Intellicheck Mobilisa Announces 2012 Third Quarter Financial Results Conference Call Scheduled for Thursday, November 8, at 1:00 p.m. ET/10:00 a.m. PT Business Wire PORT TOWNSEND, Wash. -- November 08, 2012 Intellicheck Mobilisa (NYSE MKT: IDN), a leader in ID verification and wireless technology, has released its financial results for the third quarter ended September 30, 2012. Revenues for the quarter ended September 30, 2012, decreased to $2.123 million compared to $3.595 million in the same period of the previous year. Net loss for the three months ended September 30, 2012 was ($381,000) or ($0.01) per diluted share compared to a net income of $306,000 or $0.01 per diluted share for the three months ended September 30, 2011. Adjusted EBITDA was ($102,000) for the third quarter of 2012 compared to $610,000 for the third quarter of 2011. A reconciliation of GAAP net income to adjusted EBITDA is provided below. The Company’s backlog, which represents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $300,000 at September 30, 2012, compared to $3.300 million at September 30, 2011. Steve Williams, CEO of Intellicheck Mobilisa, commented, “Our top line revenues are not where we want them to be and we are taking measures to correct. We are focusing our attention to increase sales, create a larger backlog, and up sell our existing high profile clients.” Conference Call Information IDN will host a conference call for members of the investment community at the time referenced at the beginning of this release. Interested parties should dial (877) 407-8037 approximately 10 minutes before the scheduled beginning. For callers outside the U.S., please dial (201) 689-8037. The slides may be viewed at: http://www.investorcalendar.com/IC/CEPage.asp?ID=169797 and will also be available on our website www.icmobil.com under Investor Relations. For those unable to participate in the live conference, a recording will be available for 48 hours after the call. The recording can be accessed by dialing (877) 660-6853 and (201) 612-7415 for international callers. The replay ID is 401050. After the 48-hour window, please visit the Investor Relations portion of our website at www.icmobil.com for rebroadcast. About Intellicheck Mobilisa Intellicheck Mobilisa (ICMOBIL) is a leading technology company that is engaged in developing and marketing wireless technology and identity systems for various applications, including mobile and handheld access control and security systems for the government, military and commercial markets. ICMOBIL’s products include the Fugitive Finder system, an advanced ID card access control product currently protecting approximately 100 military and federal locations; ID Check, a patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issued IDs from U.S. and Canadian jurisdictions, designed to improve the Customer Experience for the financial, hospitality and retail sectors; and Aegeus, a wireless security buoy system for the government, military and oil industry. For more news and information on ICMOBIL, please visitwww.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 starting with net income (loss) and adding back 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 compare its results on a more consistent basis to the results of other companies. In addition, adjusted EBITDA is one of the primary measures that 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, because it excludes interest income and expense, impairments of long-lived assets and goodwill, and 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 as a supplement to 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 (loss) is included in the enclosed schedule. INTELLICHECK MOBILISA, INC. CONSOLIDATED BALANCE SHEETS ASSETS September 30, December 31, 2012 2011 (Unaudited) CURRENT ASSETS: Cash and cash equivalents $ 2,737,506 $ 1,394,148 Accounts receivable, net of allowance of $4,884 and $4,884 as of 1,883,042 3,058,788 September 30, 2012 and December 31, 2011, respectively Inventory 117,867 11,894 Other current assets 116,369 108,770 Total current assets 4,854,784 4,573,600 PROPERTY AND EQUIPMENT, net 378,936 439,736 GOODWILL 12,308,661 12,308,661 INTANGIBLE ASSETS, net 4,858,384 5,551,149 OTHER ASSETS 72,006 72,006 Total assets $ 22,472,771 $ 22,945,152 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 317,739 $ 221,019 Accrued expenses 578,252 675,907 Deferred revenue, current portion 1,314,460 1,692,881 Total current liabilities 2,210,451 