Intellicheck Mobilisa Inc (IDN) saw its loss narrow to $0.73 million, or $0.07 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.27 million, or $0.13 a share.
Revenue during the quarter plunged 44.79 percent to $1.21 million from $2.20 million in the previous year period. Gross margin for the quarter expanded 1445 basis points over the previous year period to 77.92 percent. Operating margin for the quarter stood at negative 60.15 percent as compared to a negative 62.72 percent for the previous year period.
Operating loss for the quarter was $0.73 million, compared with an operating loss of $1.38 million in the previous year period.
“During our earnings call last quarter, we shared our expectation that the Company would achieve break-even in the first half of 2017. We continue to support that projection as we see the key indicators we believe will keep us on track to achieve that projection," noted Intellicheck’s chief executive officer Dr. William Roof.
Operating cash flow remains negative
Intellicheck Mobilisa Inc has spent $3.47 million cash to meet operating activities during the nine month period as against cash outgo of $3.74 million in the last year period.
The company has spent $0.02 million cash to meet investing activities during the nine month period as against cash outgo of $0.16 million in the last year period.
Cash flow from financing activities was $1.07 million for the nine month period, down 85.87 percent or $6.53 million, when compared with the last year period.
Cash and cash equivalents stood at $3.53 million as on Sep. 30, 2016, down 46.98 percent or $3.13 million from $6.67 million on Sep. 30, 2015.
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