SANTA ANA, Calif. and ISMANING, Germany, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Identive (Nasdaq:INVE) (Frankfurt:INV) reported its financial results for the third quarter (Q3) ended September 30, 2013.
Highlights of the quarter included:
- New management team begins simplification and focus of business
- 14% revenue growth year over year
- Achievement of $0.6 million adjusted EBITDA
- Gross proceeds from private placement of $7.1 million
- Strong demand for our cloud-based SaaS and NFC consumer products.
- Goodwill impairment related to non-strategic assets and U.S. Federal Government physical access business
Jason Hart, the newly appointed chief executive officer of Identive, said, "In the last two months we have been focused on simplifying Identive Group's business at all levels. Philosophically and practically we are converting from a group of individual businesses into a single, unified company focused on our high growth product lines. These changes are not complete but are resulting in operational costs savings and lower compliance costs, and are expected to improve our revenue with focused investment in a single global product and sales organization. Our improved performance in Q3 is a positive backdrop to our transition and we are encouraged by the strong demand for our consumer and cloud security products."During the third quarter we received new orders for our cloud-based services, including a three-year contract to issue and manage trusted credentials for an international government's healthcare program and the expansion of activities with a U.S. based Fortune 100 company. Our trusted NFC consumer products enjoyed increasing demand with the popularity of NFC enabled toys for video games. We expect that this trend will continue into Q4 and throughout 2014. Our overall sales backlog has continued to increase and we entered Q4 with committed orders and accounts receivables that represent nearly 40% of our annual revenues, which speaks to the fundamental strength of our sales offerings and pipeline for our trusted solutions."