Click here to close now.


Mobile IoT Authors: Liz McMillan, Pat Romanski, Tim Fujita-Yuhas, Elizabeth White, Esmeralda Swartz

News Feed Item

Intellicheck Mobilisa Reports Fourth Quarter and Full Year 2013 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 fourth quarter and full year ended December 31, 2013.

Financial Highlights for the Fourth Quarter and Full Year 2013:

  • Revenue for the quarter ended December 31, 2013 increased 159% to $1,366,000 from $528,000 in the fourth quarter 2012. For the year ending 2013, revenue was $7,299,000 compared with $8,803,000 in 2012.
  • Adjusted EBITDA for the fourth quarter 2013 was ($330,000) compared to ($1,680,000) in the fourth quarter 2012. For the year 2013, adjusted EBITDA was ($1,324,000) compared with ($1,114,000) in 2012.
  • Net loss for the quarter was ($600,000) or ($0.02) per share, compared with a net loss of ($1,955,000) or ($0.07) per share in the fourth quarter 2012. For the year, net loss was ($2,424,000) or ($0.09) per share, compared with a net loss of ($2,260,000) or ($0.08) per share in 2012.

Highlights for the Fourth Quarter 2013 and Subsequent Months:

Business Initiatives

  • The Company successfully completed a secondary offering of its common stock in January 2014, raising approximately $3.6 million in net proceeds that are being used to fund its continued research and development initiatives to expand and improve its product line, and significantly increase its sales and marketing groups.
  • Its $2 million line of credit with Silicon Valley Bank was renewed.

Product and Technology Initiatives

  • Installed its IM2620h Prox-PACS readers, one of the most advanced ID readers in the world, at one of the nation’s most secure facilities.
  • Launched the barZapp™ 2.0 mobile app for iPhones and Android.
  • Launched test for its new “State Aware Software” ID scanning product at 400 locations of a major nationwide retail chain. This software facilitates compliance with state requirements and the appropriate use of ID data, helping nationwide retailers comply with regulations.
  • With the launch of MexiScan ID Check, the Company now offers Mexican and U.S. clients the ability to authenticate Mexican IDs, expanding Intellicheck Mobilisa’s footprint to cover all of North America.
  • The Company was issued two new patents, strengthening its intellectual property, bringing the total number of patents issued to 18.

Dr. Nelson Ludlow, President and CEO of Intellicheck Mobilisa, commented, “The past several months have been eventful ones for our company from a financial, corporate and business perspective, as we continued to pursue our objective of becoming the leading developer and distributor of document and age verification products. On the financial and business front, we successfully completed a secondary public offering of our common stock, which provided us approximately $3.6 million in net proceeds, most of which will go toward the marketing and sales of our software and technologies. That offering also helped us to expand our shareholder base. Following the completion of the offering, we added to our sales and marketing staff, and entered 2014 with a stronger, vertically aligned team to penetrate our core markets, specifically law enforcement as well as commercial businesses. We also renewed our $2 million line of credit with Silicon Valley Bank, and were pleased to receive their continuing commitment to our business.

“Over the past several months we have begun to roll out and implement our new cloud computing business model. We believe our new Software as a Service (SaaS) model will help ensure better customer service, be far less expensive to support, enable us to focus on higher-margin software sales and provide better financial controls and predictability to our business,” Dr. Ludlow added.

He concluded, “With what we believe is a growing need for identity verification software in both the commercial and law enforcement markets, we feel we offer one of the most reliable and affordable technologies to serve the needs of our growing customer base.”

Conference Call Information

The Company will hold an earnings conference call today at 11:00 am ET/8:00 am PT to discuss operating results. 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 13576248. 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 security systems for the government, military and commercial markets. Products include 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.





