LiveWorld Reports Financial Results for the 1st Quarter 2013
LiveWorld Reports Financial Results for the 1st Quarter 2013
47% Revenue Growth and Improved Profits
SAN JOSE, Calif. & NEW YORK--(BUSINESS WIRE)-- LiveWorld, Inc. (OTC Pink Sheets: LVWD.PK) today announced the financial results for first quarter ended March 31, 2013. Total revenues were $3.9 million for the first quarter of 2013 as compared to the $2.6 million in total revenues reported for the first quarter of 2012.
The Company reported net income for the first quarter of 2013 of $292,000, or 8% of total revenues. This result was an improvement of $20,000 when compared to the net income of $272,000, or 10% of total revenues, reported for the first quarter of 2012.
The company ended the quarter with $2.5 million in cash and cash equivalents. The Company reported a positive working capital balance of approximately $3.2 million for the first quarter of 2013 as compared to the $2.8 million it had at the end of the fourth quarter of 2012. Additionally, the Company had approximately $9.0 million in bookings at the end of the first quarter 2013, as compared to the $8.3 million it had at the end of the first quarter of 2012.
"Our first quarter financial results came in as planned with healthy revenue growth combined with strong profits," states David Houston, Chief Financial Officer of LiveWorld. "We are committed to our 2013 goals of increased client acquisitions and bringing to market compelling products and services. In order to fulfill our strategy we will continue to invest in our sales, marketing, and development efforts."
Detailed quarterly financial information may be downloaded at www.liveworld.com (financials page) or at www.otcmarkets.com
LiveWorld Solutions
LiveWorld, a social content marketing company providing moderation, insight and engagement solutions for Fortune 1,000 brands. Our social media solutions provide a human touch scaled by technology that creates value out of user content, and provides big cost savings.
LiveWorld is a Facebook ® Preferred Marketing Developer (PMD) in the Pages category.
About LiveWorld
LiveWorld, a social content marketing company, is a trusted partner to the world's largest brands, including the number-one companies in retail, CPG, pharmaceutical, and financial/travel services. We revolutionize the management of user content through innovative technology, leading-edge services, and deep integration with client marketing and customer support teams. Scaling human review of user content and human touch points, LiveWorld removes obstacles faced by brands, allowing them to engage more deeply in social media. In an innovative approach that encompasses review, management, and analysis of user content, LiveWorld provides 24/7 brand protection through "always on" moderation and engagement across social channels, applications, and sites. The LiveWorld solution offers competitive advantage through management of user content in sheer volume, resulting in amplified brand presence, actionable insight, and increased customer loyalty. LiveWorld is headquartered in California, with offices in San Jose, CA and New York City, NY. For more information, go to www.liveworld.com. Follow us at @LiveWorld.
"Safe Harbor" Statement Under The Private Securities Litigation Reform Act
This press release may contain forward-looking information concerning LiveWorld's plans, objectives, future expectations, forecasts and prospects. These statements may include those regarding LiveWorld's current or future financial performance including but not limited to lists of clients, revenue and profit, use of cash, investments, relationships and the actual or potential impact of stock option expense, and the results of its product development efforts. The balance sheet, operating results, and statements of cash flows for the periods ended March 31, 2012 and 2013 and the period ended December 31, 2012 where neither audited nor reviewed by an independent accounting firm and are subject to change upon such a review or audit being completed. Actual results may differ materially from those expressed in the forward looking statements made as a result of, among other things, final accounting adjustments and results, LiveWorld's ability to attract new clients and preserve or expand its relationship with existing clients, LiveWorld's ability to retain and attract high quality employees, including its management staff, the ability to deliver new innovative products in a timely manner, changing accounting treatments, and other risks applicable to the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
