New York-based government and private sector identity firm Intellicheck Mobilisa has reported that revenues decreased 31.7% to $2,199,473 compared to $3,218,344 in the same period of the previous year.During the quarter, the Company sold its wireless division that accounted for only $24,000 of third quarter revenue versus $741,000 in the same prior year period. Excluding the revenue generated from the wireless division from both periods, sales were down 12% for the third quarter. Gross profit as a percentage of revenues increased to 63.5% for the three months ended September 30, 2015 compared to 62.6% for the three months ended September 30, 2014."We continue to achieve very strong gross margins, and expect our margins to increase further as our newly implemented SaaS business model generates a larger percentage of our overall revenues," commented Intellicheck's CEO Dr. William Roof."The third quarter divestiture of our wireless division was another important step in support of our efforts to focus on our core competencies in the identity authentication and verification space. We anticipate multiple product adoption announcements in the coming months regarding locations that are live with our products, reflecting the success of our efforts. With the rising adoption of our Law ID, Age ID, Retail ID and Defense ID product offerings, we remain confident that we are on the right path and believe that we are adequately capitalized for growth."Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and certain non-recurring charges) was a loss of ($734,000) for the third quarter of 2015 compared to a gain of $445,000 for the third quarter of 2014. A reconciliation of adjusted EBITDA to net income is provided elsewhere in this release. The net loss for the three months ended September 30, 2015 was ($1,267,797) or ($0.13) per diluted share compared to a net gain of $327,743 or $0.07 per diluted share for the quarter ended September 30, 2014."Our balance sheet remains strong and we remain confident that we are on-track to achieve profitability as we continue to execute our strategic plan for expanded market adoption of our cutting-edge product offerings and leverage our robust patent portfolio to enhance our position as an industry innovator. We look forward to reporting our progress to our shareholders over the coming quarters regarding additional developments that will underscore the traction of our new SaaS product offerings," Dr. Roof concluded.
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