Welcome!

Wireless Authors: Elizabeth White, Avi Rosenthal, Liz McMillan, Trevor Parsons, Christophe Primault

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: http://www.investorcalendar.com/IC/CEPage.asp?ID=172288.

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 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 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.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

INTELLICHECK MOBILISA, INC.

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2013 and 2012

 

ASSETS

     

2013

     

2012

 
CURRENT ASSETS:
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  
 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 
CURRENT LIABILITIES:
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
 
OTHER LIABILITIES
Deferred revenues, long-term portion 233,732 341,948
Deferred rent   163,753     185,339  
 
Total liabilities 2,545,913 2,782,313
 
STOCKHOLDERS’ EQUITY:
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  
 
 

INTELLICHECK MOBILISA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

 
       

2013

     

2012

 
REVENUES $ 7,298,537 $ 8,803,217
COST OF REVENUES   (2,772,984 )   (3,001,997 )
Gross profit 4,525,553 5,801,220
 
OPERATING EXPENSES
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 )
 
OTHER INCOME
Interest income 156 909
 
Net loss $ (2,424,256 ) $ (2,260,086 )
 
PER SHARE INFORMATION:
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  
 
 

INTELLICHECK MOBILISA, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2013

 
              Additional        
Common Stock Paid-in Accumulated

Shares

Amount

Capital

Deficit

Total

 
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  
 
 

INTELLICHECK MOBILISA, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

 
     

2013

     

2012

CASH FLOWS FROM OPERATING ACTIVITIES:
 
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  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment   (80,842 )   (184,303 )
Net cash (used in) investing activities   (80,842 )   (184,303 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
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 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.
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
"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.
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...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...

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...

“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps Summit 2015 New York, 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 widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @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 its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...