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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Avistar Communications Corp (CE) | USOTC:AVSR | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0001 | 0.00 | 00:00:00 |
From Jan 2020 to Jan 2025
Avistar Communications Corporation (www.avistar.com), a leader in unified visual communications solutions, today announced its financial results for the three and twelve months ended December 31, 2011.
Financial highlights included:
Bob Kirk, CEO of Avistar, said, “In 2011, based on our virtualized and unified visual communications strategy, we set out to develop strategic relationships with top technology partners while driving adoption of our solutions within new and loyal enterprise clients. The Avistar team executed this strategy with great precision and not only closed one of our largest OEM agreements to date, but also started the deployment of one of the industry’s largest roll-out of virtualized visual communications in a unified communications environment. These goals had a singular purpose, to drive Avistar’s revenues in current and future quarters. Additionally, we believe the achievement of these goals indicates that Avistar is being recognized as a leader in its core markets and has many significant opportunities ahead of it.”
Kirk concluded, “It is clear that the videoconferencing and unified communications markets are now growing at an appreciable rate. Avistar has been in business long enough to see many trends in unified communications develop. The rate of growth and adoption of solutions such as Avistar’s and the intersection of the unified communications (UC) and virtual desktop infrastructure (VDI) market has positioned Avistar to capitalize on these important market developments. 2011 was an important year for Avistar as it demonstrated that our company is delivering on a strategy that is working in markets that are experiencing significant growth. This positions Avistar well for 2012 as we feel confident the company will see even greater growth and success in our target markets.”
Significant 2011 developments include:
About Avistar Communications Corporation
Avistar (OTC: AVSR) delivers advanced and proven desktop videoconferencing capabilities to technology partners and end users worldwide. Many leading technology firms such as Citrix, IBM, LifeSize, and Logitech choose Avistar’s modular software technology to power their unified communications solutions because it is a more flexible, efficient and smarter alternative. Avistar’s innovative software-only, fully virtualized and bandwidth managed technology solves major infrastructure and user challenges associated with enabling video communications between individual employees and/or teams throughout an organization. Companies across a wide variety of industries depend on Avistar’s desktop videoconferencing solutions for everyday business communications with deployments ranging in size from 30 to 35,000 users. To learn more about Avistar’s industrial, scalable and economical desktop videoconferencing technology, please visit www.avistar.com.
Cautionary Note Regarding Forward-Looking Statements
The statements made in this press release that are not historical facts are “forward-looking statements.” These forward-looking statements, include, but are not necessarily limited to, statements regarding market opportunities available to Avistar, future revenues and revenue growth, Avistar’s positioning and ability to capitalize on market developments, growth in Avistar’s target markets, Avistar’s future growth and success in its target markets, expansion of Avistar’s product portfolio, the impact of new products on Avistar’s business, growth in the business and the videoconferencing industry, and the Company’s ability to capture market share in the videoconferencing industry. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties. The Company cautions readers of this release that a number of important factors could cause actual future events and results to differ materially from those expressed in any such forward-looking statements. Such factors include, without limitation, Avistar’s lengthy sales cycle, volatility associated with Avistar’s sales and licensing activities, market acceptance of Avistar’s products, increased competition in the market for unified communications, technical challenges associated with product development and completion of Avistar’s deliverables to customers, ongoing technological developments and changing industry standards, the ability of Avistar’s distributors to sell Avistar’s products to end users, the capital markets for both debt and equity, and challenges associated with protecting and licensing Avistar’s intellectual property. These important factors and other factors that potentially could cause actual future results to differ materially from current expectations are described in Avistar’s filings with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Readers of this release are referred to such filings. The forward-looking statements in this release are based upon information available to the Company as of the date of the release, and the Company assumes no obligations to update any such forward-looking statements.
Non-GAAP Financial Measures
This press release and the accompanying tables include a discussion of Adjusted EBITDA, excluding stock-based compensation expense, which is a non-GAAP financial measure provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The term “Adjusted EBITDA” refers to a financial measure that Avistar defines as earnings before net interest, income taxes, depreciation, and amortization, as further adjusted for stock-based compensation. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. In addition, this definition of Adjusted EBITDA may not be comparable to the definitions as reported by other companies. Avistar believes Adjusted EBITDA is relevant and useful information to its investors as this measure is an integral part of Avistar’s internal management reporting and planning process and is a primary measure used by Avistar’s management to evaluate the operating performance of the business. The components of Adjusted EBITDA include the key revenue and expense items and income from settlement and patent licensing for which Avistar’s operating managers are responsible and upon which the Company evaluates their performance. Furthermore, the Company intends to provide this non-GAAP financial measure as part of its future earnings releases and, therefore, the inclusion of this non-GAAP financial measure will provide consistency in Avistar’s financial reporting. A reconciliation of this non-GAAP measure to GAAP is provided in the accompanying tables.
