Intellicheck Mobilisa (NYSE Amex: IDN), a global leader in access control and wireless systems, has released its financial results for the fiscal third quarter (Q3) ended September 30, 2011.
Revenues for the third quarter were $3,595,303, a 1% increase compared to Q3 2010. Adjusted EBITDA was $610,153 for Q3 2011 compared to $(73,727) for Q3 2010. Net income for the three months ended September 30, 2011 was $305,965 or $0.01 per diluted share compared to a net loss of $(509,449) or $(0.02) per diluted share for the three months ended September 30, 2010.
For the nine months ended September 30, 2011, revenues increased 4% to $9,616,300 compared to revenues of $9,244,984 reported in the same period of the prior year. Adjusted EBITDA for the first nine months of 2011 was $591,329 compared to $(685,139) in the first nine months of 2010. Net loss decreased to $(276,952) or $(0.01) per diluted share for the nine months ended September 30, 2011, compared to a net loss of $(1,931,379) or $(0.07) for the nine months ended September 30, 2010.
“This quarter demonstrates our continued momentum and growth in our Identity Systems group,” commented Steve Williams, CEO of Intellicheck Mobilisa. “It is also important to note that despite the government’s three-month delay in awarding our contract for the wireless buoy program, the Company was still able to deliver strong revenue numbers for the quarter. Our overall revenues increased 1% in Q3, while our Identity Systems sales increased 25%.”Q3 2011 and Recent Highlights:
- Government Identity Group closed Q3 with multiple signed contracts with $2 million in aggregate revenue
- US Navy awarded $3 million contract to expand the wireless security “Aegeus” buoy program
- Company’s TWIC reader selected for use in several New York-area port facilities
- Accor Hotels, operator of over 4,200 hotels globally, selects ScanINN check-in and ID verification software