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Last Post: 7/17/2021 5:22:24 PM - Followers: 40 - 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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IWSY News: Prospectus Filed Pursuant to Rule 424(b)(3) (424b3) 07/23/2021 04:58:31 PM
IWSY News: Securities Registration Statement (s-1/a) 07/14/2021 06:04:09 AM
IWSY News: Securities Registration Statement (s-1) 06/16/2021 06:01:05 AM
IWSY News: Amended Statement of Beneficial Ownership (sc 13d/a) 06/10/2021 04:03:32 PM
IWSY News: Securities Registration: Employee Benefit Plan (s-8) 06/09/2021 06:04:39 AM
PostSubject
#2010   Maybe not. Watching this one govprs 07/17/21 05:22:24 PM
#2009   Yeah maybe time to buy! govprs 07/12/21 06:03:09 PM
#2008   This kid is waking up. Volume surge AmoresPerros 07/12/21 06:01:48 PM
#2007   I sold. This is a q4 story. govprs 06/14/21 12:16:21 PM
#2006   Moving slow govprs 06/03/21 08:55:39 AM
#2005   ImageWare Systems, Inc. (IWSY) CEO Kristin Taylor on subslover 06/02/21 10:29:51 PM
#2004   I'm sure there will be several dead cat subslover 04/21/21 09:24:33 AM
#2003   I agree the financial trends are not encouraging. govprs 04/21/21 09:23:05 AM
#2002   Hey, bro thanks for the message. Several I-hubbers subslover 04/21/21 09:19:10 AM
#2001   AJ Naddel is someone I know. govprs 04/21/21 08:59:44 AM
#1999   ImageWare Systems, Inc. (IWSY) CEO Kristin Taylor on subslover 04/20/21 10:22:32 PM
#1998   Could be a catalyst govprs 04/12/21 11:34:10 PM
#1997   https://www.otcmarkets.com/filing/html?id=14866232&guid=mttpUa92779ezyh threewheeler 04/12/21 08:40:10 PM
#1996   Going higher govprs 04/09/21 10:57:26 AM
#1995   ‘going concern’? janeyH 04/07/21 08:32:58 AM
#1994   I know a few very bright young professionals govprs 03/30/21 08:12:23 PM
#1993   ImageWare Provides Corporate Update subslover 03/29/21 01:14:07 PM
#1992   Tough to evaluate this one with the large Macod 03/09/21 03:22:46 PM
#1991   there's just nothing to talk about - release janeyH 03/01/21 09:19:56 PM
#1990   So quiet here Stockgamer2020 03/01/21 06:39:39 PM
#1989   yes and no, if u went on my threewheeler 02/15/21 07:54:29 PM
#1988   that makes this a longer hold, but I fcknkoalas 02/15/21 06:18:05 PM
#1987   I'm still researching this one but they just Macod 02/15/21 02:45:37 PM
#1986   sure I guess so, if their product works fcknkoalas 02/15/21 11:22:20 AM
#1985   i will put them in my will janeyH 02/15/21 09:58:29 AM
#1984   look at this fcknkoalas 02/14/21 09:23:14 PM
#1983   ok make sure to give me your shares fcknkoalas 02/14/21 09:22:52 PM
#1982   15 years i will be dead janeyH 02/14/21 07:41:10 PM
#1981   if you buy into SSFT and IWSY now fcknkoalas 02/14/21 04:35:53 PM
#1980   Buying !!! Impacto 02/09/21 03:25:23 PM
#1979   nibbled here slambino 02/08/21 11:22:45 AM
#1978   hope you bought some janeyH 01/26/21 11:31:25 AM
#1977   yea thats all I got here as well, threewheeler 01/25/21 10:41:37 AM
#1976   'sup 3dubs, this just popped up on one janeyH 01/25/21 10:39:39 AM
#1975   Grabbed some, no action pre Dec 31...what to UndergroundTrader 01/21/21 03:37:19 PM
#1974   IWSY must be all insiders buying just me threewheeler 01/19/21 02:07:54 PM
#1973   IWSY took a handful here, Nasdaq on small threewheeler 12/22/20 12:08:30 PM
#1972   Breaking News: $IWSY ImageWare® Poised for Growth with whytestocks 11/16/20 05:30:20 PM
#1971   NEWS ImageWare® Poised for Growth with Closing of subslover 11/16/20 12:12:46 PM
#1970   Released PRE14-C same day fwiw... okavango 10/08/20 08:55:16 PM
#1969   Released 8k https://www.otcmarkets.com/filing/conv_pdf?id=14417240&guid=q1C6U tymerz 09/30/20 02:50:01 PM
#1968   The Purchase Agreement contains covenants, requiring the Company subslover 09/30/20 12:52:51 PM
#1967   Picked up a bunch on loads of news tymerz 09/30/20 12:09:15 PM
#1966   BREAKING NEWS: $IWSY ImageWare® Propels Business Plan with whytestocks 09/30/20 12:01:06 PM
#1965   Know someone who worked there, there was talk CarlTPT65 08/20/20 11:52:32 AM
#1964   Bought some 12 cents. Bounce time. willlbone 07/29/20 11:14:54 AM
#1963   David Harding, ImageWare Systems, Inc.'s (the "Company") Senior subslover 07/28/20 02:23:07 PM
#1962   Buying. Huge support area !!!! Impacto 07/24/20 05:26:16 PM
#1961   ImageWare restructures certain senior securities subslover 07/15/20 03:22:37 PM
#1960   Hey awalkinthesun, have you seen the run this subslover 05/21/20 01:34:22 PM
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