Voxware, Inc. (Nasdaq: VOXW), a leading supplier of software for
voice-driven warehousing operations, reported results for the
fourth quarter and year ended June 30, 2009. Total revenues
decreased 39% to $3.803 million for the quarter ended June 30, 2009
from $6.207 million during the comparable prior year period.
Revenues decreased 38% to $14.527 million for the year ended June
30, 2009 from $23.384 million during the comparable prior year
period. Net loss on a Generally Accepted Accounting Principles
(“GAAP”) basis was $603,000 for the quarter ended June 30, 2009,
compared to a net profit of $66,000 for the comparable prior year
period. Net loss on a GAAP basis was $4.826 million for the year
ended June 30, 2009, compared to a net profit of $585,000 for the
year ended June 30, 2008. Voxware's financial statements for the
year ended June 30, 2009, can be found in its Form 10-K filed with
the Securities and Exchange Commission on September 28, 2009.
Net profit (loss) on a non-GAAP basis was $97,000 and ($3.209)
million, respectively, for the three months and year ended June 30,
2009. The difference between the GAAP and non-GAAP net loss is
attributable to non-cash stock-based compensation, which was
$700,000 and $1.617 million, respectively for the three months and
year ended June 30, 2009. A reconciliation of GAAP measures with
non-GAAP measures can be found at the end of this release.
“Revenue increased 17% during the second half of the fiscal year
over the first half, which enabled us to operate cash flow positive
for the past six months,” said Scott Yetter, Voxware CEO.
“Furthermore, our cash balance is even stronger than it was a year
ago, as we added $2.5 million in equity funding in June 2009. The
Company had $4.3 million in cash at June 30, 2009.”
“We are confident that cost containment projects such as
implementing voice in distribution centers will be among the first
to be funded as the economic climate improves, and we believe that
the steps we have taken position Voxware to better serve increased
market demand as it occurs.”
About Voxware
Voxware, Inc. (NASDAQ: VOXW), provides voice-driven software
products that optimize the full spectrum of warehouse operations
for greater accuracy, productivity and flexibility in supply chain
execution. Voxware’s corporate headquarters are in Hamilton, New
Jersey, with operating offices in Cambridge, Massachusetts, the
United Kingdom, and France. Additional information about Voxware
can be obtained at http://www.voxware.com.
Consolidated Balance Sheets (in thousands, except share
data) June 30,
2009 June 30, 2008
ASSETS CURRENT ASSETS Cash and cash equivalents $
4,342 $ 3,503 Accounts receivable, net of allowance for doubtful
accounts of $158 and $201 at June 30, 2009 and June 30, 2008,
respectively 3,350 6,134 Inventory, net 564 533 Deferred project
costs 33 163 Prepaid expenses and other current assets 337
380
Total current assets 8,626 10,713
PROPERTY AND EQUIPMENT, NET 454 663
OTHER ASSETS
184 316
TOTAL ASSETS $ 9,264 $ 11,692
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT
LIABILITIES Current portion of long-term debt $ 525 $ 566
Accounts payable and accrued expenses 2,541 3,305 Current portion
of deferred revenues 2,365 3,043
Total current
liabilities 5,431 6,914 Long-term portion of deferred revenues
85 105 Long-term debt, net of current maturities 163
375
Total liabilities 5,679 7,394
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS'
EQUITY Common Stock, $0.001 par value, 12,000,000 shares
authorized as of June 30, 2009 and June 30, 2008; 8,007,766 and
6,488,529 shares issued and outstanding at June 30, 2009 and June
30, 2008, respectively 8 6 Additional paid-in capital 83,143 79,032
Accumulated deficit (79,566) (74,740)
Total
stockholders' equity 3,585 4,298
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,264 $ 11,692
Financial statements should be read in conjunction with the
Notes to Consolidated Financial Statements contained in Form 10-K
for the year ended June 30, 2009.
Voxware, Inc. and Subsidiaries Consolidated
Statements of Operations (in thousands, except per share
data) Three Months
Ended June 30, Year Ended June 30, 2009
2008 2009 2008 (unaudited)
(unaudited) REVENUES Product revenues $ 2,241 $ 4,319
$ 8,643 $ 17,173 Services revenues 1,562 1,888
5,884 6,211
Total revenues 3,803 6,207
14,527 23,384
COST OF REVENUES Cost of
product revenues 833 1,345 3,321 5,835 Cost of services revenues
620 1,205 2,974 3,718
Total cost of
revenues 1,453 2,550 6,295 9,553
GROSS PROFIT 2,350 3,657 8,232
13,831
OPERATING EXPENSES Research and
development 797 1,075 3,686 3,830 Sales and marketing 1,101 1,597
5,321 6,019 General and administrative 1,043 919
4,020 3,414
Total operating expenses
2,941 3,591 13,027 13,263
OPERATING
(LOSS) PROFIT (591) 66 (4,795) 568
INTEREST (EXPENSE)
INCOME, NET (12) - (28) 24
(LOSS) PROFIT BEFORE INCOME TAXES (603) 66 (4,823) 592
PROVISION FOR INCOME TAXES - -
(3) (7)
NET (LOSS) PROFIT $ (603) $ 66 $
(4,826) $ 585
NET (LOSS) PROFIT PER SHARE Basic $
(0.09) $ 0.01 $ (0.74) $ 0.09 Diluted $ (0.09) $ 0.01 $ (0.74) $
0.08
WEIGHTED AVERAGE NUMBER OF SHARES USED IN
COMPUTING NET (LOSS) PROFIT PER
SHARE
Basic 6,579 6,469 6,532 6,417 Diluted 6,579 7,071 6,532 7,139
Financial statements should be read in conjunction with the
Notes to Consolidated Financial Statements contained in Form 10-K
for the year ended June 30, 2009.
