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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.

September 30, December 31,
2012 2011
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  
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
Deferred revenue, long-term portion 445,362 405,190
Deferred rent   189,151     194,759  
Total liabilities 2,844,964 3,189,756

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  



Three Months Ended September 30,


Nine Months Ended September 30,







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
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 )
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 )
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  

For the nine months ended September 30, 2012



Common Stock

Paid-in Accumulated    







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 -   -   -  






BALANCE, September 30, 2012 27,724,267 $ 27,724 $ 100,876,604 $ (81,276,521 ) $ 19,627,807  



Nine months ended September 30,




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  
Purchases of property and equipment   (71,024 )   (45,630 )
Net cash used in investing activities   (71,024 )   (45,630 )
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  
Cash paid during the period for:
Income taxes $ 6,000   $ -  
Interest $ -   $ 2,000  

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

Three Months Ended     Nine months ended
September 30, September 30,







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  

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