IncrediMail Reports Results for the First Quarter of 2008
02 Giugno 2008 - 1:00PM
Business Wire
IncrediMail Ltd. (NASDAQ:MAIL) (www.incredimail-corp.com), an
Internet content and media company, today reported financial
results for the first quarter ended March 31, 2008. Non-GAAP net
profit $0.5 million for Q1 2008 Google discussions progressing;
search-generated revenues returned to growth during the second half
of March Revenues: Revenues for the first quarter of 2008 were $4.8
million, up 8% from $4.4 million in the first quarter of 2007.
Revenues in the first quarter of 2008 included $2.3 million from
search-related activities, $1.0 million from JunkFilter Plus, $0.5
million from Gold Gallery content subscriptions, and $0.7 million
from the IncrediMail Premium product. The Company�s 53%
year-over-year increase in search-related activities compared to
the first quarter of 2007 more than offset the period�s 14%
year-over-year decrease in revenues from product sales and
subscriptions. Commenting on the results, Mr. Ofer Adler, CEO of
IncrediMail, said, �This quarter was our second-best quarter ever
for search-related advertising revenues despite the negative impact
of Google�s stop order in January and the subsequent decline.
Search-related revenues returned to a positive trajectory in the
third week of March, and their continued growth remains our main
focus. We believe in the power of �search� to continue driving
IncrediMail�s growth, thereby creating significant shareholder
value. We continue to make progress toward the signing of an
AdSense Direct agreement with Google, while also continuing to
carry out trials with other Search vendors.� Operating expenses:
Operating expenses for the first quarter of 2008 were $5.2 million
compared to $3.1 million in the first quarter of 2007. The increase
derived from three factors: Non-recurring reorganization expenses
of $0.7 million: During the first quarter, the Company streamlined
the business around core activities, discontinuing projects that
have not met its revenues expectations. Costs associated with these
efforts totaled $0.7 million. Non-cash stock-based compensation of
$0.4 million compared to $0.1 million of non-cash stock-based
compensation recorded in the first quarter of 2007. Ongoing R&D
expense increase of $0.8 million. The increase in the R&D
effort was undertaken with the goal of enabling the launch of new
versions of the Company�s new Loox (formerly known as Magentic) and
HiYo (instant messaging add-on) in the second quarter of 2008, and
accelerating the development of the Company�s totally new version
of its backbone IncrediMail product, scheduled for release in the
fourth quarter of 2008. Net results: Including the abovementioned
expenses, U.S. GAAP net loss for the first quarter of 2008 was
$(0.7) million, or $(0.07) per diluted share. Excluding
reorganization expenses and stock-based compensation, the Company
recorded non-GAAP net income of $0.5 million, or $0.05 per diluted
share, during the first quarter of 2008 compared to net income of
$1.0 million, or $0.10 per diluted share, recorded in the first
quarter of 2007. Mr. Adler concluded, �The results for the first
quarter reflect the changes in our relationship with Google and the
reorganization of our activities, including the closure of our
Community and Branded Content activities. In the quarters ahead, we
plan to solidify a strategic relationship with the major search
providers and to expand our customer base significantly, both
through the launch of exciting new products and a significant
ramp-up of our customer acquisition activities.� About IncrediMail
Ltd. IncrediMail is an Internet content and media company. Founded
in 1999, IncrediMail�s products bring a new level of fun,
personality and convenience to email, desktops and screen savers,
and have been downloaded more than eighty million times. Having
secured more than ten million active users, IncrediMail is now
branching out into Instant Messaging, using its unique content and
approach to enhance the user experience. Non-GAAP measures Use of
Non-GAAP Financial Information - In addition to reporting financial
results in accordance with generally accepted accounting
principles, or GAAP, IncrediMail uses non-GAAP measures of net
income and earnings per share, which are adjustments from results
based on GAAP to exclude reorganization expenses and non-cash
stock-based compensation expenses. IncrediMail's management
believes the non-GAAP financial information provided in this
release is useful to investors' understanding and assessment of
IncrediMail�s on-going core operations and prospects for the
future. The presentation of this non-GAAP financial information is
not intended to be considered in isolation or as a substitute for
results prepared in accordance with GAAP. Management uses both GAAP
and non-GAAP information in evaluating and operating business
internally and as such deemed it important to provide all this
information to investors. Forward Looking Statements This press
release contains historical information and forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995 with respect to the business, financial
condition and results of operations of the Company. The words
�believe,� �expect,� �intend,� �plan,� �should� and similar
expressions are intended to identify forward-looking statements.
