Icop Digital (NASDAQ:ICDG)
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ICOP Digital, Inc. (Nasdaq:ICDG)(PCX:ICDG), a leading
provider of digital in-car video systems for law enforcement, today
reported financial results for the second quarter and six months ended
June 30, 2005.
ICOP Digital, Inc. delivered the ICOP Model 20/20(TM) digital
in-car video system to twenty law enforcement agencies in the second
quarter of 2005, which reflects the first shipments of full production
product by the company. Total revenue for the second quarter of 2005
was a $327,000 increase over 2004 second quarter revenue of $0. Loss
from operations for the second quarter of 2005 was approximately
$589,000, compared to a loss from operations of $522,000 for the 2004
second quarter. Net loss for the second quarter of 2005 was $700,000,
or a loss of $ .42 per share, compared to a net loss of $37,000, or a
loss of $ .02 per share, for the second quarter of 2004. The loss in
the second quarter of 2004 was reduced by $485,000 ($ .31 per share)
by a renegotiation and reduction of trade debt.
As a part of ICOP Digital's strategy to expand sales, ICOP is
growing its national Sales Team and has begun selectively signing on
distributors for the ICOP Model 20/20(TM) across the U.S. and around
the globe. ICOP recently completed a distribution agreement with a
prestigious company in the Middle East, who will represent the ICOP
Model 20/20(TM) in nine countries. Shipments have already been made to
this region for sales to law enforcement, the military and public
transportation. ICOP Digital has also concluded a distribution
agreement with a security products distributor in Southeast Asia.
David Owen, President and CEO of ICOP Digital, Inc., stated, "We
are pleased with our progress in the second quarter, and we are
encouraged by the strong demand for our unit in the U.S and abroad.
The recent tragic events in London underscore the value of
surveillance video in gathering evidence and solving crimes. We
continue to vigorously pursue additional sales that we believe will
facilitate our business growth and profitability."
The ICOP Digital 10Q is available at www.ICOPdigital.com.
About ICOP Digital, Inc.
ICOP Digital, Inc. (Nasdaq:ICDG)(PCX:ICDG) is a Kansas-based
company that delivers innovative mission-critical security,
surveillance, and communications solutions that provide timely and
accurate information for security for the public and private sectors,
to monitor and protect people, assets, and profits. The ICOP Model
20/20(TM) is the leading digital in-car video recorder system, for use
by law enforcement. ICOP Digital is committed to providing
surveillance and communications solutions that help our customers
improve their safety and security, through effective deployments of
innovative technologies. ICOP Digital is dual listed on the NASDAQ
SmallCap market and the PCX, and the common stock and warrants trade
under the ticker symbols "ICDG" and "ICDGW", respectively.
www.ICOPdigital.com
Safe Harbor Statement
This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
statements are subject to risks and uncertainties that could cause
actual results to vary materially from those projected in the
forward-looking statements. The company may experience significant
fluctuations in future operating results due to a number of economic,
competitive, and other factors, including, among other things, our
reliance on third party manufacturers and suppliers, government agency
budgetary and political constraints, new or increased competition,
changes in market demand, and the performance or reliability of our
products. These factors and others could cause operating results to
vary significantly from those in prior periods, and those projected in
forward-looking statements. Additional information with respect to
these and other factors, which could materially affect the company and
its operations, are included in certain forms the company has filed
with the Securities and Exchange Commission.