HAMILTON, NJ – February 12, 2010 – Voxware, Inc. (Nasdaq: VOXW), a leading supplier of software for voice-driven warehousing operations, reported results for the three and six months ended December 31, 2009. Overall revenues decreased 2% to $3.364 million for the quarter ended December 31, 2009 from $3.449 million during the comparable prior year period. Revenues decreased 9% to $6.111 million for the six months ended December 31, 2009 from $6.703 million during the comparable prior year period. Net loss on a Generally Accepted Accounting Principles (“GAAP”) basis was $528,000 for the quarter ended December 31, 2009, compared to $1.693 million for the comparable prior year period. Net loss on a GAAP basis was $1.743 million for the six months ended December 31, 2009, compared to a net loss of $3.663 million for the six months ended December 31, 2008. Voxware's financial statements for the quarter ended December 31, 2009, can be found in its Form 10-Q filed with the Securities and Exchange Commission on February 12, 2010.
“During our second fiscal quarter, we saw a revenue increase over our first quarter of 22% and only a small 2% decrease from the prior period,” said Scott Yetter, Voxware CEO. “This reporting period concludes the first half of fiscal 2010. As we have previously stated, we took steps to more closely align expenses with expected revenue, and the improvement in our bottom line reflects the initial impact of those steps. Our cash position remains strong at $2.8 million as we move into the second half of the year.”
“Large enterprises continue to seriously evaluate Voxware’s software, and we believe 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 $152,000 and $1.020 million, respectively, for the three and six months ended December 31, 2009. The difference between the GAAP and non-GAAP net loss is attributable to non-cash stock-based compensation, which was $376,000 and $723,000, respectively for the three and six months ended December 31, 2009. A reconciliation of GAAP measures with non-GAAP measures can be found at the end of this release.
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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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.
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