Intellicheck Proclaims File Third Quarter Fiscal 2019 SaaS Income; SaaS Income Up 140% and Third Quarter Income Up 86% 12 months Over 12 months

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MELVILLE, N.Y.–(BUSINESS WIRE)–Intellicheck, Inc. (NYSE American: IDN), a trusted business chief in id authentication and verification options, at the moment introduced its monetary outcomes and report SaaS revenues for the third quarter ended September 30, 2019.

Income for the third quarter ended grew 86% to $1,930,000 versus $1,zero40,000 within the prior 12 months comparable interval. SaaS income within the third quarter grew 140% and totaled $1,564,000 versus $651,000 within the prior 12 months comparable interval and grew 40% sequentially over Q2. Gross revenue as a share of revenues was 86.6% for the three months ended September 30, 2019 versus 89.1% within the prior 12 months comparable interval.

“These are spectacular SaaS progress numbers, which we consider replicate the progress we now have achieved because of the modifications we now have put in place over the previous 12 months. The success of refocusing of our gross sales efforts may be seen in our rising portfolio of shoppers that I’m excited to say consists of the addition of one other important monetary establishment. We consider that our technique to promote by way of the banks and credit score issuers, who bear a big portion of the price and the ache of Id theft, is paying off,” mentioned CEO Bryan Lewis.

“I’ve been saying that I consider the market is coming our means and the proof is bearing that out each by way of shoppers and prospects. With knowledge breaches and the ensuing incidents of id theft and fraud surging at an unprecedented fee, I consider that we’re simply getting began,” concluded Lewis.

The web loss for the three months ended September 30, 2019 was ($568,000) or ($zero.04) per diluted share an enchancment versus ($1,131,000) or ($zero.07) per diluted share within the comparable prior 12 months interval. Adjusted EBITDA (earnings earlier than curiosity, taxes, depreciation, amortization, stock-based compensation expense and sure non-recurring expenses) improved by $591,000 to a lack of ($457,000) for the third quarter of 2019 versus a lack of ($1,048,000) within the prior 12 months comparable interval. A reconciliation of adjusted EBITDA to internet loss is supplied elsewhere on this launch.

Money at September 30, 2019 totaled $2,757,000 and stockholders’ fairness totaled $11,235,000 on the finish of the interval.

The monetary outcomes reported at the moment don’t have in mind any changes which may be required in reference to the completion of the Firm’s evaluation course of and must be thought of preliminary till Intellicheck recordsdata its Type 10-Q for the third quarter ended September 30, 2019.

Convention Name Info:

The Firm will maintain an earnings convention name on November 7th at four:30 p.m. ET/1:30 p.m. PT to debate working outcomes. To take heed to the earnings convention name, please dial 877-407-8037. For callers outdoors the U.S., please dial 201-689-8037.

A replay of the convention name can be accessible shortly after completion of the dwell occasion. To take heed to the replay, please dial 877-660-6853 and use convention identification quantity 13695910. For callers outdoors the U.S., please dial 201-612-7415 and use convention identification quantity 13695910. The replay can be accessible starting roughly two hours after the completion of the dwell occasion and can stay accessible till November 21, 2019.

 

INTELLICHECK, INC.

 

BALANCE SHEETS

 

ASSETS

 

September 30,

 

 

December 31,

2019

 

 

2018

(Unaudited)

 

 

 

CURRENT ASSETS:

Money

$

2,757,327

$

four,376,zero17

Accounts receivable, internet of allowance of $47,980 and $24,675 at September 30, 2019 and December 31, 2018, respectively

1,420,467

1,zero19,434

Stock

73,989

82,337

Different present property

458,754

271,415

Complete present property

four,710,537

5,749,203

 

NOTE RECEIVABLE, internet of present portion

29,zero17

PROPERTY AND EQUIPMENT, internet

216,675

264,583

GOODWILL

eight,101,661

eight,101,661

INTANGIBLE ASSETS, internet

194,988

306,575

OPERATING LEASE RIGHT-OF-USE ASSET

 

 

180,844

 

 

OTHER ASSETS

7,778

9,742

Complete property

$

13,412,483

$

14,460,781

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

CURRENT LIABILITIES:

Accounts payable

$

151,710

$

73,334

Accrued bills

1,138,708

726,918

Working lease legal responsibility, present portion

 

 

123,341

 

 

Deferred income, present portion

681,977

704,536

Complete present liabilities

2,095,736

1,504,788

 

OTHER LIABILITIES:

 

Deferred income, long-term portion

17,177

29,486

Working lease legal responsibility, long-term portion

 

 

64,835

 

 

Different long-term liabilities

6,802

Complete liabilities

2,177,748

1,541,076

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

Frequent inventory – $.001 par worth; 40,000,000 shares licensed; 15,881,142 and 15,638,765 shares issued and excellent at September 30, 2019 and December 31, 2018, respectively

 

 

15,881

 

 

15,639

Extra paid-in capital

128,260,153

127,290,467

Collected deficit

(117,041,299)

(114,386,401)

Complete stockholders’ fairness

11,234,735

12,919,705

 

 

Complete liabilities and stockholders’ fairness

$

13,412,483

$

14,460,781

 

INTELLICHECK, INC.

