Click here to close now.


Microsoft Cloud Authors: Elizabeth White, Andreas Grabner, Jim Kaskade, Pat Romanski, David Bermingham

News Feed Item

Intellicheck Mobilisa Reports Second Quarter 2014 Financial Results

Intellicheck Mobilisa, Inc. (NYSE MKT:IDN), a global leader in identity solutions and wireless security systems, has released its financial results for the second quarter ended June 30, 2014.

Financial Highlights for the Second Quarter:

  • Revenue for the quarter ended June 30, 2014 was $1.2 million compared with $1.7 million in the year-ago second quarter, and up from $1.1 million of the previous quarter.
  • Adjusted EBITDA for the second quarter 2014 was negative $952,000 compared to negative $635,000 in the second quarter 2013, and negative $710,000 for the previous quarter.
  • Net loss for the quarter was ($1,101,000) or ($0.03) per share, compared with a net loss of ($919,000) or ($0.03) per share in the second quarter 2013. Weighted average Per-share figures are based on 39,202,643 shares outstanding at the end of the second quarter 2014 and 27,795,594 shares outstanding at the end of the second quarter 2013.
  • Bookings for the quarter were over $2.3 million, the best quarter in three years, improved 9% over last year’s second quarter, and up 109% from $1.1 million from the previous quarter.
  • The Company’s backlog is $1.3 million and is also up over 10% from the same period last year, and up 228% from the beginning of the year.

Corporate Highlights for the Quarter and Subsequent Months

Management Initiatives

  • Announced a shareholder proposal for a 1 for 8 reverse stock split, which is due to be voted upon today, August 12. The Company expects to discuss the results of the shareholder vote on today’s conference call. The Company believes the reverse stock split would result in increasing its stock price and therefore expand its shareholder base with institutional and retail investors who are unable to invest in lower-priced stocks.
  • Announced the appointment of its new Chief Operating Officer, William H. Roof, Ph.D., who returns to the Company to oversee the sales, marketing, customer service, information technology, and enterprise wireless departments. Dr. Roof’s prior experience at IDN, along with his engineering experience in the civilian, law enforcement, and military sectors, are strong assets to the Company.
  • Mr. William Georges joins the Board of Directors. Mr. Georges is a 26-year veteran of law enforcement and serves on the Traffic Law Enforcement Committee of the Transportation Research Board of the National Academies.
  • Major General Jack Davis, USMC Retired, joins the Board of Directors. General Davis has more than 40 years military and law enforcement experience. He is expected to help the Company with its new Fugitive Finder application.
  • Exhibited at the Hospitality Industry Technology Exposition & Conference (HITEC 2014) in Los Angeles, which expanded awareness of our products with key potential customers.

Product and Technology Initiatives

  • Awarded several contracts for its TWIC readers, including with a major U.S. oil company, Holt Logistics’ Gloucester Terminals (New Jersey), the Port of Portland (Oregon), the Port of Cleveland (Ohio) and Washington State Ferries.
  • Expanded sales via an agreement with a major U.S. supermarket chain for its ID scanning software for the chain’s customer rewards program.
  • Received positive feedback from the law enforcement community as a result of the release of our Fugitive Finder smartphone app, including inquiries from 76 police jurisdictions in 32 states following a profile of the product on

Dr. Nelson Ludlow, President and CEO of Intellicheck Mobilisa, commented, “We completed the restructure of the sales team into new vertical markets and continue expansion of our sales and marketing team. We have already seen initial results, with significant new bookings at the end of Q2, resulting in the best new bookings for one quarter in over three years. Our SaaS model is also taking hold, with gross profit margins improving substantially for the quarter.”

Dr. Ludlow continued, “We just appointed Dr. William Roof as our new Chief Operating Officer, and Mr. William Georges and General Davis have joined the Board of Directors. All three bring a wealth of talent, particularly in law enforcement, and are expected to help us grow our Fugitive Finder / Law Enforcement product line.”

Conference Call Information

Intellicheck Mobilisa will hold an earnings conference call today at 1:00 pm ET/10:00 am PT to discuss operating results. The company also intends to discuss the results of its Special Meeting of Stockholders, which is scheduled for 12:00 pm ET/9:00 am PT today.

To listen to the conference call, please dial 877-407-8037. For callers outside the U.S., please dial 201-689-8037. For those unable to participate in the live conference, a recording will be available for 48 hours after the call. The rebroadcast can be accessed by dialing 877-660-6853 and 201-612-7415 for international callers. The conference replay ID is 13585715.

The conference call will also be simultaneously webcast, and can be accessed at:

The webcast will be available for 14 days following the conference call.

About Intellicheck Mobilisa

Intellicheck Mobilisa is a leading technology company providing wireless technology and identity systems for various applications, including mobile and handheld access control and the Fugitive Finder system, an advanced ID card access control product currently protecting military bases and secure federal locations; ID Check, a patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government- issued IDs, designed to improve the Customer Experience for the financial, hospitality and retail sectors; barZapp™, an ID-checking mobile app that allows a user’s smartphone to check an ID card. For more information on Intellicheck Mobilisa, please visit

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 adding back to net income (loss) 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 can compare its results on a more consistent basis to the results of other companies. In addition, adjusted EBITDA is one of the primary measures 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 since it excludes interest income and expense, impairments of long lived assets and goodwill, 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 with 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 or loss is included in the enclosed schedule.