Such statements reflect the current views, assumptions and
expectations of the Company with respect to future events and are
subject to risks and uncertainties. Many factors could cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including, among others, changes in the
markets in which the Company operates and in general economic and
business conditions, loss of key customers and unpredictable sales
cycles, competitive pressures, market acceptance of new products,
inability to meet efficiency and cost reduction objectives, changes
in business strategy and various other factors, both referenced and
not referenced in this press release. Various risks and
uncertainties may affect the Company and its results of operations,
as described in reports filed by the Company with the Securities
and Exchange Commission from time to time. The Company does not
assume any obligation to update these forward-looking statements.
INCREDIMAIL LTD. BALANCE SHEETS U.S. dollars in thousands (except
share data) � � � March 31, 2008 December 31, 2007 (unaudited)
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 9,631 $ 4,611
Short-term bank deposits 1,000 1,000 Marketable securities 13,221
17,811 Trade receivables 1,581 1,993 Deferred taxes 450 368 Other
receivables and prepaid expenses � 2,433 � 2,017 Total current
assets � 28,316 � 27,800 LONG-TERM ASSETS: Severance pay fund 1,085
1,037 Deferred taxes 133 92 Long-term deposits 175 182 Restricted
cash 460 458 Long-term investments 42 100 Property and equipment,
net 2,219 1,808 Goodwill 125 125 Other intangible assets, net � 156
� 164 Total long-term assets � 4,395 � 3,966 Total assets $ 32,711
$ 31,766 � � LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES: Trade payables $ 1,131 $ 1,546 Deferred revenues 3,583
3,254 Accrued expenses and other liabilities � 4,330 � 3,244 Total
current liabilities � 9,044 � 8,044 LONG-TERM LIABILITIES: Deferred
revenues 1,618 1,559 Accrued severance pay � 1,534 � 1,392 Total
long-term liabilities � 3,152 � 2,951 � SHAREHOLDERS' EQUITY Shares
issued and outstanding: 9,475,943 at March 31, 2008 and December
31, 2007 � 20,515 � 20,771 Total liabilities and shareholders'
equity $ 32,711 $ 31,766 INCREDIMAIL LTD. STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except per share data), unaudited � �
Quarter ended March 31, � 2008 � 2007 � Revenues $ 4,763 $ 4,416
Cost of revenues � 451 � � 357 � Gross profit � 4,312 � � 4,059 �
Operating expenses: Research and development 2,184 1,241 Selling
and marketing 1,416 1,102 General and administrative � 1,587 � �
786 � Total operating expenses � 5,187 � � 3,129 � Operating income
(loss) (875 ) 930 Financial income, net � 142 � � 276 � Income
(loss) before taxes on income (733 ) 1,206 Taxes on income (tax
benefit) � (57 ) � 368 � Net income (loss) $ (676 ) $ 838 � Net
earnings (loss) per Ordinary share: � Basic $ (0.07 ) $ 0.09
Diluted $ (0.07 ) $ 0.09 Diluted weighted number of shares (in
thousands) � 9,476 � � 9,622 � Non-GAAP adjustment: Reorganization
expenses $ 745 -- Stock based compensation $ 381 � $ 135 Non-GAAP
net income $ 450 � $ 973 � Non-GAAP net earnings per share : Basic
$ 0.05 � $ 0.10 Diluted $ 0.05 � $ 0.10
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