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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Glowpoint Inc | AMEX:GLOW | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.08 | 0 | 01:00:00 |
MURRAY HILL, N.J., May 10, 2012 /PRNewswire/ -- Glowpoint, Inc. (NYSE Amex: GLOW), a leading global provider of cloud managed video services, today reported its financial results for the first quarter ending March 31, 2012.
First quarter revenues for cloud managed video services ("Managed Services Combined" as reported) were $3.3 million, an increase of 5% over the same period last year. Managed Services Combined represents 49% of total revenues in the quarter, up from 45% in the prior year period. Network services revenues for the quarter were $3.1 million, a decrease of 11% over the same period last year. One-time and event-based revenues ("Professional and other services" as reported) were $309,000 for the quarter, compared to $333,000 in the same period last year.
"We see a strong sales pipeline for our suite of cloud managed video services, although elongated sales cycles and soft channel sales have caused slower growth in this period," said Joe Laezza, Glowpoint's president and CEO. "Various vendors in the video communications space are bringing new endpoint solutions to the market, which is causing some delay in enterprise implementations.
"Deal activity has been picking up, and we are well positioned with our cloud based OpenVideo® solution as the leading network-neutral and vendor-agnostic solution. We are in the final stages of closing new significant customer contracts that should positively impact growth levels in the second half of the year," added Laezza.
"The network services component of our business has performed as anticipated given the technology trend towards converged networks. It remains a stable component of our product offerings for customers that require connectivity to our OpenVideo® cloud," commented Laezza.
Adjusted EBITDA (as defined and reconciled to GAAP) for the first quarter was $717,000, an increase of $293,000 or 69% over the same period last year. Adjusted EBITDA margin was 11% compared to 6% in the same period last year. Net income for the first quarter was $172,000, an increase of $140,000 over the same period last year.
"Adjusted EBITDA progression continues due to prudent cost controls and the inherent operating leverage in our business model. We have delivered six consecutive quarters of positive Adjusted EBITDA while at the same time aggressively investing in sales and marketing. We will continue to grow our sales force and invest in marketing activities to address the demand for cloud managed video services and are confident that we can achieve sales growth and meet our long term objective of a 20% EBITDA margin," stated Laezza.
Key Business Metrics
For the first quarter ended March 31, 2012, capital expenditures were $109,000, and as of May 10, 2012 there were 25,788,407 shares of common stock outstanding.
Interim CFO Appointment
The company recently announced the departure of John McGovern as CFO effective May 11, 2012 after the first quarter earnings filing. John is moving on to pursue a new opportunity. With his departure, Tolga Sakman, Glowpoint's SVP of corporate development and strategy, has been appointed interim CFO in addition to his current responsibilities.
Teleconference
Glowpoint will host a conference call at 4:30 p.m. EDT today to discuss the financial results for Q1 2012. To view the webcast, please visit: http://video.webcasts.com/events/glow001/42582/. To participate in the teleconference, callers may dial the toll free number +1 877-407-1869 (U.S. callers only) or +1 201-689-8044 (from outside the U.S.). For those unable to view or participate in the live call, a recording of the call will be archived for viewing two hours following the call at www.glowpoint.com/investor-relations.
Supporting Link:
About Glowpoint
Glowpoint, Inc. (NYSE Amex: GLOW) provides cloud managed video services that make the delivery of consistently high-quality video conferencing and telepresence service as simple as using the internet, between any technology, network and business. Using our OpenVideo® cloud architecture, Glowpoint enables organizations of all sizes to adopt business-class video easily, scale instantly and collaborate openly, yet securely across technology boundaries – to realize the full value of visual communications. To learn more please visit www.glowpoint.com.
Non-GAAP Financial Information
Adjusted EBITDA is defined as income from continuing operations before depreciation, amortization, interest expense, interest income, sales taxes and regulatory fee expense or benefit, stock-based compensation, and severance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenues. Adjusted EBITDA is not intended to replace operating income, net income, cash flow or other measures of financial performance reported in accordance with generally accepted accounting principles. Rather, Adjusted EBITDA is an important measure used by management to assess the operating performance of the company. Adjusted EBITDA as defined here may not be comparable to similarly titled measures reported by other companies due to differences in accounting policies. Additionally, Adjusted EBITDA as defined here does not have the same meaning as EBITDA as defined in our Securities and Exchange Commission filings prior to this date. A reconciliation of Adjusted EBITDA to net income from continuing operations is shown below.
Forward looking and cautionary statements
The information in this release may contain statements that are or may be deemed to be forward-looking statements and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. These factors, risks, and uncertainties include market acceptance and availability of new video communications services; the non-exclusive and terminable-at-will nature of sales agreements; rapid technological change affecting demand for our services; competition from other video communication service providers; and the availability of sufficient financial resources to enable us to expand our operations, as well as other risks detailed from time to time in our filings with the Securities and Exchange Commission. We make no representation or warranty that the information contained herein is complete and accurate; we have no duty to correct or update any information.
INVESTOR CONTACT:
Investor Relations
Glowpoint, Inc.
