BIO-key International, Inc. (BKYI.OB), a developer of advanced identification solutions, including finger-based biometric technology, announced today a surge in revenue growth and an operating profit for the second quarter. Revenues rose to $3.6 million, a sequential increase of 41% from the first quarter and nearly triple last year’s $1.3 million. Net income was $168,000 vs. a loss in the first quarter of $915,000. The company cited increased demand and sales in the Biometrics division for gross margins that topped 88%.
“We are very pleased to report our first quarter of corporate profitability as well as record quarterly revenues generated by our biometric business,” said Michael DePasquale, BIO-key’s Chief Executive Officer. “Many of the initiatives that we deployed over the last few quarters, from partnership agreements with leading technology suppliers and wireless carriers to expense management, have enabled us achieve our major operating objective — profitable growth. With the achievement of this objective, management is now focused on capitalizing on this momentum to achieve sustainable and growing profitability and revenue. We believe the marketing and technology strategies we have developed and our growing pipeline of businesses have us on the right track to deliver continued operating growth.”
Shares of BKYI.OB are trading 7% higher today at $0.18 on heavier than normal volume. Shares have traded in a 52-week range of $0.07 – $0.27. Bio-key has a market cap of $11.3 million.
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