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Aware, Inc. Reports Second Quarter 2011 Financial Results

BEDFORD, Mass. July 26, 2011 June 30, 2011

$5.9 million $5.0 million $267,000 $0.01 $148,000 $0.01

June 30, 2011 $12.3 million $10.6 million June 30, 2011 $323,000 $0.02 $126,000 $0.01

Additional information regarding second quarter financial results is presented below:

$267,000 June 30, 2011 $555,000 April 2011

$3.9 million $4.0 million $0.4 million $0.3 million

$346,000 $1.4 million

$714,000 $541,000

$5.5 million $6.2 million $0.7 million

June 30, 2011

Rick Moberg

September 24, 2010

About Aware

DSL test and diagnostics modules Dr. DSL® software biometric and imaging software Bedford 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 and the growth of the DSL test and diagnostics and biometrics markets. 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 test and diagnostic factors include, but are not limited to: our DSL test and diagnostic businesses depend upon a limited number of customers; the success of our DSL test and diagnostics products businesses requires telephone companies to install DSL service in volume; our test and diagnostic 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 spin-off of our patent licensing operations, whether it will ultimately be structured as a spin-off, or whether the possible spin-off will be completed.

December 31, 2010

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 p er share data)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2011

2010

2011

2010

Revenue:

Product sales

$3,997

$3,911

$9,075

$8,562

Contract revenue

1,375

346

2,204

555

Royalties

541

714

993

1,470

Total revenue

5,913

4,971

12,272

10,587

Costs and expenses:

Cost of product sales

1,087

840

2,308

1,877

Cost of contract revenue

450

74

807

145

Research and development

1,810

2,082

3,770

4,117

Selling and marketing

1,060

1,053

2,111

2,119

General and administrative

1,789

1,416

2,986

2,818

Total costs and expenses

6,196

5,465

11,982

11,076

Income (loss) from operations

(283)

(494)

290

(489)

Other income

325

325

Interest income

16

21

35

39

Income (loss) before provision for income taxes

(267)

(148)

325

(125)

Provision for income taxes

2

1

Net income (loss)

($267)

($148)

$323

($126)

Net income (loss) per share – basic

($0.01)

($0.01)

$0.02

($0.01)

Net income (loss) per share – diluted

($0.01)

($0.01)

$0.02

($0.01)

Weighted average shares – basic

20,700

19,927

20,461

19,920

Weighted average shares – diluted

20,700

19,927

20,281

19,920

AWARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thou sands)

(unaudited)

June 30,

2011

December 31,

2010

ASSETS

    Cash and investments

$43,232

$39,949

    Accounts receivable, net

5,073

4,968

    Inventories, net

1,413

1,863

    Property and equipment, net

6,212

6,360

    Other assets, net

257

260

    Total assets

$56,187

$53,400

LIABILITIES AND STOCKHOLDERS’ EQUITY

    Total current liabilities

$3,104

$3,197

    Long-term deferred revenue

462

320

    Total stockholders’ equity

52,621

49,883

    Total liabilities and stockholders’ equity

$56,187

$53,400

SOURCE Aware, Inc.

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