|By Business Wire||
|August 12, 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 second quarter ended June 30, 2014.
Financial Highlights for the Second Quarter:
- Revenue for the quarter ended June 30, 2014 was $1.2 million compared with $1.7 million in the year-ago second quarter, and up from $1.1 million of the previous quarter.
- Adjusted EBITDA for the second quarter 2014 was negative $952,000 compared to negative $635,000 in the second quarter 2013, and negative $710,000 for the previous quarter.
- Net loss for the quarter was ($1,101,000) or ($0.03) per share, compared with a net loss of ($919,000) or ($0.03) per share in the second quarter 2013. Weighted average Per-share figures are based on 39,202,643 shares outstanding at the end of the second quarter 2014 and 27,795,594 shares outstanding at the end of the second quarter 2013.
- Bookings for the quarter were over $2.3 million, the best quarter in three years, improved 9% over last year’s second quarter, and up 109% from $1.1 million from the previous quarter.
- The Company’s backlog is $1.3 million and is also up over 10% from the same period last year, and up 228% from the beginning of the year.
Corporate Highlights for the Quarter and Subsequent Months
- Announced a shareholder proposal for a 1 for 8 reverse stock split, which is due to be voted upon today, August 12. The Company expects to discuss the results of the shareholder vote on today’s conference call. The Company believes the reverse stock split would result in increasing its stock price and therefore expand its shareholder base with institutional and retail investors who are unable to invest in lower-priced stocks.
- Announced the appointment of its new Chief Operating Officer, William H. Roof, Ph.D., who returns to the Company to oversee the sales, marketing, customer service, information technology, and enterprise wireless departments. Dr. Roof’s prior experience at IDN, along with his engineering experience in the civilian, law enforcement, and military sectors, are strong assets to the Company.
- Mr. William Georges joins the Board of Directors. Mr. Georges is a 26-year veteran of law enforcement and serves on the Traffic Law Enforcement Committee of the Transportation Research Board of the National Academies.
- Major General Jack Davis, USMC Retired, joins the Board of Directors. General Davis has more than 40 years military and law enforcement experience. He is expected to help the Company with its new Fugitive Finder application.
- Exhibited at the Hospitality Industry Technology Exposition & Conference (HITEC 2014) in Los Angeles, which expanded awareness of our products with key potential customers.
Product and Technology Initiatives
- Awarded several contracts for its TWIC readers, including with a major U.S. oil company, Holt Logistics’ Gloucester Terminals (New Jersey), the Port of Portland (Oregon), the Port of Cleveland (Ohio) and Washington State Ferries.
- Expanded sales via an agreement with a major U.S. supermarket chain for its ID scanning software for the chain’s customer rewards program.
- Received positive feedback from the law enforcement community as a result of the release of our Fugitive Finder smartphone app, including inquiries from 76 police jurisdictions in 32 states following a profile of the product on Policeone.com.
Dr. Nelson Ludlow, President and CEO of Intellicheck Mobilisa, commented, “We completed the restructure of the sales team into new vertical markets and continue expansion of our sales and marketing team. We have already seen initial results, with significant new bookings at the end of Q2, resulting in the best new bookings for one quarter in over three years. Our SaaS model is also taking hold, with gross profit margins improving substantially for the quarter.”
Dr. Ludlow continued, “We just appointed Dr. William Roof as our new Chief Operating Officer, and Mr. William Georges and General Davis have joined the Board of Directors. All three bring a wealth of talent, particularly in law enforcement, and are expected to help us grow our Fugitive Finder / Law Enforcement product line.”
Conference Call Information
Intellicheck Mobilisa will hold an earnings conference call today at 1:00 pm ET/10:00 am PT to discuss operating results. The company also intends to discuss the results of its Special Meeting of Stockholders, which is scheduled for 12:00 pm ET/9:00 am PT today.
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 13585715.
The conference call will also be simultaneously webcast, and can be accessed at: http://www.investorcalendar.com/IC/CEPage.asp?ID=172935.
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 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.
INTELLICHECK MOBILISA, INC.
|June 30,||December 31,|
|Cash and cash equivalents||$3,765,777||$ 224,386|
|Accounts receivable, net of allowance of $0|
|as of both June 30, 2014, and December 31, 2013||671,806||1,041,519|
|Other current assets||105,355||107,519|
|Total current assets||4,632,539||1,428,101|
|PROPERTY AND EQUIPMENT, net||339,564||369,095|
|INTANGIBLE ASSETS, net||3,473,260||3,724,354|
|Total assets||20,826,030||$ 17,902,217|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accounts payable||$138,758||$ 478,588|
|Deferred revenue, current portion||1,067,362||967,912|
|Total current liabilities||1,826,428||2,148,428|
|Deferred revenue, long-term portion||262,122||233,732|
|Common stock - $.001 par value; 40,000,000 shares authorized;|
|39,461,467 and 27,897,467 shares issued and outstanding, respectively||39,461||27,897|
|Additional paid-in capital||106,224,312||100,983,971|
|Total stockholders’ equity||18,597,458||15,356,304|
|Total liabilities and stockholders’ equity||$20,826,030||$ 17,902,217|
INTELLICHECK MOBILISA, INC.
