ImageWare� Systems, Inc. (AMEX:IW), a leading developer and
provider of identity management solutions, reported preliminary
financial results for the fourth quarter and year ended Dec. 31,
2007. �In 2007, we continued our focus on building relationships
with major systems integrators, which produced important wins with
GE Security, Unisys, Boeing, Motorola, and others,� stated Jim
Miller, ImageWare�s chairman and chief executive officer. �Our
efforts have begun to deliver results. Today we announced new
orders totaling $3.5 million from multiple customers, the majority
of which were received in the last two weeks. We expect $1.3
million of the related revenue to be recognized in the first
quarter with the remainder recognized in the second and third
quarters of 2008. However, the fourth quarter 2007 government
budget freeze affected our fourth quarter and full year 2007
results and delayed the positive impact of our efforts and
success.� Miller added, �These recent orders, the fruit of our
expanded relationships with major systems integrators and
government organizations, validate our strategy and prove our
ability to integrate our solution into large-scale biometric
projects. Demand continues for our identity management solutions
and showcases our interoperable and cross-functional solutions.
After completing the Sol Logic, Inc. integration and introducing
the IWS� Mediator� in February, we are experiencing sooner than
expected high demand for our real-time voice recognition and
multi-lingual translation technology. We look forward to delivering
more of our solutions as we broaden our customer base and increase
our offerings to existing customers.� Total net revenues for the
fourth quarter 2007 were $1.9 million, compared to $2.4 million for
the fourth quarter 2006 due primarily to lower product revenue
recognition in the quarter. During 2007, the company implemented
its plan to shift from a direct sales model to an indirect model
through partnering, which resulted in lower sales and marketing
costs. These changes, combined with lower stock based compensation
expense and lower consulting and professional services
expenditures, reduced operating expenses to $2.5 million in the
fourth quarter 2007, compared to $2.8 million in the fourth quarter
of 2006. This resulted in an improved net loss available to common
shareholders for the fourth quarter of 2007 of $1.4 million,
compared to $1.6 million in the fourth quarter of 2006. Net loss
per share was $0.08 for the fourth quarter, compared to a net loss
per share of $0.11 in the fourth quarter of 2006. For the full year
2007, total net revenues were $8.5 million, compared to $10.2
million for 2006. 2007 gross margins improved to 70 percent, up
from 67 percent for 2006. The company reduced operating expenses by
$1.5 million, with the largest reduction of $920,000 in sales and
marketing costs. Net loss available to common shareholders for 2007
was $5.9 million, which included $1.2 million of preferred
dividends, or $0.39 per share, as compared to $6.0 million, or
$0.44 per share, for 2006. As of Dec. 31, 2007, ImageWare Systems
had cash of $1.0 million. Financial Guidance Miller concluded, �We
experienced more activity in the last two weeks of the first
quarter of 2008 than we have in the company�s history, resulting in
a March 31, 2008 backlog of $2.9 million. In summary, we have set
the stage for a stronger year, and we estimate revenues for the
2008 first quarter to be approximately $2.3 million.� Recent and
Fourth Quarter 2007 Customer Developments Selected by GE Security
for its FUPAC (Florida Uniform Port Access Credential) project. Won
a one-year, multiple-award initial task order contract from Boeing
Integrated Defense Systems unit. Signed a three-year,
royalty-based, worldwide OEM agreement with GE Security as an
integral part of its identity management solution offerings. Signed
a two-year, non-exclusive distribution agreement with iBilt
Technologies Ltd., a New Delhi based end-to-end IT solutions
provider for government IT business. Recent and Fourth Quarter 2007
Product Developments Acquired the assets of Sol Logic, Inc., a
leader in real-time voice recognition and language translation
technology. Launched IWS� Mediator�, a suite of multilingual
translation, collaborative and integrated multimodal biometric
capabilities. Awarded patent for a multimodal biometric
identification or authentication system. Received technology
excellence and superior performance recognition for the IWS�
Biometric Engine� platform in conjunction with the
Technology-to-Sea Excellence Award to the Navy�s Tactical Biometric
Collection and Matching System (TBCMS) team. Received Minutiae
interoperability Exchange (MINEX) Certification from the National
Institute of Standards and Technology (NIST) for the IWS� Biometric
Engine�. Awarded a certificate of completion for HSPD-12 Vendor
Evaluation as a member of the Science Applications International
Corporation (SAIC) team. Conference call information A conference
call on ImageWare�s fourth-quarter and year-end earnings will be
conducted today. The conference call will be conducted at 1:30 p.m.
