WALL, N.J. , Nov. 14 /PRNewswire-FirstCall/ -- BIO-key International, Inc. (OTC Bulletin Board: BKYI), a leader in wireless public safety and finger-based biometric identification solutions, announced results for its third quarter ended September 30, 2008 .
Total revenue from continuing operations for the quarter ended September
30, 2008 was
"We are pleased to report another quarter of operational achievements led by our ongoing ability to generate additional operational efficiencies primarily by managing our cost base," said Michael DePasquale , BIO-key's Chief Executive Officer. "As a result of the initiatives that we deployed in the previous year, we are now realizing significant and consistent cost savings that allow us to operate our businesses more efficiently. Consequently, our gross margin has improved markedly since the first quarter of 2008. We will continue to evaluate ways in which we can improve productivity and our financial results."
BIO-key's gross margin for the third quarter of 2008 was 85.9% compared to 78.7% for the corresponding period in 2007. Sales of higher margin license product facilitated this improvement in year-over-year gross margins.
Operating expenses from continuing operations for the third quarter of
2008 decreased by 15.5% to
BIO-key's net loss for the third quarter of 2008 improved to
-- An agreement with McKesson Provider Technologies that allows BIO-key's WEB-Key(R) technology to be incorporated into McKesson's AcuDose-Rx(R) system that is used to authenticate the identity of users accessing patient medications.
-- Over 40% of the Company's third quarter Law Enforcement orders were from new customers and additional agencies hosted by current customers and included the Bexley (OH) Police Department, and the Pulaski (IN) Sheriff's Office as well as an add-on contract from the Hawaii County (HI) Police Department.
-- U.S. Patent & Trademark Office patent issued (No. 7,415,605) covering BIO-key's "Biometric Identification Network Security" method.
Nine Months Consolidated Results
Total revenue from continuing operations for the nine months ended
September 30, 2008 increased 22.6% to