|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|
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. 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. For more information, please visit https://www.mangoapps.com/.
May. 26, 2016 12:45 AM EDT Reads: 531
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 26, 2016 12:00 AM EDT Reads: 1,892
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 25, 2016 10:45 PM EDT Reads: 2,620
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 25, 2016 10:00 PM EDT Reads: 904
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 25, 2016 08:30 PM EDT Reads: 1,237
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, Containers, 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 opportunity. Submit y...
May. 25, 2016 06:00 PM EDT Reads: 1,895
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 New York Call for Papers is now open.
May. 25, 2016 05:00 PM EDT Reads: 1,728
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 25, 2016 04:45 PM EDT Reads: 966
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 25, 2016 04:00 PM EDT Reads: 1,206
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 25, 2016 03:45 PM EDT Reads: 2,131
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 25, 2016 02:45 PM EDT Reads: 1,451
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 25, 2016 02:15 PM EDT Reads: 2,147
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 25, 2016 02:00 PM EDT Reads: 1,171
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 25, 2016 01:45 PM EDT Reads: 995
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
May. 25, 2016 09:45 AM EDT Reads: 1,724
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
May. 25, 2016 04:45 AM EDT Reads: 2,453
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
May. 25, 2016 04:15 AM EDT Reads: 3,070
Korean Broadcasting System (KBS) will feature the upcoming 18th Cloud Expo | @ThingsExpo in a New York news documentary about the "New IT for the Future." The documentary will cover how big companies are transmitting or adopting the new IT for the future and will be filmed on the expo floor between June 7-June 9, 2016, at the Javits Center in New York City, New York. KBS has long been a leader in the development of the broadcasting culture of Korea. As the key public service broadcaster of Korea...
May. 25, 2016 04:00 AM EDT Reads: 1,728
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 24, 2016 06:00 PM EDT Reads: 4,699
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
May. 24, 2016 04:00 PM EDT Reads: 2,395