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IntelliCheck Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 14, 2012 04:06PM
IntelliCheck Inc (IDN) filed Quarterly Report for the period ended 2012-09-30.
Highlight of Business Operations:The decrease in Identity Systems revenues in the third quarter of 2012 is primarily the result of decreased Fugitive Finder and Defense ID sales to military bases. The increase in Wireless revenue in the third quarter of 2012 is attributable to the timing on the funding of the FAN/buoy contract which expired as of June 30, 2011 and the new funding was not awarded until mid-September, 2011. Total booked orders were $1.4 million in the third quarter of 2012 compared to $6.2 million in the third quarter of 2011. As of September 30, 2012, our backlog, which represents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $0.3 million at September 30, 2012, compared to $3.3 million at September 30, 2011. Backlog at December 31, 2011 was $2.7 million. The decrease is due to the FAN/buoy funding awarded in mid-September, 2011, which added an unusually large amount on the backlog.
Our gross profit as a percentage of revenues was 73.8% for the three months ended September 30, 2012 compared to 64.5% for the three months ended September 30, 2011. The increase in the percentage is primarily a result of a change in product mix: The decrease in Identity Systems revenue in 2012 was primarily related to 2011 equipment sales.
Our gross profit as a percentage of revenues was 69.5% for the nine months ended September 30, 2012 compared to 64.5% for the nine months ended September 30, 2011. The increase in the percentage is primarily a result of changes in the product mix as discussed in the three month period discussed above.
Operating expenses, which consist of selling, general and administrative and research and development expenses, decreased $412,000 or 6% to $6,060,000 for the nine months ended September 30, 2012 from $6,472,000 for the nine months ended September 30, 2011. Selling expenses decreased by $234,000 principally because of the decrease in Defense ID military sales. General and administrative expenses increased by $30,000 primarily because of an increase in salaries for business development, bids and proposals, and professional services. Research and development costs decreased by $208,000 because of a decrease in personnel.
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