Year over year first quarter revenues
increased 20%
SaaS revenues increased 45%
Intellicheck, Inc. (NYSE American: IDN), a trusted industry
leader in technology solutions that stop identity theft and fraud
with real-time identity authentication and age verification, today
announced its financial results for the first quarter ended March
31, 2019.
Revenue for the first quarter ended March 31, 2019 grew 20% to
$1,278,994 versus $1,062,062 in the prior year comparable period.
SaaS revenue in the first quarter grew 45% and totaled $861,000
versus $595,000 in the prior year comparable period. Gross profit
as a percentage of revenues was 85.0% for the three months ended
March 31, 2019 versus 90.5% in the prior year comparable
period.
Intellicheck CEO Bryan Lewis said, “We continue to make progress
towards the goals we have set for the company. We have realized
what I believe are solid growth numbers for the quarter as we
continue to move on several fronts to strengthen and grow our
position. The changes we have put in place in how we sell and
implement our solutions are generating success including our
expansion of the implementation team to make sure we have the right
number of people with the right skill set in place to be able to
capitalize on the opportunities presented to us. This quarter we
also began the wide-spread deployment of four retailers totaling
2,900 stores ranging in size from just under 300 stores to just
over 1,500. Later this month, we will begin the deployment of
another large retailer with 1,300 stores. All signs point to what
we believe will be ongoing growth in the adoption of our key
technology solutions.”
Looking at new market opportunities, Lewis commented, “In
addition to the growing adoption we are seeing with financial
institutions and retailers, we believe that new markets are opening
up to us as well. As hospital groups grapple with the mounting
problem of insurance fraud, we have begun to see traction in that
market vertical as we began bringing on some of these hospital
groups for authentication. The leap in incidents of fraud has also
given us new traction with auto dealerships. We now have six dealer
groups that have contracted for Retail ID and have signed an
agreement with one of the providers of dealer management software
to incorporate Retail ID in their suite of products. We believe
this serves as an important indicator of all the markets where
authentication is needed and we are very much looking forward to
the rest of 2019.”
The net loss for the three months ended March 31, 2019 was
($1,212,991) or ($0.08) per diluted share versus ($1,067,957) or
($0.07) per diluted share in the comparable prior year period.
Adjusted EBITDA (earnings before interest, taxes, depreciation,
amortization, stock-based compensation expense and certain
non-recurring charges) improved to a loss of ($787,161) for the
first quarter of 2019 versus a loss of ($961,969) in the prior year
comparable period. A reconciliation of adjusted EBITDA to net loss
is provided elsewhere in this release.
Cash at March 31, 2019 totaled $3.8 million and stockholders’
equity totaled $12.1 million at the end of the period.
The financial results reported today do not take into account
any adjustments that may be required in connection with the
completion of the Company’s review process and should be considered
preliminary until Intellicheck files its Form 10-Q for the first
quarter ended March 31, 2019.
Conference Call Information:
The Company will hold an earnings conference call today, May 1,
at 4:30 p.m. ET/1:30 p.m. PT to discuss operating results. To
listen to the earnings conference call, please dial 877-407-8037.
For callers outside the U.S., please dial 201-689-8037.
A replay of the conference call will be available shortly after
completion of the live event. To listen to the replay, please dial
877-660-6853 and use conference identification number 13690277. For
callers outside the U.S., please dial 201-612-7415 and use
conference identification number 13690277. The replay will be
available beginning approximately two hours after the completion of
the live event and will remain available until May 15, 2019.
INTELLICHECK, INC.
