EXHIBIT 99.1
INTELLI-CHECK, INC.
FOR IMMEDIATE RELEASE
INTELLI-CHECK ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
WOODBURY, N.Y., AUGUST 14, 2003 -- Intelli-Check, Inc. (AMEX: IDN), a leader in
advanced document and age verification systems and the developer of proprietary
ID-CHECK(R)technology, today announced financial results for the second quarter
ended June 30, 2003.
Revenues for the second quarter rose 19 percent to $342,191 from $287,336 in the
same period last year. Net loss in the quarter, which included a non-cash charge
for an inventory adjustment of $800,000, increased to $(2,049,981) or $(0.24)
per share, from $(1,332,024) or $(0.15) per share reported for the second
quarter of 2002. Basic and diluted weighted average shares outstanding used in
computing per share amounts in both periods were 8,930,112 and 8,596,464,
respectively.
"We remain optimistic about our future as we work toward our goal of becoming
the leading provider of identity verification systems and software in the
age-verification, commercial fraud protection and access control markets," said
Frank Mandelbaum, chairman and chief executive officer of Intelli-Check. "Our
long-term strategy focuses on entering into strategic licensing agreements and
developing alliances with leading providers of security solutions, strengthening
our sales and marketing efforts and expanding our collaborative marketing
relationships with trade associations and public interest groups. We believe
that our recently announced alliances with industry leaders such as Bioscrypt,
Ultra-Scan and Northrop Grumman Mission Systems have further positioned us to
achieve one of our strategies for growth by demonstrating the unique value
proposition our ID-CHECK system offers when combined with their technologies.
"The market opportunity is large and growing and we consistently see powerful
new applications for our systems," Mr. Mandelbaum continued. "Though our sales
cycles have slowed due to budgetary constraints among government and
quasi-government agencies as well as the inherent buying patterns of large
retailers, we are confident that we are well positioned to address growing
demand."
ABOUT INTELLI-CHECK, INC.
Intelli-Check, Inc. (WWW.INTELLICHECK.COM) is a developer and marketer of
proprietary document verification technology, which is contained in its
ID-CHECK(R) units. The multi-purpose ID-CHECK system authenticates the validity
of driver licenses, state issued non-driver and military identification cards
used as proof of identity.
Through its patented technology, ID-CHECK analyzes and displays information
encoded in magnetic stripes and barcodes found on state and government-issued
identification cards from
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more than 50 jurisdictions. ID-CHECK units are fully capable of increasing
security and are being used as a tool to deter terrorism at military
installations, high profile buildings, airports and other sites and also against
commercial fraud, including identity theft, which often is supported by fake
IDs. The ID-CHECK system helps prevent economic loss from check-cashing, credit
card and various other frauds utilizing fake IDs. ID-CHECK and IDentiScan units
also have the ability to determine whether purchasers of regulated products such
as alcohol, tobacco and other age restricted products and services meet minimum
age requirements for their sale. The company's software only application,
IDN-DLL, can be used with a customer's existing hardware, or with minimal
additional hardware components, included in Point-Of-Sale (POS) terminals for
multi-lane retailers such as grocery and mass-retail stores.
Certain statements in this press release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, as
amended. When used in this press release, words such as "believe," "optimistic,"
"future," "strategy," "objective," "confident" and similar expressions, as they
relate to the company or its management as well as assumptions made by and
information currently available to the company's management identify
forward-looking statements. Additional information concerning forward-looking
statements is contained under the heading of risk factors listed from time to
time in the company's filings with the Securities and Exchange Commission. We do
not assume any obligation to update the forward-looking information.
# # #
Consolidated Statement of Operations
For Three Months Ended June 30, 2003
(Unaudited)
2003 2002
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Revenues $ 342,191 $ 287,336
Net Loss $(2,049,981) $(1,332,024)
Net Loss Per Common Share -
Basic and Diluted $ (0.24) $ (0.15)
Common Shares Used in
Computing Per Share Amounts -
Basic and Diluted 8,930,112 8,596,464
INTELLI-CHECK CONTACTS
The Abernathy MacGregor Group, Inc. Intelli-Check, Inc.
Gillian Angstadt Frank Mandelbaum
212/371-5999 516/992-1900
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