BEDFORD, Mass., Feb. 16 /PRNewswire-FirstCall/ -- Aware, Inc.
(Nasdaq: AWRE), a worldwide leader and innovator of broadband intellectual
property, today reported financial results for its fourth quarter ended
December 31, 2005.
Revenues for the fourth quarter of 2005 were $3.7 million compared to $4.6
million for the same period last year. Net loss for the fourth quarter of
2005 was $1.2 million, or $0.05 per share, compared to a net profit of $0.4
million, or $0.02 per share, for the year-ago period.
For the year ended December 31, 2005, revenues were $15.7 million compared
to $16.5 million for the same period last year. Net loss for the year ended
December 31, 2005 was $2.5 million or $0.11 per share, compared to a net loss
of $1.4 million, or $0.06 per share, for the year-ago period.
Michael Tzannes, chief executive officer, said: "We are pleased with the
progress we made in 2005 introducing new products and adding new customers in
DSL and biometrics. Our strategy has been to position the company to benefit
from growth in these industries and we are confident that we have done so. A
highlight for 2006 promises to be our participation in the upcoming Deutsche
Telekom 50Mbps VDSL2 deployment."
Tzannes added, "From the conclusion of today's conference call until
Friday, February 18 at 5:00 p.m., we invite stakeholders to submit questions
via email to investorquestions@aware.com. We will post questions and answers
next week on our website."
Note: Aware's conference call will be broadcast live over the Internet
today, February 16, 2006 at 5:00 p.m. Eastern Time. To listen to the call,
please go to http://www.aware.com, and click on "Investor Relations." The
conference call may also be heard by calling (719) 457-2637 and referencing
the confirmation number 9270640. A replay of the call will be archived on our
website after the call.
About Aware
Aware, Inc. designs, develops, licenses and markets DSL technologies that
enable broadband communications over existing telephone networks. Its
solutions, including splitterless G.lite, full-rate ADSL, ADSL2, ADSL2+,
VDSL2, Bonded ADSL2+, Dr. DSL(R), StratiPHY(TM), StratiPHY-Bonded(TM),
StratiPHY2+(TM), StratiPHY3(TM) and G.SHDSL, address central office as well as
customer premise requirements. Aware is also a leading provider of standards-
based biometric transaction and image compression software toolkits. More
information can be found at http://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 market.
Aware wishes to caution you that there are factors that could cause actual
results to differ materially from the results indicated by such statements.
These factors include, but are not limited to: we have a unique business
model, our quarterly results are difficult to predict, we depend on a limited
number of licensees, we derive a significant amount of revenue from a small
number of customers, we depend on equipment companies to incorporate our
technology into their products, we face intense competition from other DSL
vendors, DSL technology competes with other technologies for broadband access,
and our business is subject to rapid technological change. We refer you to the
documents Aware files from time to time with the Securities and Exchange
Commission, specifically the section titled Risk Factors in our quarterly
report on Form 10-Q for the quarter ended September 30, 2005 and other reports
and filings made with the Securities and Exchange Commission.
Dr. DSL, StratiPHY, StratiPHY2+, StratiPHY3, and StratiPHY-Bonded 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)
Three Months Ended Year Ended
December 31, December 31,
2005 2004 2005 2004
Revenue:
Product sales $1,268 $1,531 $5,431 $4,759
Contract revenue 1,658 1,950 6,719 7,575
Royalties 747 1,116 3,517 4,151
Total revenue 3,673 4,597 15,667 16,485
Costs and expenses:
Cost of product sales 195 132 474 862
Cost of contract revenue 886 687 3,270 2,683
Research and development 2,770 2,328 10,170 10,013
Selling and marketing 674 587 2,738 2,379
General and administrative 693 616 2,633 2,473
Total costs and
expenses 5,218 4,350 19,285 18,410
Net income (loss) from
operations (1,545) 247 (3,618) (1,925)
Interest income 352 177 1,150 558
Net income (loss) before
provision for income
taxes (1,193) 424 (2,468) (1,367)
Provision for income taxes - - - -
Net income (loss) ($1,193) $424 ($2,468) ($1,367)
Net income (loss) per
share -- basic ($0.05) $0.02 ($0.11) ($0.06)
Net income (loss) per
share -- diluted
($0.05) $0.02 ($0.11) ($0.06)
Weighted average
shares -- basic 23,220 22,838 23,076 22,785
Weighted average
shares -- diluted 23,220 23,624 23,076 22,785
AWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2005 2004
ASSETS
Cash and investments $36,763 $38,266
Accounts receivable, net 3,749 3,070
Property and equipment, net 8,075 8,287
Other assets, net 1,154 560
Total assets $49,741 $50,183
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $2,238 $1,427
Total stockholders' equity 47,503 48,756
Total liabilities and stockholders' equity $49,741 $50,183
SOURCE Aware, Inc.
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Related links:
http://www.aware.com
Company News On-Call:
http://www.prnewswire.com/comp/107679.html
CONTACT:
Rob Weiskopf of Aware, Inc., +1-781-276-4000
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