BALANCE SHEETS ASSETS March 31, December 31,
2019 2018 (Unaudited) CURRENT ASSETS: Cash $ 3,840,600 $ 4,376,017
Accounts receivable, net of allowance of
$24,675 at March 31, 2019 and December 31, 2018
796,834 1,019,434 Inventory 83,456 82,337 Other current assets
323,740 271,415 Total current assets 5,044,630
5,749,203 NOTE RECEIVABLE, net of current portion 18,222
29,017 PROPERTY AND EQUIPMENT, net 245,266 264,583 GOODWILL
8,101,661 8,101,661 INTANGIBLE ASSETS, net 267,323 306,575
OPERATING LEASE RIGHT-OF-USE ASSET 238,094 - OTHER ASSETS
7,778 9,742 Total assets $ 13,922,974 $ 14,460,781
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:
Accounts payable $ 75,407 $ 73,334 Accrued expenses 736,734 726,918
Operating lease liability, current portion 118,414 - Deferred
revenue, current portion 757,448 704,536 Total
current liabilities 1,688,003 1,504,788 OTHER LIABILITIES:
Deferred revenue, long-term portion 30,445 29,486 Operating lease
liability, long-term portion 128,073 - Other long-term liabilities
- 6,802 Total liabilities 1,846,521 1,541,076
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY:
Common stock - $.001 par value; 40,000,000
shares authorized; 15,638,765 shares issued and outstanding at
March 31, 2019 and December 31, 2018
15,639 15,639 Additional paid-in capital 127,660,206 127,290,467
Accumulated deficit (115,599,392) (114,386,401) Total
stockholders' equity 12,076,453 12,919,705
Total liabilities and stockholders' equity $ 13,922,974 $
14,460,781
INTELLICHECK, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
2019
2018
REVENUES $ 1,278,994 $ 1,062,062 COST OF REVENUES
(192,297) (100,469) Gross profit 1,086,697 961,593
OPERATING EXPENSES Selling, general and administrative 1,493,710
1,415,384 Research and development 811,997 628,036
Total operating expenses 2,305,707 2,043,420
Loss from operations (1,219,010) (1,081,827) OTHER INCOME
Interest and other income 6,019 13,870 Net
loss $ (1,212,991) $ (1,067,957) PER SHARE INFORMATION Loss
per common share - Basic/Diluted $ (0.08) $ (0.07)
Weighted average common shares used in
computing per share amounts -
Basic/Diluted 15,638,765 15,271,213
INTELLICHECK, INC.
STATEMENT OF STOCKHOLDERS’
EQUITY
(Unaudited)
Three Months Ended March 31, 2019 Additional Total
Common
Stock
Paid-in Accumulated Stockholders’
Shares
Amount
Capital
Deficit
Equity
BALANCE, December 31, 2018 15,638,765 $ 15,639 $ 127,290,467
$ (114,386,401) $ 12,919,705 Stock-based compensation
expense - - 369,739 - 369,739 Net loss - - -
(1,212,991) (1,212,991) BALANCE, March 31, 2019
15,638,765 15,639 127,660,206 (115,599,392)
12,076,453 Three Months Ended March 31,
2018 Additional Total
Common
Stock
Paid-in Accumulated Stockholders’
Shares
Amount
Capital
Deficit
Equity
BALANCE, December 31, 2017 15,009,246 $ 15,009 $ 126,416,869
$ (110,422,825) $ 16,009,053 Stock-based compensation
expense - - 60,708 - 60,708 Exercise of stock options 593,838 594
686,927 - 687,521 Vesting of restricted stock 5,859 6 (6) - - Net
loss - - - (1,067,957) (1,067,957)
BALANCE, March 31, 2018 15,608,943 $ 15,609 $ 127,164,498 $
(111,490,782) $ 15,689,325
INTELLICHECK, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended
March 31,
2019
2018
CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (1,212,991)
$ (1,067,957)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 62,110 59,150 Noncash stock-based
compensation expense 369,739 60,708 Deferred rent - (13,505)
Changes in assets and liabilities: Decrease (increase) in accounts
receivable 222,600 (50,389) (Increase) decrease in inventory
(1,119) 3,357 (Increase) in other current assets (51,902) (21,421)
Decrease (increase) in other assets 1,964 (627) Increase in
accounts payable and accrued expenses 13,479 180,034 Increase in
deferred revenue 53,871 65,295 (Decrease) in other long-term
liabilities - (79,204) Net cash used in operating
activities (542,249) (864,559) CASH
FLOWS FROM INVESTING ACTIVITIES: Purchases of property and
equipment (3,540) (77,399) Collection of note receivable
10,372 9,968 Net cash provided by (used in) investing
activities 6,832 (67,431) CASH FLOWS FROM
FINANCING ACTIVITIES:
Net proceeds from issuance of common stock
from exercise of stock options
- 687,521 Net cash provided by financing activities
- 687,521 Net decrease in cash (535,417)
(244,469) CASH, beginning of period 4,376,017
8,010,161 CASH, end of period $ 3,840,600 $ 7,765,692
Adjusted EBITDA
We use Adjusted EBITDA as a non-GAAP financial performance
measurement. Adjusted EBITDA is calculated by adding back to net
loss, interest and other income, income taxes, impairments of
long-lived assets and goodwill, depreciation, amortization and
stock-based compensation expense. Adjusted EBITDA is provided to
investors to supplement the results of operations reported in
accordance with GAAP. Management believes that Adjusted EBITDA
provides an additional tool for investors to use in comparing our
financial results with other companies that also use Adjusted
EBITDA in their communications to investors. By excluding non-cash
charges such as impairments of long-lived assets and goodwill,
amortization, depreciation and stock-based compensation, as well as
non-operating charges for interest and income taxes, investors can
evaluate our operations and can compare the results on a more
consistent basis to the results of other companies. In addition,
Adjusted EBITDA is one of the primary measures management uses to
monitor and evaluate financial and operating results.
