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:
Corporate Highlights for the Quarter and Subsequent Months
Product and Technology Initiatives
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
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.CONSOLIDATED BALANCE
INTELLICHECK MOBILISA, INC.CONSOLIDATED STATEMENTS
Three Months Ended June 30,
Six Months Ended June 30,
INTELLICHECK MOBILISA, INC.CONSOLIDATED STATEMENT
OF STOCKHOLDERS' EQUITYFor the six months ended June 30,
INTELLICHECK MOBILISA, INC.CONSOLIDATED STATEMENTS
OF CASH FLOWS(Unaudited)
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