Voiceserve, Inc. (OTCBB:VSRV), a low-cost, next-generation Internet
Telephony software and service provider, today reported financial
results for its third quarter and nine month period ended December
31, 2011. During the third quarter of the company's 2012 fiscal
year, Voiceserve perfected its VoIP video-on-demand capability and
won the Internet Telephony 2011 IPTV Excellence Award for its VOD
platform. Importantly, the third quarter 2012 marked record
revenues and crossover into profitability for the Company.
Subsequent to quarter end, Voiceserve launched its cloud-based VoIP
PBX product to consumers and small businesses through its
www.calltopbx.com website.
The Company generated revenues of $1.4 million during its fiscal
third quarter ended December 31, 2011, an increase of 9% compared
to the previous fiscal year third quarter and an increase of 37%
over the current fiscal year second quarter. The Company generated
operating earnings during its fiscal third quarter of $20,264 which
includes non-cash amortization and depreciation of $173,216. Net
earnings for the current fiscal year third quarter was $179,599,
which included a stock warrant revaluation credit of $167,989. This
compares to a net loss of $(45,407), inclusive of a stock warrant
revaluation credit of $116,196 in the previous fiscal year third
quarter and a net loss of $(36,167) in the second quarter of the
current fiscal year, which included a stock warrant revaluation
credit of $243,143.
Revenues for the first nine months of fiscal 2012 was $3.6
million, a 6 percent increase over the same period of the previous
fiscal year. The Company reported a net loss for the current fiscal
nine month period of $(990,148) or $(0.02) per basic share, which
includes stock based compensation of $589,380 and warrant
revaluation charges of $(39,822). This compares to a net loss of
$(510,321) or $(0.01) per basic share for the same period of the
previous fiscal year, which includes stock based compensation of
$319,628 and a warrant revaluation credit of $271,170. The
Company's net cash used in operating activities was $323,127 for
the current nine month period and $409,311 for the comparable
period of the previous fiscal year.
Michael Bibelman, Voiceserve's CEO, said, "Our Voipswitch
software sales into the wholesale/retail markets continue to be
steady, despite the global economic slowdown. In addition recurring
revenue generated from our traditional one-time, software sales to
VoIP operators purchasing our turnkey software is growing. Just six
months ago, our hosted solution, which offers operators an option
to pay for our software on a monthly basis rather than an upfront
one-time fee, stood at approximately $12,000 per month. Today, that
revenue source has grown to approximately $55,000 per month and is
expected to continue its growth pace in the foreseeable future. Our
enterprise commercial initiative, while taking longer than
originally anticipated, appears to be close. During the quarter, we
witnessed early revenue contribution of this initiative." Mr.
Bibelman continued, "We are seeing solid evidence that the wireless
age has arrived and is embracing VoIP, with all its services
offerings, at a feverish pace. Now that we have launched - for the
first time - a direct to consumer mobile VoIP initiative complete
with video conferencing and Video on Demand capabilities in one
turnkey, most cost effective, simple to deploy solution, telecom
industry leaders are seeking us out. While third quarter produced a
positive move forward in our revenues, I expect the final fiscal
quarter will witness material sequential growth."
About Voiceserve, Inc.
For a demonstration of the capabilities of Voiceserve's
VoipSwitch technology, please visit
http://www.youtube.com/user/VoipSwitchToday.
Voiceserve is a software platform provider focusing primarily on
delivering affordable, complete, next generation services to
Internet Telephony Providers (ITSPs). Products include VoipSwitch,
a custom modular all-in-one Voice over Internet Protocol (VoIP)
management platform licensing solution for resellers; VoIP airtime
minutes bundled with optional convenient features, including
virtual numbers, direct dial, web callback, and call forwarding;
IP-PBX; and mobile soft phone, and video technologies. For further
information please visit http://www.voipswitch.com.
Certain statements in this news release may constitute
"forward-looking" statements within the meaning of section 21E of
the Securities and Exchange Act of 1934. The Company believes that
its expectations, as expressed in these statements are based on
reasonable assumptions regarding the risks and uncertainties
inherent in achieving those expectations. These statements are not,
however, guarantees of future performance and actual results may
differ materially. Risks and uncertainties which may cause actual
results to be different than expressed or implied in our
forward-looking statements include, but are not limited to, the
risk factors listed in the most recent Annual Report on Form 10-K
and described under the heading "Risk Factors" our Form S-1 filed
December 20, 2010. The Company expressly disclaims any current
intention to update any forward-looking statements as a result of
new information or future events or developments.
