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Last Post: 11/15/2017 2:39:04 PM - Followers: 30 - Board type: Free - Posts Today: 0

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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PostSubject
#1574  Sticky Note ImageWare Debuts First Ever Multimodal Biometric Authentication Solution subslover 11/14/16 10:41:49 PM
#1687   Bad enough you changed your mind without a subslover 11/15/17 02:39:03 PM
#1686   you posted last week you think its going microcaptrdr24 11/15/17 11:09:27 AM
#1685   Subs... I made a typo in that fivexshot 11/14/17 10:48:10 PM
#1684   Was it the wild Turkey Tequila or that subslover 11/14/17 06:24:01 PM
#1683   IWSY is a safe bet to the $2.00 line... fivexshot 11/14/17 05:44:41 PM
#1682   Closed slight back-off $1.62 new 52 week high subslover 11/13/17 08:08:30 PM
#1681   ImageWare Systems' (IWSY) CEO Jim Miller on Q3 subslover 11/12/17 03:42:49 PM
#1680   Thank you! New 52 week high today $1.59. subslover 11/10/17 05:28:12 PM
#1679   Toll-free replay number: 1-844-512-2921 microcaptrdr24 11/10/17 10:59:01 AM
#1678   That is FANTASTIC!!! Do you know if the subslover 11/10/17 10:09:43 AM
#1677   good CC, first major deal starts rolling out microcaptrdr24 11/10/17 09:59:45 AM
#1676   ImageWare Systems Awarded Canadian Patents for its Multi-Modal subslover 11/10/17 09:20:34 AM
#1675   Earnings out! subslover 11/09/17 04:30:38 PM
#1674   Sweet! Maybe Miller will let the cat outta subslover 11/07/17 11:26:59 AM
#1673   I think we get at least one, if microcaptrdr24 11/07/17 11:24:48 AM
#1672   Oh baby!From your mouth to the stock Gods ears! subslover 11/07/17 11:23:09 AM
#1671   expecting some major news this month microcaptrdr24 11/07/17 11:20:52 AM
#1670   ImageWare Systems Sets Corporate Update Conference Call for subslover 11/06/17 07:17:53 PM
#1669   You lost your spirit Stan. Go look at subslover 11/01/17 08:54:52 AM
#1668   Subs... IWSY's float is "high average" to "large", at fivexshot 10/31/17 11:59:24 PM
#1667   I dunno about a short squeeze on IWSY. fivexshot 10/31/17 11:52:58 PM
#1666   Well then = ok I will keep close subslover 10/31/17 11:49:08 PM
#1665   My T/A says: fivexshot 10/31/17 11:44:52 PM
#1664   Subs... Eventually they will have to let it go. fivexshot 10/31/17 11:27:06 PM
#1663   fiveshot = I used to trade this stock subslover 10/31/17 11:23:14 PM
#1662   All major U.S. cities will eventually have BFR fivexshot 10/31/17 11:19:11 PM
#1661   They have to do more than just think fivexshot 10/31/17 11:12:18 PM
#1660   And I forgot to add... fivexshot 10/31/17 11:09:01 PM
#1659   Whoops my bad I misread the AWRE Q. subslover 10/31/17 11:07:44 PM
#1658   Hey Subs, either or... fivexshot 10/31/17 11:01:02 PM
#1657   Well there is one major thing IWSY has subslover 10/31/17 10:52:23 PM
#1656   IWSY and AWRE really do need to merge. fivexshot 10/31/17 10:36:23 PM
#1655   SHORT SQUEEZE POSSIBLE subslover 10/31/17 07:55:25 PM
#1654   Biometric companies across the board should make equity fivexshot 10/31/17 06:52:27 PM
#1653   I would never knock IBM, Fujitsu, or ImageWare. fivexshot 10/23/17 05:52:27 PM
#1652   You seem to have a keen vision and subslover 10/23/17 05:17:09 PM
#1651   Dude, I'm just putting the pieces of the fivexshot 10/23/17 04:59:15 PM
#1650   I love using 1 and 2 month charts! fivexshot 10/23/17 04:45:46 PM
#1649   I like the way you think! Here is subslover 10/23/17 04:34:27 PM
#1648   Yep! Fujitsu is a Money 20/20 2017 two star fivexshot 10/23/17 03:41:35 PM
#1647   IWSY and AWRE need to merge. It's fivexshot 10/23/17 03:27:12 PM
#1646   On October 18, 2017, ImageWare Systems, Inc. (the subslover 10/19/17 05:36:09 PM
#1645   Wrong ticker. Not us microcaptrdr24 10/10/17 06:27:11 AM
#1643   NEWS Regarding IBM! But you know this already! subslover 10/02/17 10:26:55 AM
#1642   Haha thx. That's when I bought the stock!!!! microcaptrdr24 10/01/17 08:51:11 PM
#1641   microcaptrdr. Gotta tell ya,I'm glad your here! Your subslover 10/01/17 01:07:22 PM
#1640   We will see the mother of all short microcaptrdr24 10/01/17 09:29:45 AM
#1639   Thanks for this info! GoVerifyID = IWSY explosion subslover 09/30/17 01:45:27 PM
#1638   This is on the IBM website microcaptrdr24 09/30/17 09:43:35 AM
#1637   Man from your mouth to the stock Gods subslover 09/29/17 11:54:01 PM
PostSubject