Biometric solutions firm Aware has reported that revenues reached $4.8 million in the first quarter, an increase of 17% compared to $4.1 million in the same quarter last year.Operating income in the first quarter of 2016 was $0.9 million compared to $0.4 million in the first quarter of 2015. The increase in revenue and operating income was primarily due to licensing revenue from a 2015 medical imaging software sale.Net income in the first quarter of 2016 was $0.6 million, or $0.03 per diluted share, which compares to $0.3 million, or $0.01 per diluted share, in the same period a year ago.Rick Moberg, Aware's co-chief executive officer and chief financial officer, said, “While revenue and operating income increased in the first quarter, these results did not meet our expectations. When we released earnings for the fourth quarter of 2015, I mentioned that our sales pipeline going into 2016 looked promising, but predicting when those opportunities might turn into revenue was difficult. Our pipeline remains strong at the end of the first quarter, but forecasting the timing of revenue continues to be a challenge. We continue to be optimistic about the future of our business.”Aware also announced today that its Board of Directors has approved a program authorizing the Company to purchase up to $10 million of its common stock. The shares may be purchased from time to time in the open market or through privately negotiated transactions at management's discretion, depending upon market conditions and other factors. The authorization to repurchase Company stock expires on December 31, 2017.

Also in the news:

Default ThumbnailCyberLink partners with ACE Biotek on temp screening Default ThumbnaileID to be mandatory in Latvia Default ThumbnailFlexenable to reveal smartcard with 500 dpi flexible fingerprint sensor