|By Marketwired .||
|November 19, 2012 04:30 PM EST||
WALL, NJ -- (Marketwire) -- 11/19/12 -- BIO-key International, Inc. (OTCBB: BKYI), a global leader in fingerprint biometric identification solutions and advanced mobile identification technology, today reported financial results for the third quarter ending September 30, 2012.
Total revenue for the three months ended September 30, 2012 was approximately $410,000, representing a decrease of 29% from the $574,000 reported for the quarter ended September 30, 2011.
BIO-key's gross margin for the third quarter of 2012 was 76% compared to 63% for the same period in 2011, due to reduced costs associated with the third party hardware revenue. Operating expenses for the third quarter of 2012 decreased 40%, primarily attributable to the decrease of our reserve for doubtful accounts of $300,000 due to partial payments received for a contract whose payments are behind schedule, decreases in R&D contractor expense as well as commission and referral fees related to decreased revenue.
Net loss for the three months ended September 30, 2012 was ($232,609) a 57% improvement over the net loss of ($540,165) for the same period in 2011.
"While not yet reflected in our financials, the third quarter of 2012 included a number of significant accomplishments with key partners," stated Mike DePasquale, CEO. "In healthcare, which is a target industry for our company, BIO-key was featured during the opening ceremony of the Allscripts Client Experience 2012. During his key note address, Glen Tullman the CEO of Allscripts, lauded the BIO-key solution. He also presented BIO-key customer, Holzer Health Systems, whose staff members shared video testimonials about their positive experience using BIO-key technology. The result was a measurable increase in traffic at our booth at the Allscripts conference, leading to the BIO-key sales team reaching agreements with more than ten different hospitals and clinics to conduct Pilot programs."
"Also, during the third quarter, IBM published a 'Redguide' detailing the integration of BIO-key biometrics within the IBM TAM ESSO solution offering. IBM field sales representatives and technical support engineers rely on IBM Redguides to help them identify innovative customer solutions. The guide has already been distributed to thousands of IBMers and can be found by visiting IBM BIO-key Redguide (http://www.redbooks.ibm.com/abstracts/Redp4892.html?Open&cm_sp=MTE23578)," added DePasquale.
Nine Month Comparisons
Total revenue for the nine months ended September 30, 2012 was $2.353 million representing a 21% decrease from the $2.963 million reported for the same period in 2011. The product mix varied for the nine months ended September 30, 2012 as compared to the same period in 2011with a decrease in third party hardware revenue and license revenue, and an increase in service revenue and royalty income.
Gross margin for the nine months ended September 30, 2012 was 82% compared to 79% for the same period in 2011. Operating expenses for 2012 decreased 15% to approximately $2,395,000 compared to $2,829,000 in the same period ended September 30, 2011. The decline in operating expenses was primarily related to lower R&D contractor expenses, commissions, referral fee expenses and a decrease in reserve for doubtful accounts. Operating loss for the nine months ended September 30, 2012 was approximately ($464,000) compared to an operating loss of ($484,000) reported for the same period in 2011.
Net loss for the first nine months of 2012 was approximately ($483,000) compared to net loss of ($894,000) for the same period in 2011. Net loss for the 2011 period included approximately $400,000 in expenses related to derivative and fair value adjustments which are no longer applicable in 2012.
Liquidity and Capital Resources
Consolidated cash, cash equivalents and accounts receivables was approximately $385,000 on September 30, 2012, compared to $630,000 as of December 31, 2011.
Highlights for Q3 2012 included the following:
- Purchase Orders for continued product roll-outs at Robinson Memorial Hospital, McKesson, Davlong, Identimetrics, Life South, MedFlow and LexisNexis.
- IBM produced, promoted and distributed an IBM Redguide "BIO-key Biometric Service Provider for IBM Security Access Manager for Enterprise Single Sign-On."
- Additional order for services from British Columbia Ministry of Labour.
- Attended Allscripts Client Experience (ACE) meeting in August. Secured 10+ Pilot programs with various hospitals and clinics. BIO-key was one of four Allscripts partners featured during the Glen Tullman, CEO, keynote address to open the meeting.
- Launched a new Allscripts demo and training program. BIO-key is providing the Allscripts training engineers and field sales team with biometric product sales training and fingerprint readers. Allscripts is including the BIO-key solution in standard customer demos and new Allscripts sales personnel will be trained on BIO-key technology at the Allscripts training facility located in Atlanta.
- Attended the Epic "by invitation only" User Group Meeting in September 2012. This was a small gathering of healthcare technology provider and leading hospital executives.
DePasquale concluded "We expect our FY 2012 fourth quarter to be our strongest of the year in terms of revenues and profit and for the company to be profitable for the year ending December 31, 2012. With a number of industry changing events taking place over the past 90 days including the purchase of AuthenTec, a fingerprint manufacturer, by Apple, we are experiencing an increase in demand for our product offerings. The partner relationships that we have built in healthcare and in the Identity Access Management space are creating many new international opportunities that we will monetize in the coming quarters."
The company will hold a conference call early December to update investors and other interested parties on our progress and to review a number of strategic initiatives that are underway.
BIO-key International, Inc., headquartered in Wall, New Jersey, develops and delivers advanced identification solutions to commercial and government enterprises, integrators, and custom application developers. BIO-key's award winning, high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise applications. Our solutions are used in local embedded OEM products as well as some of the world's largest identification deployments to improve security, guarantee identity, and help reduce identity theft. BIO-key's technology is offered directly or by market leading partners around the world. (http://www.bio-key.com)
BIO-key Safe Harbor Statement
Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue, our ability to develop new products and evolve existing ones, the impact on our business of the recent financial crisis in the global capital markets and negative global economic trends, our ability to attract and retain key personnel. For a more complete description of these and other risk factors that may affect the future performance of BIO-key International, Inc., see "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
BIO-key International, Inc.
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 27, 2016 01:45 AM EDT Reads: 2,079
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 27, 2016 01:30 AM EDT Reads: 1,948
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 27, 2016 01:30 AM EDT Reads: 2,131
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 27, 2016 01:00 AM EDT Reads: 1,873
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
May. 27, 2016 12:45 AM EDT Reads: 2,699
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 27, 2016 12:45 AM EDT Reads: 2,768
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 27, 2016 12:15 AM EDT Reads: 1,355
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
May. 27, 2016 12:00 AM EDT Reads: 3,030
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 27, 2016 12:00 AM EDT Reads: 1,141
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 26, 2016 11:45 PM EDT Reads: 2,257
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 26, 2016 11:30 PM EDT Reads: 2,558
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 26, 2016 11:00 PM EDT Reads: 1,246
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
May. 26, 2016 10:45 PM EDT Reads: 3,101
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 26, 2016 10:45 PM EDT Reads: 682
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 26, 2016 10:15 PM EDT Reads: 2,059
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 26, 2016 10:00 PM EDT Reads: 1,888
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 26, 2016 09:00 PM EDT Reads: 1,265
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 26, 2016 08:00 PM EDT Reads: 2,323
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 26, 2016 07:15 PM EDT Reads: 1,007
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 26, 2016 07:00 PM EDT Reads: 1,950