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SoundBite Communications Reports First Quarter 2013 Financial Results - Revenues of $11.3 million; Mobile revenues up 30% over prior year (NASDAQ: SDBT) - SoundBite.com
SoundBite Communications Reports First Quarter 2013 Financial Results

 

NewswireToday - /newswire/ - Bedford, MA, United States, 2013/05/09 - Revenues of $11.3 million; Mobile revenues up 30% over prior year (NASDAQ: SDBT) - SoundBite.com.

   
 
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SoundBite Communications, Inc., a provider of customer experience management solutions, today announced its financial results for the first quarter 2013. First quarter revenues, computed in accordance with U.S. generally accepted accounting principles (GAAP), were $11.3 million, an increase of 2% compared to the same quarter in 2012. GAAP net loss for the first quarter of 2013 was $1.4 million, or $0.08 per share, versus net loss of $247,000 or $0.02 per share in the first quarter of 2012.

On a non-GAAP basis, after excluding the effects of amortization of intangible assets, non-cash stock-based compensation expense, severance expense, a present value adjustment related to the SmartReply contingent consideration, and a tax provision, net loss was $417,000 or $0.03 per share in the first quarter of 2013 compared to a net loss of $431,000 or $0.03 per share in the same quarter in 2012.

“This was a solid quarter for us on an operational basis. SoundBite executed well, despite the first quarter being a traditionally seasonally weaker quarter; with revenue near the mid-point of our guidance range, mobile growing 30% over last year, a dozen new clients and partners starting pilots and running campaigns on our platforms, and gaining traction in our key initiatives such as the hosted dialer,” stated Jim Milton, president and CEO of SoundBite Communications.

Milton continued,“By continuing our transformation into Customer Experience Management and expanding our offerings during 2012 we set a strong foundation for growth for SoundBite. As we increase our channel partnerships, convert new client activity into revenue streams, and drive intelligent, value-added mobile and cross-channel campaigns deeper into our client base during the first half we believe we will be set to deliver sustainable profitability to our shareholders in the second half of 2013.”

Recent Highlights
• Announced DecisionPoint, a campaign analytics solution providing real-time, actionable business intelligence to improve response rates, reduce communications costs, and increase ROI in order to optimize customer experience.
• Announced relationship with Partnership for a Healthier America and Share Our Strength for their recent kick off of “Dinner Made Easy”, a pilot program using SoundBite’s mobile offerings to reach families in need to deliver educational tips, coupons, surveys and recipes.
• Expanded its compliance suite with new Contact Controls. This enhancement lowers contact center risk, increases ROI, and improves customer experience.
• Signed a new reseller in Spain, Grupo Astel, a contact center network specializing in customer relationship management, to resell SoundBite’s cloud-based offerings.

Quarterly Results

GAAP Results
Gross margin for the first quarter of 2013 was 59.9% versus 60.4% in the first quarter of 2012. Operating expenses were $8.1 million in the first quarter of 2013 and as a percentage of revenues were 71.7% versus 71.0% in the year-earlier period.

Operating loss for the first quarter was $1.3 million, compared to a loss of $1.2 million in the same quarter last year.

Net loss was $1.4 million for the first quarter of 2013 versus a net loss of $247,000 in the first quarter of 2012. Net loss per share for the first quarter of 2013 was $0.08, versus $0.02 in the same quarter of 2012.

Non-GAAP Results
First quarter 2013 non-GAAP net loss was $417,000 or $0.03 per share, compared to a non-GAAP net loss of $431,000 or $0.03 per share for the same period in 2012. Non-GAAP net loss computations exclude amortization expense, stock-based compensation expense, severance expense, a present value adjustment of the contingent consideration related to the SmartReply earn-out, a tax provision and a tax benefit. A reconciliation of GAAP net loss to non-GAAP net loss is included with the financial tables at the end of this release.

Adjusted EBITDA
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter of 2013 was a loss of $50,000 versus a loss of $133,000 in the first quarter of 2012. Adjusted EBITDA reflects EBITDA excluding the effects of stock-based compensation expense, present value adjustments of the contingent consideration related to the SmartReply earn-out and severance expense in the first quarter 2013 and 2012. A reconciliation of net loss to Adjusted EBITDA is included with the financial tables at the end of this release.