We consider Adjusted EBITDA to be an important indicator of our
operational strength and performance of our business and a useful
measure of our historical operating trends. However, there are
significant limitations to the use of Adjusted EBITDA since it
excludes interest and other income, impairments of long lived
assets and goodwill, stock-based compensation expense, all of which
impact our profitability, as well as depreciation and amortization
related to the use of long-term assets which benefit multiple
periods. We believe that these limitations are compensated by
providing Adjusted EBITDA only with GAAP net loss and clearly
identifying the difference between the two measures. Consequently,
Adjusted EBITDA should not be considered in isolation or as a
substitute for net loss presented in accordance with GAAP. Adjusted
EBITDA as defined by us may not be comparable with similarly named
measures provided by other entities.
A reconciliation of GAAP net loss to Non-GAAP Adjusted EBITDA
follows:
(Unaudited) Three Months Ended
March 31,
2019 2018 Net loss $ (1,212,991) $
(1,067,957) Reconciling items: Interest and other income (6,019)
(13,870) Depreciation and amortization 62,110 59,150 Stock-based
compensation expense 369,739 60,708 Adjusted EBITDA $
(787,161) $ (961,969)
About Intellicheck NYSE American: IDN
Intellicheck is a trusted industry leader in technology
solutions that stop identity theft and fraud with real-time
identity authentication and age verification. We make it possible
for our clients to increase revenues, improve customer service, and
increase operational efficiencies. Founded in 1994, Intellicheck
has grown to serve dozens of Fortune 500 companies including retail
and financial industry clients, police departments, national
defense clients and diverse state and federal government agencies.
For more information on Intellicheck, visit
http://www.intellicheck.com/ and follow Intellicheck on Twitter, on
Facebook, on LinkedIn and on YouTube.
Safe Harbor Statement
Statements in this news release about Intellicheck’s future
expectations, including: the advantages of our products, future
demand for Intellicheck’s existing and future products, whether
revenue and other financial metrics will improve in future periods,
whether Intellicheck will be able to execute its turn-around plan
or whether successful execution of the plan will result in
increased revenues, whether sales of our products will continue at
historic levels or increase, whether brand value and market
awareness will grow, whether the Company can leverage existing
partnerships or enter into new ones, and all other statements in
this release, other than historical facts, are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 (PSLRA). These statements, which express
management’s current views concerning future events, trends,
contingencies or results, appear at various places in this website
and use words like “anticipate,” “assume,” “believe,” “continue,”
“estimate,” “expect,” “forecast,” “future,” “intend,” “plan,”
“potential,” “predict,” “project,” “strategy,” “target” and similar
terms, and future or conditional tense verbs like “could,” “may,”
“might,” “should,” “will” and “would” are forward-looking
statements within the meaning of the PSLRA. This statement is
included for the express purpose of availing Intellicheck, Inc. of
the protections of the safe harbor provisions of the PSLRA. It is
important to note that actual results and ultimate corporate
actions could differ materially from those in such forward-looking
statements based on such factors as: market acceptance of
Intellicheck’s products and the presently anticipated growth in the
commercial adoption of the Company’s products and services; our
ability to successfully transition pilot programs into formal
commercial scale programs; changing levels of demand for
Intellicheck’s current and future products; Intellicheck’s ability
to reduce or maintain expenses while increasing sales; our ability
to successfully expand the sales of our products and services into
new areas including health care and auto dealerships; customer
results achieved using our products in both the short and long
term; success of future research and development activities;
Intellicheck’s ability to successfully market and sell its
products, any delays or difficulties in the Company’s supply chain
coupled with the typically long sales and implementation cycle for
its products; Intellicheck’s ability to enforce its intellectual
property rights; changes in laws and regulations applicable to the
Company’s products; the Company’s continued ability to access
government-provided data; the risks inherent in doing business with
the government including audits and contract cancellations;
liability resulting from any security breaches or product failure,
together with other risks detailed from time to time in
Intellicheck’s reports filed with the SEC. We do not assume any
obligation to update the forward-looking information.
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version on businesswire.com: https://www.businesswire.com/news/home/20190501005671/en/
Investor Relations: Gar Jackson (949) 873-2789
Media and Public Relations: Sharon Schultz (302) 539-3747
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