Voxware, Inc. (Nasdaq: VOXW), a leading supplier of software for
voice-driven warehousing operations, reported results for the
quarter ended September 30, 2009. Overall revenues decreased 16% to
$2.747 million for the quarter ended September 30, 2009 from $3.254
million during the comparable prior year period. Net loss on a
Generally Accepted Accounting Principles (“GAAP”) basis was $1.215
million for the quarter ended September 30, 2009, compared to a net
loss of $1.970 million for the comparable prior year period.
Voxware's financial statements for the quarter ended September 30,
2009, can be found in its Form 10-Q filed with the Securities and
Exchange Commission on November 13, 2009.
“We previously stated that we expected challenging economic
conditions to continue into Fiscal 2010, and that has been the
case,” said Scott Yetter, Voxware CEO. “In addition to the slow
summer months, the overall economy continues to influence spending
decisions by current and prospective customers.”
“Our cash position remains strong at $3.8 million, and our debt
is low. We have taken further steps to ensure that expenses will be
more closely aligned with expected revenue during the second half
of fiscal 2010.”
Net loss on a non-GAAP basis was $868,000 for the quarter ended
September 30, 2009. The difference between the GAAP and non-GAAP
net loss is attributable to non-cash stock-based compensation,
which was $347,000 for the quarter ended September 30, 2009. A
reconciliation of GAAP measures with non-GAAP measures can be found
at the end of this release.
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.
Voxware, Inc. and Subsidiaries Consolidated
Balance Sheets (in thousands, except share data)
September 30, 2009
June 30, 2009 (unaudited) ASSETS
CURRENT ASSETS Cash and cash equivalents $ 3,783 $ 4,342
Accounts receivable, net of
allowance for doubtful accounts of $160 and $158 at September
30, 2009 and June 30, 2009, respectively
1,814 3,350 Inventory, net 795 564 Deferred project costs 38 33
Prepaid expenses and other current assets 360
337
Total current assets 6,790 8,626
PROPERTY AND EQUIPMENT, NET 427 454
OTHER ASSETS
144 184
TOTAL ASSETS $ 7,361
$ 9,264
LIABILITIES AND STOCKHOLDERS'
EQUITY CURRENT LIABILITIES Current portion of long-term
debt $ 400 $ 525 Accounts payable and accrued expenses 2,044 2,541
Current portion of deferred revenues 2,000
2,365
Total current liabilities 4,444 5,431 Long-term
portion of deferred revenues 89 85 Long-term debt, net of current
maturities 125 163
Total
liabilities 4,658 5,679
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS'
EQUITY
Common Stock, $0.001 par value,
12,000,000 shares authorized as of September 30, 2009 and June
30, 2009; 8,026,867 and 8,007,766 shares issued and
outstanding at September 30, 2009 and June 30, 2009,
respectively
8 8 Additional paid-in capital 83,476 83,143 Accumulated deficit
(80,781 ) (79,566 )
Total stockholders' equity
2,703 3,585
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 7,361 $ 9,264
Financial statements should be read in conjunction with the Notes
to Consolidated Financial Statements contained in Forms 10-K and
10-Q.
Voxware, Inc. and Subsidiaries
Consolidated Statements of Operations (in thousands,
except per share data) Three Months Ended
September 30, 2009 2008 (unaudited)
(unaudited) REVENUES Product revenues $ 1,352 $ 1,820
Services revenues 1,395 1,434
Total
revenues 2,747 3,254
COST
OF REVENUES Cost of product revenues 480 850 Cost of services
revenues 585 825
Total cost of
revenues 1,065 1,675
GROSS PROFIT 1,682 1,579
OPERATING EXPENSES Research and development 756 1,012 Sales
and marketing 1,250 1,480 General and administrative 881
1,054
Total operating expenses
2,887 3,546
OPERATING LOSS
(1,205 ) (1,967 )
INTEREST EXPENSE, NET (10 )
(3 )
LOSS BEFORE INCOME TAXES (1,215 ) (1,970
)
PROVISION FOR INCOME TAXES - -
NET LOSS $ (1,215 ) $ (1,970 )
NET
LOSS PER SHARE Basic $ (0.15 ) $ (0.30 ) Diluted $ (0.15 ) $
(0.30 )
WEIGHTED AVERAGE NUMBER OF SHARES USED IN
COMPUTING NET LOSS PER SHARE Basic 8,012 6,493 Diluted 8,012
6,493 Financial statements should be read in conjunction
with the Notes to Consolidated Financial Statements contained in
Forms 10-K and 10-Q.
Voxware, Inc. and
Subsidiaries Reconciliation of Non-GAAP Financial Measures
to Comparable GAAP Measures (in thousands)
Three Months Ended September 30, 2009
GAAP
2009
Adjustments
2009
Non-GAAP
NET LOSS $ (1,215) (b) $ 347
(a)
$ (868) (b)
Notes:
(a) Adjustment to exclude non-cash stock-based compensation
of $347,000 from Net Loss of which $36,000 was reported in research
and development costs, $76,000 was reported in sales and marketing
costs, and $235,000 was reported in general and administrative
costs. (b) GAAP and non-GAAP net loss for the three months
ended September 30, 2009 are not audited.
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 a
non-GAAP financial measure: non-GAAP net loss. 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 amount of stock-based
compensation charges incurred during the quarters ended September
30, 2009 and 2008 makes non-GAAP net loss an important metric for
investors to value the Company. Non-cash stock-based compensation
charges for the quarter ended September 30, 2009 were $347,000
compared to $309,000 in the quarter ended September 30, 2008, an
increase of 12%. 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 current
accounting literature, 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 loss, 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.
Voxware (MM) (NASDAQ:VOXW)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Voxware (MM) (NASDAQ:VOXW)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024