BEDFORD, MA – April 30, 2002 – Aware, Inc. (NASDAQ: AWRE), a worldwide leader in DSL (digital subscriber line) technology for high-speed Internet access over existing telephone networks, today reported financial results for its first quarter ended March 31, 2002.
Revenues for the first quarter of 2002 were $3.6 million compared with $8.2 million for the same period last year. Sequentially, first quarter revenues increased 12% from $3.2 million in the fourth quarter of 2001. Net loss for the first quarter of 2002 was $2.6 million, or ($0.11) per diluted share. Net income for the first quarter of 2001 was $2.1 million, or $0.09 per diluted share.
Michael Tzannes, chief executive officer, said: "Driven by a steady growth in ADSL subscribers around the world, the ADSL chipset industry appears poised to recover. It is still too early to know the exact nature of a recovery, but we believe that with our solid technology and customer base, our business is also poised to improve. We have continued to improve and expand upon our intellectual property offerings and look forward to capitalizing on market upturns."
Note: Aware's conference call will be broadcast live over the Internet today, April 30, 2002 at 5:00 p.m. Eastern Time. To listen to the call, please go to www.aware.com
, and click on "Investor Relations."
Aware, Inc. designs, develops, and licenses DSL technology to semiconductor and equipment manufacturers to enable broadband communications over existing telephone networks. More information about Aware can be found at 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 one customer, 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, our business is subject to rapid technological change, and we will require additional engineering personnel. We refer you to the documents Aware files from time to time with the Securities and Exchange Commission, specifically the section titled Factors That May Affect Future Results in our Annual Report on Form 10-K for the year ended December 31, 2001 and other reports and filings made with the Securities and Exchange Commission.