Intelli-Check – Mobilisa, Inc. (AMEX: IDN) announced today financial results for the year ended December 31, 2007. Reported results in this press release primarily relate to Intelli-Check since its merger with Mobilisa was completed after the fiscal year end.
Revenues for the year ended December 31, 2007 increased approximately 11% to $3,511,908 from the $3,161,854 reported for the same period in 2006. Booked orders, which represent the total value of all new non-cancellable orders for products, services and fees received from customers and distributors, during 2007 were $4.6 million as compared to $4.0 million in 2006. Net loss showed slight improvement to $2,673,218, or ($0.22) per share, in the year ended December 31, 2007, from $2,879,970, or ($0.24) per share, in the prior year. The Company’s backlog, which consists of non-cancelable sales orders of products not yet shipped or services to be performed, was approximately $1.9 million, an increase of 73% over the backlog of $1.1 million as of December 31, 2006.
For the three month period ended December 31, 2007, revenues were $1,230,375 compared to revenues of $1,135,412 reported in the same period of the prior year. Intelli-Check had a net loss of $384,775, or $(0.03) per share in the last three months of 2007, compared to a net loss of $345,809, or $(0.03) per share, in the same period of 2006.
“I am excited by the merger and the future prospects of the combined entity. Intelli-Check ended 2007 solidly, increasing the amount of its backlog and setting both a best-ever record quarter and year in revenue. Equally, Mobilisa also set a best ever record quarter and year in revenue for 4th quarter and 2007, respectively,” said Dr. Nelson Ludlow, Chief Executive Officer of Intelli-Check – Mobilisa, Inc. “We have already made significant progress in integrating the two companies. We’ve restructured the sales team, combined product lines, renamed certain products, begun full integration of technologies and started new product development. We are a new company.”
Separately, revenues for Mobilisa for the year ended December 31, 2007 increased approximately 94% to $6,634,282 as compared to $3,423,466 in the year ended December 31, 2006. Mobilisa’s earnings before interest and taxes (EBIT) increased to $1,026,062 for 2007, an approximate increase of 647% as compared to $137,358 for 2006.
The Company will host a conference call for shareholders and members of the investment community to enable management to discuss its financial results and various corporate initiatives today, March 28, 2008, at 1:30 pm (EDT). Interested parties may participate in the call by dialing (877) 874-1570 approximately 10 minutes before the call is scheduled to begin. International callers should dial (719) 325-4828. For anyone who is unable to participate in the live conference, access to a recording will be available for 48 hours after the call. The rebroadcast can be accessed domestically by dialing (888) 203-1112. For international callers, the dial-in is (719) 457-0820. The passcode is 8630547.
About Intelli-Check – Mobilisa, Inc.
Intelli-Check – Mobilisa, Inc. is a leading technology company in developing and marketing wireless technology and identity systems for various applications including: mobile and handheld wireless devices for the government, military and commercial markets. Products include the Defense ID systems, an advanced ID card access control product that is currently protecting over 50 military and federal locations and ID-CHECK a technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issue IDs from approximately 60 jurisdictions in the U.S. and Canada to determine if the content and format are valid.
For more information about Intelli-Check – Mobilisa, Inc., visit http://www.icmobil.com or call toll free 1.888.9IC.MOBIL.