Pacific Time (4:30 p.m. Eastern Time) and will be available to all
interested parties by dialing 877-407-9210 in the U.S. or
201-689-8049, if outside of the U.S. The call will also be
available through a live audio web broadcast at
www.iwsinc.com/investors.cfm. The call will be archived and
available for replay from the investor relations page of
ImageWare�s web site at www.iwsinc.com until June 30, 2008. The
call will also be available for replay until April 2, 2008 by
calling 877-660-6853 in the U.S. or 201-612-7415, if outside of the
U.S. To access the call, all parties will need the following replay
pass codes: Account #286 and Conference ID # 280040. About
ImageWare Systems, Inc. ImageWare Systems, Inc. (AMEX:IW) is a
leading developer and provider of identity management solutions,
providing biometric, secure credential, law enforcement and digital
imaging technologies. Scalable for worldwide deployment, the
Company's biometric product line includes a multi-biometric engine
that is hardware and algorithm independent, enabling the enrollment
and management of unlimited population sizes. ImageWare's
identification products are used to manage and issue secure
credentials including national IDs, passports, driver licenses,
smart cards and access control credentials. ImageWare's digital
booking products provide law enforcement with integrated mug shot,
fingerprint Livescan and investigative capabilities. ImageWare is
headquartered in San Diego, with offices in Washington DC and
Canada. For more information visit www.iwsinc.com. Safe Harbor
Statement This news release may contain forward-looking statements
made pursuant to the �safe harbor� provisions of the Private
Securities Litigation Reform Act of 1995. While these statements
are meant to convey to the public the company's progress, business
opportunities and growth prospects, readers are cautioned that such
forward-looking statements represent management's opinion. While
management believes such representation to be true and accurate
based on the information available to the company, actual results
may differ materially from those described. The company's
operations and business prospects are always subject to risks and
uncertainties. Important facts that may cause actual results to
differ are set forth in the company�s periodic filings with the
U.S. Securities and Exchange Commission. IMAGEWARE SYSTEMS, INC.
SELECTED COMPARATIVE FINANCIAL HIGHLIGHTS In thousands, except
share and per share amounts � Three Months Ended Twelve Months
Ended December 31, December 31, � 2007 � � 2006 � � 2007 � � 2006 �
Revenues Product $ 955 $ 1,481 $ 5,652 $ 7,606 Maintenance � 911 �
� 900 � � 2,836 � � 2,584 � Total Revenues 1,866 2,381 8,488 10,190
� Cost of Revenue Product 389 528 1,380 2,216 Maintenance � 295 � �
307 � � 1,166 � � 1,133 � � Gross Profit 1,182 1,546 5,942 6,841 63
% 65 % 70 % 67 % Operating Expenses General & administrative
877 1,094 3,865 4,365 Sales and marketing 674 825 2,647 3,567
Research and development 928 780 3,669 3,678 Depreciation and
amortization � 58 � � 59 � � 258 � � 304 � Total Operating Expenses
2,537 2,758 10,439 11,914 � � � � Income (loss) from operations
(1,355 ) (1,212 ) (4,497 ) (5,073 ) � Interest (income) expense,
net (21 ) 226 215 564 Other (income) expense, net (16 ) (8 ) 23
(119 ) � � � � Income (loss) from continuing operations before
income taxes (1,318 ) (1,430 ) (4,735 ) (5,518 ) � Income taxes 0 0
0 0 � � � � Income (loss) from continuing operations (1,318 )
(1,430 ) (4,735 ) (5,518 ) � Discontinued operations: Gain (loss)
from operations of discontinued Digital Photography Component
(including gain on disposal of Digital Photography component) 33
(62 ) 50 (408 ) Income tax benefit (expense) � 0 � � 0 � � 0 � � 0
� Gain (loss) on discontinued operations 33 (62 ) 50 (408 ) � Net
income (loss) $ (1,285 ) $ (1,492 ) $ (4,685 ) $ (5,926 ) Preferred
dividends $ (95 ) $ (72 ) $ (1,171 ) $ (111 ) Net loss available to
common shareholders $ (1,380 ) $ (1,564 ) $ (5,856 ) $ (6,037 ) �
Per share data - basic Net income (loss) from continuing operations
$ (0.08 ) $ (0.11 ) $ (0.31 ) $ (0.41 ) Discontinued operations $
0.00 $ (0.00 ) $ 0.00 $ (0.03 ) Preferred dividends $ (0.00 ) $
(0.00 ) $ (0.08 ) $ (0.00 ) Basic loss per share available to
common shareholders $ (0.08 ) $ (0.11 ) $ (0.39 ) $ (0.44 ) � Basic
common shares 16,924,422 13,626,280 15,070,308 13,592,841 IMAGEWARE
SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS � � December 31, December
31, � � 2007 2006 Assets: Cash $ 1,044,242 $ 938,553 Accounts
receivable, net 424,739 1,721,892 Inventories 130,342 57,990 Other
current assets 440,459 137,609 Property and equipment, net 287,989
351,700 Other assets 718,213 784,459 Intangible assets, net
2,436,576 141,294 Goodwill � 4,452,042 � 3,415,647 Total Assets $
9,934,602 $ 7,549,144 � Liabilities and Shareholders' Equity:
Current liabilities $ 5,268,953 $ 5,212,961 Pension obligation
1,138,911 1,016,293 Shareholders' equity � 3,526,738 � 1,319,890
Total Liabilities and Shareholders' Equity $ 9,934,602 $ 7,549,144
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