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IntelliCheck Inc Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 8, 2012 05:50PM
IntelliCheck Inc (IDN) filed Annual Report for the period ended 2011-12-31.
Highlight of Business Operations:The increase in the Identity Systems revenues in 2011 is principally a result of increased Fugitive Finder and Defense ID sales to military bases. The decrease in Wireless R&D revenues in 2011 is because the previous funding of the FAN/Buoy contract expired as of the end of June and the new funding was not awarded until the middle of September. Total booked orders were $12.0 million in 2011 compared to $8.2 million in 2010.
As of December 31, 2011, our backlog, which represents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $2.8 million compared to $2.8 million at December 31, 2010. The entire backlog is expected to be realized over the next twelve to fifteen months. Period to period comparisons may not be indicative of future operating results, since we still face long sales cycles, particularly in the government sector, and, therefore, we cannot predict with certainty in which period the opportunities currently in the pipeline will develop into sales or if they will develop at all.
The increase in the Identity Systems revenues in 2010 is primarily a result of higher sales in the commercial sector as well as higher software engineering fees to customers in the financial sector. The decrease in Wireless R&D revenues is primarily due to the completion of our RadHaz military contract in 2009 and the reallocation of our software engineering resources to Identity Systems projects. Total booked orders were $8.2 million in 2010 compared to $9.0 million in 2009.