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Aware, Inc. Reports First Quarter 2013 Financial Results
Date:4/23/2013

BEDFORD, Mass., April 23, 2013 /PRNewswire/ -- Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and services and DSL service assurance software products, today reported financial results for its first quarter ended March 31, 2013. 

Revenue for the first quarter of 2013 was $5.6 million, an increase of 15% compared to $4.9 million in the same quarter last year. Operating income before patent related income in the first quarter of 2013 was $2.0 million compared to $1.0 million in the first quarter of 2012.

Net income for the first quarter of 2013 was $1.9 million, or $0.08 per diluted share, which compares to net income of $1.1 million, or $0.05 per diluted share, for the same period a year ago.

Additional information regarding first quarter 2013 results is as follows:

  • The improvement in operating income before patent related income this year versus last year was primarily due to increased profitability in our biometrics and imaging business and lower general and administrative expenses.
  • Net income in the first quarter of 2013 included income from a patent arrangement of $0.8 million. This income relates to an agreement we entered into several years ago with an unaffiliated third party under which we assigned patents in return for royalties on proceeds from its patent monetization efforts. We are unable to predict how much more income we might receive from this arrangement, if any, because we do not know whether any patent monetization efforts by the third party will be successful.
  • Income tax expense for the first quarter of 2013 was $1.0 million versus $2,000 in the prior year quarter.
    Income tax expense this year was based on the U.S. statutory rate of 34%, increased by state income taxes.  Income tax expense in the first quarter of 2012 was offset by the reversal of
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  • SOURCE Aware, Inc.
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