 

STATEMENTS OF OPERATIONS

(Unaudited)

 

Three months ended September 30,

 

9 months ended September 30,

2019

 

2018

 

 

2019

 

2018

 

 

 

 

 

 

REVENUES

$

1,930,201

$

1,039,581

$

four,767,186

$

three,103,061

COST OF REVENUES

 

(259,053)

 

(112,452)

(670,338)

(295,314)

Gross revenue

 

1,671,148

 

927,129

four,096,848

2,807,747

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

Promoting, normal and administrative

 

1,267,425

 

1,342,929

four,140,503

four,065,837

Analysis and improvement

 

984,247

 

738,584

2,675,621

2,121,717

Complete working bills

 

2,251,672

 

2,081,513

6,816,124

6,187,554

 

 

 

 

 

 

 

Loss from operations

 

(580,524)

 

(1,154,384)

(2,719,276)

(three,379,807)

 

 

 

 

 

 

 

OTHER INCOME

 

 

 

 

 

 

Curiosity and different earnings

 

12,294

 

23,165

64,378

80,256

 

 

 

 

 

 

 

Web loss

$

(568,230)

$

(1,131,219)

$

(2,654,898)

$

(three,299,551)

 

 

 

 

 

 

 

PER SHARE INFORMATION

 

 

 

 

 

 

Loss per widespread share –

 

 

 

 

 

 

Fundamental/Diluted

$

(zero.04)

$

(zero.07)

$

(zero.17)

$

(zero.21)

 

 

 

 

 

 

 

Weighted common widespread shares utilized in computing per share quantities –

 

 

 

 

 

 

Fundamental/Diluted

 

15,864,004

 

15,631,818

15,749,312

15,510,115

 

INTELLICHECK, INC.

 

STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

 

Three months ended September 30, 2019

 

 

 

 

 

 

 

 

 

Extra

 

 

 

 

 

 

Complete

 

 

Frequent Inventory

 

 

Paid-in

 

 

Collected

 

 

Stockholders’

 

 

Shares

 

 

Quantity

 

 

Capital

 

 

Deficit

 

 

Fairness

 

BALANCE, June 30, 2019

15,791,629

$

15,792

$

128,000,628

$

(116,473,069)

$

11,543,351

 

Inventory-based compensation expense

 

 

 

 

71,zero43

 

 

 

 

71,zero43

Train of warrants

 

85,714

 

 

86

 

 

188,485

 

 

 

 

188,571

Issuance of shares for restricted inventory grants

 

three,799

 

 

three

 

 

(three)

 

 

 

 

Web loss

 

 

 

 

 

 

(568,230)

 

 

(568,230)

BALANCE, September 30, 2019

15,881,142

 

$

15,881

 

$

128,260,153

 

$

(117,041,299)

 

$

11,234,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 2018

 

 

 

 

 

 

 

Extra

 

 

 

 

 

 

Complete

Frequent Inventory

 

 

Paid-in

 

 

Collected

 

 

Stockholders’

Shares

 

 

Quantity

 

 

Capital

 

 

Deficit

 

 

Fairness

 

BALANCE, June 30, 2018

15,625,239

$

15,625

$

127,228,475

$

(112,591,157)

$

14,652,943

 

Inventory-based compensation expense

43,459

43,459

Issuance of shares for restricted inventory grants

6,957

 

 

7

(7)

Web loss

(1,131,219)

 

(1,131,219)

BALANCE, September 30, 2018

15,632,196

 

$

15,632

 

$

127,271,927

$

(113,722,376)

$

13,565,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTELLICHECK, INC.

