Intellicheck Mobilisa Announces Third Quarter Financial Results

Conference Call Scheduled for Today, Tuesday, November 10, 2009, at 1:00 p.m. ET

• Press Release
• Source: Intellicheck Mobilisa
• On 7:00 am EST, Tuesday November 10, 2009

PORT TOWNSEND, Wash.--(BUSINESS WIRE)--Intellicheck Mobilisa (NYSE Amex: IDN) has released its financial results for the third quarter and nine months ended September 30, 2009.

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Symbol	Price	Change
IDN	1.25	0.00

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“We are proud to post our second quarter in a row of profitability, our second best quarter of revenue to date, as well as year to date profitability,” said Dr. Nelson Ludlow, CEO of Intellicheck Mobilisa. “Our sales pipeline has never been stronger, and we are already seeing the results.”

Revenues for quarter ended September 30, 2009, increased 6% to $3,755,000 compared to $3,554,000 for the same period of the previous year. Adjusted EBITDA for the third quarter of 2009 decreased to $517,901 compared to $688,608 in the third quarter of 2008. Net income decreased to $109,803 or $0.00 per diluted share for the three months ended September 30, 2009, as compared to $166,634 or $0.01 per diluted share for the three months ended September 30, 2008. The company’s backlog, which represents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $7.2 million at September 30, 2009, compared to $9.4 million at September 30, 2008.

For the nine month period ended September 30, 2009, revenues were $9,837,508, compared to revenues of $7,441,792 reported in the same period of the prior year. Adjusted EBITDA for the first nine months of 2009 increased to $1,173,843 compared to $744,597 in the first nine months of 2008. Intellicheck Mobilisa had net income of $48,056, or $0.00 per share in the first nine months of 2009, compared to a net loss of $472,087, or $(0.02) per share, in the same period of 2008.

Conference Call Information

IDN will host a conference call for members of the investment community today at 1:00 p.m. Eastern / 10:00 a.m. Pacific Time. Interested parties dial (877) 407-8037 approximately ten minutes before the scheduled beginning. For callers outside the U.S., please dial (201) 689-8037. For those unable to participate in the live conference, a recording will be available for forty-eight hours after the call. The rebroadcast can be accessed by dialing 877-660-6853 and 201-612-7415 for international callers. The account access code is 327 and replay ID is 331791. After the forty-eight hour window, please visit the investor relations portion of the company website at www.icmobil.com for rebroadcast.

About Intellicheck Mobilisa

Intellicheck Mobilisa is a leading technology company, 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 system, an advanced ID card access control product currently protecting over 70 military and federal locations, and ID-Check, patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issue IDs from U.S. and Canadian jurisdictions for the financial, hospitality and retail markets.

For more news and information on Intellicheck Mobilisa, Inc., please visit www.IRGnews.com/coi/IDN where you can find the CEO’s video, a fact sheet on the company, investor presentations, and more or visit our website at www.icmobil.com.

Safe Harbor Statement

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as “will,” “believe,” “expect,” “anticipate,” “encouraged,” and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company’s management identify forward-looking statements. Actual results may differ materially from the information presented here. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the company’s filings with the SEC. We do not assume any obligation to update the forward-looking information.

Adjusted EBITDA

Intellicheck Mobilisa uses Adjusted EBITDA as a non-GAAP financial performance measurement. Adjusted EBITDA is calculated by adding back to net income (loss) interest, income taxes, impairments of long-lived assets and goodwill, depreciation, amortization and stock-based compensation expense. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing Intellicheck Mobilisa financial results with other companies that also use Adjusted EBITDA in their communications to investors. By excluding non-cash charges such as impairments of long-lived assets and goodwill, amortization, depreciation and stock-based compensation, as well as non-operating charges for interest and income taxes, investors can evaluate the Company's operations and can compare its results on a more consistent basis to the results of other companies. In addition, adjusted EBITDA is one of the primary measures management uses to monitor and evaluate financial and operating results.

Intellicheck Mobilisa considers Adjusted EBITDA to be an important indicator of the Company's operational strength and performance of its business and a useful measure of the Company's historical operating trends. However, there are significant limitations to the use of Adjusted EBITDA since it excludes interest income and expense, impairments of long lived assets and goodwill, stock based compensation expense, all of which impact the Company's profitability, as well as depreciation and amortization related to the use of long term assets which benefit multiple periods. Intellicheck Mobilisa believes that these limitations are compensated by providing Adjusted EBITDA only with GAAP net income (loss) and clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) presented in accordance with GAAP. Adjusted EBITDA as defined by the Company may not be comparable with similarly named measures provided by other entities. A reconciliation of Adjusted EBITDA to GAAP net income or loss is included in the enclosed schedule.

The Investor Relations Group
James Carbonara, 212-825-3210
or
Media Relations:
Laura Colontrelle, 212-825-3210