Voxware Reports Results for Third Quarter of Fiscal 2009
May 15, 2009
HAMILTON, NJ – May 15, 2009 – Voxware, Inc. (Nasdaq: VOXW), a leading supplier of software for voice-driven warehousing operations, reported results for the three and nine months ended March 31, 2009. Total revenues decreased 36% to $4.021 million for the quarter ended March 31, 2009 from $6.314 million during the comparable prior year period. Revenues decreased 38% to $10.724 million for the nine months ended March 31, 2009 from $17.177 million during the comparable prior year period. Net loss on a Generally Accepted Accounting Principles (“GAAP”) basis was $560,000 for the quarter ended March 31, 2009, compared to a net profit of $72,000 for the comparable prior year period. Net loss on a GAAP basis was $4.223 million for the nine months ended March 31, 2009, compared to a net profit of $519,000 for the nine months ended March 31, 2008. Voxware's financial statements for the quarter ended March 31, 2009, can be found in its Form 10-Q filed with the Securities and Exchange Commission on May 15, 2009.
“Compared to our second fiscal quarter of 2009, our net loss narrowed by 67%, and we also saw a 17% revenue increase,” said Scott Yetter, Voxware CEO. “Like many other companies, we implemented cost reduction measures, and the benefits of these steps were seen in our financial results. Furthermore, our cash position remains as expected as we move into the last quarter of our fiscal year.”
“Large enterprises continue to seriously evaluate Voxware’s software, and 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.”
Net loss on a non-GAAP basis was $250,000 and $3.303 million, respectively, for the three and nine months ended March 31, 2009. The difference between the GAAP and non-GAAP net loss is attributable to non-cash stock-based compensation, which was $310,000 and $920,000, respectively for the three and nine months ended March 31, 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.
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.
