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ImageWare® Systems Reports 2018 First Quarter Financial Results

Update on Partners’ Biometric Sales and Marketing

SAN DIEGO, May 10, 2018 (GLOBE NEWSWIRE) -- ImageWare® Systems, Inc. (OTCQB:IWSY), a leader in mobile and cloud-based, multi-modal biometric identity management solutions, reported financial results for the first quarter ended March 31, 2018.

Q1 Summary of Results

  • Revenue for the first quarter ended March 31, 2018 decreased 23% to $716,000 from $928,000 in the first quarter 2017.
  • Gross profit for the first quarter was $468,000 (65%) as compared with $666,000 (72%) in the first quarter 2017.
  • Net loss was $3.6 million in the first quarter compared with $2.7 million in the first quarter 2017.

Recently Announced Significant Events

  • In April ImageWare received a $730,000 order from an existing customer for additional licenses of its Biometric Engine® identification software.
  • In January, the company brought on board David Somerville as Sr. Vice President of Sales and Marketing to help the company to navigate the expected increase in worldwide sales activity. Mr. Somerville has over 20 years of high-level experience in the sales and support of security software.

Jim Miller, Chairman and CEO of ImageWare Systems, said, “Revenues in the quarter continued to reflect primarily our legacy business. However, we did see initial orders from several of our sales partners. Thus far in 2018 we have seen our first sales, although modest, under that model from our partners CDW, Fujitsu, Extenua and Avatier. While we have limited direct visibility on when sales projects will actually close, we do know that every project is making progress and our partners have given us good reason to believe that several will close in the second quarter,” Miller concluded.

2018 First Quarter Financial Results Conference Call   
The Company will host an investor update call on Thursday, May 10, 2018 at 1:30pm PT (4:30pm ET).The Participant Dial-In Number for the conference call is Domestic/International 1-631-891-4304. Participants should dial in to the call at least five minutes before 1:30pm PT (4:30pm ET) on May 10, 2018. The call can also be accessed “live” online at http://public.viavid.com/index.php?id=129600.

A replay of the recorded call will be available for 90 days on the Company’s website (https://iwsinc.com/about/investors/). You can also listen to a replay of the call by dialing toll-free 1-844-512-2921 (international only - 1-412-317-6671) starting May 10, 2018, at 7:30pm ET through May 17, 2018 at 11:59 pm ET. Please use PIN Number 10004818.

About ImageWare® Systems, Inc.
ImageWare Systems, Inc. is a leading developer of mobile and cloud-based identity management solutions, providing patented biometric authentication solutions for the enterprise. Biometric technology uses unique physical characteristics to authenticate a person’s identity. The company delivers next-generation biometrics as an interactive and scalable cloud-based solution. ImageWare brings together cloud and mobile technology to offer multi-factor authentication for smartphone users, for the enterprise, and across industries. 

ImageWare’s products support multi-modal biometric authentication including, but not limited to, any individual use or combination of face, voice, fingerprint, iris, palm, and more. All the biometrics can be combined with or used as replacements for authentication and access control tools, including tokens, digital certificates, passwords, and PINS, to provide the ultimate level of assurance, accountability, and ease of use for corporate networks, web applications, mobile devices, and PC desktop environments.

ImageWare is headquartered in San Diego, California, with offices in Portland, Oregon, Ottawa, Ontario, and Mexico City, Mexico. To learn more about ImageWare, visit https://iwsinc.com/ and follow us on Twitter, LinkedIn, YouTube, and Facebook.

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, 2017 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.

Investor Relations Contact:                       
Harvey Bibicoff, CEO                                
Bibicoff + MacInnis, Inc.                                                    
818.379.8500   
harvey@bibimac.com

     
     
IWSY - SELECTED COMPARATIVE FINANCIAL HIGHLIGHTS    
In thousands, except share and per share amounts        
         
    Three Months Ended
    March 31,
      2018       2017  
Revenues        
Product   $ 97     $ 273  
Maintenance     619       655  
Total Revenues     716       928  
                 
Cost of Revenue                
Product     26       54  
Maintenance     222       208  
                 
Gross Profit     468       666  
      65 %     72 %
Operating Expenses                
General & administrative     1,206       967  
Sales and marketing     861       761  
Research and development     1,799       1,541  
Depreciation and amortization     12       21  
Total Operating Expenses     3,878       3,290  
                 
Loss from operations     (3,410 )     (2,624 )
                 
Interest (income) expense, net     173       100  
Other (income) expense, net     0       -  
                 
Income (loss) from continuing operations before income taxes     (3,583 )     (2,724 )
                 
Income taxes     0       3  
                 
Income (loss) from continuing operations     (3,583 )     (2,727 )
                 
Net income (loss)   $ (3,583 )   $ (2,727 )
                 
Preferred dividends     (769 )     (507 )
Net income (loss) available to common shareholders   $ (4,352 )   $ (3,234 )
                 
Per share data - basic                
Net income (loss) from continuing operations   $ (0.04 )   $ (0.03 )
Preferred dividends     (0.01 )     (0.01 )
Basic income (loss) per share available to common shareholders   $ (0.05 )   $ (0.04 )
                 
Basic weighted-average common shares     94,333,663       91,864,174  
                 
                 


IWSY - CONSOLIDATED BALANCE SHEETS        
         
    March 31,   December 31,
    2018
  2017
Assets:              
Cash   $ 4,558     $ 7,317
Accounts receivable, net     284       458
Inventories     89       79
Other current assets     217       163
Property and equipment, net     40       43
Other assets     35       35
Intangible assets, net     90       93
Goodwill     3,416       3,416
Total Assets   $ 8,729     $ 11,604
               
Liabilities and Shareholders' Deficit:              
Current liabilities   $ 2,779     $ 2,657
Convertible line of credit to related party net of discount     5,821       5,774
Pension obligation     2,060       2,024
Shareholders' equity (deficit)     (1,931 )     1,149
Total Liabilities and Shareholders' Equity (Deficit)   $ 8,729     $ 11,604
               

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