 

STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

 

 

 

9 months ended September 30, 2019

 

 

 

 

 

 

 

 

Extra

 

 

 

 

 

Complete

 

 

Frequent Inventory

 

 

Paid-in

 

 

Collected

 

 

Stockholders’

 

 

Shares

 

 

Quantity

 

 

Capital

 

 

Deficit

 

 

Fairness

 

BALANCE, January 1, 2019

15,638,765

$

15,639

$

127,290,467

$

(114,386,401)

$

12,919,705

 

Inventory-based compensation expense

 

 

 

 

513,824

 

 

 

 

513,824

Train of inventory choices, internet of cashless train of 21,864 shares

 

58,008

 

 

58

 

 

63,192

 

 

 

 

63,250

Train of warrants

 

178,570

 

 

179

 

 

392,675

 

 

 

 

392,854

Issuance of shares for restricted inventory grants

 

5,799

 

 

5

 

 

(5)

 

 

 

 

Web loss

 

 

 

 

 

 

(2,654,898)

 

 

(2,654,898)

BALANCE, September 30, 2019

15,881,142

 

$

15,881

 

$

128,260,153

 

$

(117,041,299)

 

$

11,234,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9 months ended September 30, 2018

 

 

 

 

 

 

Extra

 

 

 

 

 

Complete

Frequent Inventory

 

 

Paid-in

 

 

Collected

 

 

Stockholders’

Shares

 

 

Quantity

 

 

Capital

 

 

Deficit

 

 

Fairness

 

BALANCE, January 1, 2018

15,009,246

$

15,009

$

126,416,869

$

(110,422,825)

$

16,009,053

 

Inventory-based compensation expense

168,160

168,160

Train of inventory choices

 

593,838

 

 

594

 

 

686,927

 

 

 

 

687,521

Issuance of shares for restricted inventory grants

29,112

 

 

29

(29)

Web loss

(three,299,551)

 

(three,299,551)

BALANCE, September 30, 2018

15,632,196

 

$

15,632

 

$

127,271,927

$

(113,722,376)

$

13,565,183

 

INTELLICHECK, INC.

 

STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

9 months ended September 30,

 

 

2019

 

 

2018

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Web loss

 

$

(2,654,898)

 

$

(three,299,551)

Changes to reconcile internet loss to internet money utilized in working actions:

 

 

 

 

 

 

Depreciation and amortization

 

 

176,zero34

 

 

183,077

Inventory-based compensation expense

 

 

513,824

 

 

168,160

Provision for uncertain accounts

 

 

23,305

 

 

5,925

Deferred hire

 

 

 

 

(5,601)

Adjustments in property and liabilities:

 

 

 

 

 

 

(Enhance) lower in accounts receivable

 

 

(424,338)

 

 

11,999

Lower in stock

 

 

eight,348

 

 

1,493

(Enhance) in different present property

 

 

(189,754)

 

 

(186,901)

Lower in different property

 

 

1,964

 

 

57,439

Enhance in accounts payable and accrued bills

 

 

490,696

 

 

48,828

(Lower) in deferred income

 

 

(34,868)

 

 

(33,760)

(Lower) in different long-term liabilities

(158,407)

Web money utilized in working actions

(2,089,687)

(three,207,299)

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

Purchases of property and tools

 

 

(16,539)

 

 

(132,042)

Assortment of observe receivable

 

 

31,432

 

 

30,203

Web money supplied by (utilized in) investing actions

14,893

(101,839)

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

Web proceeds from issuance of widespread inventory from train of inventory choices

 

 

63,250

687,521

Web proceeds from issuance of widespread inventory from train of warrants

392,854

 

Web money supplied by financing actions

456,104

 

687,521

 

 

 

 

 

 

 

Web lower in money

(1,618,690)

(2,621,617)

 

 

 

 

 

CASH, starting of interval

 

four,376,zero17

 

eight,zero10,161

 

 

 

 

 

CASH, finish of interval

$

2,757,327

 

$

5,388,544

 

 

 

 

Adjusted EBITDA

We use Adjusted EBITDA as a non-GAAP monetary efficiency measurement. Adjusted EBITDA is calculated by including again to internet loss, curiosity and different earnings, earnings taxes, impairments of long-lived property and goodwill, depreciation, amortization and stock-based compensation expense. Adjusted EBITDA is supplied to buyers to complement the outcomes of operations reported in accordance with GAAP. Administration believes that Adjusted EBITDA supplies a further software for buyers to make use of in evaluating our monetary outcomes with different firms that additionally use Adjusted EBITDA of their communications to buyers. By excluding non-cash expenses resembling impairments of long-lived property and goodwill, amortization, depreciation and stock-based compensation, in addition to non-operating expenses for curiosity and earnings taxes, buyers can consider our operations and may examine the outcomes on a extra constant foundation to the outcomes of different firms. As well as, Adjusted EBITDA is without doubt one of the major measures administration makes use of to watch and consider monetary and working outcomes.

