Welcome!

Wireless Authors: Pat Romanski, Liz McMillan, Jason Bloomberg, Tad Anderson, Esmeralda Swartz

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
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. 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.