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ImageWare Systems Reports Second Quarter 2008 Results

Raises $765,000 Gross Proceeds

SAN DIEGO, CA, Sep 17, 2008 (MARKET WIRE via COMTEX) -- ImageWare(R) Systems, Inc. (OTCBB: IWSY), a leading developer and provider of identity management solutions, reported financial results for the second quarter ended June 30, 2008.
Jim Miller, ImageWare's chairman and chief executive officer, stated, "For those of you that have followed ImageWare you will recall that we have, for some time, been chasing a number of what we consider to be significant near-term business opportunities that would change ImageWare's financial picture. We have continued to make progress toward reeling these opportunities in; however, we have been surprised and frustrated with the time it has taken. These opportunities have not gone away. They have progressed to advanced stages of discussion and negotiation and represent sales to government end users in both the United States and several foreign countries. In most cases, the sales would be through integrator partners and, in some cases, they will be direct to end users. Based on current advice from partners and customers, we believe in the remainder of 2008 we will deliver significant and dramatic improvement in the form of new contracts and vested partnerships."

Total net revenues for the second quarter 2008 were $1.7 million, compared to $1.8 million for the second quarter 2007. Second quarter 2008 operating expenses totaled $2.4 million, compared to $2.5 million in the second quarter 2007. Net loss available to common shareholders for the second quarter totaled $1.4 million, compared to $1.5 million in the second quarter of 2007. Net loss per share available to common shareholders was $0.08 for the second quarter, compared to $0.10 in the second quarter of 2007.

Total backlog was $3.7 million at June 30, 2008, including product orders of $2.6 million and maintenance and support backlog of $1.1 million. This compared to total backlog of $4.3 million at March 31, 2008, including product backlog $3.1 million and maintenance backlog $1.2 million, and $1.8 million at year end December 31, 2007, including product backlog $867,000 and maintenance backlog $883,000.

Capital Raise

Miller added, "This month we completed a small equity financing that we believe will provide us with sufficient funding to close one or more of these opportunities. In addition, the opportunities we are pursuing include up-front payments that would further enhance our working capital position."

On August 29, 2008, the board authorized the sale of 1,500 shares of the company's Series D 8% Convertible Preferred Stock at a stated value of $1,000 per share for aggregate gross proceeds of $1,500,000. On September 5, 2008, the company entered into a Securities Purchase Agreement with certain accredited investors selling an aggregate of 765 shares of Series D Preferred Stock for aggregate gross proceeds of $765,000 and issuing warrants to purchase up to an aggregate of 1,530,000 shares of common stock with an exercise price of $0.50 per share, which may be exercised at any time from February 28, 2009 until February 28, 2014. The warrants contain a cashless exercise feature. At any time on or before September 20th, the company may sell up to the balance of the authorized shares of preferred stock and warrants.

About ImageWare Systems, Inc.

ImageWare Systems, Inc. is a leading developer and provider of identity management solutions, providing biometric, secure credential, law enforcement and digital imaging technologies. Scalable for worldwide deployment, the Company's biometric product line includes a multi-biometric engine that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. ImageWare's identification products are used to manage and issue secure credentials including national IDs, passports, driver licenses, smart cards and access control credentials. ImageWare's digital booking products provide law enforcement with integrated mug shot, fingerprint Livescan and investigative capabilities. ImageWare is headquartered in San Diego, with offices in Washington DC and Canada. For more information visit www.iwsinc.com.

Safe Harbor Statement

This news release may contain forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements are meant to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. While management believes such representation to be true and accurate based on the information available to the company, actual results may differ materially from those described. The company's operations and business prospects are always subject to risks and uncertainties. Important facts that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.

