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Augme Technologies, Inc. Reports Third Quarter Fiscal 2013 Results

Revenue Increases 19% to Record $7.4 Million Over Second Quarter; Revenue Increases 68% Over Third Quarter Fiscal 2012

NEW YORK, NY -- (Marketwire) -- 01/09/13 -- Augme® Technologies, Inc. (OTCBB: AUGT) ("Augme") ("the Company"), a technology and services leader in interactive media and mobile marketing and mobile advertising, today announced its operating results for the third quarter of fiscal 2013 ended November 30, 2012.

Third Quarter Highlights:

  • Revenue totaled $7.4 million compared to $6.2 million for the second quarter of fiscal 2013, a 19% increase, and compared to $4.4 million for the third quarter of fiscal 2012, a 68% increase.

  • Mobile advertising revenue increased by 53% to $2.9 million, compared to $1.9 million for the second quarter of fiscal 2013 and 3-fold compared to $0.9 million for the third quarter of fiscal 2012. Mobile marketing revenue totaled $4.5 million, compared to $4.3 million for the second quarter of fiscal 2013 and $3.5 million for the third quarter of fiscal 2012.

  • New order bookings (the dollar value of contracts signed during the third quarter) totaled $5.5 million. Approximately 83% of new orders were received from existing customers and 17% from new customers.

  • Backlog (the dollar value of signed contracts including deferred revenue and unbilled revenue) totaled $16.3 million as of November 30, 2012, compared to $18.9 million at August 31, 2012.

  • Implemented a restructuring plan that is expected to reduce ongoing operating expense and improve cash flow by approximately $6.0 million on an annual basis. The majority of the cost savings from the restructuring plan will be reflected in general and administrative expenses for the fourth quarter of fiscal 2013 with the remainder reflected in general and administrative expenses for the first quarter of fiscal 2014.

  • Customers completed over 24,000 campaigns in the third quarter, compared to 29,000 campaigns in the second quarter and 16,000 campaigns in the third quarter of fiscal 2012.

  • Crossed the 250,000 completed campaign mark, extending Hipcricket's industry-leading track record in the mobile marketing and advertising industry.

"Last quarter we outlined our objectives to drive revenue, reduce costs and harvest our IP investments, and we executed well against those objectives in the third quarter," said Robert F. Hussey, Chief Executive Officer. "First, we delivered sequential revenue growth of 19%, within our stated guidance range of 15-20% quarter-over-quarter growth on average, with mobile advertising rising by 53%. Bookings for the quarter reflect this significant increase in mobile advertising revenue, which consists of contracts that are shorter in duration than mobile marketing revenue. As the number of mobile campaigns launched on our proprietary AD LIFE® platform increases, our proprietary AD LIFE® platform and Hipcricket's brand leadership continues to draw new customers while existing customers continue to expand their allocation of spending budgets to mobile marketing and advertising campaigns."

"Second, we completed a cost reduction plan that is expected to reduce ongoing operating expenses and improve cash flow by approximately $6.0 million on an annual basis. We also lowered capitalized IP costs from approximately $1.5 million per quarter to approximately $600,000 for the third quarter," continued Hussey. "It's important to note that net of the third quarter's non-cash impairment charges of $5.8 million, total operating expenses were flat with the second quarter due to expected non-recurring restructuring charges. Compared with the year ago third quarter, operating expenses declined by $2.6 million, or 19%. This improvement was achieved while revenues grew by 19% compared with the second quarter and by 68% compared with the third quarter of last year."

Hussey concluded, "The combination of our outlook for continued revenue growth and the actions taken to reduce costs gives us confidence that we will achieve our goal of reaching operating cash flow breakeven in the second quarter of fiscal 2014, ending August 31, 2013, on quarterly revenue of $10.0 million, for a $40.0 million annualized run rate. To reach $10.0 million in quarterly revenue we still expect to generate sequential revenue growth on average between 15% and 20%."

