Click here to close now.


News Feed Item

Intellicheck Mobilisa Reports Second Quarter 2014 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 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

Management Initiatives

  • 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

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:

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

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.



June 30, December 31,
2014 2013
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
Inventory 89,601 54,677
Other current assets 105,355 107,519
Total current assets 4,632,539 1,428,101
PROPERTY AND EQUIPMENT, net 339,564 369,095
GOODWILL 12,308,661 12,308,661
INTANGIBLE ASSETS, net 3,473,260 3,724,354
OTHER ASSETS 72,006 72,006
Total assets 20,826,030 $ 17,902,217
Accounts payable $138,758 $ 478,588
Accrued expenses 620,308 701,928
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
Deferred rent 140,022 163,753
Total liabilities 2,228,572 2,545,913
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
Accumulated deficit (87,666,315) (85,655,564)
Total stockholders’ equity 18,597,458 15,356,304
Total liabilities and stockholders’ equity $20,826,030 $ 17,902,217



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)
Gross profit 749,229 960,444 1,478,632 1,854,993
Selling 410,116 256,792 708,171 536,908
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)
Interest income 432 - 655 15
Interest expense 0 - (79) 15
Other expense (50) - (50) -
Loss $(1,101,067) $ (918,576) $(2,010,751) $(1,839,604)
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 -
Basic 39,202,643 27,795,594 37,338,036 27,759,931
Diluted 39,202,643 27,795,594 37,338,036 27,759,931

For the six months ended June 30, 2014


Common Stock

Paid-in Accumulated    







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
Net loss - - - (2,010,751) (2,010,751)
BALANCE, June 30, 2014 39,461,467 39,461 106,224,312 (87,666,315) 18,597,458



Six Months Ended June 30,




Net Loss $ (2,010,751) $ (1,839,604)
Adjustments to reconcile net loss to net cash used in
operating activities:
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)
Purchases of property and equipment (63,170) (40,067)
Net cash used in investing activities (63,170) (40,067)
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

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.

Latest Stories
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & 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 recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo 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.
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 ...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, 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. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn 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).