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Intellicheck Mobilisa Announces 2012 Third Quarter Financial Results



  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 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.

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
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