Investor Teleconference and Webcast to Begin at 4:15 PM ET Today
LENEXA, KS -- (Marketwire - August 11, 2010) - ICOP Digital, Inc. (NASDAQ: ICOP), an industry-leading company engaged in advancing digital surveillance technology solutions, announced today its financial and operational results for the three months ended June 30, 2010. The Company will host a conference call later today to discuss the results, and plans to file its 10-Q later today. This call can be accessed through the Company's website, www.ICOP.com. The live audio presentation can be accessed by dialing toll free at 1-877-315-9024.
Key Operational Highlights
- Domestic sales increased 16.3% over the same six (6) month period in 2009.
- ICOP entered into a partnership with General Dynamics to resell each other's products. General Dynamics ranks as number "100" on the Fortune 500 list.
Financial highlights for the three months ended June 30, 2010:
- Revenues increased to $1.8 million, a 14% increase compared to second quarter revenues of $1.6 million reported in 2009.
About ICOP Digital, Inc.
ICOP Digital, Inc. (NASDAQ: ICOP) is a leading provider of mobile video solutions (i.e. in-car video) for Law Enforcement, Military, and Homeland Security markets, worldwide. ICOP solutions help the public and private sectors mitigate risks, reduce losses, and improve security through the live streaming, capture and secure management of high quality video and audio. www.ICOP.com
ICOP Digital, Inc. Condensed Balance Sheets - Unaudited June 30, December 31, 2010 2009 ----------- ----------- Assets Current assets: Cash and cash equivalents $ 326,314 $ 1,171,943 Accounts receivable, net of allowances of $100,457 at June 30, 2010 and December 31, 2009 1,340,750 2,009,591 Inventory, at lower of cost or market 2,144,800 2,094,168 Prepaid Expenses 123,893 98,351 Other Assets 1,380,879 1,759,004 ----------- ----------- Total current assets 5,316,636 7,133,057 Property and equipment, net of accumulated depreciation $1,573,720 and $1,411,988 at June 30, 2010 and December 31, 2009, respectively 1,299,120 1,463,765 Other assets: Deferred patent costs 100,667 95,906 Investment, at cost 25,000 25,000 Security deposit 20,758 18,258 ----------- ----------- Total other assets 146,425 139,164 ----------- ----------- Total assets $ 6,762,181 $ 8,735,986 =========== =========== Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 361,845 $ 370,998 Accrued liabilities 529,547 476,761 Notes payable 479,985 629,985 Due to factor 553,809 686,965 Unearned revenue - current portion 258,573 233,175 ----------- ----------- Total current liabilities 2,183,759 2,397,884 Other liabilities: Unearned revenue - long term portion 317,496 420,009 Shareholders' equity: Preferred stock, no par value; 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2010 and December 31, 2009 - - Common stock, no par value; 50,000,000 shares authorized, 2,719,918 and 2,360,294 issued and outstanding at June 30, 2010 and December 31, 2009, respectively 37,708,155 36,469,313 Accumulated other comprehensive income 3,465 3,465 Retained deficit (33,450,694) (30,554,685) ----------- ----------- Total shareholders' equity 4,260,926 5,918,093 ----------- ----------- Total liabilities and shareholders' equity $ 6,762,181 $ 8,735,986 =========== =========== ICOP Digital, Inc Condensed Statement of Operations - Unaudited Three Months Ended Six Months Ended June 30, June 30, ------------------------ ------------------------ 2010 2009 2010 2009 ----------- ----------- ----------- ----------- Sales, net of returns and allowances $ 1,826,790 $ 1,601,463 $ 3,736,222 $ 3,849,996 Cost of sales 1,044,389 748,623 2,169,147 1,910,993 ----------- ----------- ----------- ----------- Gross profit 782,401 852,840 1,567,075 1,939,003 Operating expenses: Selling, general and administrative 1,700,925 2,002,398 4,005,699 3,826,803 Research and development 176,153 183,918 349,729 400,898 ----------- ----------- ----------- ----------- Total operating expenses 1,877,078 2,186,316 4,355,428 4,227,701 ----------- ----------- ----------- ----------- Operating loss (1,094,677) (1,333,476) (2,788,353) (2,288,698) Other income (expense): Gain on derecognition of liabilities - - - 52,765 Gain/(Loss) on disposal of property and equipment 403 (2,477) 403 (6,646) Interest income 27 31 46 36 Loss on extended warranties (1,345) (1,345) Interest expense (46,659) (60,318) (113,634) (97,354) Other income 2,874 8,046 5,529 8,697 ----------- ----------- ----------- ----------- Loss before income taxes (1,138,032) (1,389,539) (2,896,009) (2,332,545) Income tax provision - - - - ----------- ----------- ----------- ----------- Net Loss $(1,138,032) $(1,389,539) $(2,896,009) $(2,332,545) =========== =========== =========== =========== Basic and diluted net loss per share $ (0.48) $ (1.44) $ (1.09) $ (2.75) =========== =========== =========== =========== Basic and diluted weighted average common shares outstanding 2,360,315 965,490 2,651,143 847,057
Forward-Looking Statements
This document contains forward-looking statements. You should not rely too heavily on forward-looking statements because they are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. This, plus other uncertainties and factors described in our most-recent annual report and our most-recent prospectus filed with the Securities and Exchange Commission, could materially affect the Company and our operations. These documents are available electronically without charge at www.sec.gov.
For more information, contact: Melissa K. Owen Dir. of Communications 16801 West 116th Street Lenexa, KS 66219 USA Phone: (913) 338-5550 Fax: (913) 312-0264 mowen@ICOP.com www.ICOP.com For Investor Relations: DC Consulting, LLC Daniel Conway Chief Executive Officer Phone: (407) 792-3332 investorinfo@ICOP.com daniel@dcconsultingllc.com