Intellicheck Announces First Quarter Financial Results
May. 14, 2018
MELVILLE, N.Y.--(BUSINESS WIRE)--May 14, 2018--Intellicheck, Inc. (NYSE American: IDN), an industry leader in identification authentication solutions, today announced its financial results for the first quarter ended March 31, 2018.
Revenue for the first quarter ended March 31, 2018 grew 49% to $1,062,062 versus $712,660 in the prior year comparable period. SaaS revenue in the first quarter grew 120% and totaled $595,000 versus $270,000 in the quarter ending March 31, 2017. Gross profit as a percentage of revenues improved to 90.5% for the three months ended March 31, 2018 versus 84.6% in the prior year comparable period.
Intellicheck CEO Bryan Lewis said, “While I am encouraged by our progress, I am committed to refocusing our efforts to realize greater revenue growth of our SaaS based products in our key markets. To that end, I have initiated a complete reorganization of the sales force, which includes bringing in new sales people to work within a revamped operational structure. These operational changes reflect my belief that significant adjustments needed to be made to support our sales goals and allow us to manage the business in real time on a daily basis.”
Lewis explained that the actions he has taken in the first ninety days of his tenure make his intentions clear. “I am going to continue taking what I believe are the necessary steps to build momentum, drive consistent growth and position the Company on a well-defined path for success,” he concluded.
The net loss for the three months ended March 31, 2018 was ($1,067,957) or ($0.07) per diluted share versus ($936,757) or ($0.09) 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) was a loss of ($961,969) for the first quarter of 2018 versus a loss of ($738,636) in the prior year comparable period. A reconciliation of adjusted EBITDA to net loss is provided elsewhere in this release.
Cash at March 31, 2018 totaled $7.8 million and stockholders’ equity totaled $15.7 million at the end of 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 fiscal quarter ended March 31, 2018.
Conference Call Information:
The Company will hold an earnings conference call today, May 14, 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.
The conference call will also be webcast simultaneously and can be accessed at http://www.investorcalendar.com/event/29079 by clicking on the link to the webcast.
The webcast will be available for 14 days following the conference call.
PART I – FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
A reconciliation of GAAP net loss to Non-GAAP Adjusted EBITDA follows:
About Intellicheck NYSE American: IDN Intellicheck is a trusted industry leader in technology solutions that provide real-time identification authentication and age verification. We make it possible for our clients to enhance safety and awareness, 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 at agencies, major seaports, and military bases, and diverse state and federal government agencies. For more information on Intellicheck, visit http://www.intellicheck.com/ and follow Intellicheck on Twitter@IntellicheckIDN, on Facebook https://www.facebook.com/intellicheckidn/, on Instagram @IntellicheckIDN, on LinkedIn https://www.linkedin.com/company/intellicheck-inc- and on YouTube https://www.youtube.com/user/ICMOBIL,
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