[August 13, 2014] |
|
LiveWorld Reports Second Quarter Financial Results
SAN JOSE, Calif. & NEW YORK --(Business Wire)--
LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results
for the second quarter of 2014. Total revenues were approximately $3.3
million for the second quarter, as compared to the approximately $3.7
million in total revenues reported for the same period in 2013. The
Company's revenues for the six months ended June 30, 2014 were
approximately $6.6 million, as compared to the $7.6 million for the six
months ended June 30, 2013.
The Company reported a net loss for the quarter of approximately
$122,000, or 3% of total revenues. This compares to net income of
approximately $253,000, or 7% of total revenues reported for the second
quarter of 2013. The Company had a net loss for the six months ended
June 30, 2014 of approximately $429,000, or 6% of total revenues, as
compared to the net income of approximately $537,000, or 7% of total
revenues for the six months ended June 30, 2013.
The company finished the second quarter with approximately $4.2 million
in cash and cash equivalents, as compared to the approximately $4.4
million at the end of 2013.
"Our second quarter financial results came in as targeted, consistent
with our continuing investment in sales, marketing, and development in
2014," said David Houston, Chief Financial Officer of LiveWorld. "We
anticipate our efforts in the second half of 2014 will position us well
for 2015."
Detailed financial information may be downloaded at www.liveworld.com
(Investor Relations) or at www.otcmarkets.com
About LiveWorld
LiveWorld is a social content marketing company. Through a combination
of software and services we provide strategy, engagement, moderation,
and insight to help brands develop deeper relationships with customers.
We bring a human touch scaled by technology that creates value out of
user content and provides big cost savings. By providing software and
services, LiveWorld delivers a full range of social media solutions to
improve relationship marketing, customer support, and market
learning. Fortune 500 brands use our solutions to engage their clients
in a way that's social, personal, and direct, yet affordable and
sustainable on a large scale. Our proprietary technology empowers people
to moderate and respond to user comments at scale and to analyze data in
context with human intelligence and sensitivity. LiveWorld is a trusted
partner of the world's largest brands, including the number-one
companies in retail, CPG, pharmaceutical, and financial/travel services.
For our clients, we develop strategy, create and publish content, engage
customers, moderate content, manage crises, and glean insight from
social media. LiveWorld is headquartered in California, with offices in
New York City and San Jose. Learn more at www.liveworld.com
and @LiveWorld
"Safe Harbor" Statement Under The Private
Securities Litigation Reform Act
This press release may contain forward-looking information concerning
LiveWorld plans, objectives, future expectations, forecasts and
prospects. These statements may include those regarding LiveWorld's
current or future financial performance including but not limited to
lists of clients, revenue and profit, use of cash, investments,
relationships and the actual or potential impact of stock option
expense, and the results of its product development efforts. Actual
results may differ materially from those expressed in the forward-
looking statements made as a result of, among other things, final
accounting adjustments and results, LiveWorld's ability to attract new
clients and preserve or expand its relationship with existing clients,
LiveWorld's ability to retain and attract high quality employees,
including its management staff, the ability to deliver new innovative
products in a timely manner, changing accounting treatments, and other
risks applicable to the Company. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the date hereof, and the Company undertakes no obligation to update
these forward-looking statements to reflect subsequent events or
circumstances.
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LIVEWORLD, INC.
|
CONDENSED BALANCE SHEETS
|
(In thousands)
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2014
|
|
2013
|
ASSETS
|
|
|
|
|
Current assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
4,191
|
|
|
$
|
4,413
|
|
Accounts receivable
|
|
|
420
|
|
|
|
488
|
|
Prepaid expenses
|
|
|
437
|
|
|
|
336
|
|
Total current assets
|
|
|
5,048
|
|
|
|
5,237
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
214
|
|
|
|
257
|
|
Other assets
|
|
|
18
|
|
|
|
18
|
|
Total assets
|
|
$
|
5,280
|
|
|
$
|
5,512
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current liabilities
|
|
|
|
|
Accounts payable
|
|
$
|
175
|
|
|
$
|
159
|
|
Accrued employee expenses
|
|
|
542
|
|
|
|
576
|
|
Other accrued liabilities
|
|
|
4
|
|
|
|
6
|
|
Deferred revenue
|
|
|
750
|
|
|
|
665
|
|
Total current liabilities
|
|
|
1,471
|
|
|
|
1,406
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
Common stock: $0.001 par value, 100,000,000 shares authorized
33,321,634 issued and outstanding as of December 31, 2013, and
33,348,145 as of June 30, 2014
|
|
|
34
|
|
|
|
33
|
|
Additional paid-in capital
|
|
|
141,579
|
|
|
|
141,448
|
|
Accumulated deficit
|
|
|
(137,804
|
)
|
|
|
(137,375
|
)
|
Total stockholders' equity
|
|
|
3,809
|
|
|
|
4,106
|
|
Total liabilities and stockholders' equity
|
|
$
|
5,280
|
|
|
$
|
5,512
|
|
|
LIVEWORLD, INC.
