CommerceTel Announces Record First Quarter 2012 Financial Results
(firmenpresse) - SAN DIEGO, CA -- (Marketwire) -- 05/22/12 -- CommerceTel Corporation (OTCBB: MFON), an award-winning provider of proprietary mobile marketing technologies and solutions, announced today record revenue, gross profit and reduced operating losses for the three month period ending March 31, 2012.
Q1, 2012 revenue increased to $1,013,206 from $140,638 in Q1, 2011, a 620% increase.
Q1, 2012 gross profit increased 962% to $645,437, vs. $60,801 in Q1 2011.
Gross margins for Q1, 2012 increased to 63.7% from 43.2% in 2011.
Revenues for the three months ended March 31, 2012 were $1,013,206, an increase of $872,568, or 620.4% compared to the three months ended March 31, 2011.
Cost of goods sold was $367,769 in the first quarter of 2012 compared to $79,837 in the first quarter of 2011, with a gross margin profit of $645,437 in the first quarter of 2012 compared to a gross profit of $60,801 in the same period a year ago. The increase in gross profit as a percentage of revenue is due to the three acquired operating segments which generated higher gross margins and allowed for greater leverage of fixed expenses. Increased volume of SMS traffic also allowed for a reduction of more than 50% in per-message costs beginning in January 2012. These costs are expected to continue to decrease significantly in 2012 as pricing synergies are obtained by consolidating the operations of the acquired companies.
Operating expenses for the first quarter of 2012 were $1,579,663, consisting of approximately $312,873 in selling expenses and approximately $951,986 million in general and administrative expenses. Operating expenses include $250,532 in share-based compensation. Operating loss was $934,226 in the three months ended March 31, 2012 compared to an operating loss of $775,866 in the corresponding period a year ago.
Net Loss for the three months ended March 31, 2012 and March 31, 2011 were $1,692,240 and $1,311,518 respectively. The increase of $380,722 or 29.0% can mostly be attributed to the increased depreciation and amortization of $152,581 and interest expense of $252,770. Excluding non-cash charges, including stock compensation and changes in the fair market value of derivatives, non-GAAP adjusted net loss was $395,748 in the first quarter of 2012 compared to an adjusted net loss of $429,220 in the same period of 2011. The weighted average shares outstanding increased from 17.7 million a year ago to 22.8 million in the first quarter of 2012.
The Company had $240 of cash at March 31, 2012 compared to $396 at year end December 31, 2011. Total accounts receivable increased from $243,846 in 2011 to $227,259 in 2012. Total notes payable outstanding were $2,116,212 at March 31, 2012 compared to $1,825,714 at December 31, 2011.
For period ending March 31, 2012 the Company had $328,347 in cash outflow from operations, up from $325,836 for the same period in 2011.
(1) Please see non-GAAP reconciliation table below
CommerceTel is an award-winning provider of proprietary mobile marketing technologies and the inventor of C4, a unique, enterprise-grade platform empowering brands to engage mobile consumers via multiple channels. The only system of its kind, C4 is a cloud-based solution providing broad mobile communications and extensive CRM features. It is integrated with multiple tier-one PSTN/ IP carriers and micropayment processing facilities as well as with carrier premium SMS billing systems. Customers include CNN, Disney, Sony Pictures, AT&T, Verizon, USA Network, numerous professional sports franchises, the Golf Channel, and NBC Universal. For further information visit or follow us on Twitter (at)CommerceTelinc.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which statements are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: adjusted net income and adjusted EPS. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our "recurring core business operating results." We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of CommerceTel Corporation, and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the impact of the proceeds from the private placement on the Company's short term business and operations, the general ability of the Company to achieve its commercial objectives, including the ability of the Company to sustain growth; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (). All forward-looking statements attributable to the Company or persons acting on its behalf months are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For additional information, contact:
Investor Contacts:
MZ Group - North America
Mark McPartland
Senior Vice President
Phone: 646.593.7140
Email:
Web:
Company Contact:
Dennis Becker
CEO
CommerceTel Corp.
Phone: 619-725-0990
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 22.05.2012 - 05:30 Uhr
Sprache: Deutsch
News-ID 1116614
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
SAN DIEGO, CA
Phone:
Kategorie:
Advertising, PR and Marketing
Anmerkungen:
Diese Pressemitteilung wurde bisher 187 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"CommerceTel Announces Record First Quarter 2012 Financial Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
CommerceTel Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
