Fingerprint solutions provider BIO-key has reported a year-on-year decline in second quarter revenues to $415,000 from $2.2 million.In a statement, BIO-key noted that the decline was principally explained by a $2.0 million software license from an existing customer in Q2'15.Meanwhile, service revenues, principally comprised of recurring maintenance and support, decreased 13% to $220,926 compared to $255,269 in Q2'15, reflecting an increase in maintenance revenue offset by no special software requirements for current or new customers.The firm noted that while managment remains confident in the company's pipeline of hardware and software revenue opportunities, that based on delays in the conversion of several significant opportunities into revenue so far in 2016, BIO-key believes it prudent to reduce its full year revenue guidance to a range of $6.0M – $8.5M in 2016. After first quarter results, it had estimated that revenues will grow from approximately $5M in 2015 to a range of $7M – $9.5M in 2016.Michael DePasquale, Chairman & CEO of BIO-key, commented, “While we made good incremental progress positioning BIO-key for significant hardware and software revenue opportunities later this year and into next year, our second quarter sales performance was disappointing.”Revenue declined to $415,000 in the second quarter as several larger scale opportunities did not close during the period for a variety of reasons that were unrelated to BIO-key.DePasquale added, however, that the firm believe these opportunities still have strong prospects for closing, and that BIO-key remains in active discussions with the customers to that end.”At the same time, we are building out our sales, marketing and distribution channels to drive sales of our line of fingerprint readers for enterprise and retail users. ߪ We have also continued to build upon our strategic partnership with Microsoft to support the use of expanded biometric security capabilities now resident in the Windows 10 Anniversary Edition released on August 2.”In terms of highlights from the quarter, the firm noted that BIO-key worked closely with Microsoft's device team to achieve Windows Hello certification of its compact USB fingerprint readers, including web application security extensions to use Windows Hello to sign into Microsoft Edge compatible web sites and apps such as iHeartRadio.It also completed development of its enterprise authentication software for Microsoft Active Directory environments.

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