Ludlow back as CEO of Intellicheck Mobilisa
By Peninsula Daily News staff
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Williams' departure followed Intellicheck Mobilisa's Nov. 8 financial report in which the company disclosed that it lost $381,296 on revenue of $2.1 million for the quarter ending Sept. 30.
The company announced in a news release last week that “by unanimous direction of the board of directors,” Ludlow, the company's chairman of the board and a founder of the company, “will now serve as president and chief executive officer, effective immediately.”
Williams “was separated from the company,” according to the news release.
Intellicheck Mobilisa did not elaborate on Williams' departure, and phone calls to the company were not returned. Williams was the company's chief operating officer when he was promoted to CEO in April 2011.
Ludlow previously served as president and CEO of Mobilisa from 2001-2008, and, after its merger with Intellicheck, as president and CEO of Intellicheck Mobilisa from 2008 to March 2011.
He now leads the company's overall vision, strategic growth and product development.
“The company has superior technology in the identity and wireless industries, and we plan to re-emphasize innovation and new product development,” Ludlow said in the news release.
“Our goals are to expand our product lines, partnerships and our customer base.”
Michael D. Malone, a retired Navy vice admiral who was appointed to the company's board in June 2011, will serve as board chairman.
“I and the rest of the board are confident that with [Ludlow's] leadership, the company is on the right track for success over the coming years,” Malone said in the news release.
The news release about Ludlow and Williams was issued a week after Intellicheck Mobilisa released its negative financial results.
Williams, in that Nov. 8 financial report, said: “Our top line revenues are not where we want them to be, and we are taking measures to correct. We are focusing our attention to increase sales, create a larger backlog, and up sell our existing high profile clients.”
Revenues for the quarter decreased to $2.123 million compared to $3.595 million in the same period of the previous year, according to the financial statement.
“Net loss for the three months ended September 30, 2012 was [$381,000] or [$0.01] per diluted share compared to a net income of $306,000 or $0.01 per diluted share for the three months ended Sept. 30, 2011.
“Adjusted EBITDA was [$102,000] for the third quarter of 2012 compared to $610,000 for the third quarter of 2011.
“The company's backlog, which represents non-cancelable sales orders for products not yet shipped and services to be performed, was approximately $300,000 at Sept. 30, 2012, compared to $3.300 million at Sept. 30, 2011.”
Intellicheck Mobilisa currently employs about 30 people in Port Townsend, with a few additional employees in its New York City software development office.
The company, which developed Wi-Fi for state ferries and sophisticated ID and access control systems for the military, has been in the news recently for its development of sensor- and camera-equipped monitoring buoys that can detect radiation, bad weather, oil spills and distant tsunami waves.
The company has built 10 buoys, all of which are owned by the Navy. Nine are deployed in Puget Sound and the Strait of Juan de Fuca, and one in the Potomac River in Maryland.
Released by the Navy to commercialize the technology it developed under an $18 million contract, Intellicheck Mobilisa is now marketing the buoys to environmental agencies, universities, wireless-technology firms, oil-drilling companies, U.S. security officials and even foreign governments concerned about offshore terrorism.
Last modified: November 18. 2012 7:33PM