June 30, December 31,
2014 2013
Cash and cash equivalents $3,765,777 $ 224,386
Accounts receivable, net of allowance of $0
as of both June 30, 2014, and December 31, 2013 671,806 1,041,519
Inventory 89,601 54,677
Other current assets 105,355 107,519
Total current assets 4,632,539 1,428,101
PROPERTY AND EQUIPMENT, net 339,564 369,095
GOODWILL 12,308,661 12,308,661
INTANGIBLE ASSETS, net 3,473,260 3,724,354
OTHER ASSETS 72,006 72,006
Total assets 20,826,030 $ 17,902,217
Accounts payable $138,758 $ 478,588
Accrued expenses 620,308 701,928
Deferred revenue, current portion 1,067,362 967,912
Total current liabilities 1,826,428 2,148,428
Deferred revenue, long-term portion 262,122 233,732
Deferred rent 140,022 163,753
Total liabilities 2,228,572 2,545,913
Common stock - $.001 par value; 40,000,000 shares authorized;
39,461,467 and 27,897,467 shares issued and outstanding, respectively 39,461 27,897
Additional paid-in capital 106,224,312 100,983,971
Accumulated deficit (87,666,315) (85,655,564)
Total stockholders’ equity 18,597,458 15,356,304
Total liabilities and stockholders’ equity $20,826,030 $ 17,902,217



Three Months Ended June 30,


Six Months Ended June 30,







REVENUES $1,197,041 $ 1,720,501 $2,289,090 $ 3,353,375
COST OF REVENUES (447,812) (760,057) (810,458) (1,498,382)
Gross profit 749,229 960,444 1,478,632 1,854,993
Selling 410,116 256,792 708,171 536,908
General and administrative 996,731 1,010,616 1,907,384 2,038,358
Research and development 443,831 611,612 874,354 1,119,346
Total operating expenses 1,850,678 1,879,020 3,489,909 3,694,612
Loss from operations (1,101,449) (918,576) (2,011,277) (1,839,619)
Interest income 432 - 655 15
Interest expense 0 - (79) 15
Other expense (50) - (50) -
Loss $(1,101,067) $ (918,576) $(2,010,751) $(1,839,604)
Loss per common share -
Basic $ (0.03) $ (0.03) $ (0.05) $ (0.07)
Diluted $ (0.03) $ (0.03) $ (0.05) $ (0.07)
Weighted average common shares used
in computing per share amounts -
Basic 39,202,643 27,795,594 37,338,036 27,759,931
Diluted 39,202,643 27,795,594 37,338,036 27,759,931

For the six months ended June 30, 2014


Common Stock

Paid-in Accumulated    







BALANCE, January 1, 2014 27,897,467 $ 27,897 $ 100,983,971 $ (85,655,564) $ 15,356,304
Stock option compensation - - 4,581 - 4,581
Issuance of common stock 11,564,000 11,564 5,235,760 - 5,247,324
Net loss - - - (2,010,751) (2,010,751)
BALANCE, June 30, 2014 39,461,467 39,461 106,224,312 (87,666,315) 18,597,458



Six Months Ended June 30,




Net Loss $ (2,010,751) $ (1,839,604)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 343,794 536,459
Noncash stock-based compensation expense 4,581 22,659
Changes in assets and liabilities:
Decrease (Increase) in accounts receivable 369,713 (507,232)
Decrease (Increase) in inventory (34,924) 227,665
(Decrease) Increase in other current assets 2,165 15,302
Decrease (Increase) in accounts payable, accrued expenses (421,451) 680,194
Decrease (Increase )in deferred revenue 127,840 (247,292)
(Decrease) Increase in deferred rent (23,731) (9,214)
Net cash (used in) operating activities (1,642,763) (1,121,063)
Purchases of property and equipment (63,170) (40,067)
Net cash used in investing activities (63,170) (40,067)
Net proceeds from issuance of common stock from exercise of stock options 5,247,324 70,472
Net cash provided by financing activities 5,247.324 70,472
Net Increase in cash and cash equivalents 3,541,391 (1,090,658)
CASH AND CASH EQUIVALENTS, beginning of period 224,386 1,685,879
CASH AND CASH EQUIVALENTS, end of period $3,765,777 $ 595,221

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
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect and correlate data from control systems, sensors, mobile devices and IT systems for a variety of Ind...
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingly turn towards data source discovery tools to find the right data, in context, for business users, d...
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud without worrying about any lock-in fears. In fact by having standard APIs for IaaS would help PaaS expl...
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated and cloud solutions through hybrid hosting – a sustainable solution for the data required to manage I...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless Thingies, will discuss and demonstrate how devices and humans can be integrated from a simple clust...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk will be on IBM Cloudant, Apa...
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text message to Betty – mobile messaging now offers tremendous value to businesses for customer and empl...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 150 developers, designers, quality assurance engineers, project manage...
The broad selection of hardware, the rapid evolution of operating systems and the time-to-market for mobile apps has been so rapid that new challenges for developers and engineers arise every day. Security, testing, hosting, and other metrics have to be considered through the process. In his session at Big Data Expo, Walter Maguire, Chief Field Technologist, HP Big Data Group, at Hewlett-Packard, will discuss the challenges faced by developers and a composite Big Data applications builder, focusing on how to help solve the problems that developers are continuously battling.
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, will discuss the impact of technology on identity. Should we federate, or not? How should identity be secured? Who owns the identity? How is identity ...
SYS-CON Events announced today that Solgeniakhela will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgeniakhela is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dramatically improve productivity, reduce collaboration costs, and increase the overall enterprise value by bringing ...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, will show how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He will use a Raspberry Pi to connect sensors to web services, and cloud integration to connect accounting and data, providing a Bluetooth...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.