We contemplate Adjusted EBITDA to be an vital indicator of our operational power and efficiency of our enterprise and a helpful measure of our historic working traits. Nonetheless, there are important limitations to the usage of Adjusted EBITDA because it excludes curiosity and different earnings, impairments of lengthy lived property and goodwill, stock-based compensation expense, all of which impression our profitability, in addition to depreciation and amortization associated to the usage of long-term property which profit a number of durations. We consider that these limitations are compensated by offering Adjusted EBITDA solely with GAAP internet loss and clearly figuring out the distinction between the 2 measures. Consequently, Adjusted EBITDA shouldn’t be thought of in isolation or as an alternative to internet loss introduced in accordance with GAAP. Adjusted EBITDA as outlined by us is probably not comparable with equally named measures supplied by different entities.

A reconciliation of GAAP internet loss to Non-GAAP Adjusted EBITDA follows:

 

 

 

(Unaudited)

 

Three Months Ended

 

 

 

9 Months Ended

 

September 30,

 

 

 

September 30,

2019

 

 

2018

 

 

 

2019

 

 

2018

Web loss

$

(568,230)

$

(1,131,219)

 

$

(2,654,898)

 

$

(three,299,551)

Reconciling gadgets:

 

 

 

 

 

 

 

 

 

Curiosity and different earnings

 

(12,294)

 

(23,165)

 

 

(64,378)

 

 

(80,256)

Depreciation and amortization

 

52,542

 

 

62,459

 

 

176,zero34

 

 

183,077

Inventory-based compensation expense

71,zero43

 

43,459

513,824

 

 

168,160

Adjusted EBITDA

$

(456,939)

$

(1,048,466)

$

(2,zero29,418)

 

$

(three,028,570)

 

About Intellicheck NYSE American: IDN

Intellicheck is a trusted business chief in know-how options that cease id theft and fraud with real-time id authentication and age verification. We make it doable for our shoppers to extend revenues, enhance customer support, and improve operational efficiencies. Based in 1994, Intellicheck has grown to serve dozens of Fortune 500 firms together with retail and monetary business shoppers, police departments, nationwide protection shoppers and numerous state and federal authorities companies. For extra data on Intellicheck, go to http://www.intellicheck.com/ and comply with Intellicheck on Twitter, on Fb, on LinkedIn and on YouTube.

Secure Harbor Assertion

Statements on this information launch about Intellicheck’s future expectations, together with: the benefits of our merchandise, future demand for Intellicheck’s present and future merchandise, whether or not income and different monetary metrics will enhance in future durations, whether or not Intellicheck will be capable to execute its turn-around plan or whether or not profitable execution of the plan will end in elevated revenues, whether or not gross sales of our merchandise will proceed at historic ranges or improve, whether or not model worth and market consciousness will develop, whether or not the Firm can leverage present partnerships or enter into new ones, and all different statements on this launch, aside from historic information, are “forward-looking statements” inside the which means of the Non-public Securities Litigation Reform Act of 1995 (PSLRA). These statements, which specific administration’s present views regarding future occasions, traits, contingencies or outcomes, seem at varied locations on this web site and use phrases like “anticipate,” “assume,” “consider,” “proceed,” “estimate,” “count on,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “challenge,” “sense”, “technique,” “goal” and related phrases, and future or conditional tense verbs like “may,” “could,” “would possibly,” “ought to,” “will” and “would” are forward-looking statements inside the which means of the PSLRA. This assertion is included for the specific function of availing Intellicheck, Inc. of the protections of the protected harbor provisions of the PSLRA. It is very important observe that precise outcomes and supreme company actions may differ materially from these in such forward-looking statements based mostly on such components as: market acceptance of our merchandise and the presently anticipated progress within the industrial adoption of our services; our potential to efficiently transition pilot applications into formal industrial scale applications; continued adoption of our SaaS product choices; altering ranges of demand for our present and future merchandise; our potential to scale back or preserve bills whereas growing gross sales; our potential to efficiently broaden the gross sales of our services into new areas together with well being care and auto dealerships; buyer outcomes achieved utilizing our merchandise in each the quick and long run; success of future analysis and improvement actions; our potential to efficiently market and promote our merchandise, any delays or difficulties in our provide chain coupled with the sometimes lengthy gross sales and implementation cycle for our merchandise; our potential to implement our mental property rights; modifications in legal guidelines and laws relevant to the our merchandise; our continued potential to entry government-provided knowledge; the dangers inherent in doing enterprise with the federal government together with audits and contract cancellations; legal responsibility ensuing from any safety breaches or product failure, along with different dangers detailed infrequently in our experiences filed with the SEC. We don’t assume any obligation to replace the forward-looking data.


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