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IntelliCheck Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2012 02:26PM
IntelliCheck Inc (IDN) filed Quarterly Report for the period ended 2012-03-31.
Highlight of Business Operations:The increase in Identity Systems revenues in the first quarter of 2012 is primarily the result of a large enterprise license contract with an international banking firm. The decrease in Wireless revenue in the first quarter of 2012 is attributable to the buoy deployment in the first quarter of 2011. No buoy deployment occurred in the first quarter of 2012. Total booked orders were $651,000 in the first quarter of 2012 compared to $1,271,000 in the first quarter of 2011. As of March 31, 2012, our backlog, which represents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $1.6 million compared to $1.5 million at March 31, 2011. Backlog at December 31, 2011 was $2.7 million.
Our gross profit as a percentage of revenues was 72% for the three months ended March 31, 2012 compared to 61% for the three months ended March 31, 2011. The increase in the percentage is primarily a result of a change in product mix. The Company sold an Enterprise license in Q1 2012, which added revenue of approximately $375,000. This sale increased gross profit directly as there were no corresponding cost of revenues associated.
Stocks Discussed: IDN,