Continued Growth in Revenue and Profit Underline Strong Performance

LAWRENCEVILLE, NJ – May 15, 2008 – Voxware, Inc. (Nasdaq: VOXW), a leading supplier of software for voice-driven warehousing operations, reported record revenue for its third fiscal quarter continuing a trend of five consecutive record breaking quarters.  Overall revenues increased 32% to $6.314 million, a record for the Company’s third fiscal quarter.  For the nine months ended March 31, 2008, the Company reported revenues of $17.177 million, another record and up 63% from the same period a year ago.  Voxware's unaudited financial statements for the quarter ended March 31, 2008, can be found in its Form 10-QSB filed with the Securities and Exchange Commission on May 15, 2008.

“The marketplace continues to favor open, standards-based software products for voice-enabling the distribution center workforce,” said Scott Yetter, Chief Executive Officer of Voxware.  “We believe our continued growth testifies to this emerging preference in the market and the strength and appeal of our software products.” 

 

“While we are pleased to also report a net profit this quarter, a top priority for the Company is to invest in its software products to extend our technology lead, and we plan to continue these investments in the months ahead. We have increased our investment in research and development by 55% for our 2008 fiscal third quarter as compared to the prior year period.” Yetter continued.

 

On a Generally Accepted Accounting Principles (“GAAP”) basis, the Company recorded a $72,000 profit for the quarter ended March 31, 2008, compared to a profit of $685,000 for the same period a year ago. The Company reported a profit of $519,000 for the nine months ended March 31, 2008, compared to a loss of $2.026 million for the same period a year ago. On a non-GAAP basis, net profit excluding stock-based compensation expense was $354,000 for the quarter ended March 31, 2008 and $1,112,000 for the nine months ended March 31, 2008. 

 

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 Lawrenceville, New Jersey, with operating offices in Cambridge, Massachusetts, the United Kingdom, Belgium and France. Additional information about Voxware can be obtained at www.voxware.com.

 

 

For more information, please contact:

Public Relations Contact:
PR@voxware.com

Investor Relations Contact:
IR@voxware.com

 

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; the pending 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.

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