Voxware Reports Record Revenue and Profit for Fiscal 2008
September 29, 2008
New Software Product Sales Drive First Full Year of Profitable Operation
Current Retail Market Conditions Presenting Challenges in First Quarter 2009
HAMILTON, NJ – September 29, 2008 – Voxware, Inc. (Nasdaq: VOXW), a leading supplier of software for voice-driven warehousing operations, reported results for the quarter and the fiscal year ended June 30, 2008. Overall revenues increased 52% to a record $23.384 million for the fiscal year ended June 30, 2008 from $15.420 million during the prior year. Revenues for the fourth fiscal quarter were $6.207 million, an increase of 27% over revenues of $4.904 million earned during the same quarter in the prior year. Net profit on a Generally Accepted Accounting Principles (“GAAP”) basis was $585,000 for the fiscal year ended June 30, 2008, compared to a loss of $1.936 million for the prior year, making fiscal year 2008 the first full year of profitable operation in the Company’s history. Net profit on a GAAP basis was $66,000 for the quarter ended June 30, 2008 compared to $90,000 for the quarter ended June 30, 2007. Voxware's financial statements for the year ended June 30, 2008, can be found in its Form 10-KSB filed with the Securities and Exchange Commission on September 29, 2008.
“Although we could not be more pleased with Voxware’s performance in Fiscal 2008, we must also point out that Fiscal 2009 will be challenging, particularly in the first fiscal quarter,” said Scott Yetter, Voxware CEO. “As economic conditions have deteriorated worldwide, certain vertical markets important to the Company such as retail and food distribution have been hit particularly hard, with existing customers delaying implementations and prospective customers delaying purchases.”
“We expect that these conditions, combined with a traditionally slow period in the later summer months, will lead Voxware to report lower revenues in the first quarter of Fiscal 2009 than we reported in the same period of Fiscal 2008. The Company has already taken some steps toward mitigating the impact of lower revenue in the first quarter of Fiscal 2009, and will take further steps if necessary.”
Net profit on a non-GAAP basis was $372,000 for the quarter ended June 30, 2008 and $1.483 million for the year ended June 30, 2008. The difference between the GAAP and non-GAAP net profit is attributable to non-cash stock-based compensation, which was $306,000 for the quarter ended June 30, 2008 and $898,000 for the year ended June 30, 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 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.
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<typohead type="1" align="left" class="Sub-titlePressRelease">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.</typohead>