LIVEWORLD, INC. | |||||||
UNAUDITED CONDENSED BALANCE SHEETS | |||||||
(In thousands, except share data) | |||||||
March 31, | December 31, | ||||||
2013 | 2012 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalent | $ | 2,503 | $ | 3,382 | |||
Accounts receivable, net | 4,276 | 1,415 | |||||
Prepaid expenses | 235 | 268 | |||||
Total current assets | 7,014 | 5,065 | |||||
Property and equipment, net | 227 | 234 | |||||
Other assets | 17 | 17 | |||||
Total assets | $ | 7,258 | $ | 5,316 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | $ | 375 | $ | 235 | |||
Accrued employee expenses | 656 | 504 | |||||
Other accrued liabilities | 19 | 17 | |||||
Deferred revenue | 2,808 | 1,478 | |||||
Total current liabilities | 3,858 | 2,234 | |||||
Total liabilities | 3,858 | 2,234 | |||||
Stockholders' equity | |||||||
Common stock: $0.001 par value, 100,000,000 shares authorized | |||||||
33,257,634 issued and outstanding as of December 31, 2012 | |||||||
and March 31, 2013 respectively | 33 | 33 | |||||
Additional paid-in capital | 141,203 | 141,178 | |||||
Accumulated deficit | (137,837 | ) | (138,129 | ) | |||
Total stockholders' equity | 3,400 | 3,082 | |||||
Total liabilities and stockholders' equity | $ | 7,258 | $ | 5,316 | |||
LIVEWORLD, INC. | ||||||||
UNAUDITED CONDENSED STATEMENT OF OPERATIONS | ||||||||
(In thousands, except per share data) | ||||||||
Three Months March 31, | ||||||||
2013 | 2012 | |||||||
Total revenues | $ | 3,874 | $ | 2,640 | ||||
Cost of revenues | 1,227 | 826 | ||||||
Gross Margin | 2,647 | 1,814 | ||||||
Operating Expense | ||||||||
Product development | 528 | 389 | ||||||
Sales and marketing | 1,101 | 633 | ||||||
General and administrative | 701 | 506 | ||||||
Stock based compensation | 26 | 18 | ||||||
Total operating expense | 2,355 | 1,546 | ||||||
Income from operations | 292 | 268 | ||||||
Interest Income (expense), net | ---- | 10 | ||||||
Income before tax | 292 | 278 | ||||||
Provision for income taxes | ---- | (6 | ) | |||||
Net income | 292 | 272 | ||||||
Basic income per share | $ | 0.01 | $ | 0.01 | ||||
Shares used in computing basic net income/per share | 33,257,634 | 33,157,634 | ||||||
Diluted net income per share | $ | 0.01 | $ | 0.01 | ||||
Shares used in computing diluted income/per share | 44,149,812 | 36,408,053 | ||||||
Departmental allocation of stock-based compensation: | ||||||||
Product development | $ | 10 | $ | 9 | ||||
Sales and marketing | 7 | 6 | ||||||
General and administrative | 8 | 3 | ||||||
Total stock-based compensation | $ 26 | $ | 18 | |||||
LIVEWORLD, INC. | |||||||
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS | |||||||
(In thousands) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 292 | $ | 272 | |||
Adjustments to reconcile net income (loss) provided by (used in) operating activities: | |||||||
Depreciation of long-lived assets | 29 | 19 | |||||
Stock-based compensation | 26 | 18 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (2,862 | ) | (3,060 | ) | |||
Other assets | 34 | 41 | |||||
Accounts payable | 140 | 210 | |||||
Accrued liabilities | 154 | 124 | |||||
Deferred revenue | 1,330 | 2,015 | |||||
Net cash provided by (used in) operating activities | (858 | ) | (361 | ) | |||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (21 | ) | (60 | ) | |||
Net cash provided by (used in) investing activities | (21 | ) | (60 | ) | |||
Cash flows from financing activities: | |||||||
Note payable financing | ---- | (7 | ) | ||||
Net cash provided by (used for) financing activities | ---- | (7 | ) | ||||
Change in cash and cash equivalent | (879 | ) | (428 | ) | |||
Cash and cash equivalents, beginning of period | 3,382 | 1,323 | |||||
Cash and cash equivalents, end of period | $ | 2,503 | $ | 895 | |||
IR Contact:
David Houston
LiveWorld
408-615-8496
dhouston@liveworld.com
or
PR Contact:
Erica Rutan
TallGrass PR
908-684-4332
erica.rutan@tallgrasspr.com
KEYWORDS: United States North America California New York
INDUSTRY KEYWORDS:
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