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IntelliCheck Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 3, 2011 03:19PM
IntelliCheck Inc (IDN) filed Quarterly Report for the period ended 2011-03-31. Intellicheck Mobilsa Inc has a market cap of $25.7 million; its shares were traded at around $0.95 with and P/S ratio of 2.1.
Highlight of Business Operations:
The decrease in Identity Systems revenues is principally a result of fewer Defense ID installations at military bases and ports and lower engineering fees. The increase in Wireless R&D revenues is due to the deployment of an additional buoy and as well as the addition of new sensors on the existing buoys. Total booked orders were slightly higher at $1,271,000 in the first quarter of 2011 compared to $1,142,000 in the first quarter of 2010. As of March 31, 2011, our backlog, which represents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $1.5 million compared to $5.5 million at March 31, 2010. The entire backlog is expected to be recognized in the next twelve months.
Operating expenses, which consist of selling, general and administrative and research and development expenses, decreased 5% to $2,441,000 for the three months ended March 31, 2011 from $2,562,000 for the three months ended March 31, 2010. Selling expenses increased 1% in the first quarter of 2011 to $514,000 from $508,000 in the first quarter of 2010 principally as a result of an increase in personnel. General and administrative expenses decreased 8% to $1,161,000 from $1,266,000 principally due to the elimination of contracted consulting fees to the former Positive Access principals and lower legal fees primarily related to the Eid Passport litigation. Research and development costs decreased by 3% to $766,000 for the three months ended March 31, 2011 from $789,000 for the three months ended March 31, 2010, principally due to a decrease in personnel.
Interest expense of $3,000 and $8,000 represent the interest and amortization of deferred debt discount on the notes payable to the former principals of Positive Access.
As a result of the factors noted above, our net loss was $708,000 for the three months ended March 31, 2011 compared to a net loss of $820,000 for the three months ended March 31, 2010.
As of March 31, 2011, the Company had cash and cash equivalents of $1,744,000, working capital (defined as current assets minus current liabilities) of $691,000, total assets of $23,135,000 and stockholders equity of $19,171,000.
The Company generated net cash of $241,000 in operating activities in the first quarter of 2011 as compared to a net use of cash of $604,000 in the same period last year. The increase in 2011 is primarily a result of the strong collections of accounts receivable from year end. Cash used by investing activities was $14,000 for the first quarter of 2011 compared to $67,000 in the same period last year due to lower capital expenditures. Cash provided by financing activities was $28,000 in the period ended March 31, 2011 compared to $63,000 in the same period last year. The decrease in 2011 is a result of lower proceeds from stock option exercises.
Stocks Discussed: IDN,