ended March 31, 2009 was $3.1 million representing
an increase of 22% from the $2.5 million reported for the quarter ended
March 31, 2008.
BIO-key's gross margin for the first quarter of 2009 was 86.0% compared to
82.6% for the same period in 2008. Operating expenses for the first quarter of
2009 were reduced by 22% to $2.4 million compared to expenses of $3.0 million in
the quarter ended March 31, 2008. BIO-key's operating income for the first
quarter of 2009 was $284,248 compared to an operating loss of $937,186 for the
first quarter of 2008.
"We are very pleased with our first quarter financial results," said Michael
DePasquale, BIO-key's Chief Executive Officer. "Top line revenue growth
increased 22%; gross margin improved by 3 percentage points; expenses declined
22% or by nearly $3 million annualized, resulting in a remarkable turnaround
from a million dollar loss a year ago to solid profitability in the current
quarter."
About BIO-key;
BIO-key International, Inc., headquartered in Wall, New Jersey, develops and
delivers advanced identification solutions and information services to law
enforcement departments, public safety agencies, government and private sector
customers. BIO-key's mobile wireless technology provides first responders with
critical, reliable, real-time data and images from local, state and national
databases. BIO-key's high performance, scalable, cost-effective and
easy-to-deploy biometric finger identification technology accurately identifies
and authenticates users of wireless and enterprise data to improve security,
convenience and privacy and to reduce identity theft. Over 1,000 police
departments in North America use BIO-key solutions, making BIO-key the leading
supplier of mobile and wireless solutions for law enforcement.
Contact:
Web Site:
http://www.bio-key.com.
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