Port Townsend-based Intellicheck-Mobilisa reports it is returning to financial health under the guidance of Nelson Ludlow, who took the reins of the financially troubled company less than a year ago.

Financial results for the third quarter of 2013 showed earnings before taxes and depreciation of $287,000, compared to a loss of $102,000 for the same period last year. The company posted an actual profit of just $16,000 for the quarter, but it represents a return to the black after months of losses. The company had lost $381,000 during this same period last year.

This week the company reports third-quarter sales of $2.58 million, up from $2.12 million for the same period a year ago. It also reported it has renewed a $2 million line of credit with Silicon Valley Bank, and that various product lines, hardware and software, were doing well on the civilian and military markets.

“I am very pleased with the progress we are making in rebuilding the company," said Ludlow. "This progress is due to several factors, including our new and expanded product line; a more profitable and predictable business model, namely SaaS (Software as a Service); and improved service support for our customers. These factors resulted in an expanded client base and growth in both the commercial and government sectors."

Ludlow holds a Ph.D. in artificial intelligence, and is a retired Air Force pilot. He founded Mobilisa in 2001, and it was merged with Intellicheck in 2008. He served as CEO of the merged company until April 2011, when he became chairman of the board and Steve Williams, the previous chief operating officer, was appointed CEO.

Business suffered during Williams' tenure, however, including the decline of new business bookings by 50 percent during the first nine months of 2012.

The board shifted Ludlow back into day-to-day leadership of the company on Nov. 13, 2012 and installed a new board chairman, retired U.S. Navy Vice Admiral Michael D. Malone.

The move has evidently paid off. With the bottom line nudging into the black, the publicly-traded company has also reported progress on several product lines.

An iPhone application called barZAPP is now selling, allowing alcohol servers to verify the age of patrons. TSA, the airport security agency, has approved mobile card readers. The U.S. Army has approved the purchase of a military base ID card scanning system. A product called Fugitive Finder has been certified and some military bases have purchased the equipment.

As a publicly-traded company, Intellicheck-Mobilisa held a public telephone call with analysts, investors and the media. It took place at 11:15 a.m. Nov. 5, but a recording is available for 48 hours afterwards and can be accessed by calling 877-660-6853, with a replay ID of 422812.

A Webcast is available for 14 days after the live event, at investorcalendar.com/IC/CEPage.asp?ID=171815.