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IntelliCheck Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 3, 2011 04:44PM
IntelliCheck Inc (IDN) filed Quarterly Report for the period ended 2011-09-30.
Highlight of Business Operations:The increase in Identity Systems revenues in the third quarter of 2011 is primarily a result of increased Fugitive Finder and Defense ID sales to military bases. Commercial sales of ID Check systems also increased during the current quarter. There were no enterprise license contracts recorded in either period presented. The decrease in Wireless R&D revenues is because the previous funding of the FAN/buoy contract expired as of June 30, 2011 and the new funding was not awarded until the middle of September. Total booked orders were $6.2 million in the third quarter of 2011 compared to $3.9 million in the third quarter of 2010. As of September 30, 2011, our backlog, which represents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $3.3 million compared to $4.8 million at September 30, 2010.
Our gross profit as a percentage of revenues was 64.5% for the three months ended September 30, 2011 compared to 62.8% for the three months ended September 30, 2010. The increase in the percentage is primarily a result of a change in product mix.
Our gross profit as a percentage of revenues amounted to 64.5% for the nine months ended September 30, 2011 compared to 64.8% for the nine months ended September 30, 2010.
Operating expenses, which consist of selling, general and administrative and research and development expenses, decreased 18% to $6,472,000 for the nine months ended September 30, 2011 from $7,898,000 for the nine months ended September 30, 2010. Selling expenses decreased by $227,000 principally as a result of a reduction in sales personnel and related travel, as well as a reversal of $50,000 of previously booked noncash compensation from contingent stock options. General and administrative expenses decreased by $919,000 principally due to the cost reductions that began in Q1, as well as lower legal fees of $704,000 and the elimination of $150,000 in contracted consulting fees to the former Positive Access principals. Research and development costs decreased by $280,000, principally resulting from a decrease in personnel and a reversal of $59,000 of previously booked noncash compensation from contingent stock options.
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