Tables to Follow

ImageWare Systems, Inc.
SELECTED COMPARATIVE FINANCIAL HIGHLIGHTS
In thousands, except share and per share amounts
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenues
Product $ 1,020 $ 1,157 $ 1,797 $ 1,866
Maintenance 647 621 1,253 1,247
Total Revenues 1,667 1,778 3,050 3,113
Cost of Revenue
Product 270 296 409 482
Maintenance 289 296 604 590
---------- ---------- ---------- ----------
Gross Profit 1,108 1,186 2,037 2,041
66% 67% 67% 66%
Operating Expenses
General & administrative 944 957 2,045 2,100
Sales and marketing 548 674 1,214 1,367
Research and development 731 803 1,628 1,989
Depreciation and
amortization 194 79 395 139
---------- ---------- ---------- ----------
Total Operating
Expenses 2,417 2,513 5,282 5,595
---------- ---------- ---------- ----------
Loss from operations (1,309) (1,327) (3,245) (3,554)
Interest (income) expense,
net 0 (5) (5) 238
Other (income) expense, net (15) 82 (43) 44
---------- ---------- ---------- ----------
Loss from continuing
operations before income
taxes (1,294) (1,404) (3,197) (3,836)
Income taxes 0 0 0 0
---------- ---------- ---------- ----------
Loss from continuing
operations (1,294) (1,404) (3,197) (3,836)
Discontinued operations:
Gain (loss) from
operations of
discontinued Digital
Photography Component 7 11 7 11
Income tax benefit
(expense) 0 0 0 0
---------- ---------- ---------- ----------
Gain (loss) on
discontinued operations 7 11 7 11
Net loss $ (1,287) $ (1,393) $ (3,190) $ (3,825)
Preferred dividends $ (84) $ (88) $ (1,963) $ (503)
---------- ---------- ---------- ----------
Net loss available to
common shareholders $ (1,371) $ (1,481) $ (5,153) $ (4,328)
========== ========== ========== ==========
Per share data - basic
Net income (loss) from
continuing operations $ (0.07) $ (0.09) $ (0.18) $ (0.27)
Discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.00
Preferred dividends $ (0.01) $ (0.01) $ (0.11) $ (0.04)
---------- ---------- ---------- ----------
Basic loss per share
available to common
shareholders $ (0.08) $ (0.10) $ (0.29) $ (0.31)
========== ========== ========== ==========
Basic common shares 18,087,528 14,669,170 17,962,113 14,218,699
ImageWare Systems, Inc.
CONSOLIDATED BALANCE SHEETS
June 30, Dececember 31,
2008 2007
-------------- --------------
Assets:
Cash $ 216 $ 1,044
Accounts receivable, net 490 425
Inventories 183 130
Other current assets 451 441
Property and equipment, net 233 288
Other assets 784 718
Intangible assets, net 2,164 2,437
Goodwill 3,416 4,452
-------------- --------------
Total Assets $ 7,937 $ 9,935
============== ==============
Liabilities and Shareholders' Equity:
Current liabilities $ 6,407 $ 5,269
Pension obligation 1,204 1,139
Shareholders' equity 326 3,527
-------------- --------------
Total Liabilities and Shareholders' Equity $ 7,937 $ 9,935
============== ==============

Company Contact:
Wayne Wetherell
ImageWare Systems, Inc.
(858) 673-8600

Investor Relations Contact:
Cathy Mattison
Lippert/Heilshorn & Associates
(415) 433-3777
Email Contact

