Welcome!

Mobile IoT Authors: Elizabeth White, AppNeta Blog, SmartBear Blog, William Schmarzo, Yeshim Deniz

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
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busin...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices 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 ...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. 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 June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, 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.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...