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Aware, Inc. Reports First Quarter 2012 Financial Results

BEDFORD, Mass. April 27, 2012 March 31

$5.7 million $6.4 million $1.1 million $0.05 $590,000 $0.03

Additional information regarding first quarter financial results is presented below:

$5.1 million $4.6 million $0.9 million $0.5 million $0.9 million

January 2012

$829,000 $693,000 million

$451,000 $491,000

$5.8 million $4.7 million $1.1 million April 1, 2011

March 31, 2012

Rick Moberg $1.0 million $1.1 million $1.7 million $49.0 million

April 27, 2012

We believe that the sale of these patents will have no material impact on our biometrics and imaging and DSL service assurance product lines, which will continue after the patent sale.

About Aware

Bedford, Massachusetts www.aware.com

Safe Harbor Warning

Portions of this release contain forward-looking statements regarding future events and are subject to risks and uncertainties, such as estimates or projections of future revenue and earnings, the growth of the DSL service assurance and biometrics markets, and our ability to use our deferred tax assets to offset taxable income. Aware wishes to caution you that there are factors that could cause actual results to differ materially from the results indicated by such statements.

General factors include, but are not limited to: our quarterly results are unpredictable and may fluctuate significantly; our business is subject to rapid technological change; we face intense competition from a wide range of competitors; our intellectual property is subject to limited protection; our business may be affected by our use of open source software; our business may be affected by government regulations; adverse economic conditions; and our ability to obtain or enforce patents could be affected by new laws, regulations or rules. DSL service assurance factors include, but are not limited to: our DSL service assurance product line depends upon a limited number of customers; our DSL service assurance software products face intense competition; and our DSL service assurance hardware and software products could have quality problems; we depend on a single source contract manufacturer for the manufacture of our DSL hardware products; and we are dependent on single source suppliers for components in our DSL hardware products. Biometric factors include, but are not limited to: market acceptance of our biometric technologies and products; changes in contracting practices of government or law enforcement agencies; the failure of the biometrics market to experience continued growth; announcements or introductions of new technologies or products by our competitors; failures or problems in our biometric software products; delays in the adoption of new industry biometric standards; growth of proprietary biometric systems which do not conform to industry standards; our ability to sell services contracts in a manner that is consistent with our business model; our ability to deliver services contract milestones; and our dependence on third party contractors and consultants to deliver certain services contract milestones. Further, there can be no assurance as to the timing of a possible transaction with respect to our patent portfolio or whether such a transaction will be completed. Completion of the significant patent sale referred to in this press release is subject to certain closing conditions.

December 31, 2011


 




(unaudited)

Three Months Ended

March 31,

2012

2011

Revenue:

    Product sales

$4,550

$5,078

    Services

693

829

    Royalties

491

451

        Total revenue

5,734

6,358

Costs and expenses:

    Cost of product sales

460

1,220

    Cost of services 

356

357

    Research and development

1,753

1,961

    Selling and marketing

1,138

1,051

    General and administrative

985

1,197

        Total costs and expenses

4,692

5,786

Income from operations

1,042

572

Other income

26

Interest income

52

20

Income before provision for income taxes

1,120

592

Provision for income taxes

2

2

Net income

$1,118

$590

Net income per share – basic

$0.05

$0.03

Net income per share – diluted

$0.05

$0.03

Weighted average shares – basic

20,724

20,219

Weighted average shares – diluted

20,928

20,828

 




(unaudited)

March 31,

2012

December 31,

2011

 

ASSETS

     Cash and investments

$48,990

$47,304

     Accounts receivable, net

3,448

3,546

     Inventories, net

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