DECEMBER 31, 2013 and 2012







Cash and cash equivalents $ 224,386 $ 1,685,879
Accounts receivable, net of allowance of $0 and $1,613 1,041,519 869,747
Inventory 54,677 337,559
Other current assets   107,519     105,881  
Total current assets 1,428,101 2,999,066
PROPERTY AND EQUIPMENT, net 369,095 449,438
GOODWILL 12,308,661 12,308,661
INTANGIBLE ASSETS, net 3,724,354 4,631,577
OTHER ASSETS   72,006     72,006  
Total assets $ 17,902,217   $ 20,460,748  


Accounts payable $ 478,588 $ 247,289
Accrued expenses 701,928 556,814
Deferred revenue, current portion   967,912     1,450,923  
Total current liabilities 2,148,428 2,255,026
Deferred revenues, long-term portion 233,732 341,948
Deferred rent   163,753     185,339  
Total liabilities 2,545,913 2,782,313
Common stock – $.001 par value; 40,000,000 shares authorized; 27,897,467 and
27,724,267 shares issued and outstanding as of 2013 and 2012 , respectively 27,897 27,724
Additional paid-in capital 100,983,971 100,882,019
Accumulated deficit   (85,655,564 )   (83,231,308 )
Total stockholders’ equity   15,356,304     17,678,435  
Total liabilities and stockholders’ equity $ 17,902,217   $ 20,460,748  








REVENUES $ 7,298,537 $ 8,803,217
COST OF REVENUES   (2,772,984 )   (3,001,997 )
Gross profit 4,525,553 5,801,220
Selling 1,096,486 1,613,819
General and administrative 3,796,735 4,209,385
Research and development   2,056,744     2,239,011  
Total operating expenses   6,949,965     8,062,215  
Loss from operations (2,424,412 ) (2,260,995 )
Interest income 156 909
Net loss $ (2,424,256 ) $ (2,260,086 )
Net loss per common share
Basic $ (0.09 ) $ (0.08 )
Diluted $ (0.09 ) $ (0.08 )
Weighted average common shares used in computing
per share amounts
Basic   27,828,699     27,724,267  
Diluted   27,828,699     27,724,267  




Common Stock Paid-in Accumulated






BALANCE, December 31, 2011 27,462,504 $ 27,462 $ 100,699,156 $ (80,971,222 ) $ 19,755,396
Stock based compensation expense (employees and directors) - - 52,677 - 52,677
Exercise of stock options 261,763 262 130,186 - 130,448
Net loss -   -   -   (2,260,086 )   (2,260,086 )
BALANCE, December 31, 2012 27,724,267 27,724 100,882,019 (83,231,308 ) 17,678,435
Stock based compensation expense (employees and directors) - - 19,053 - 19,053
Exercise of stock options 153,200 153 70,319 - 70,472
Issuance of common stock 20,000 20 12,580 - 12,600
Net loss -   -   -   (2,424,256 )   (2,424,256 )
BALANCE, December 31, 2013 27,897,467 $ 27,897 $ 100,983,971 $ (85,655,564 ) $ 15,356,304  








Net loss $ (2,424,256 ) $ (2,260,086 )
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization 1,068,408 1,094,173
Non cash stock based compensation expense 31,653 52,677
Provision for doubtful accounts - (3,271 )
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (171,772 ) 2,192,312
Decrease (increase) in inventory 282,882 (325,665 )
(Increase) decrease in other current assets (1,637 ) 2,888
Increase (decrease) in accounts payable and accrued expenses 376,413 (92,823 )
(Decrease) in deferred revenue (591,227 ) (305,200 )
(Decrease) in deferred rent   (21,587 )   (9,420 )
Net cash (used in) provided by operating activities   (1,451,123 )   345,585  
Purchases of property and equipment   (80,842 )   (184,303 )
Net cash (used in) investing activities   (80,842 )   (184,303 )
Net proceeds from issuance of common stock from exercise of stock options
and warrants   70,472     130,448  
Net cash provided by financing activities   70,472     130,448  
Net (decrease) increase in cash and cash equivalents (1,461,493 ) 291,730
CASH AND CASH EQUIVALENTS, beginning of year   1,685,879     1,394,148  
CASH AND CASH EQUIVALENTS, end of year $ 224,386   $ 1,685,878  

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
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.
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...
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...
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...
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...
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.
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...
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 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...
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 ...
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.
“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...
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.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.