Intellicheck Mobilisa, a developer and provider of handheld access control and identity verification devices, recently released its 2012 financial results. For the year ended December 31, 2012, revenues were US$8,803,000, compared to revenues of $12,484,000 reported for 2011. Adjusted EBITDA for 2012 was negative S$1,114,000, compared to $875,000 in 2011. Net loss was $2,260,000 or $0.08 per diluted share for 2012, compared to a net loss of $291,000 or $0.01 per diluted share in 2011. The financial results for 2012 and fourth-quarter performance were as anticipated, but the company is expecting better revenues in the first quarter of 2013, due to policies focusing on innovation, new product development, better customer services, completing partnership agreements and increasing emphasis on closing sales, stated Nelson Ludlow, CEO and President. However, he pointed out the financial performances in the first quarter of 2013 will be weaker than the same period in 2012.
Intellicheck Mobilisa, a developer and provider of handheld access control and identity verification devices, recently released its 2012 financial results. For the year ended December 31, 2012, revenues were US$8,803,000, compared to revenues of $12,484,000 reported for 2011. Adjusted EBITDA for 2012 was negative S$1,114,000, compared to $875,000 in 2011. Net loss was $2,260,000 or $0.08 per diluted share for 2012, compared to a net loss of $291,000 or $0.01 per diluted share in 2011. The financial results for 2012 and fourth-quarter performance were as anticipated, but the company is expecting better revenues in the first quarter of 2013, due to policies focusing on innovation, new product development, better customer services, completing partnership agreements and increasing emphasis on closing sales, stated Nelson Ludlow, CEO and President. However, he pointed out the financial performances in the first quarter of 2013 will be weaker than the same period in 2012.
Revenues for the fourth quarter of 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 negative $671,000 relating to the uncertainty of the collection of certain accounts receivable regarding a contract with the US Navy, which the company learned about during the fourth quarter of 2012. Intellicheck 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 negative $1,681,000 for the fourth quarter of 2012 compared to $284,000 for the fourth quarter of 2011. Net loss for the quarter was $1,955,000 or $0.07 per diluted share, compared to a net loss of $14,000 for the same quarter in 2011. The company's backlog, which presents noncancelable sales orders for products not yet shipped and services to be performed, was approximately $1.2 million on December 31, 2012, compared to $2.8 million in the same period in 2011.