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ImageWare Systems, Inc. (IWSY)

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Last Post: 8/14/2017 11:48:24 PM - Followers: 28 - 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: Current Report Filing (8-k) 08/16/2017 02:25:21 PM
IWSY News: Quarterly Report (10-q) 08/14/2017 05:16:05 PM
IWSY News: Notification That Quarterly Report Will Be Submitted Late (nt 10-q) 08/09/2017 04:07:04 PM
IWSY News: Current Report Filing (8-k) 05/16/2017 06:11:50 AM
IWSY News: Quarterly Report (10-q) 05/12/2017 06:13:00 AM
PostSubject
#1574  Sticky Note ImageWare Debuts First Ever Multimodal Biometric Authentication Solution subslover 11/14/16 10:41:49 PM
#1606   ImageWare Systems' (IWSY) CEO Jim Miller on Q2 subslover 08/14/17 11:48:23 PM
#1605   Yes I listened to call microcaptrdr24 08/14/17 10:10:51 PM
#1604   Hey microcaptrdr its very nice to see you subslover 08/14/17 07:37:13 PM
#1603   Fujitsu deal sounds like it's worth tens of microcaptrdr24 08/14/17 06:58:45 PM
#1602   ImageWare Systems Issues Corporate Update subslover 08/14/17 04:49:54 PM
#1601   Looks as if IWSY IR peps had a subslover 07/19/17 10:56:24 AM
#1600   Bounced off .81 === 52 week low! subslover 06/27/17 03:43:46 PM
#1599   ImageWare Systems Partners with Info X Distribution to subslover 06/05/17 08:47:46 AM
#1598   Subs, awalkinthesun 05/15/17 05:36:44 PM
#1597   CIO Applications Names ImageWare as a Top 25 subslover 05/13/17 10:09:04 AM
#1596   ImageWare Systems' (IWSY) CEO Jim Miller on Q1 subslover 05/11/17 01:10:56 AM
#1595   EARNINGS OUT subslover 05/11/17 01:05:58 AM
#1594   ImageWare to Supply Biometric Software for Alaskan Airports subslover 04/13/17 09:40:22 AM
#1593   ImageWare Systems' (IWSY) CEO Jim Miller on Q4 subslover 03/30/17 11:54:37 PM
#1592   Earnings out. Same ole BS subslover 03/30/17 05:55:59 PM
#1591   drop is starting... below $1 imminent, unfortunately awalkinthesun 02/08/17 03:13:58 PM
#1590   My bet is IWS has nothing to report awalkinthesun 02/07/17 05:48:37 PM
#1589   Needs a contact or two behind it to awalkinthesun 02/01/17 08:33:20 AM
#1588   Subs, Thank you for the info, I've heard that awalkinthesun 02/01/17 08:30:15 AM
#1587   Awalk Have to agree with what your doing however subslover 01/30/17 02:25:43 PM
#1586   Subs - awalkinthesun 01/25/17 06:04:30 PM
#1585   And here we are 2 years later and subslover 01/23/17 12:42:49 PM
#1584   contract news needs to occur in Feb or awalkinthesun 01/23/17 12:32:29 PM
#1583   Heard Miller on the CC blabber on this awalkinthesun 01/05/17 07:33:38 PM
#1582   still have majority of my shares, sold 20k awalkinthesun 01/05/17 07:31:11 PM
#1581   Well a profit is a profit! :) Are subslover 01/05/17 04:43:25 PM
#1580   They also did a preferred shares swap to awalkinthesun 01/05/17 04:20:46 PM
#1579   On December 27, 2016, the Company and Neal subslover 12/30/16 10:43:18 PM
#1578   And another good day with best volume in subslover 12/15/16 04:43:43 PM
#1577   awalkinthesun.....Take a gander at this someone bought over subslover 12/15/16 01:25:38 AM
#1576   have faith, still think something will come through, awalkinthesun 11/22/16 09:05:48 AM
#1575   Of no surprise that were under $1.00 this morning subslover 11/15/16 11:38:23 AM
#1574   ImageWare Debuts First Ever Multimodal Biometric Authentication Solution subslover 11/14/16 10:41:49 PM
#1573   ImageWare Systems Issues Corporate Update subslover 11/14/16 10:36:47 PM
#1572   You are 100% correct. Excerpt from Miller on subslover 11/14/16 10:30:58 PM
#1571   Shelf filing - likely going to issue shares awalkinthesun 11/10/16 09:33:29 AM
#1570   Late filing extension. They did the same last subslover 11/09/16 07:21:38 PM
#1569   NEWS subslover 10/24/16 10:42:45 AM
#1568   What he has got here is a personal subslover 10/19/16 10:00:46 PM
#1567   Criminal. I guess that means they are not cash jenga1 10/19/16 03:37:40 PM
#1566   Miller put this out today after the MKT subslover 10/14/16 11:32:15 PM
#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
PostSubject