Le Lézard
Classified in: Health, Science and technology, Business, Covid-19 virus
Subjects: ERN, CCA

ImageWare® Reports Second Quarter and Six-Months Results and Reviews Continued Progress to Build ImageWare 2.0


SAN DIEGO, Aug. 19, 2020 /PRNewswire/ -- ImageWare® Systems, Inc. (OTCQB: IWSY), a leader in biometric identification and authentication, today reported financial results for the second quarter and six-months ended June 30, 2020.

Q2 Highlights:

Kristin A. Taylor, President and CEO, said, "I am proud of the dedication, productivity and progress that each of our hard-working team members continues to deliver while working remotely in the ongoing COVID-19 environment."

Evolution: 
Taylor continued, "We are a 'biometric first' security company ? and I'm pleased with the substantive progress being made as we continue adding targeted layers upon the new foundation established in Q1. We maintain our laser focus to transform the authentication market by leveraging multimodal biometrics.

"We have spent, and are spending, a significant amount of time and effort to elevate our products and services to the point where:


(1)

Existing satisfied customers see value in our enhanced, broader service offerings to facilitate their biometric journey, and


(2)

Potential new customers can see that our innovative products are now ready to serve their needs effectively and efficiently.

Recent progress includes:

"Last month, we successfully restructured certain senior securities, paving the way for ImageWare to meaningfully finance our working capital requirements through the issuance of a senior security. We anticipate this proposed financing will take us through to cash flow positive. Overall, we've made important early progress on our path to build ImageWare 2.0 and I look forward to sharing more developments next quarter," concluded Taylor.

Sales Strategy Overview     
ImageWare's renewed sales strategy and focus has already begun to yield results. Along with improving opportunities, this quarter we saw improving new sales, incremental sales to existing customers, along with renewals. We also find increased interest from companies seeking to secure their newly remote workforce as a result of the COVID-19 pandemic.

The Company has enjoyed success from its enhanced product messaging and increased out-bound focus, including webinars. As a result of these and other initiatives, our pipeline is growing.

We are attentive to the feedback and needs of our public safety sector customers as the integration work continues in our Identity Platform. We are focused on migrating our legacy law enforcement product from an on-premise only system to the Cloud-based service for use in the field.  Our goal is to improve ease of administration and scale to capture, proof, credential and authenticate biometrics...and we have existing customers who seem ready to make these moves.

Looking ahead, we continue to focus our resources on the lucrative enterprise market, including financial services, retail, manufacturing and healthcare.

Second Quarter Results

Six-Month Results

Conference Call Details

Date / Time:

Wednesday, August 19th at 1:30 pm PT

Live Webcast:

Please click HERE or use the replay URL below

Replay:

https://www.iwsinc.com/company/investor-relations/  The replay will be available for at least 90 days on the Company's website.

About ImageWare® Systems, Inc.   
In 1987, ImageWare was founded to innovate imaging. After a bold start evolving silver halide photography into digital images, ImageWare built the first statewide digital booking platform for the United States law enforcement in 1998. Since then, ImageWare has evolved into the largest holder of multimodal biometrics, managing millions of identities daily. With vast experience in the government sector, ImageWare is democratizing biometrics by offering defense-grade identity and authentication solutions to the masses. By identifying the person, not a device, ImageWare is giving populations around the globe access to their important data. www.iwsinc.com

Forward-Looking Statements
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if," "should" and "will" and similar expressions as they relate to ImageWare Systems, Inc. are intended to identify such forward-looking statements. ImageWare may from time to time update publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in ImageWare's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

Media Contact:                                                                                                                                
Jessica Belair                                                                                                                                      
ImageWare Systems, Inc.                 
(310) 717-0877                                        
jbelair@iwsinc.com                                                                                                               

Investor Relations:
Harvey Bibicoff, CEO
Bibicoff + MacInnis, Inc.
(818) 379-8500
harvey@bibimac.com

 

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,


2020


2019



2020


2019

Revenues









Product

$                          121


$                          160



$                           272


$                            438

Maintenance

612


652



1,257


1,305

Total Revenues

733


812



1,529


1,743










Cost of Revenue









Product

47


34



65


117

Maintenance

107


106



205


226










Gross Profit

579


672



1,259


1,400


79%


83%



82%


80%

Operating Expenses









General & administrative

939


894



1,922


2,001

Sales and marketing

566


934



1,624


1,939

Research and development

1,517


1,840



3,388


3,614

Depreciation and amortization

18


17



36


36

Total Operating Expenses

3,040


3,685



6,970


7,590










Loss from operations

(2,461)


(3,013)



(5,711)


(6,190)










Interest (income) expense, net

51


(31)



75


(53)

Change in fair value of derivative liabilities

363


(481)



166


(57)

Other components of net periodic pension expense

27


45



75


78

Other expense

-


1



-


1










Loss from continuing operations before income taxes

(2,902)


(2,547)



(6,027)


(6,159)










Income taxes

-


1



0


1










Loss from continuing operations

(2,902)


(2,548)



(6,027)


(6,160)










Net loss

$                     (2,902)


$                     (2,548)



$                      (6,027)


$                       (6,160)










Preferred dividends

(1,372)


(1,374)



(2,746)


(2,668)

Net loss available to common shareholders

$                     (4,274)


$                     (3,922)



$                      (8,773)


$                       (8,828)










Per share data - basic









Basic income (loss) per share available to common shareholders

$                       (0.03)


$                       (0.04)



$                        (0.07)


$                          (0.09)










Basic weighted-average common shares

127,065,608


103,431,623



121,630,902


100,928,835

 

ImageWare® Systems, Inc.





CONSOLIDATED BALANCE SHEETS















June 30,


December 31,





2020


2019

Assets:







  Cash




$                          431


$                      1,030

  Accounts receivable, net



578


657

  Inventories




697


615

  Other current assets



148


243

  Property and equipment, net



184


216

  Other assets




557


257

  Operating lease right-of-use assets


1,738


1,906

  Intangible assets, net



64


70

  Goodwill




3,416


3,416

Total Assets




$                       7,813


$                      8,410








Liabilities and Shareholders' Deficit:





  Current liabilities




$                       8,804


$                      4,198

  Note payable - bank, net of current portion

1,054


-

  Pension obligation



2,311


2,256

  Lease liabilities - long term



1,513


1,716

  Other long-term liabilities



118


118

  Mezzanine equity



9,231


8,884

  Shareholders' deficit



(15,218)


(8,762)

Total Liabilities and Shareholders' Deficit

$                       7,813


$                      8,410








 

SOURCE ImageWare Systems, Inc.


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