Voxware Reports Results for Fourth Quarter and Year Ended June 30,2009
September 28, 2009
Revenue Rebounds in Second Half, Cash Position Strengthened by June Equity Funding
Hamilton, NJ – September 28, 2009 – 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 www.voxware.com.
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For Additional Information:
Voxware
Public Relations Contact:
PR@voxware.com
Investor Relations Contact:
William Levering
IR@voxware.com
Product/Sales Inquiries:
marketing@voxware.com
609-514-4100 ext. 4122
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 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.