Voxware, Inc. and Subsidiaries Reconciliation of
Non-GAAP Financial Measures to Comparable GAAP Measures (in
thousands) Three Months Ended
June 30, 2009 GAAP Adjustments Non-GAAP
NET (LOSS) PROFIT $ (603) (b) $ 700 (a) $ 97 (b)
Year Ended June 30, 2009 GAAP Adjustments
Non-GAAP NET (LOSS) $ (4,826) $ 1,617 (c) $ (3,209)
Notes: (a) Adjustment to exclude non-cash stock-based
compensation of $700,000 from Net Loss of which $47,000 was
reported in research and development costs, $123,000 was reported
in sales and marketing costs, and $530,000 was reported in general
and administrative costs (b) GAAP net loss and non-GAAP net profit
for the three months ended June 30, 2009 are not audited. (c)
Adjustment to exclude non-cash stock-based compensation of
$1,617,000 from Net Loss of which $144,000 was reported in research
and development costs, $316,000 was reported in sales and marketing
costs, and $1,157,000 was reported in general and administrative
costs.
About Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with GAAP, this press release includes the following
measure defined by the Securities and Exchange Commission as
non-GAAP financial measures: non-GAAP net profit. This non-GAAP
measure is not based on any comprehensive set of accounting rules
or principles and should not be considered a substitute for, or
superior to, financial measures calculated in accordance with GAAP,
and may be different from non-GAAP measures used by other
companies. In addition, this non-GAAP measure, the financial
statements prepared in accordance with GAAP and reconciliations of
Voxware’s GAAP financial statements to such non-GAAP measure should
be carefully evaluated.
Management believes that the large increase in FAS 123R or
stock-based compensation charges incurred during the year ended
June 30, 2009 makes non-GAAP net loss an important metric for
investors to value the Company. Non-cash stock-based compensation
charges for the year ended June 30, 2009 were $1,617,000 compared
to $898,000 in the year ended June 30, 2008, an increase of 80%.
Accordingly, we believe that non-GAAP net loss, excluding non-cash
stock-based compensation costs, are meaningful measures for
investors to evaluate our financial performance. Moreover, because
of varying available valuation methodologies and the variety of
award types that companies can use under FAS 123R, we believe that
providing non-GAAP financial measures that exclude non-cash
stock-based compensation allows investors to make additional
comparisons between our operating results to those of other
companies. The presentation of non-GAAP net profit, when read in
conjunction with our reported GAAP results, can provide useful
supplemental information to our management and investors regarding
financial and business trends relating to our financial condition
and results of operations.
Stock-based compensation has been and will continue to be for
the foreseeable future a significant recurring expense in our
business. In addition, other companies may calculate non-GAAP
financial measures differently than us, thereby limiting the
usefulness of these non-GAAP financial measures as a comparative
tool. We compensate for this limitation by providing specific
information regarding the GAAP amounts excluded from the non-GAAP
net profit and evaluating such non-GAAP financial measures with
financial measure calculated in accordance with GAAP.
This news release contains forward-looking statements.
Such statements are subject to certain factors that may cause
Voxware’s plans to differ or results to vary from those expected
including the risks associated with Voxware’s need to introduce new
and enhanced products and services in order to increase market
penetration and the risk of obsolescence of its products and
services due to technological change; Voxware’s need to attract and
retain key management and other personnel with experience in
providing integrated voice-based solutions for e-logistics,
specializing in the supply chain sector; the potential for
substantial fluctuations in Voxware’s results of operations;
competition from others; Voxware’s evolving distribution strategy
and dependence on its distribution channels; the potential that
speech products will not be widely accepted; Voxware’s need for
additional capital and its ability to raise such capital on terms
acceptable to Voxware; the potential for Nasdaq delisting
proceedings; and a variety of risks set forth from time to time in
Voxware’s filings with the Securities and Exchange Commission.
Voxware undertakes no obligation to publicly release results of
any of these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unexpected results.
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