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SAN DIEGO, May 09, 2019 (GLOBE NEWSWIRE) -- ImageWare® Systems, Inc. (OTCQB: IWSY), a leader in mobile and cloud-based, multi-modal biometric identity management solutions, reported financial results for the first quarter ended March 31, 2019.
Q1 Summary of Results
Jim Miller, Chairman and CEO of ImageWare Systems said, “From many quarters, we are seeing fundamental and very positive changes in the identity management and biometric authentication landscapes around the world - with heightened interest in the IWS platform. While revenues in the quarter continued to primarily reflect our historical business, given this new wave of interest and our recently executed agreements for our first significant implementations in the private sector (as well as a historically high pipeline) we should see a change to that mix in subsequent quarters as these dynamics translate to revenues.”
2019 First Quarter Financial Results Conference Call
The Company will host an investor update call on Thursday, May 9, 2019 at 1:30pm PT (4:30pm ET). The Participant Dial-In Number for the conference call is Domestic/International 323-994-2093. Participants should dial in to the call at least five minutes before 1:30pm PT (4:30pm ET) on May 9, 2019. The call can also be accessed “live” online at http://public.viavid.com/index.php?id=134480. A replay of the call will be available for 90 days on the Company’s website https://www.iwsinc.com/company/investor-relations/. You can also listen to a replay of the call by dialing toll-free 1-844-512-2921 (international only 1-412-317-6671) starting May 9, 2019, at 7:30pm ET through May 16, 2019 at 11:59 pm ET. Please use PIN Number 7028332.
ImageWare Systems, Inc. is a leading developer of mobile and cloud-based identity management solutions, providing two-factor, biometric and multi-factor cloud-based authentication solutions for the enterprise. The company delivers next-generation biometrics as an interactive and scalable cloud-based solution. ImageWare brings together cloud and mobile technology to offer two-factor, biometric, and multi-factor authentication for smartphone users, for the enterprise, and across industries.
ImageWare’s products support multi-modal biometric authentication including, but not limited to, face, voice, fingerprint, iris, palm, and more. All the biometrics can be combined with or used as replacements for authentication and access control tools, including tokens, digital certificates, passwords, and PINS, to provide the ultimate level of assurance, accountability, and ease of use for corporate networks, web applications, mobile devices, and PC desktop environments.
ImageWare Systems, Inc. is headquartered in San Diego California, with offices in Oregon, Canada, Mexico, and Japan. To learn more about ImageWare, visit https://www.iwsinc.com/ and follow us on Twitter, LinkedIn, YouTube and Facebook.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if,” “should” and “will” and similar expressions as they relate to ImageWare Systems, Inc. are intended to identify such forward-looking statements. ImageWare may from time to time update publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in ImageWare’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
Investor Relations Contact
Harvey Bibicoff, CEO, Bibicoff + MacInnis, Inc.
(818) 379-8500 email@example.com
|SELECTED COMPARATIVE FINANCIAL HIGHLIGHTS|
|In thousands, except share and per share amounts|
|Three Months Ended|
|Cost of Revenue|
|General & administrative||1,107||1,175|
|Sales and marketing||1,005||861|
|Research and development||1,774||1,799|
|Depreciation and amortization||19||12|
|Total Operating Expenses||3,905||3,847|
|Loss from operations||(3,178||)||(3,379||)|
|Interest (income) expense, net||(22||)||173|
|Change in fair value of derivative liabilities||424||-|
|Other components of net periodic pension expense||32||31|
|Loss from continuing operations before income taxes||(3,612||)||(3,583||)|
|Loss from continuing operations||(3,612||)||(3,583||)|
|Net loss available to common shareholders||$||(4,906||)||$||(4,352||)|
|Per share data - basic|
|Net income (loss) from continuing operations||$||(0.04||)||$||(0.04||)|
|Basic income (loss) per share available to common shareholders||$||(0.05||)||$||(0.05||)|
|Basic weighted-average common shares||98,398,239||94,333,663|
|CONSOLIDATED BALANCE SHEETS|
|March 31,||December 31,|
|Accounts receivable, net||1,119||968|
|Other current assets||209||233|
|Property and equipment, net||236||244|
|Operating lease right-of-use assets||2,157||-|
|Intangible assets, net||79||82|
|Liabilities and Shareholders' Deficit:|
|Other long-term liabilities||118||147|
|Shareholders' equity (deficit)||(6,538||)||(3,027||)|
|Total Liabilities and Shareholders' Equity (Deficit)||$||10,530||$||10,998|