Cash flow from operating activities was $1.6 million.

Second Quarter Guidance
Based on information available as of May 9, 2013, SoundBite is issuing guidance for the second quarter 2013 as follows:

SoundBite currently projects revenues in the range of $11.1 million to $11.8 million and gross margin in the range of 61% to 62% for the second quarter of 2013. Operating expenses are expected to be approximately $8.2 million. The projection for GAAP net loss is in the range of $900,000 to $1.4 million and on a per share basis is a net loss of $0.05 to $0.08 for the second quarter of 2013.

The non-GAAP projections are for a non-GAAP net loss of $200,000 to $700,000, or $0.01 to $0.04 per share. Non-GAAP estimates exclude the effects of the amortization of intangible assets of approximately $350,000 associated with the Company’s acquisitions of SmartReply and 2ergo Americas, estimated stock-based compensation expense of approximately $300,000, and a present value adjustment of the contingent consideration related to the SmartReply earn-out of approximately $40,000. On an adjusted basis, SoundBite is projecting earnings before interest, taxes, depreciation and amortization to be a loss of $300,000 to income of $200,000. These projections assume a basic weighted share count of approximately 16.5 million shares for the second quarter of 2013. SoundBite expects capital expenditures to be approximately $350,000 and depreciation expense to be approximately $350,000.

Webcast and Teleconference Information
The Company will host a conference call today at 5:00 pm. ET to discuss its financial results. A live and archived webcast of the event will be available at ir.soundbite.com/. A live dial-in is available in the U.S. at + 1 866 318 8613 and outside the U.S. at +1 617 399 5132, and using the passcode: 70160445. A replay of the call will be available approximately two hours after the call completes and can be accessed by dialing +1 888 286 8010 in the U.S. and outside the U.S. at +1 617 801 6888 and entering the passcode: 72127112.

Non-GAAP and Adjusted Measures
To supplement its statements of operations information presented in accordance with GAAP, SoundBite presents information with respect to non-GAAP net loss, non-GAAP free cash flow and Adjusted EBITDA. SoundBite has included in this release reconciliations of GAAP net loss to non-GAAP net loss, and GAAP net loss to Adjusted EBITDA. SoundBite believes these supplemental measures are often used by investors as measures of financial performance in evaluating technology companies such as SoundBite and also believes these financial measures can enhance investors’ overall understanding of SoundBite’s historical financial performance. The presentation of these supplemental financial measures should not be considered in isolation from, or as a substitute for, SoundBite’s financial results reported in accordance with GAAP. SoundBite may compute these supplemental financial measures differently from other companies, which would reduce their usefulness as comparative measures.

About SoundBite Communications
SoundBite Communications (SoundBite.com) is a customer experience management company with deep expertise in delivering cloud-based mobile marketing, proactive customer care, and collections/payments solutions. More than 450 global end-clients, including nearly 50 Fortune 500 companies, leverage SoundBite’s proactive multi-channel communications and preference management platforms to power 2.5 billion personalized and compliant customer interactions annually across the full consumer lifecycle.

Forward-Looking Statement
This is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. The statements made in the third and fourth paragraph of this press release and the statements made under “Second Quarter Guidance” are forward-looking statements based upon SoundBite’s historical performance and its current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by SoundBite, its management or any other person that the future plans, estimates or expectations contemplated by SoundBite will be achieved. These forward-looking statements represent SoundBite’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and SoundBite disclaims any obligation to update the forward-looking statements in the future. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including: slower than anticipated development of the market for automated voice messaging services; defects in SoundBite’s platform; disruptions in its service or errors in its execution; discontinued or decreased use of SoundBite’s service by its clients, which are not subject to minimum purchase requirements for any reason, including market conditions and regulatory developments; and the occurrence of events adversely affecting the collection agencies industry or in-house collection departments, which account for a significant portion of SoundBite’s revenues. These and other factors, including the factors set forth under the caption “Item 1A. Risk Factors” of Part I in SoundBite's most recent annual report on Form 10-K filed with the Securities and Exchange Commission, could cause SoundBite's performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

SoundBite is a registered service mark of SoundBite Communications, Inc.

 
 
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Written by / Agency / Source: SoundBite Communications, Inc.

 
 

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SoundBite Communications Reports First Quarter 2013 Financial Results

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