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Intellicheck Mobilisa Announces 2011 Third Quarter Financial Results

Stocks in this article: IDN

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

Conference Call Information

IDN will host a conference call for members of the investment community today at 1:30 p.m. Eastern/10:30 a.m. Pacific Time, immediately following its Annual Shareholders Meeting. Today’s conference call will also refer to a slide presentation that can be accessed by visiting the Investor Relations section of the Company’s website at www.icmobil.com and clicking on “ Presentations”. Interested parties dial (877) 407-8037 approximately ten minutes before the scheduled beginning. 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 forty-eight hours after the call. The rebroadcast can be accessed by dialing 877-660-6853 and 201-612-7415 for international callers. The account access code is 327 and replay ID is 381702. After the forty-eight hour window, please visit the investor relations portion of the company website at www.icmobil.com for rebroadcast.

About Intellicheck Mobilisa

Intellicheck Mobilisa is a leading technology company, developing and marketing wireless technology and identity systems for various applications including: mobile and handheld wireless devices for the government, military and commercial markets. Products include the Defense ID system, an advanced ID card access control product currently protecting over 80 military and federal locations, and ID-Check, patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issue IDs from U.S. and Canadian jurisdictions, for the financial, hospitality and retail sectors.

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