Click here to close now.

Welcome!

.NET Authors: Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah, Carmen Gonzalez

News Feed Item

Intellicheck Mobilisa Announces 2012 Third Quarter Financial Results

Intellicheck Mobilisa (NYSE MKT: IDN), a leader in ID verification and wireless technology, has released its financial results for the third quarter ended September 30, 2012.

Revenues for the quarter ended September 30, 2012, decreased to $2.123 million compared to $3.595 million in the same period of the previous year. Net loss for the three months ended September 30, 2012 was ($381,000) or ($0.01) per diluted share compared to a net income of $306,000 or $0.01 per diluted share for the three months ended September 30, 2011. Adjusted EBITDA was ($102,000) for the third quarter of 2012 compared to $610,000 for the third quarter of 2011. A reconciliation of GAAP net income to adjusted EBITDA is provided below. The Company’s backlog, which represents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $300,000 at September 30, 2012, compared to $3.300 million at September 30, 2011.

Steve Williams, CEO of Intellicheck Mobilisa, commented, “Our top line revenues are not where we want them to be and we are taking measures to correct. We are focusing our attention to increase sales, create a larger backlog, and up sell our existing high profile clients.”

Conference Call Information

IDN will host a conference call for members of the investment community at the time referenced at the beginning of this release. Interested parties should dial (877) 407-8037 approximately 10 minutes before the scheduled beginning. For callers outside the U.S., please dial (201) 689-8037. The slides may be viewed at: http://www.investorcalendar.com/IC/CEPage.asp?ID=169797 and will also be available on our website www.icmobil.com under Investor Relations. For those unable to participate in the live conference, a recording will be available for 48 hours after the call. The recording can be accessed by dialing (877) 660-6853 and (201) 612-7415 for international callers. The replay ID is 401050. After the 48-hour window, please visit the Investor Relations portion of our website at www.icmobil.com for rebroadcast.

About Intellicheck Mobilisa

Intellicheck Mobilisa (ICMOBIL) is a leading technology company that is engaged in developing and marketing wireless technology and identity systems for various applications, including mobile and handheld access control and security systems for the government, military and commercial markets. ICMOBIL’s products include the Fugitive Finder system, an advanced ID card access control product currently protecting approximately 100 military and federal locations; ID Check, a patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issued IDs from U.S. and Canadian jurisdictions, designed to improve the Customer Experience for the financial, hospitality and retail sectors; and Aegeus, a wireless security buoy system for the government, military and oil industry.

For more news and information on ICMOBIL, please visit www.icmobil.com.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as “will,” “believe,” “expect,” “anticipate,” “encouraged,” and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company’s management identify forward-looking statements. Actual results may differ materially from the information presented here. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the company’s filings with the SEC. We do not assume any obligation to update the forward-looking information.

Adjusted EBITDA

Intellicheck Mobilisa uses Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by starting with net income (loss) and adding back interest, income taxes, impairments of long-lived assets and goodwill, depreciation, amortization and stock-based compensation expense. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing Intellicheck Mobilisa financial results with other companies that also use Adjusted EBITDA in their communications to investors. By excluding non-cash charges such as impairments of long-lived assets and goodwill, amortization, depreciation and stock-based compensation, as well as non-operating charges for interest and income taxes, investors can evaluate the Company's operations and compare its results on a more consistent basis to the results of other companies. In addition, adjusted EBITDA is one of the primary measures that management uses to monitor and evaluate financial and operating results.

Intellicheck Mobilisa considers Adjusted EBITDA to be an important indicator of the Company's operational strength and performance of its business and a useful measure of the Company's historical operating trends. However, there are significant limitations to the use of Adjusted EBITDA, because it excludes interest income and expense, impairments of long-lived assets and goodwill, and stock based compensation expense, all of which impact the Company's profitability, as well as depreciation and amortization related to the use of long term assets, which benefit multiple periods. Intellicheck Mobilisa believes that these limitations are compensated by providing Adjusted EBITDA only as a supplement to GAAP net income (loss) and clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) presented in accordance with GAAP. Adjusted EBITDA as defined by the Company may not be comparable with similarly named measures provided by other entities. A reconciliation of Adjusted EBITDA to GAAP net income (loss) is included in the enclosed schedule.

INTELLICHECK MOBILISA, INC.
 
CONSOLIDATED BALANCE SHEETS
 
ASSETS
         
September 30, December 31,
2012 2011
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 2,737,506 $ 1,394,148

Accounts receivable, net of allowance of $4,884 and $4,884 as of September 30, 2012 and December 31, 2011, respectively

1,883,042 3,058,788
Inventory 117,867 11,894
Other current assets   116,369     108,770  
Total current assets 4,854,784 4,573,600
 
PROPERTY AND EQUIPMENT, net 378,936 439,736
GOODWILL 12,308,661 12,308,661
INTANGIBLE ASSETS, net 4,858,384 5,551,149
OTHER ASSETS   72,006     72,006  
 
Total assets $ 22,472,771   $ 22,945,152  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 317,739 $ 221,019
Accrued expenses 578,252 675,907
Deferred revenue, current portion   1,314,460     1,692,881  
Total current liabilities 2,210,451 2,589,807
 
OTHER LIABILITIES
Deferred revenue, long-term portion 445,362 405,190
Deferred rent   189,151     194,759  
Total liabilities 2,844,964 3,189,756
 
STOCKHOLDERS’ EQUITY:

Common stock - $.001 par value; 40,000,000 shares authorized; 27,724,267 and 27,462,504 shares issued and outstanding, respectively

27,724 27,462
Additional paid-in capital 100,876,604 100,699,156
Accumulated deficit   (81,276,521 )   (80,971,222 )
Total stockholders’ equity   19,627,807     19,755,396  
 
Total liabilities and stockholders’ equity $ 22,472,771   $ 22,945,152  
 
INTELLICHECK MOBILISA, INC.
 
CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 
     

Three Months Ended September 30,

   

Nine Months Ended September 30,

2012

   

2011

2012

   

2011

 
REVENUES $ 2,123,403 $ 3,595,303 $ 8,274,841 $ 9,616,300
COST OF REVENUES   (556,265 )   (1,275,292 )   (2,519,753 )   (3,412,306 )
Gross profit 1,567,138 2,320,011 5,755,088 6,203,994
 
OPERATING EXPENSES
Selling 370,208 478,095 1,231,566 1,466,178
General and administrative 1,051,901 940,108 3,080,224 3,049,606
Research and development   526,325     592,185     1,748,597     1,956,532  
Total operating expenses   1,948,434     2,010,388     6,060,387     6,472,316  
 
Income (loss) from operations (381,296 ) 309,623 (305,299 ) (268,322 )
 
OTHER INCOME (EXPENSE)
Interest income - 9 - 37
Interest expense - (3,667 ) - (8,667 )
Other expense   -     -     -     -  
  -     (3,658 )   -     (8,630 )
 
Net (loss) income $ (381,296 ) $ 305,965   $ (305,299 ) $ (276,952 )
 
PER SHARE INFORMATION
Net (loss) income per common share -
Basic $ (0.01 ) $ 0.01   $ (0.01 ) $ (0.01 )
Diluted $ (0.01 ) $ 0.01   $ (0.01 ) $ (0.01 )
 

Weighted average common shares used in computing per share amounts -

Basic   27,523,587     27,409,630     27,482,865     27,175,909  
Diluted   27,523,587     27,703,484     27,482,865     27,175,909  
 
INTELLICHECK MOBILISA, INC.
 
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

For the nine months ended September 30, 2012

(Unaudited)

 
          Additional    

Common Stock

Paid-in Accumulated    

Shares

   

Amount

Capital

Deficit

Total

 
BALANCE, January 1, 2012 27,462,504 $ 27,462 $ 100,699,156 $ (80,971,222 ) $ 19,755,396
 
Stock-based compensation expense - - 47,262 - 47,262
Exercise of stock options 261,763 262 130,186 - 130,448
Net loss -   -   -  

(305,299

)

 

(305,299

)

 
BALANCE, September 30, 2012 27,724,267 $ 27,724 $ 100,876,604 $ (81,276,521 ) $ 19,627,807  
 
INTELLICHECK MOBILISA, INC.
 
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 
     

Nine months ended September 30,

2012

   

2011

 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (305,299 ) $ (276,952 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 824,589 847,654
Provision for doubtful accounts - 3,233
Noncash stock-based compensation expense 47,262 11,997
Amortization of debt discount - 6,667
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 1,175,746 (473,841 )
(Increase) decrease in inventory (105,973 ) (30,045 )
(Increase) decrease in other current assets (7,599 ) 12,598
(Increase) decrease in other assets - 1,045
(Decrease) increase in accounts payable and accrued expenses (935 ) 439,745
(Decrease) increase in deferred revenue (338,249 ) (567,599 )
(Decrease) increase in deferred rent   (5,608 )   70,148  
Net cash provided by operating activities   1,283,934     44,650  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment   (71,024 )   (45,630 )
Net cash used in investing activities   (71,024 )   (45,630 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of notes payable - (200,000 )

Net proceeds from issuance of common stock from exercise of stock options

  130,448     226,755  
Net cash provided by financing activities   130,448     26,755  
 
Increase in cash and cash equivalents 1,343,358 25,775
 
CASH AND CASH EQUIVALENTS, beginning of period   1,394,148     1,488,904  
 
CASH AND CASH EQUIVALENTS, end of period $ 2,737,506   $ 1,514,679  
 
SUPPLEMENTAL CASH FLOW INFORMATION
 
Cash paid during the period for:
Income taxes $ 6,000   $ -  
Interest $ -   $ 2,000  
 
INTELLICHECK MOBILISA, INC.
 

A reconciliation of GAAP net (loss) income to Adjusted EBITDA follows:

 
      (Unaudited)
Three Months Ended     Nine months ended
September 30, September 30,

2012

   

2011

2012

   

2011

Net (loss) income $ (381,296 ) $ 305,965 $ (305,299 ) $ (276,952 )
Reconciling items:
Interest - net - 3,658 - 8,630
(Benefit) provision for income taxes - - - -
Depreciation and amortization 273,125 280,948 824,589 847,654
Stock-based compensation costs   5,986     19,582   47,262     11,997  
Adjusted EBITDA $ (102,185 ) $ 610,153 $ 566,552   $ 591,329  

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...