Intellicheck Mobilisa, Inc. (NYSE MKT: IDN), a global leader in identity solutions and wireless security systems, has released its financial results for the fourth quarter and year ended December 31, 2012.
Revenues for the quarter ended December 31, 2012 were $528,000 compared to $2,868,000 in the same period of the previous year. Included in the revenue for the current quarter is an adjustment of ($671,000) relating to the uncertainty of the collection of certain accounts receivable regarding a contract with the U.S. Navy, which the company learned about during the fourth quarter of 2012. The Company believes this is a valid receivable, and is pursuing its collection. Although this revenue had been recognized in prior periods, the Company believes this is the proper accounting treatment, given that new information was received during the fourth quarter.
Adjusted EBITDA was ($1,681,000) for the fourth quarter of 2012 compared to $284,000 for the fourth quarter of 2011. Net loss for the three months ended December 31, 2012 was ($1,955,000) or ($0.07) per diluted share compared to a net loss of ($14,000) or ($0.00) per diluted share for the three months ended December 31, 2011. The Company’s backlog, which presents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $1.2 million at December 31, 2012, compared to $2.8 million at December 31, 2011.
For the year ended December 31, 2012, revenues were $8,803,000 compared to revenues of $12,484,000 reported in the same period of the prior year. Included in the 2012 revenue is the aforementioned adjustment of ($671,000) relating to the uncertainty of an accounts receivable. Adjusted EBITDA for 2012 was ($1,114,000) compared to $875,000 in 2011. Net loss was ($2,260,000) or ($0.08) per diluted share for the year ended December 31, 2012, compared to a net loss of ($291,000) or ($0.01) per diluted share for the year ended December 31, 2011.
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