Biometric identity management solutions firm ImageWare Systems has announced that revenues in the second quarter of 2015 increased 81% to $1.7 million compared to $0.9 million in the second quarter of 2014.The company cited the recognition of revenue for the biometric identification project for Los Angeles World Airports (LAX) as the primary factor in the revenue rise.Gross margin in the second quarter of 2015 was 52.9% compared to 75.2% in the second quarter of 2014, with the decrease also due to the LAX project, which was drawn out over a significantly longer period than was originally expected. Net loss in the second quarter of 2015 was $1.8 million or ($0.02) per basic share, compared to a net loss of $2.1 million or ($0.02) per basic share in the second quarter of 2014.”ImageWare's strategy to target large IT service providers and deliver security for their cloud and mobile customers remains on track,” said Jim Miller, ImageWare's chairman and CEO. “Ultimately our model is dependent upon our partners, and we have formed very significant relationships with Fujitsu, TransUnion, CA Technologies, IBM, Deutsche Telekom, Agility, Extenua, and more recently, with Lockheed Martin and Online Auction. All of these partners have now moved from the testing to integration phase and some are even moving to the launch of aggressive marketing campaigns.”These companies see and live in the same world as we do – a world that saw 50% of all organizations experience some form of data breach in the last 12 months, with two-thirds of those breaches involving the compromise of pins and passwords. So we have the right products in the right place at precisely the right time. We believe that we are now at the start of large consumer adoption and that our technology will be front and center as that rollout commences.”At June 30, 2015, cash and cash equivalents totaled $6.4 million compared to $0.2 million at December 31, 2014. The increase is a result of the company's convertible preferred offering completed in February 2015.
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