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News

US Government order boosts Precise Biometrics results

Precise Biometrics : 26 October, 2009  (Company News)
Precise Biometrics has issued highlights of its intereim report for the first three quarters of 2009 including 6 million dollar order from US Government for fingerprint recognition technology
Precise Biometrics AB, Corporate Identity No 556545-6596 Interim report for the period January - September 2009.

The group's net sales for the interim period amounted to SEK 36.5 million (34.4) and for the third quarter SEK 14.6 million (16.5).

The group's income for the interim period amounted to SEK -24.6 million (-18.4) and for the third quarter SEK -13.0 million (0.1). The result includes a write-down of goodwill in the wholly owned subsidiary Precise Biometrics Solutions AB of SEK 5.0 million.

Earnings per share for the interim period amounted to SEK -0.23 (-0.18) and for the third quarter SEK -0.12 (0.00).

Liquid assets at the end of the interim period amounted to SEK 59.3 million (7.5). Liquid assets include SEK 54.0 million from the rights issue (before related costs).

Precise Biometrics has been awarded an order worth approximately USD 6.0 million from the US government within the Cyber Security framework. Delivery has started and the order will be delivered and invoiced before end of 2009. Revenue from the large US order will primarily be visible in the financial statements for the fourth quarter.

Precise Biometrics AB completed, during the quarter, a rights issue with preferential rights, which has supplied the Company with SEK 54.0 million before issue costs. The non-guaranteed rights issue was subscribed to 178% and is implemented to finance further expansion and increase market penetration in prioritized segments.

Precise Biometrics has joined a partnership with the Nigerian company Interswitch aimed at developing bank application for the African market. A first project, worth 200 000 Euros in license sales, has already been initiated.

As Aviation sales has not fulfilled expectations due to the general industry downturn it has been decided to restructure the wholly owned subsidiary Precise Biometrics Solutions AB. As an effect Precise Biometrics AB has written down the goodwill value of SEK 5.0 million in the subsidiary.

Precise Biometrics is a market-leading provider of products and solutions for fingerprint recognition. The technology proves people's identities in a fast and secure way, while it reduces costs related to password management, identity theft and fraud.

Precise Biometrics serves business and government organizations throughout the world and its technology is licensed to close to 100 million users.

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