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Aware, Inc. Reports Fourth Quarter and 2010 Financial Results

BEDFORD, Mass. Feb. 3, 2011 December 31, 2010

$6.8 million $5.5 million $230,000 $0.01 $5.8 million $0.29 $6.2 million

December 31, 2010 $23.6 million $22.0 million December 31, 2010 $180,000 $0.01 $1.0 million $0.05 $6.2 million

The Company reports its net income and basic and diluted net income per share in accordance with U.S. generally accepted accounting principles (GAAP), and additionally, on a non-GAAP basis. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation expense. The Company uses the non-GAAP information internally to evaluate its operating performance and believes these non-GAAP measures are useful to investors as they provide additional insight into the underlying operating results. However, non-GAAP measures are not stated in accordance with, should not be considered in isolation from, and are not a substitute for, GAAP measures. A reconciliation of GAAP to non-GAAP results has been provided in the attached financial tables.  

$326,000 $556,000 $0.03 $6.1 million $0.31 $261,000

December 31, 2010 $1.5 million $1.7 million $0.08 $2.7 million $0.13 December 31, 2009 $1.7 million

Edmund Reiter

February 3, 2011 5:00 p.m. Eastern Time www.aware.com/ir

About Aware

Bedford, Massachusetts www.aware.com

Safe Harbor Warning

December 31, 2009

Aware and Dr. DSL are trademarks or registered trademarks of Aware, Inc.

Any other trademarks appearing herein are the property of their respective owners.

AWARE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2010

2009

2010

2009

Revenue:

Product sales

$5,326

$4,044

$18,914

$15,376

Contract revenue

949

887

1,992

4,611

Royalties

547

555

2,654

2,055

Total revenue

6,822

5,486

23,560

22,042

Costs and expenses:

Cost of product sales (1)

1,250

475

4,362

2,887

Cost of contract revenue (1)

362

362

714

2,896

Research and development (1)

1,898

2,576

8,096

11,920

Selling and marketing (1)

1,135

1,190

4,283

4,707

General and administrative (1)

1,969

1,302

6,438

5,114

Total costs and expenses

6,614

5,905

23,893

27,524

Income (loss) from operations

208

(419)

(333)

(5,482)

Gain on sale of assets

6,230

6,230

Other income

425

Interest income

22

21

90

238

Income before provision for income taxes

    230

5,832

182

986

Benefit from/(provision for) income taxes

2

(2)

(4)

Net income

$230

$5,834

$180

$982

Net income per share – basic

$0.01

$0.29

$0.01

$0.05

Net income per share – diluted

$0.01

$0.29

$0.01

$0.05

Weighted average shares – basic

     20,040

     19,796

    19,971

  20,869

Weighted average shares – diluted

     20,527

     19,802

    20,182

  20,874

(1) The amounts in the Consolidated Statements of Operations above include stock-based compensation as follows (in thousands):

Three Months Ended

December 31,

Year Ended

December 31,

2010

2009

2010

2009

Cost of product sales

$    2

$    3

$   10

$   10

Cost of contract revenue

7

9

19

114

Research and development

69

63

337

521

Sales and marketing

22

44

98

293

General and administrative

226

142

1,031

799

Total stock-based compensation costs

$326

$261

$1,495

$1,737

AWARE, INC.

Non-GAAP Financial Measures and Reconciliation

(In thousands, except per share data)

(unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2010

2009

2010

2009

GAAP net income

$230

$5,834

$180

$982

Stock-based compensation

       326

       261

   1,495

1,737

Non-GAAP net income

$556

$6,095

$1,675

$2,719

Three Months Ended

December 31,

Year Ended

December 31,

2010

2009

2010

2009

GAAP net income per share

$0.01

$0.29

$0.01

$0.05

Stock-based compensation

 0.02

      0.02

  0.07

  0.08

Non-GAAP net income per share

$0.03

$0.31

$0.08

$0.13

AWARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

December 31,

2010

December 31,

2009

ASSETS

    Cash and investments

$39,949

$39,669

    Accounts receivable, net

4,968

3,565

    Inventories, net

1,863

1,113

    Property and equipment, net

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