Three Months Ended June 30,
Six Months Ended June 30,
|REVENUES||$1,197,041||$ 1,720,501||$2,289,090||$ 3,353,375|
|COST OF REVENUES||(447,812)||(760,057)||(810,458)||(1,498,382)|
|General and administrative||996,731||1,010,616||1,907,384||2,038,358|
|Research and development||443,831||611,612||874,354||1,119,346|
|Total operating expenses||1,850,678||1,879,020||3,489,909||3,694,612|
|Loss from operations||(1,101,449)||(918,576)||(2,011,277)||(1,839,619)|
|OTHER INCOME (EXPENSE)|
|PER SHARE INFORMATION|
|Loss per common share -|
|Basic||$ (0.03)||$ (0.03)||$ (0.05)||$ (0.07)|
|Diluted||$ (0.03)||$ (0.03)||$ (0.05)||$ (0.07)|
|Weighted average common shares used|
|in computing per share amounts -|
INTELLICHECK MOBILISA, INC.
|BALANCE, January 1, 2014||27,897,467||$ 27,897||$ 100,983,971||$ (85,655,564)||$ 15,356,304|
|Stock option compensation||-||-||4,581||-||4,581|
|Issuance of common stock||11,564,000||11,564||5,235,760||-||5,247,324|
|BALANCE, June 30, 2014||39,461,467||39,461||106,224,312||(87,666,315)||18,597,458|
INTELLICHECK MOBILISA, INC.
Six Months Ended June 30,
|CASH FLOWS FROM OPERATING ACTIVITIES:|
|Net Loss||$ (2,010,751)||$ (1,839,604)|
|Adjustments to reconcile net loss to net cash used in|
|Depreciation and amortization||343,794||536,459|
|Noncash stock-based compensation expense||4,581||22,659|
|Changes in assets and liabilities:|
|Decrease (Increase) in accounts receivable||369,713||(507,232)|
|Decrease (Increase) in inventory||(34,924)||227,665|
|(Decrease) Increase in other current assets||2,165||15,302|
|Decrease (Increase) in accounts payable, accrued expenses||(421,451)||680,194|
|Decrease (Increase )in deferred revenue||127,840||(247,292)|
|(Decrease) Increase in deferred rent||(23,731)||(9,214)|
|Net cash (used in) operating activities||(1,642,763)||(1,121,063)|
|CASH FLOWS FROM INVESTING ACTIVITIES:|
|Purchases of property and equipment||(63,170)||(40,067)|
|Net cash used in investing activities||(63,170)||(40,067)|
|CASH FLOWS FROM FINANCING ACTIVITIES:|
|Net proceeds from issuance of common stock from exercise of stock options||5,247,324||70,472|
|Net cash provided by financing activities||5,247.324||70,472|
|Net Increase in cash and cash equivalents||3,541,391||(1,090,658)|
|CASH AND CASH EQUIVALENTS, beginning of period||224,386||1,685,879|
|CASH AND CASH EQUIVALENTS, end of period||$3,765,777||$ 595,221|
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.
Aug. 3, 2015 06:45 PM EDT Reads: 530
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Aug. 3, 2015 05:45 PM EDT
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Aug. 3, 2015 04:30 PM EDT Reads: 209
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Aug. 3, 2015 04:00 PM EDT Reads: 274
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Aug. 3, 2015 03:45 PM EDT
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Aug. 3, 2015 03:30 PM EDT Reads: 236
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
Aug. 3, 2015 03:30 PM EDT
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, 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. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Aug. 3, 2015 03:15 PM EDT
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Aug. 3, 2015 03:00 PM EDT Reads: 559
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Aug. 3, 2015 12:30 PM EDT Reads: 207
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 mobi...
Aug. 3, 2015 09:45 AM EDT Reads: 365
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Aug. 3, 2015 07:30 AM EDT Reads: 190
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Aug. 2, 2015 10:00 PM EDT Reads: 685
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Aug. 2, 2015 06:00 PM EDT Reads: 1,138
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Aug. 2, 2015 04:00 PM EDT Reads: 434