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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 months ended March 31, 2012.
Financial highlights included:
Bob Kirk, CEO of Avistar, said, “Over the past few years, leading research firms have forecasted significant growth within the key markets on which Avistar focuses. Specifically, Frost & Sullivan has forecasted that the Unified Communications (UC) market would grow from 2.1 million users in 2009 to 33.6 million users in 2014. In addition, Gartner has forecasted that the virtual desktop infrastructure (VDI) market would grow from $1.5 billion in 2009 to $65.7 billion in 2014, with close to 75 million devices in use during this time. With Avistar’s strategy focused both on the opportunities within, and the intersection of, each of these market segments, we are seeing the quality and quantity of clients and partners that are emerging from these market segments increase. Our agreement with Citrix, our growing relationships with many other leading technology partners and the increased number of our enterprise clients are all evidence of this.”
Kirk concluded, “With our markets expanding and our product portfolio increasing in its capabilities and value, we foresee Avistar growing as our markets continue to broaden and as our clients and partners leverage the capability of our products and technology. We are focused, committed and well-positioned to succeed as a leader within the unified and virtualized visual communications industry.”
Significant Q1.2012 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 Avistar’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. Avistar 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 Avistar’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 Avistar as of the date of the release, and Avistar 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 Avistar evaluates their performance. Furthermore, Avistar 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 months ended March 31, 2012 and 2011 (in thousands, except per share data) Three Months Ended March 31, 2012 2011 (unaudited) Revenue: Product $ 853 $ 474 Patent licensing 100 106 Services, maintenance and support 1,543 810 Total revenue 2,496 1,390 Costs and expenses: Cost of product revenue* 112 95 Cost of services, maintenance and support revenue* 964 273 Research and development* 1,116 1,443 Sales and marketing* 645 910 General and administrative* 1,049 1,061 Total costs and expenses 3,886 3,782 Loss from operations (1,390 ) (2,392 ) Other income (expense), net (51 ) (27 ) Loss before provision for income taxes (1,441 ) (2,419 ) Provision for income taxes 2 2 Net loss $ (1,443 ) $ (2,421 ) Net loss per share - basic and diluted $ (0.04 ) $ (0.06 ) Weighted average shares used in calculating basic and diluted net loss per share 40,816 39,246 *Including stock-based compensation of: Cost of products, services, maintenance and support revenue $ 14 $ 9 Research and development 62 72 Sales and marketing 59 58 General and administrative 165 166 AVISTAR COMMUNICATIONS CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS as of March 31, 2012 and December 31, 2011 (in thousands, except share and per share data) March 31, December 31, 2012 2011 (unaudited) Assets: Current assets: Cash and cash equivalents $ 1,863 $ 2,722 Accounts receivable, net of allowance for doubtful accounts of $0 and $9 at March 31, 2012 and December 31, 2011, respectively 544 1,760 Inventories 16 16 Prepaid expenses and other current assets 469 352 Total current assets 2,892 4,850 Property and equipment, net 185 151 Other assets 182 162 Total assets $ 3,259 $ 5,163 Liabilities and Stockholders' Equity (Deficit): Current liabilities: Line of credit $ 6,000 $ 6,000 Related party convertible debt 3,000 - Accounts payable 718 460 Deferred revenue and customer deposits 6,338 7,198 Accrued liabilities and other 989 1,037 Total current liabilities 17,045 14,695 Long-term liabilities: Related party convertible debt - 3,000 Deferred revenue, non-current 224 360 Other long-term liabilities 45 45 Total liabilities 17,314 18,100 Stockholders' equity (deficit): Common stock, $0.001 par value; 250,000,000 shares authorized at March 31, 2012 and December 31, 2011; 42,039,851 and 41,924,392 shares issued including treasury shares at March 31, 2012 and December 31, 2011, respectively 42 42 Less: treasury common stock, 1,182,875 shares at March 31, 2012 and December 31, 2011, at cost (53 ) (53 ) Additional paid-in-capital 105,484 105,159 Accumulated deficit (119,528 ) (118,085 ) Total stockholders' equity (deficit) (14,055 ) (12,937 ) Total liabilities and stockholders' equity (deficit) $ 3,259 $ 5,163 AVISTAR COMMUNICATIONS CORPORATION AND SUBSIDIARY FINANCIAL RESULTS: RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES for the three months ended March 31, 2012 and 2011 (in thousands) Reconciliation of Net Loss to Adjusted EBITDA Three Months Ended March 31, 2012 2011 (unaudited) Net loss $ (1,443 ) $ (2,421 ) Other (income)/ expense, net 51 27 Provision for income taxes 2 2 Depreciation 30 30 EBITDA (1,360 ) (2,362 ) Stock-based compensation expense 300 305 Adjusted EBITDA $ (1,060 ) $ (2,057 ) AVISTAR COMMUNICATIONS CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the three months ended March 31, 2012 and 2011 (in thousands) Three Months Ended March 31, 2012 2011 (unaudited) Cash Flows from Operating Activities: Net loss $ (1,443 ) $ (2,421 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 30 30 Compensation on equity awards issued to consultants and employees 300 305 Provision for doubtful accounts (9 ) 5 Changes in assets and liabilities: Accounts receivable 1,225 (384 ) Inventories - 1 Prepaid expenses and other current assets (117 ) 97 Other assets (20 ) 55 Accounts payable 258 109 Deferred revenue and customer deposits (996 ) (535 ) Accrued liabilities and other (8 ) (68 ) Other long term liabilities - (14 ) Net cash used in operating activities (780 ) (2,820 ) Cash Flows from Investing Activities: Purchase of property and equipment (64 ) (1 ) Net cash used in investing activities (64 ) (1 ) Cash Flows from Financing Activities: Proceeds from line of credit - 1,000 Proceeds from related party convertible debt issuance - 3,000 Net proceeds from issuance of common stock 25 54 Taxes paid related to net share settlement of equity awards (40 ) - Net cash provided by (used in) financing activities (15 ) 4,054 Net increase (decrease) in cash and cash equivalents (859 ) 1,233 Cash and cash equivalents, beginning of period 2,722 1,817 Cash and cash equivalents, end of period $ 1,863 $ 3,050
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