November 13, 2018 / 2:36 PM / a month ago

Next Biometrics' Q3 cash balance down 36 pct, eyes India, Singapore uncertainty

OSLO, Nov 13 (Reuters) - Fingerprint sensor maker Next Biometrics’ cash balance declined by 41 million Norwegian crown ($4.84 million) in the third quarter, leaving it with 71 million crowns by the end of September, the company said in an earnings report on Tuesday.

“Short term the cash is likely to be affected by uncertainty in India and slower-than-expected ramp-up at Tactilis (a Next Biometrics customer) in Singapore,” Chief Financial Officer Knut Staalen said while presenting the company’s results.

Next’s shares traded 14 percent lower at 1425 GMT at 50.1 crowns.

Revenues in the third quarter grew to 30.2 million from 25.5 million in the second quarter, while the gross earnings margin increased to 30 percent from 26 percent.

Next Biometrics expects the gross margin to continue to rise, while payroll and operating expenses will level out in the time ahead, Staalen said. ($1 = 8.4750 Norwegian crowns) (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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