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Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Kevin Russell
Aware, Inc.
781-276-4000
Aware, Inc. Reports Third Quarter 2018
Financial Results
BEDFORD, MASS. – October 23, 2018 – Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and services, today reported financial results for its third quarter ended September 30, 2018.
Revenue for the third quarter of 2018 was $5.4 million, a decrease of 5% compared to $5.7 million in the same quarter last year. Operating income in the third quarter of 2018 was $1.1 million compared to $1.5 million in the third quarter of 2017.
The decrease in revenue and operating income was primarily due to: i) a large imaging software license sale to a medical imaging customer in the third quarter of 2017 whereas there was no such sale in the current three month period; and ii) no royalty revenue in the third quarter of 2018. The decrease in revenue was partially offset by: i) a large biometrics software license sale to a large commercial customer in the third quarter of 2018; and ii) higher maintenance and services revenue in the third quarter of 2018. To a lesser extent, lower patent related income from an unaffiliated third party and higher total costs and expenses in the third quarter of 2018 also contributed to lower operating income.
Net income in the third quarter of 2018 was $1.3 million, or $0.06 per diluted share, which compares to net income of $1.1 million, or $0.05 per diluted share, in the same period a year ago.
Aware, Inc. • 40 Middlesex Turnpike • Bedford, MA USA 01730-1432
Tel: (781) 276-4000 • Fax: (781) 276-4001 • E-mail: IR@aware.com
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Aware Inc.
Aware Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The classification of total engineering costs to research and development expense and cost of services was (in thousands): Research and development expense decreased from $2.2 million in the three months ended September 30, 2017 to $1.8 million in the same three month period of 2018.
Selling and marketing expense primarily consists of costs for: i) sales and marketing personnel, including salaries, sales commissions, stock-based compensation, fringe benefits, travel, and facilities; and ii) advertising and promotion expenses.
Research and development expense decreased from $5.9 million in the nine months ended September 30, 2017 to $5.6 million in the same nine month period of 2018.
You should be aware that the occurrence of any of the events described in these risk factors and elsewhere in this Form 10-Q could materially and adversely affect our business.
Lower operating income in the current year nine month period was primarily due to: i) lower revenue in the current nine month period; and ii) lower patent related income.
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Financial Statements, Disclosures and Schedules
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Aware Inc provided additional information to their SEC Filing as exhibits
Ticker: AWRE
CIK: 1015739
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-18-055462
Submitted to the SEC: Fri Oct 26 2018 2:01:26 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Prepackaged Software