Massachusetts
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000-21129
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04-2911026
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Number | Description |
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99.1
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Press release issued by Aware, Inc. on April 23, 2013.
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AWARE, INC. | |||
Dated: April 23, 2013
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By:
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/s/ Richard P. Moberg | |
Richard P. Moberg | |||
co-Chief Executive Officer and co-President
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|||
Chief Financial Officer
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Number | Description |
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99.1
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Press release issued by Aware, Inc. on April 23, 2013.
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·
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The improvement in operating income before patent related income this year versus last year was primarily due to increased profitability in our biometrics and imaging business and lower general and administrative expenses.
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·
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Net income in the first quarter of 2013 included income from a patent arrangement of $0.8 million. This income relates to an agreement we entered into several years ago with an unaffiliated third party under which we assigned patents in return for royalties on proceeds from its patent monetization efforts. We are unable to predict how much more income we might receive from this arrangement, if any, because we do not know whether any patent monetization efforts by the third party will be successful.
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Aware, Inc. Reports First Quarter 2013 Financial Results | Page 2 |
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·
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Income tax expense for the first quarter of 2013 was $1.0 million versus $2,000 in the prior year quarter. Income tax expense this year was based on the U.S. statutory rate of 34%, increased by state income taxes. Income tax expense in the first quarter of 2012 was offset by the reversal of the valuation allowance on deferred tax assets, which reduced our tax expense to zero, except for $2,000 of state excise taxes.
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Aware, Inc. Reports First Quarter 2013 Financial Results | Page 3 |
Aware, Inc. Reports First Quarter 2013 Financial Results | Page 4 |
Three Months Ended
March 31,
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||||||||
2013
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2012
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|||||||
Revenue:
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||||||||
Software licenses
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$ | 3,808 | $ | 2,839 | ||||
Software maintenance
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1,041 | 881 | ||||||
Services
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476 | 693 | ||||||
Royalties
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291 | 491 | ||||||
Total revenue
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5,616 | 4,904 | ||||||
Costs and expenses:
|
||||||||
Cost of services
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221 | 356 | ||||||
Research and development
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1,557 | 1,436 | ||||||
Selling and marketing
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1,095 | 1,079 | ||||||
General and administrative
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731 | 985 | ||||||
Total costs and expenses
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3,604 | 3,856 | ||||||
Operating income before patent related income
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2,012 | 1,048 | ||||||
Income from patent arrangement
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780 | - | ||||||
Operating income after patent related income
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2,792 | 1,048 | ||||||
Other income | - | 26 | ||||||
Interest income
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82 | 52 | ||||||
Income from continuing operations before income taxes
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2,874 | 1,126 | ||||||
Provision for income taxes
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1,017 | 2 | ||||||
Income from continuing operations
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1,857 | 1,124 | ||||||
Loss from discontinued operations, net of income taxes
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- | (6 | ) | |||||
Net income
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$ | 1,857 | $ | 1,118 | ||||
Basic net income per share:
|
||||||||
Basic net income per share from continuing operations
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$ | 0.08 | $ | 0.05 | ||||
Basic net loss per share from discontinued operations
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0.00 | (0.00 | ) | |||||
Basic net income per share
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$ | 0.08 | $ | 0.05 | ||||
Diluted net income per share:
|
||||||||
Diluted net income per share from continuing operations
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$ | 0.08 | $ | 0.05 | ||||
Diluted net loss per share from discontinued operations
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0.00 | (0.00 | ) | |||||
Diluted net income per share
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$ | 0.08 | $ | 0.05 | ||||
Weighted-average shares – basic
|
22,511 | 20,724 | ||||||
Weighted-average shares - diluted
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22,564 | 20,928 | ||||||
Aware, Inc. Reports First Quarter 2013 Financial Results | Page 5 |
March 31,
2013
|
December 31,
2012
|
|||||||
ASSETS
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||||||||
Cash and investments
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$ | 74,570 | $ | 73,084 | ||||
Accounts receivable, net
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5,829 | 4,578 | ||||||
Property and equipment, net
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5,867 | 5,904 | ||||||
Deferred tax assets
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1,610 | 1,760 | ||||||
Other assets, net
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568 | 528 | ||||||
Total assets
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$ | 88,444 | $ | 85,854 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Total current liabilities
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$ | 3,480 | $ | 3,639 | ||||
Long-term deferred revenue
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285 | 319 | ||||||
Total stockholders’ equity
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84,679 | 81,896 | ||||||
Total liabilities and stockholders’ equity
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$ | 88,444 | $ | 85,854 |
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