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Intellicheck Mobilisa Announces 2013 Second Quarter Financial Results

Stock quotes in this article: IDN

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, 2013.

Revenues for the quarter ended June 30, 2013 were $1,721,000 compared to $3,441,000 in the second quarter 2012 and up 5% from $1,633,000 in the first quarter 2013. Adjusted EBITDA was $(647,000) for the second quarter of 2013 compared to $355,000 for the second quarter of 2012 and $(646,000) in the first quarter 2013. Net loss for the three months ended June 30, 2013 was ($919,000) or $(0.03) per diluted share compared to net income of $61,000 or $0.00 per diluted share for the three months ended June 30, 2012 and a net loss of $(921,000) or $(0.03) per diluted share in the first quarter 2013. The Company’s backlog, which presents non-cancelable sales orders for products not yet shipped and services to be performed, was up 46% to $1.14M at June 30, 2013, compared to $782,000 in Q1 2013. New Bookings for the quarter were up 133% to $2,165,000 compared to $928,000 in Q1 2013.

Q2 2013 and Recent Highlights:

• Intellicheck Mobilisa revises corporate business model to focus on innovation, new products and technology, and cloud-based SaaS (Software as a Service) solutions that provide customers better service and support, without the added hardware expense;

• Intellicheck Mobilisa launches barZapp™ ID-checking mobile app for smartphones;

• Intellicheck Mobilisa’s TWIC readers added to TSA’s approved product list;

• Intellicheck Mobilisa’s Fugitive Finder access control system receives Federal government FIPS-201 certification;

• Intellicheck Mobilisa subsidiary wins two enterprise wireless contracts

Nelson Ludlow, Ph.D., CEO of Intellicheck Mobilisa, stated, “I am pleased to report on the positive changes we are making as a company. We resolved to revise our corporate business model to focus on innovation, new products and technology, particularly SaaS solutions. We have already taken the initial steps in this process with the July 1 release of our barZapp ID-checking mobile app for smartphones. By the end of July, barZapp had shot into the Top 10 most popular paid business apps in Apple’s App Store. We are delighted that the product has taken off so quickly and garnered favorable press coverage. We anticipate that barZapp will represent a modest but steady source of recurring revenue for us—one that represents our new dedication to providing software as a service rather than relying primarily on equipment sales. As we increase our marketing efforts, we also look forward to signing restaurant chains onto this service.

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