AVISTAR COMMUNICATIONS CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS for the three and twelve months ended December 31, 2011 and 2010 (in thousands, except per share data) Three Months Ended December 31, Twelve Months Ended December 31, 2011 2010 2011 2010 (unaudited) (unaudited) Revenue: Product $ 136 $ 506 $ 3,610 $ 2,146 Licensing and sale of patents 328 378 1,167 15,114 Services, maintenance and support 702 738 3,172 2,397 Total revenue 1,166 1,622 7,949 19,657 Costs and expenses: Cost of product revenue* 22 104 280 473 Cost of services, maintenance and support revenue* 340 333 1,300 1,386 Research and development* 1,524 1,494 5,737 6,577 Sales and marketing* 578 750 2,766 2,798 General and administrative* 952 874 4,089 4,154 Total costs and expenses 3,416 3,555 14,172 15,388 Income (loss) from operations (2,250 ) (1,933 ) (6,223 ) 4,269 Other income (expense), net (58 ) (23 ) (202 ) (60 ) Income (loss) before provision for (benefit from) income taxes (2,308 ) (1,956 ) (6,425 ) 4,209 Provision for (benefit from) income taxes 4 (77 ) 4 (240 ) Net income (loss) $ (2,312 ) $ (1,879 ) $ (6,429 ) $ 4,449 Net income (loss) per share - basic and diluted $ (0.06 ) $ (0.05 ) $ (0.16 ) $ 0.11Weighted average shares used in calculating basic net income (loss) per share
39,730 39,121 39,436 39,061Weighted average shares used in calculating diluted net income (loss) per share
39,730 39,121 39,436 39,874 *Including stock-based compensation of:Cost of products, services, maintenance and support revenue
$ 10 $ 10 $ 47 $ 41 Research and development $ 127 $ 71 $ 354 $ 359 Sales and marketing $ 63 $ 56 $ 274 $ 208 General and administrative $ 169 $ 136 $ 726 $ 660 AVISTAR COMMUNICATIONS CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS as of December 31, 2011 and December 31, 2010 (in thousands, except share and per share data) December 31, December 31, 2011 2010 (unaudited) Assets: Current assets: Cash and cash equivalents $ 2,722 $ 1,817 Accounts receivable, net of allowance for doubtful accounts of $9 and $4 at December 31, 2011 and 2010, respectively 1,760 721 Inventories 16 23 Prepaid expenses and other current assets 352 413 Total current assets 4,850 2,974 Property and equipment, net 151 184 Other assets 162 108 Total assets $ 5,163 $ 3,266Liabilities and Stockholders’ Equity (Deficit):
Current liabilities: Line of credit $ 6,000 $ 7,000 Accounts payable 460 399 Deferred revenue and customer deposits 7,198 2,612 Accrued liabilities and other 1,037 1,048 Total current liabilities 14,695 11,059 Long-term liabilities: Long-term convertible debt 3,000 - Deferred revenue, non-current 360 - Other long-term liabilities 45 59 Total liabilities 18,100 11,118Stockholders’ equity (deficit):
Common stock, $0.001 par value; 250,000,000 shares authorized at December 31, 2011 and 2010; 41,924,392 and 40,304,235 shares issued including treasury shares at December 31, 2011 and 2010, respectively
42 40 Less: treasury common stock, 1,182,875 shares at December 31, 2011 and 2010, respectively, at cost (53 ) (53 ) Additional paid-in-capital 105,159 103,817 Accumulated deficit (118,085 ) (111,656 )Total stockholders’ equity (deficit)
(12,937 ) (7,852 )Total liabilities and stockholders’ equity (deficit)
$ 5,163 $ 3,266 AVISTAR COMMUNICATIONS CORPORATION AND SUBSIDIARY FINANCIAL RESULTS: RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES for the three and twelve months ended December 31, 2011 and 2010 (in thousands) Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended December 31, 2011 2010 (unaudited) Net loss $ (2,312 ) $ (1,879 ) Other (income) expense, net 58 23 Provision for (benefit from) income taxes 4 (77 ) Depreciation 26 10 EBITDA (2,224 ) (1,923 ) Stock-based compensation expense 369 273 Adjusted EBITDA loss $ (1,855 ) $ (1,650 ) Twelve Months Ended December 31, 2011 2010 (unaudited) Net income (loss) $ (6,429 ) $ 4,449 Other (income) expense, net 202 60 Provision for (benefit from) income taxes 4 (240 ) Depreciation 105 191 EBITDA (6,118 ) 4,460 Stock-based compensation expense 1,401 1,268 Adjusted EBITDA income (loss) $ (4,717 ) $ 5,728 AVISTAR COMMUNICATIONS CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the twelve months ended December 31, 2011 and 2010 (in thousands) Twelve Months Ended December 31, 2011 2010 (unaudited) Cash Flows from Operating Activities: Net income (loss) $ (6,429 ) $ 4,449 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 105 191 Compensation on equity awards issued to consultants and employees 1,401 1,268 Provision for doubtful accounts 5 (9 ) Changes in assets and liabilities: Accounts receivable (1,044 ) 315 Inventories 7 33 Prepaid expenses and other current assets 61 (113 ) Other assets (54 ) 24 Accounts payable 61 (408 ) Deferred revenue and customer deposits 4,946 604 Accrued liabilities and other (51 ) (384 ) Other long term liabilities (14 ) (14 ) Net cash provided by (used in) operating activities (1,006 ) 5,956 Cash Flows from Investing Activities: Purchase of property and equipment (72 ) (228 ) Net cash used in investing activities (72 ) (228 ) Cash Flows from Financing Activities: Line of credit payments (3,000 ) (11,250 ) Proceeds from line of credit 2,000 7,000 Proceeds from convertible debt issuance 3,000 - Net proceeds from issuance of common stock 69 45 Taxes paid related to net share settlement of equity awards (86 ) - Net cash provided by (used in) financing activities 1,983 (4,205 ) Net increase in cash and cash equivalents 905 1,523 Cash and cash equivalents, beginning of year 1,817 294 Cash and cash equivalents, end of year $ 2,722 $ 1,817
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