ImageWare Systems, a developer of identity management applications, has reported that total net revenues for the first quarter of 2008 were $1.4 million, compared to $1.3 million for the same period in 2007. It posted a net loss of $1.9 million, compared to net loss of $2.4 million in the first quarter of 2007.
The company has said that the revenues were lower than the $2.3 million preliminary estimate for the quarter due to certain contractual terms requiring the company to defer recognition on over $1 million in software licenses shipped in the quarter. However, ImageWare was able to invoice against the shipment for payment.
First quarter 2008 operating expenses totaled $2.9 million, compared to $3.1 million in the same period in 2007. The loss from operations in the first quarter 2008 totaled $1.9 million, compared to loss from operations of $2.2 million in the same period in 2007.
Net loss per share was $0.22 for the first quarter of 2008 compared to $0.21 in the same period in 2007.