|By Business Wire||
|March 25, 2014 07:30 AM EDT||
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:
- 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.
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
|Cash and cash equivalents||$||224,386||$||1,685,879|
|Accounts receivable, net of allowance of $0 and $1,613||1,041,519||869,747|
|Other current assets||107,519||105,881|
|Total current assets||1,428,101||2,999,066|
|PROPERTY AND EQUIPMENT, net||369,095||449,438|
|INTANGIBLE ASSETS, net||3,724,354||4,631,577|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|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|
|Common stock – $.001 par value; 40,000,000 shares authorized; 27,897,467 and|
|27,724,267 shares issued and outstanding as of 2013 and 2012 , respectively||27,897||27,724|
|Additional paid-in capital||100,983,971||100,882,019|
|Total stockholders’ equity||15,356,304||17,678,435|
|Total liabilities and stockholders’ equity||$||17,902,217||$||20,460,748|
INTELLICHECK MOBILISA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012
|COST OF REVENUES||(2,772,984||)||(3,001,997||)|
|General and administrative||3,796,735||4,209,385|
|Research and development||2,056,744||2,239,011|
|Total operating expenses||6,949,965||8,062,215|
|Loss from operations||(2,424,412||)||(2,260,995||)|
|PER SHARE INFORMATION:|
|Net loss per common share|
|Weighted average common shares used in computing|
|per share amounts|
INTELLICHECK MOBILISA, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2013
|BALANCE, December 31, 2011||27,462,504||$||27,462||$||100,699,156||$||(80,971,222||)||$||19,755,396|
|Stock based compensation expense (employees and directors)||-||-||52,677||-||52,677|
|Exercise of stock options||261,763||262||130,186||-||130,448|
|BALANCE, December 31, 2012||27,724,267||27,724||100,882,019||(83,231,308||)||17,678,435|
|Stock based compensation expense (employees and directors)||-||-||19,053||-||19,053|
|Exercise of stock options||153,200||153||70,319||-||70,472|
|Issuance of common stock||20,000||20||12,580||-||12,600|
|BALANCE, December 31, 2013||27,897,467||$||27,897||$||100,983,971||$||(85,655,564||)||$||15,356,304|
INTELLICHECK MOBILISA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012
|CASH FLOWS FROM OPERATING ACTIVITIES:|
|Adjustments to reconcile net loss to net cash (used in) provided by operating activities:|
|Depreciation and amortization||1,068,408||1,094,173|
|Non cash stock based compensation expense||31,653||52,677|
|Provision for doubtful accounts||-||(3,271||)|
|Changes in assets and liabilities:|
|(Increase) decrease in accounts receivable||(171,772||)||2,192,312|
|Decrease (increase) in inventory||282,882||(325,665||)|
|(Increase) decrease in other current assets||(1,637||)||2,888|
|Increase (decrease) in accounts payable and accrued expenses||376,413||(92,823||)|
|(Decrease) in deferred revenue||(591,227||)||(305,200||)|
|(Decrease) in deferred rent||(21,587||)||(9,420||)|
|Net cash (used in) provided by operating activities||(1,451,123||)||345,585|
|CASH FLOWS FROM INVESTING ACTIVITIES:|
|Purchases of property and equipment||(80,842||)||(184,303||)|
|Net cash (used in) investing activities||(80,842||)||(184,303||)|
|CASH FLOWS FROM FINANCING ACTIVITIES:|
|Net proceeds from issuance of common stock from exercise of stock options|
|Net cash provided by financing activities||70,472||130,448|
|Net (decrease) increase in cash and cash equivalents||(1,461,493||)||291,730|
|CASH AND CASH EQUIVALENTS, beginning of year||1,685,879||1,394,148|
|CASH AND CASH EQUIVALENTS, end of year||$||224,386||$||1,685,878|
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 30, 2016 10:45 AM EDT Reads: 1,053
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 30, 2016 10:15 AM EDT Reads: 1,500
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 30, 2016 10:00 AM EDT Reads: 505
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jul. 30, 2016 10:00 AM EDT Reads: 2,176
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 30, 2016 09:15 AM EDT Reads: 1,646
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Jul. 30, 2016 09:00 AM EDT Reads: 578
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 30, 2016 08:00 AM EDT Reads: 752
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 30, 2016 07:45 AM EDT Reads: 717
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jul. 30, 2016 07:45 AM EDT Reads: 2,403
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 30, 2016 07:30 AM EDT Reads: 1,689
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 30, 2016 07:30 AM EDT Reads: 486
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, 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 opportuni...
Jul. 30, 2016 05:15 AM EDT Reads: 2,712
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jul. 30, 2016 04:00 AM EDT Reads: 2,139
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 30, 2016 03:00 AM EDT Reads: 1,657
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Jul. 30, 2016 02:45 AM EDT Reads: 1,498
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Jul. 30, 2016 02:15 AM EDT Reads: 1,196
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 02:00 AM EDT Reads: 1,694
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jul. 29, 2016 10:15 PM EDT Reads: 2,088
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 29, 2016 08:00 PM EDT Reads: 2,756
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Jul. 29, 2016 07:45 PM EDT Reads: 1,220