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 March 31, 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
- ICOP was issued patent number US 7,680,947 B2 by the U.S.
Patent and Trademark office for a technology used to live stream
mobile video and audio to first responders. The Company developed
ICOP LIVE™ using this technology.
- Of the RFPs responded to and awarded in the first quarter, ICOP
experienced a 45% win ratio.
- Based on the number of units sold in the first quarter, the
reorder rate from existing customers was 79%, and 21% of the units
were delivered to new customers.
- ICOP was awarded state contracts in Texas and Minnesota in the
first quarter of 2010. The contracts were established to facilitate
the purchase of in-car video equipment by agencies in those states
for a pre-determined price and terms.
- In February, the Company raised $1.34 Million, before placement
agent's fees and other offering expenses, in a registered direct
offering with two institutional investors.
- ICOP announced in the first quarter that it has resolved all
currently pending litigation with L-3 Communications Mobile-Vision,
Inc. ("L-3"). ICOP maintains, and continues to maintain, that it
does not infringe United States Patent No. 7,119,832. All
litigation between the parties has been dismissed with prejudice,
and the ICOP 20/20, 20/20-W, 20/20 VISION, the wireless microphone
and base remain available for purchase from ICOP. The terms of the
resolution are confidential.
- The Company entered into a Memorandum of Understanding (MOU)
with Developed Dimension Information Technology (DDIT), ICOP's
partner in the Kingdom of Saudi Arabia, to establish a joint
venture company, to expand the delivery of Homeland Security
solutions in Saudi Arabia and other Gulf Cooperation Council (GCC)
countries.
- On March 24, 2010, the Company received a determination from
the NASDAQ Listing Qualifications Panel (the "Panel") indicating
that the Panel had granted the Company's request to remain listed
on The NASDAQ Capital Market, subject to the condition that, on or
before July 12, 2010, the Company evidence a closing bid price of
at least $1.00 per share for a minimum of ten consecutive business
days.
Financial highlights for
the three months ended March 31, 2010 compared to three months
ended March 31, 2009:
- Revenues declined 15% to $1.9 million from $2.2 million for the
same three month period in the prior year.
- Gross margin decreased to 41% from 48% due to lower margins in
2010 for certain markets.
- Total Operating expenses increased 21% to $2.5 million from $2
million. The increase is mainly due to stock based compensation,
professional services and travel costs offset by the decline in
research and development projects and depreciation. The increase in
professional services is due primarily to legal costs regarding the
L-3 litigation, which is now settled, and the NASDAQ hearing
expenses associated with maintaining our NASDAQ listing, both of
which are onetime events. The increase in travel costs is
attributed to trade events, activities relating to a newly formed
client services team and greater focus on direct sales.
- Net loss was $1.8 million, or $0.07 per basic and diluted
share, compared to $900 thousand, or $0.13 per basic and diluted
share.
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
March 31, December 31,
2010 2009
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 1,448,067 $ 1,171,943
Accounts receivable, net of allowances of
$100,457 at March 31, 2010 and December 31, 2009 1,272,137 2,009,591
Inventory, at lower of cost or market 1,751,586 2,094,168
Prepaid Expenses 148,188 98,351
Other Assets 1,799,639 1,759,004
----------- -----------
Total current assets 6,419,617 7,133,057
Property and equipment, net of accumulated
depreciation $1,499,308 and $1,411,988 at March
31, 2010 and December 31, 2009, respectively 1,376,445 1,463,765
Other assets:
Deferred patent costs 100,753 95,906
Investment, at cost 25,000 25,000
Security deposit 20,758 18,258
----------- -----------
Total other assets 146,511 139,164
----------- -----------
Total assets $ 7,942,573 $ 8,735,986
=========== ===========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 239,331 $ 370,998
Accrued liabilities 492,814 476,761
Notes payable 479,985 629,985
Due to factor 542,223 686,965
Unearned revenue - current portion 262,949 233,175
----------- -----------
Total current liabilities 2,017,302 2,397,884
Other liabilities:
Unearned revenue - long term portion 338,266 420,009
Shareholders' equity:
Preferred stock, no par value; 5,000,000 shares
authorized, no shares issued and outstanding at
March 31, 2010 and December 31, 2009 - -
Common stock, no par value; 50,000,000 shares
authorized, 27,196,855 and 23,602,944 issued
and outstanding at March 31, 2010 and December
31, 2009, respectively 37,896,201 36,469,313
Accumulated other comprehensive income 3,465 3,465
Retained deficit (32,312,661) (30,554,685)
----------- -----------
Total shareholders' equity 5,587,005 5,918,093
----------- -----------
Total liabilities and shareholders' equity $ 7,942,573 $ 8,735,986
=========== ===========
ICOP Digital, Inc.
Condensed Statement of Operations - Unaudited
Three Months Ended
March 31,
------------------------
2010 2009
----------- -----------
Sales, net of returns and allowances $ 1,909,432 $ 2,248,533
Cost of sales 1,124,759 1,162,370
----------- -----------
Gross profit 784,673 1,086,163
Operating expenses:
Selling, general and administrative 2,304,773 1,824,404
Research and development 173,576 216,979
----------- -----------
Total operating expenses 2,478,349 2,041,383
----------- -----------
Operating loss (1,693,676) (955,220)
Other income (expense):
Gain on derecognition of liabilities - 52,765
Loss on disposal of property and equipment - (4,170)
Interest income 19 -
Interest expense (66,974) (37,035)
Other income 2,655 654
----------- -----------
Loss before income taxes (1,757,976) (943,006)
Income tax provision - -
----------- -----------
Net Loss $(1,757,976) $ (943,006)
=========== ===========
Basic and diluted net loss per share $ (0.07) $ (0.13)
=========== ===========
Basic and diluted weighted average common shares
outstanding 25,818,179 7,299,175
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.
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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 Email Contact www.ICOP.com For
Investor Relations: DC Consulting, LLC Daniel Conway Chief
Executive Officer Phone: (407) 792-3332 Email Contact Email
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