WALL, N.J., Feb. 20, 2018 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ:BKYI), an innovative provider of enterprise biometric software and hardware systems and consumer products offering strong and convenient security, today announced unaudited preliminary results for its fourth quarter and full year ended December 31, 2017 and a recap of its 2017 operational achievements. BIO-key expects to report audited results for its FY 2017 in late March, details on the exact date and time of the earnings call will be announced in coming weeks.
BIO-key provided the following unaudited preview of its Q4 and full year 2017 results.
BIO-key's CEO Michael DePasquale commented, "In the past year, we worked to lay the foundation for long-term revenue growth. We focused on increasing our base of customers, growing our distribution channels, and launching a new line of products to deliver BIO-key's secure biometric technology to both enterprise and consumer customers. Our efforts resulted in solid results including net income in our fourth quarter and 110% revenue growth in 2017. We are pleased with BIO-key's performance as it reflects the ramping demand and growing adoption of our secure biometric solutions. I am confident that we are on the right track as we pursue our goal of becoming a profitable company."
Operational Achievements:
As more companies recognize the security risks posed by passwords to their data networks, the company anticipates growing receptivity to the security and ease of use of its identity authentication solutions to gain even more momentum in 2018.
Software, license and maintenance revenue contributed nearly 70% of full year 2017 revenues.
Notable software license contracts included:
Hardware:
Readers:
Demand for BIO-key's hardware line of fingerprint readers that are natively integrated with Windows 7, Windows 8.1 and Windows 10 operating systems continued to expand in 2017.
Hardware readers contributed to approximately 24% of full year 2017 revenues.
Hardware offers BIO-key's customers the potential for more complete solutions at an attractive price, which enhances the size and scope of the company's contracts.
Notable hardware reader contracts included:
Biometric and Bluetooth Enabled Locks:
Since launching TouchLock TM in 2017, BIO-key's Biometric and Bluetooth enabled range of locks, the company announced initial sales orders in China and Japan, which led to additional discussions with some of the largest bicycle manufacturers in both countries.
In total, the company realized 5.5% of its full year 2017 revenues from its biometric lock sales.
Distribution:
On the product distribution front, BIO-key advanced several new relationships with partners with substantial outreach and marketing experience.
BIO-key partnered with SmarTone, a leading wireless telephone service provider in Hong Kong, to offer TouchLock TM in its 30+ retail outlets. Additionally, a leading Asian airline will be distributing TouchLock TM in its customer loyalty reward program, which includes over 8 million members.
Since announcing US sales of its Biometric and Bluetooth enabled locks, the company also launched its own e-commerce platform www.shopbio-key.com to support U.S. consumer sales and complement sales on Amazon and future retail sites.
2018 Outlook:
"We are optimistic about our prospects for 2018 as the pace of engagement in biometrics gains momentum and we expect to provide a detailed update during our conference call.
"Our focus is to execute on investments made for future revenue opportunities including:
"With these initiatives in place, I'm confident that we are well positioned for continued financial and operational success in 2018," stated Mike DePasquale, BIO-key's CEO. "We look forward to providing further details on our strategy, financial performance, and outlook during our Q4 and full year 2017 earnings call later in March."
Investor & Media Contacts
William Jones, Tanya Kamatu
Catalyst Global
212-924-9800
[email protected]
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