Voiceserve, Inc.
Financial Statements Follow
VOICESERVE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
Three Months Nine Months
Ended December 31, Ended December 31,
------------------------ ------------------------
2011 2010 2011 2010
----------- ----------- ----------- -----------
Operating revenues:
Software license fees $ 1,380,418 $ 1,166,175 $ 3,561,386 $ 3,123,386
Revenues from
communications air time (11) 97,420 535 248,894
----------- ----------- ----------- -----------
Total operating revenues 1,380,407 1,263,595 3,561,921 3,372,280
----------- ----------- ----------- -----------
Cost of operating
revenues:
Software license fees 710,717 573,494 1,955,267 1,445,912
Communications air time (3,370) 109,616 (3,370) 244,049
----------- ----------- ----------- -----------
Total cost of operating
revenues 707,347 683,110 1,951,897 1,689,961
----------- ----------- ----------- -----------
Gross profit 673,060 580,485 1,610,024 1,682,319
----------- ----------- ----------- -----------
Operating expenses:
Selling, general and
administrative
expenses (including stock-
based compensation of
$10,569, $11,166,
$589,380, an $319,628,
respectively) 652,796 739,065 2,551,701 2,463,181
----------- ----------- ----------- -----------
Total operating expenses 652,796 739,065 2,551,701 2,463,181
----------- ----------- ----------- -----------
Income (loss) from
operations 20,264 (158,580) (941,677) (780,862)
Income from revaluation of
liability for
common stock purchase
warrants 167,989 116,196 (39,822) 271,170
Interest income 23 19 48 23
Interest expense (31) (42) (51) (652)
----------- ----------- ----------- -----------
Income (loss) before
income taxes 188,245 (42,407) (990,148) (510,321)
Income taxes 8,646 - - -
----------- ----------- ----------- -----------
Net income (loss) $ 179,599 $ (42,407)$ (990,148) $ (510,321)
=========== =========== =========== ===========
Net income (loss) per
share
- basic and diluted $ 0.00 $ (0.00)$ (0.02) $ (0.01)
=========== =========== =========== ===========
Weighted average number of
shares
outstanding - basic 44,585,198 37,914,212 43,153,274 35,551,646
----------- ----------- ----------- -----------
- diluted 45,209,775 37,914,212 43,153,274 35,551,646
----------- ----------- ----------- -----------
VOICESERVE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
December March
31, 2011 31, 2011
------------ ------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 344,486 $ 141,739
Accounts receivable, net of allowance for
doubtful accounts of $25,004 and $6,735,
respectively 210,424 48,769
Prepaid expenses and other current assets 81,101 82,823
------------ ------------
Total current assets 636,011 273,331
Property and equipment, net of accumulated
depreciation of $66,490 and $66,878,
respectively 7,905 10,045
Intangible assets, net of accumulated
amortization of $910,417 and $737,917,
respectively 1,952,624 2,125,124
------------ ------------
Total assets $ 2,596,540 $ 2,408,500
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 370,471 $ 348,493
Accrued expenses payable 10,655 11,464
Deferred software license fees and support 189,180 188,197
Loans payable to related parties 37,484 38,236
------------ ------------
Total current liabilities 607,790 586,390
Liability for common stock purchase warrants 406,158 152,214
------------ ------------
Total liabilities 1,013,948 738,604
Stockholders' equity:
Preferred stock, $.001 par value; authorized
10,000,000 shares, none issued and
outstanding - -
Common stock, $.001 par value; authorized
100,000,000 shares, issued and outstanding
44,585,198 and 38,354,429 shares,
respectively 44,585 38,354
Additional paid-in capital 6,307,378 5,482,281
Deficit (4,756,360) (3,766,212)
Accumulated other comprehensive income
(loss) (13,011) (84,527)
------------ ------------
Total stockholders' equity 1,582,592 1,669,896
------------ ------------
Total liabilities and stockholders' equity $ 2,596,540 $ 2,408,500
============ ============
Contacts: Investor Contact: Grannus Financial Advisors, Inc.
Yvonne L. Zappulla Managing Director (212)
681-4108yvonne@grannusfinancial.com Voiceserve, Inc. Alexander
Ellinson President& Chairman 011 44 208 136
6000alex@voiceserve.com www.voipswitch.com
Voiceserve (CE) (USOTC:VSRV)
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