IDO Security Releases Financial Results for 2nd Quarter 2012
22 Agosto 2012 - 2:55PM
Marketwired
IDO Security Inc. (OTCBB: IDOI), developer of the innovative
MagShoe™ shoe scanning device (SSD), today announced that the
Company has reported its 2nd quarter financial results for the
three months ended June 30, 2012.
Revenues for the six and three months ended June 30, 2012 were
$285,480 and $80,916, respectively, compared to $19,486 and $325
for the corresponding periods in 2011. The Company recorded a net
loss for the six and three months ended June 30, 2012 of $31,847
and $1,568,448, respectively, compared to $3,926,331 and $1,754,433
for the corresponding periods in 2011. The Company recorded
revenues of approximately $203,000 for fiscal 2011, representing
the strongest year-end revenues to date and now the Company has
exceeded last year's revenues within the first 6 months of fiscal
2012.
The increase in revenues for the six and three months ended June
30, 2012 as compared to the 2011 periods is primarily attributable
to the substantial increase in the number of MagShoe devices
delivered to customers in Africa, Europe and the Far East. The
decrease in net loss for the six months ended June 30, 2012
includes the gain on the one-time extinguishment of debt in the
approximate amount of $2.9 million that occurred in the first
quarter of fiscal 2012. As of June 30, 2012, the Company received
purchase orders for additional MagShoe units.
Michael Goldberg, President of IDO Security, said, "We are
pleased to see an increased demand for the MagShoe over the last 12
months which we credit to our new management team in Israel that is
headed by Yaniv Beran. Our marketing and sales team has been
diligent in showcasing and demonstrating the effectiveness of the
MagShoes, an ideal solution to close the security gap in the lower
extremities that most existing screening devices fail to detect
security threats. Our team has several pilot programs currently in
place and we believe will result in sales of the MagShoes over the
coming months."
A more detailed description of the business, results of
operations and financial statements are contained in the Quarterly
Report on Form 10-Q filed with the Securities and Exchange
Commission on August 20, 2012.
About IDO Security, Inc. Headquartered in
New York with a subsidiary in Israel, IDO Security designs,
develops and markets the patented MagShoe™ shoe scanning device
(SSD), filling a critical void in today's detectors by extending
screening to the lower body and feet. MagShoe™'s "shoes-on" design
maximizes security, thoroughness and accuracy while eliminating the
need to remove shoes for increased convenience and safety; neither
invasive nor harmful to the body as some of the other screening
devices currently used in the marketplace. Ideal for security and
loss prevention at virtually any facility, MagShoe™ is currently in
use worldwide at international airports, cruise lines, government
agencies, correctional facilities, mints and more.
For more information on the Company, please visit:
http://www.idosecurityinc.com
This press release contains forward-looking statements that
involve substantial uncertainties and risks. These forward-looking
statements are based upon our current expectations, estimates and
projections about our business and our industry, and that reflect
our beliefs and assumptions based upon information available to us
at the date of this release. We caution readers that
forward-looking statements are predictions based upon our current
expectations about future events. These forward looking statements
are not guarantees of future performance and are subject to risks,
uncertainties and assumptions that are difficult to predict. Our
actual results, performance or achievements could differ materially
from those expressed as a result of a number of factors, including
but not limited to, anticipated trends and challenges in our
business and the markets in which we operate, our expectations
regarding our expenses and revenue, the ultimate market acceptance
of our products, the sufficiency of existing capital resources, our
plans for future products and enhancements of existing products,
the ability to secure additional sources of financing, general
economic conditions, the availability of competing products and
changes in technology, legislative or regulatory changes that
affect us and the risks and uncertainties discussed under the
heading "RISK FACTORS" in Item 1A of IDO's Annual Report on Form
10-K for the year ended December 31, 2011, and in our other filings
with the Securities and Exchange Commission at www.sec.gov. We
undertake no obligation to revise or update any forward-looking
statement for any reason.
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COMPANY CONTACT: Christopher Cox 347-855-5869 Email Contact
Media Relations Mike Elliott 813-421-1701 Email Contact
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