Biometric Identification Technology Provider
BIO-key(R) Reports Fourth Consecutive
Quarter of Operating Profitability - 13th
Biometric identification solutions show profitable 2008 followed by quarterly profits in 2009.
WALL, N.J., — BIO-key International, Inc. (OTC Bulletin Board: BKYI), a leader in wireless
public safety and finger-based biometric identification solutions, today reported results for the
third quarter and first nine months ended September 30, 2009. The Company's results reflected
operating profitability for each quarter of 2009 and for the full year 2008.
As a result of the proposed sale of the Company's Law Enforcement Division, the reported
financial results in the Company's September 30, 2009 Form 10-Q are reported on a
"Discontinued Operations" basis as defined by Generally Accepted Accounting Principles
(GAAP). For clarity and consistency the data presented in this press release includes both
operating results on a historic basis and "Discontinued Operations" basis.
Before accounting for "Discontinued Operations", as a result of the pending sale of the
company's Law Enforcement Division, revenues from operations for the quarter ended
September 30, 2009 was $2.7 million, a revenue decrease of 6.5% from that reported in the
third quarter of 2008. Revenue in the third quarter of 2009 was essentially equal, sequentially, to
the second quarter of 2009.
Gross margin was 80.7% for the third quarter of 2009, compared to 85.8% for the third quarter
The company's continued emphasis on cost containment enabled operating expenses to
decrease by 21% to $2.1 million for the third quarter of 2009, compared to the $2.7 million
reported in the third quarter of 2008.
Net income for the third quarter ended September 30, 2009 was $36,152 compared to a loss of
($45,000) in the corresponding quarter in 2008, excluding other income and expenses.
Accounting for the planned sale of the Law Enforcement business, total revenue from continuing