Voxware Reports First Quarter Results for Fiscal 2009
November 17, 2008
Worldwide Economic Conditions Contributed to Challenging Quarter
HAMILTON, NJ – November 17, 2008 – Voxware, Inc. (Nasdaq: VOXW), a leading supplier of software for voice-driven warehousing operations, reported results for the quarter ended September 30, 2008. Overall revenues decreased 40% to $3.254 million for the quarter ended September 30, 2008 from $5.434 million during the comparable prior year period. Net loss on a Generally Accepted Accounting Principles (“GAAP”) basis was $1.970 million for the quarter ended September 30, 2008, compared to a net profit of $454,000 for the comparable prior year period. Voxware's financial statements for the quarter ended September 30, 2008, can be found in its Form 10-Q filed with the Securities and Exchange Commission on November 17, 2008.
“The first fiscal quarter is always a challenging period for Voxware due to the slow summer months, and this year, like many other companies, we also faced the unprecedented disruption of the worldwide economy,” said Scott Yetter, Voxware CEO. “Certain vertical markets important to the Company such as retail and food distribution have been hit particularly hard. This has caused existing customers to delay implementations and prospective customers to delay purchases.”
“The Company has already taken steps toward mitigating the impact of lower revenue in the first quarter of Fiscal 2009, and will take further steps if necessary. We expect challenging economic conditions to continue into future quarters of Fiscal 2009. Fortunately our product has been shown to reduce costs in warehousing operations, and enterprises are more interested than ever in reducing costs by optimizing their logistics spend.”
Net loss on a non-GAAP basis was $1.661 million for the quarter ended September 30, 2008. The difference between the GAAP and non-GAAP net loss is attributable to non-cash stock-based compensation, which was $309,000 for the quarter ended September 30, 2008. 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.
For Additional Information:
Public Relations Contact:
PR@voxware.com
Investor Relations Contact:
IR@voxware.com
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.