2,589,807 OTHER LIABILITIES Deferred revenue, long-term portion 445,362 405,190 Deferred rent 189,151 194,759 Total liabilities 2,844,964 3,189,756 STOCKHOLDERS’ EQUITY: Common stock - $.001 par value; 40,000,000 shares authorized; 27,724 27,462 27,724,267 and 27,462,504 shares issued and outstanding, respectively Additional paid-in capital 100,876,604 100,699,156 Accumulated deficit (81,276,521 ) (80,971,222 ) Total stockholders’ equity 19,627,807 19,755,396 Total liabilities and stockholders’ $ 22,472,771 $ 22,945,152 equity INTELLICHECK MOBILISA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2012 2011 2012 2011 REVENUES $ 2,123,403 $ 3,595,303 $ 8,274,841 $ 9,616,300 COST OF (556,265 ) (1,275,292 ) (2,519,753 ) (3,412,306 ) REVENUES Gross profit 1,567,138 2,320,011 5,755,088 6,203,994 OPERATING EXPENSES Selling 370,208 478,095 1,231,566 1,466,178 General and 1,051,901 940,108 3,080,224 3,049,606 administrative Research and 526,325 592,185 1,748,597 1,956,532 development Total operating 1,948,434 2,010,388 6,060,387 6,472,316 expenses Income (loss) from (381,296 ) 309,623 (305,299 ) (268,322 ) operations OTHER INCOME (EXPENSE) Interest - 9 - 37 income Interest - (3,667 ) - (8,667 ) expense Other expense - - - - - (3,658 ) - (8,630 ) Net (loss) $ (381,296 ) $ 305,965 $ (305,299 ) $ (276,952 ) income PER SHARE INFORMATION Net (loss) income per common share - Basic $ (0.01 ) $ 0.01 $ (0.01 ) $ (0.01 ) Diluted $ (0.01 ) $ 0.01 $ (0.01 ) $ (0.01 ) Weighted average common shares used in computing per share amounts - Basic 27,523,587 27,409,630 27,482,865 27,175,909 Diluted 27,523,587 27,703,484 27,482,865 27,175,909 INTELLICHECK MOBILISA, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY For the nine months ended September 30, 2012 (Unaudited) Additional Common Stock Paid-in Accumulated Shares Amount Capital Deficit Total BALANCE, January 1, 27,462,504 $ 27,462 $ 100,699,156 $ (80,971,222 ) $ 19,755,396 2012 Stock-based compensation - - 47,262 - 47,262 expense Exercise of stock 261,763 262 130,186 - 130,448 options Net loss - - - (305,299 ) (305,299 ) BALANCE, September 27,724,267 $ 27,724 $ 100,876,604 $ (81,276,521 ) $ 19,627,807 30, 2012 INTELLICHECK MOBILISA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended September 30, 2012 2011 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (305,299 ) $ (276,952 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 824,589 847,654 Provision for doubtful accounts - 3,233 Noncash stock-based compensation expense 47,262 11,997 Amortization of debt discount - 6,667 Changes in assets and liabilities: (Increase) decrease in accounts 1,175,746 (473,841 ) receivable (Increase) decrease in inventory (105,973 ) (30,045 ) (Increase) decrease in other current (7,599 ) 12,598 assets (Increase) decrease in other assets - 1,045 (Decrease) increase in accounts payable (935 ) 439,745 and accrued expenses (Decrease) increase in deferred revenue (338,249 ) (567,599 ) (Decrease) increase in deferred rent (5,608 ) 70,148 Net cash provided by operating 1,283,934 44,650 activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (71,024 ) (45,630 ) Net cash used in investing activities (71,024 ) (45,630 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of notes payable - (200,000 ) Net proceeds from issuance of common 130,448 226,755 stock from exercise of stock options Net cash provided by financing 130,448 26,755 activities Increase in cash and cash equivalents 1,343,358 25,775 CASH AND CASH EQUIVALENTS, beginning of 1,394,148 1,488,904 period CASH AND CASH EQUIVALENTS, end of period $ 2,737,506 $ 1,514,679 SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the period for: Income taxes $ 6,000 $ - Interest $ - $ 2,000 INTELLICHECK MOBILISA, INC. A reconciliation of GAAP net (loss) income to Adjusted EBITDA follows: (Unaudited) Three Months Ended Nine months ended September 30, September 30, 2012 2011 2012 2011 Net (loss) $ (381,296 ) $ 305,965 $ (305,299 ) $ (276,952 ) income Reconciling items: Interest - - 3,658 - 8,630 net (Benefit) provision - - - - for income taxes Depreciation and 273,125 280,948 824,589 847,654 amortization Stock-based compensation 5,986 19,582 47,262 11,997 costs Adjusted $ (102,185 ) $ 610,153 $ 566,552 $ 591,329 EBITDA Contact: Dian Griesel Inc. Investor Relations: Dillon Heins, 212-825-3210 or Media Relations: Enrique Briz, 212-825-3210
Intellicheck Mobilisa Announces 2012 Third Quarter Financial Results
Press spacebar to pause and continue. Press esc to stop.