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Last Post: 1/16/2018 11:19:25 AM - Followers: 34 - Board type: Free - Posts Today: 4

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: Proxy Statement (definitive) (def 14a) 01/04/2018 06:05:12 AM
IWSY News: Proxy Statement - Notice of Shareholders Meeting (preliminary) (pre 14a) 12/19/2017 06:04:24 AM
IWSY News: Statement of Changes in Beneficial Ownership (4) 12/11/2017 05:24:58 PM
IWSY News: Current Report Filing (8-k) 11/14/2017 06:13:13 AM
IWSY News: Quarterly Report (10-q) 11/09/2017 05:14:00 PM
PostSubject
#1765  Sticky Note I, for one, is very EXCITED to be Chaka 01/06/18 08:23:29 PM
#1574  Sticky Note ImageWare Debuts First Ever Multimodal Biometric Authentication Solution subslover 11/14/16 10:41:49 PM
#1795   LMAO...Yea in NYC they are $12 minimum. hey subslover 01/16/18 11:19:25 AM
#1794   The only thing I SMOKE is Marlboro MENTHOL GREEN. Chaka 01/16/18 10:15:50 AM
#1793   Awalk, I might also add: The demand for fivexshot 01/16/18 07:31:14 AM
#1792   IWSY went from $1.40ish to as high as Chaka 01/16/18 12:30:40 AM
#1791   Fivexshot thank you for your expectations and rationale. awalkinthesun 01/15/18 10:25:13 PM
#1790   Awalk, I'm bullish IWSY. fivexshot 01/14/18 09:25:23 AM
#1789   Fvexshot what is your thought on IWSY recent awalkinthesun 01/14/18 07:31:58 AM
#1788   Yea we met on the GTXO thread subslover 01/12/18 07:15:36 PM
#1787   I am not but I have an investment lolabean 01/12/18 07:05:26 PM
#1785   How’s this microcaptrdr24 01/12/18 06:18:11 PM
#1784   You aren't worth the bandwidth.... awalkinthesun 01/12/18 05:56:05 PM
#1783   If you actually did anything more than provide awalkinthesun 01/12/18 05:30:45 PM
#1782   Right im the dumb one. Rotflmfao. My 6 microcaptrdr24 01/12/18 05:26:07 PM
#1781   You issued a pointless one liner that is awalkinthesun 01/12/18 05:20:43 PM
#1780   You have an excuse for everything. I spoke microcaptrdr24 01/12/18 05:18:07 PM
#1779   Subs, I have never gained vital insight from IR, awalkinthesun 01/12/18 04:51:59 PM
#1778   "a contract is forthcoming" microcaptrdr24 01/12/18 04:29:29 PM
#1777   Your response is meaningless. awalkinthesun 01/12/18 04:02:46 PM
#1776   Hey lolabean,met you on another thread. Are you subslover 01/12/18 03:21:54 PM
#1775   Hey lolabean,met you on another thread. Are you subslover 01/12/18 03:21:52 PM
#1774   You were the one who used to call subslover 01/12/18 03:19:19 PM
#1773   more drivel microcaptrdr24 01/12/18 02:44:17 PM
#1772   for someone who brags about all the DD microcaptrdr24 01/12/18 02:25:39 PM
#1771   Why PR's with IWSY and Fujitsu aren't confidence awalkinthesun 01/12/18 02:03:47 PM
#1770   Here is the contrarian view to Chaka's hope awalkinthesun 01/12/18 01:38:04 PM
#1769   Chaka must have access to some 'good shit'---what lolabean 01/12/18 10:03:48 AM
#1768   Oh yeah baby! Chaka 01/12/18 04:40:18 AM
#1767   Fujitsu put out News 2 days ago expanding microcaptrdr24 01/11/18 07:07:11 PM
#1766   $IWSY closed $2.01 a 3 YEAR HIGH!!!! subslover 01/11/18 04:52:18 PM
#1765   I, for one, is very EXCITED to be Chaka 01/06/18 08:23:29 PM
#1764   IWSY has been a partner with Leidos (formerly awalkinthesun 01/05/18 02:53:45 PM
#1763   awalkinthesun 01/05/18 01:54:22 PM
#1760   I think if Miller has something significant to subslover 01/04/18 11:00:34 PM
#1758   Shorts are not going away, 04 Jan short awalkinthesun 01/04/18 10:19:55 PM
#1757   The stock is up 50% in a week microcaptrdr24 01/04/18 07:12:30 PM
#1756   Hit $2.09 for new 52 week high.Closed on subslover 01/04/18 05:34:25 PM
#1755   Wow IWSY one of the cheaper stocks they cover. subslover 01/04/18 04:44:47 PM
#1754   https://northland.bluematrix.com/docs/pdf/BLUE.pdf Biometrics Software Paul P awalkinthesun 01/04/18 04:37:51 PM
#1753   Agree stock market is fwd looking, this would awalkinthesun 01/04/18 03:24:30 PM
#1751   interesting, Northland analyst has them doing $17M in microcaptrdr24 01/04/18 01:54:02 PM
#1750   https://www.thelincolnianonline.com/2018/01/04/northland-securities-begins-cover awalkinthesun 01/04/18 01:48:50 PM
#1749   Another big volume day. Hearing there is a microcaptrdr24 01/04/18 12:30:53 PM
#1748   Fantastic post Chaka! I have gotta say I'm subslover 01/04/18 11:28:36 AM
#1747   ( LONGS ) Chaka 01/04/18 03:59:23 AM
#1746   You both make great points!!! Thanks ! subslover 01/03/18 08:16:48 PM
#1745   I didn't claim there was a Fujitsu/federated pr microcaptrdr24 01/03/18 05:52:24 PM
#1744   You have me beat and best of luck awalkinthesun 01/03/18 02:56:11 PM
#1743   its a hell of a lot more than microcaptrdr24 01/03/18 01:46:04 PM
#1742   Is that a lot of money to you? awalkinthesun 01/03/18 01:43:58 PM
#1741   lol, sure, let's compare profits....I'm long 175k shares soooo.............. microcaptrdr24 01/03/18 01:39:32 PM
PostSubject