Intelli-Check Inc. reports its financial results for the first quarter ended March 31.
The company reports that sales in the first quarter of 2002 totaled $393,952, of which $254,938 was recognized as revenue, compared with sales of $89,302 and recognized revenue of $204,635 in the year-ago period.
The company reports a net loss of $1.4 million, or 17 cents per share, which includes a non-cash expense of $580,763. This reflects the amortization of deferred compensation resulting from the issuance of stock options to consultants.
This net loss compares with a net loss of $878,875, or 12 cents per share, in the year-ago period.
Intelli-Check Chairman and CEO Frank Mandelbaum says the company remains in “sound financial condition” as it continues to pursue the growing potential for sales in expanding markets, such as retail chains and credit card providers.
Intelli-Check is a developer of advanced document verification systems.