|
CONDENSED STATEMENTS OF OPERATIONS
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
|
|
Ended June 30,
|
|
Ended June 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Total revenues
|
|
$
|
3,250
|
|
|
$
|
3,733
|
|
$
|
6,561
|
|
|
$
|
7,607
|
Cost of revenues
|
|
|
1,342
|
|
|
|
1,319
|
|
|
2,752
|
|
|
|
2,707
|
Gross Margin
|
|
|
1,908
|
|
|
|
2,414
|
|
|
3,809
|
|
|
|
4,900
|
Operating Expense
|
|
|
|
|
|
|
|
|
Product development
|
|
|
799
|
|
|
|
1,011
|
|
|
1,699
|
|
|
|
2,032
|
Sales and marketing
|
|
|
503
|
|
|
|
433
|
|
|
1,050
|
|
|
|
930
|
General and administrative
|
|
|
725
|
|
|
|
704
|
|
|
1,474
|
|
|
|
1,382
|
Total operating expense
|
|
|
2,027
|
|
|
|
2,148
|
|
|
4,223
|
|
|
|
4,344
|
Income / (loss) from operations
|
|
|
(119
|
)
|
|
|
266
|
|
|
(414
|
)
|
|
|
556
|
Income / (loss) before tax
|
|
|
(119
|
)
|
|
|
266
|
|
|
(414
|
)
|
|
|
556
|
Provision for income taxes
|
|
|
3
|
|
|
|
13
|
|
|
15
|
|
|
|
19
|
Net income / (loss)
|
|
|
(122
|
)
|
|
|
253
|
|
|
(429
|
)
|
|
|
537
|
|
|
|
|
|
|
|
|
|
Basic income / (loss) per share
|
|
$
|
(0.00
|
)
|
|
$
|
0.01
|
|
$
|
(0.01
|
)
|
|
$
|
0.02
|
Shares used in computing basic income/ (loss) per share
|
|
|
33,327,525
|
|
|
|
33,257,634
|
|
|
33,324,580
|
|
|
|
33,257,634
|
Diluted income (loss) per share
|
|
$
|
(0.00
|
)
|
|
$
|
0.01
|
|
$
|
(0.01
|
)
|
|
$
|
0.01
|
Shares used in computing diluted income (loss) per share
|
|
|
33,327,525
|
|
|
|
41,532,821
|
|
|
33,324,580
|
|
|
|
41,242,020
|
|
|
|
|
|
|
|
|
|
Departmental allocation of stock-based compensation:
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
$
|
12
|
|
|
$
|
5
|
|
$
|
23
|
|
|
$
|
14
|
Product development
|
|
|
20
|
|
|
|
20
|
|
|
40
|
|
|
|
32
|
Sales and marketing
|
|
|
14
|
|
|
|
7
|
|
|
25
|
|
|
|
11
|
General and administrative
|
|
|
22
|
|
|
|
17
|
|
|
42
|
|
|
|
25
|
Total stock-based compensation
|
|
$
|
68
|
|
|
$
|
49
|
|
$
|
130
|
|
|
$
|
82
|
|
|
|
LIVEWORLD, INC.
|
CONDENSED STATEMENTS OF CASH FLOWS
|
(In thousands)
|
|
|
|
|
|
|
|
Three Months
|
|
Six Months
|
|
|
Ended June 30,
|
|
Ended June 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(122
|
)
|
|
$
|
253
|
|
|
$
|
(429
|
)
|
|
$
|
537
|
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
Depreciation of long-lived assets
|
|
|
41
|
|
|
|
33
|
|
|
|
80
|
|
|
|
60
|
|
Stock-based compensation
|
|
|
68
|
|
|
|
49
|
|
|
|
130
|
|
|
|
82
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(55
|
)
|
|
|
(77
|
)
|
|
|
68
|
|
|
|
(231
|
)
|
Other assets
|
|
|
(102
|
)
|
|
|
(106
|
)
|
|
|
(101
|
)
|
|
|
(72
|
)
|
Accounts payable
|
|
|
(197
|
)
|
|
|
(132
|
)
|
|
|
16
|
|
|
|
8
|
|
Accrued liabilities
|
|
|
(109
|
)
|
|
|
(2
|
)
|
|
|
(36
|
)
|
|
|
152
|
|
Deferred revenue
|
|
|
364
|
|
|
|
1,435
|
|
|
|
85
|
|
|
|
58
|
|
Net cash provided by (used in) operating activities
|
|
|
(112
|
)
|
|
|
1,453
|
|
|
|
(187
|
)
|
|
|
594
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(16
|
)
|
|
|
(97
|
)
|
|
|
(37
|
)
|
|
|
(117
|
)
|
Net cash (used in) investing activities
|
|
|
(16
|
)
|
|
|
(97
|
)
|
|
|
(37
|
)
|
|
|
(117
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
2
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
Net cash provided by financing activities
|
|
|
2
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
Change in cash and cash equivalents
|
|
|
(126
|
)
|
|
|
1,356
|
|
|
|
(222
|
)
|
|
|
477
|
|
Cash and cash equivalents, beginning of period
|
|
|
4,317
|
|
|
|
2,503
|
|
|
|
4,413
|
|
|
|
3,382
|
|
Cash and cash equivalents, end of period
|
|
$
|
4,191
|
|
|
$
|
3,859
|
|
|
$
|
4,191
|
|
|
$
|
3,859
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of non-cash financing and investing
activities:
|
|
|
|
|
|
|
|
|
Income tax paid
|
|
$
|
3
|
|
|
$
|
13
|
|
|
$
|
15
|
|
|
$
|
19
|
|
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|