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IWSY News: Statement of Changes in Beneficial Ownership (4) 09/26/2016 07:05:47 PM
IWSY News: Statement of Changes in Beneficial Ownership (4) 09/26/2016 07:04:47 PM
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IWSY News: Statement of Changes in Beneficial Ownership (4) 09/26/2016 07:02:26 PM
IWSY News: Statement of Changes in Beneficial Ownership (4) 09/26/2016 07:01:51 PM
PostSubject
#1298  Sticky Note If you like insider buying then you will subslover 09/17/15 12:11:13 AM
#1565   Take a look here at 10 form = subslover 09/27/16 12:30:18 AM
#1564   Agree with comments on Yahoo finance that without awalkinthesun 08/17/16 08:54:32 AM
#1563   ImageWare Announces Availability of Its GoVerifyID Integrated With subslover 08/16/16 10:28:06 AM
#1562   Yeah - the seeking alpha piece was mixed, awalkinthesun 08/12/16 02:54:22 PM
#1561   I am optimistic with where the industry is awalkinthesun 08/12/16 02:52:39 PM
#1560   LMAO!! I told one of my partners today.... jenga1 08/11/16 09:05:08 PM
#1559   After like 4 years of us meeting each subslover 08/11/16 08:04:51 PM
#1558   Listen to the update call awalkinthesun 08/11/16 05:40:25 PM
#1557   One contract will set this stock on fire. subslover 08/11/16 03:57:07 PM
#1556   Subs - yes Miller has over promised and awalkinthesun 08/11/16 01:19:14 PM
#1555   So let me get this straight.After 3 years subslover 08/11/16 11:50:22 AM
#1554   If you listen to the conference call it awalkinthesun 08/11/16 08:54:23 AM
#1553   Besides all the BS = Were running out subslover 08/10/16 12:27:49 AM
#1552   Look they tried fluff again before earnings. subslover 08/09/16 07:10:32 AM
#1551   don't hold your breathe - lack of any awalkinthesun 08/08/16 11:25:49 AM
#1550   Exactly! subslover 08/05/16 11:06:59 AM
#1549   What I am looking for in this report: awalkinthesun 08/05/16 10:26:51 AM
#1548   You make some darn excellent points about the subslover 08/04/16 03:23:56 PM
#1547   I think this quarter will be a bust. jenga1 08/04/16 01:44:12 PM
#1546   Wonder if they will put out some half subslover 08/02/16 03:37:21 PM
#1545   09 Aug - Quarterly Report - IWS day awalkinthesun 08/02/16 12:41:46 PM
#1544   Lets hope this relationship / offering has legs awalkinthesun 07/19/16 07:42:10 PM
#1543   upgrade on a joint offering that hasn't sold awalkinthesun 07/18/16 09:58:47 AM
#1542   NEWS subslover 07/15/16 12:37:54 AM
#1541   so no news.... somehow Miller thinks they will awalkinthesun 07/05/16 11:33:35 AM
#1540   AC/DC Thunderstruck en route doogdilinger 06/03/16 03:42:01 PM
#1539   I do too! Resistance now $1.47 :) subslover 06/03/16 03:24:01 PM
#1538   He's liking todays accumulation action bro! doogdilinger 06/03/16 03:16:05 PM
#1537   Oh real nice doog!Gotta make him $$$ and subslover 06/03/16 03:06:32 PM
#1536   Got Def Leppard's lighting manager buying a few doogdilinger 06/03/16 03:01:42 PM
#1535   Oh yea Doog nice way to begin power hour subslover 06/03/16 03:00:50 PM
#1534   Cha-cha-ching buddy>>>$$$$$$$$$$$$$$$$$$$$$ doogdilinger 06/03/16 02:52:16 PM
#1533   Go for it Doog the whale!! subslover 06/03/16 02:30:57 PM
#1532   Want me to take another bite subs buddy;) doogdilinger 06/03/16 02:28:03 PM
#1531   $IWSY The $1.40's have gotta get bought out! subslover 06/03/16 02:26:43 PM
#1530   ha - I am still here and somehow awalkinthesun 05/24/16 10:33:48 AM
#1529   Is that you with the $120k high bid? subslover 05/23/16 01:43:50 PM
#1528   a good sign, maybe he can light a awalkinthesun 05/16/16 03:40:46 PM
#1527   ImageWare Systems Appoints Dana Kammersgard to Board of Directors subslover 05/16/16 02:59:43 PM
#1526   IP is worth at least $1 if the awalkinthesun 05/12/16 10:55:08 AM
#1525   If they continue the BS 50 cents will subslover 05/11/16 12:26:17 AM
#1524   stock may drop to 50 cents... jenga1 05/10/16 05:35:07 PM
#1523   listening to the call, not impressed... awalkinthesun 05/10/16 05:29:24 PM
#1522   ImageWare Systems Publishes Latest Market Insights on Biometric subslover 05/10/16 09:27:02 AM
#1520   Something tells me that nothing is going to awalkinthesun 05/09/16 08:20:42 PM
#1519   Imageware Systems Inc (IWSY) Set to Announce Earnings subslover 05/09/16 09:07:13 AM
#1518   ImageWare Systems Awarded Three Patents in the United subslover 05/06/16 10:55:05 AM
#1517   But of course! This PR would work best subslover 05/05/16 12:24:32 PM
#1516   Market didnt like this pilot PR... awalkinthesun 05/05/16 12:17:16 PM
#1515   FEMSA Selects ImageWare's Cloud-Based Biometric Authentication to Validate subslover 05/05/16 11:05:00 AM
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