+1 973-855-3411
investorrelations@glowpoint.com
www.glowpoint.com
GLOWPOINT, INC. (In thousands, except par value) (Unaudited)
| ||||
March 31, |
December 31, | |||
2012 |
2011 | |||
ASSETS |
||||
Current assets: |
||||
Cash |
$ 2,049 |
$ 1,818 | ||
Accounts receivable, net of allowance for doubtful accounts of |
||||
$146 and $147, respectively |
2,563 |
2,520 | ||
Prepaid expenses and other current assets |
281 |
330 | ||
Total current assets |
4,893 |
4,668 | ||
Property and equipment, net |
4,385 |
4,738 | ||
Other assets |
31 |
59 | ||
Total assets |
$ 9,309 |
$ 9,465 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current liabilities: |
||||
Revolving loan facility |
$ 750 |
$ 750 | ||
Current portion of capital lease |
180 |
177 | ||
Accounts payable |
1,122 |
1,382 | ||
Accrued expenses |
864 |
1,024 | ||
Accrued sales taxes and regulatory fees |
537 |
434 | ||
Customer deposits |
167 |
139 | ||
Net current liabilities of discontinued operations |
- |
50 | ||
Deferred revenue |
203 |
235 | ||
Total current liabilities |
3,823 |
4,191 | ||
Noncurrent liabilities: |
||||
Capital lease, less current portion |
288 |
334 | ||
Total noncurrent liabilities |
288 |
334 | ||
Total liabilities |
4,111 |
4,525 | ||
Commitments and contingencies |
- |
- | ||
Stockholders' equity: |
||||
Preferred stock Series B-1, non-convertible; $.0001 par value |
$ 10,000 |
$ 10,000 | ||
Preferred stock Series A-2, convertible; $.0001 par value |
297 |
297 | ||
Common stock, $.0001 par value |
3 |
3 | ||
Additional paid-in capital |
159,425 |
159,339 | ||
Accumulated deficit |
(164,527) |
(164,699) | ||
Total stockholders' equity |
5,198 |
4,940 | ||
Total liabilities and stockholders' equity |
$ 9,309 |
$ 9,465 | ||
GLOWPOINT, INC. and GAAP to Non-GAAP Reconciliation (Unaudited)
| ||||
Three Months Ended | ||||
March 31, | ||||
2012 |
2011 | |||
Managed Services Combined |
$ 3,297 |
$ 3,137 | ||
Network services |
3,140 |
3,511 | ||
Professional and other services |
309 |
333 | ||
Total revenue |
6,746 |
6,981 | ||
Network and infrastructure |
2,076 |
2,412 | ||
Global managed services |
1,696 |
1,894 | ||
Sales and marketing |
986 |
921 | ||
General and administrative |
1,350 |
1,407 | ||
Depreciation and amortization |
440 |
276 | ||
Total operating expenses |
6,548 |
6,910 | ||
Income from operations |
198 |
71 | ||
Interest/Financing |
26 |
33 | ||
Income from continuing operations |
172 |
38 | ||
Loss from discontinued operations |
- |
(6) | ||
Net income |
$ 172 |
$ 32 | ||
Net income per share: |
||||
Continuing operations |
$ 0.01 |
$ - | ||
Discontinued operations |
$ - |
$ - | ||
Basic net income per share |
$ 0.01 |
$ - | ||
Continuing operations |
$ 0.01 |
$ - | ||
Discontinued operations |
$ - |
$ - | ||
Diluted net income per share |
$ 0.01 |
$ - | ||
Weighted average number of common shares: |
||||
Basic |
24,354 |
20,674 | ||
Diluted |
25,718 |
24,703 | ||
ADJUSTED EBITDA - GAAP to Non GAAP Reconciliation |
||||
Income from continuing operations |
$ 172 |
$ 38 | ||
Interest/Financing |
26 |
33 | ||
Depreciation |
440 |
276 | ||
Stock-based compensation |
79 |
77 | ||
Adjusted EBITDA |
$ 717 |
$ 424 |
GLOWPOINT, INC. (Unaudited)
| ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2012 |
2011 | |||||||||
Cash flows from Operating Activities: |
||||||||||
Net income |
$ 172 |
$ 32 | ||||||||
Adjustments to reconcile net income to net cash used in |
||||||||||
operating activities: |
||||||||||
Depreciation and amortization |
440 |
276 | ||||||||
Amortization of deferred financing costs |
15 |
15 | ||||||||
Bad debt expense |
21 |
(15) | ||||||||
Loss on disposal of equipment |
11 |
- | ||||||||
Stock-based compensation |
79 |
77 | ||||||||
Increase (decrease) attributable to changes in assets |
||||||||||
and liabilities: |
||||||||||
Accounts receivable |
(64) |
(213) | ||||||||
Other current assets |
49 |
(91) | ||||||||
Other assets |
12 |
(1) | ||||||||
Accounts payable |
(259) |
168 | ||||||||
Customer deposits |
28 |
(69) | ||||||||
Accrued expenses, sales taxes and regulatory fees |
(57) |
(351) | ||||||||
Deferred revenue |
(32) |
28 | ||||||||
Net cash used in continuing operating activities |
415 |
(144) | ||||||||
Net cash provided by discontinuing operating activities |
(50) |
41 | ||||||||
Net cash provided by (used in) operating activities |
365 |
(103) | ||||||||
Cash flows from Investing Activities: |
||||||||||
Proceeds from sale of equipment |
11 |
- | ||||||||
Purchases of property and equipment |
(109) |
(441) | ||||||||
Net cash used in investing activities |
(98) |
(441) | ||||||||
Cash flows from Financing Activities: |
||||||||||
Proceeds from exercise of stock options |
7 |
- | ||||||||
Principal payments for capital lease |
(43) |
- | ||||||||
Net cash used in financing activities |
(36) |
- | ||||||||
Increase (decrease) in cash |
231 |
(544) | ||||||||
Cash at beginning of period |
1,818 |
2,035 | ||||||||
Cash at end of period |
$ 2,049 |
$ 1,491 | ||||||||
(Logo: http://photos.prnewswire.com/prnh/20111222/LA26621LOGO)
SOURCE Glowpoint, Inc.
Copyright 2012 PR Newswire
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