Third Quarter Financial Results

For the third quarter of fiscal 2013 ended November 30, 2012, the Company reported revenue of approximately $7.4 million, an increase of approximately 19% versus revenue of $6.2 million in the second quarter of fiscal 2013 ended August 31, 2012 and an increase of 68% compared with revenue of approximately $4.4 million for the third quarter of fiscal 2012 ended November 30, 2011.

Mobile Marketing accounted for 60% of revenue and Mobile Advertising Solutions accounted for 40% of revenue during the third quarter of fiscal 2013. Mobile Marketing revenue includes sales of messaging, mobile web and services; of these revenues approximately 66% were SaaS-based licenses.

Gross profit (revenue minus cost of revenue) increased 19% to $4.4 million, or 59% of revenue, for the third quarter of fiscal 2013, compared with gross profit of $3.7 million, or 60% of revenue, for the second quarter of fiscal 2013 and increased 45% versus gross profit of $3.0 million, or 68% of revenue, for the third quarter of fiscal 2012. The decrease in the gross profit margin compared to both prior periods reflects an ongoing mix shift in the Company's business toward mobile advertising revenue, which carries a higher cost of sales than mobile marketing revenue. The percentage of business derived from mobile ad network sales accounted for 40% of third quarter revenue compared with 31% of second quarter fiscal 2013 revenue and 20% in the third quarter of fiscal 2012.

Operating expenses, net of impairment loss, decreased to $10.8 million for the third quarter of fiscal 2013 compared with $10.9 million for the second quarter of fiscal 2013 and decreased 19% versus $13.4 million for the third quarter of fiscal 2012. The decrease in expenses for both periods is primarily due to lower general and administrative expenses, which declined by 2% and 48% from the second quarter of fiscal 2013 and the third quarter of fiscal 2012, respectively. During the third quarter of fiscal 2013, the Company recorded a restructuring charge of $1.1 million.

The Company recorded a non-cash impairment loss of $(5.8) million in the third quarter of fiscal 2013 related to certain non-core IP assets that we have designated as held for sale and a decline in the fair value of a long-term asset.

The Company reported net loss of $(5.0) million, or $(0.05) per share, for the third quarter of fiscal 2013 after recording a favorable non-cash adjustment to the Hipcricket acquisition related contingent consideration of $7.3 million and an impairment loss of $(5.8) million. Excluding the acquisition related contingent consideration and impairment loss, net loss for the third quarter of fiscal 2013 was $(6.4) million, or $(0.05) per share. This compares to a net loss of $(2.3) million, or $(0.02) per share, in the second quarter of fiscal 2013 and a net loss of $(11.4) million, or $(0.13) per share, for the third quarter of fiscal 2012.

Operating results and non-cash charges are as follows:


Augme Technologies, Inc.

NON-GAAP INFORMATION AND RECONCILIATION TO COMPARABLE GAAP FINANCIAL
 MEASURES (Unaudited)

                                       Three Months Ended (in millions)
                                  -----------------------------------------
                                   November 30,   August 31,   November 30,
                                       2012          2012          2011
Earnings before non-cash charges
Net loss as reported (GAAP)       $        (5.0) $      (2.3) $       (11.4)
  Stock option and warrant
   expense                                  1.4          1.5            3.5
  Depreciation and amortization             1.6          1.6            1.2
  Impairment of long-lived
   identified intangibles and
   decline in fair value of long-
   term investment                          5.8            -              -
  Acquisition related contingent
   consideration                           (7.3)        (4.9)           1.0
                                  -------------  -----------  -------------
(1) Earnings before non-cash
 charges                          $        (3.5) $      (4.1) $        (5.7)

(1)  Earnings before non-cash charges. Generally, a non-GAAP financial
     measure is a numerical measure of a company's performance, financial
     position or cash flow that either excludes or includes amounts that are
     not normally excluded or included in the most directly comparable
     measure calculated and presented in accordance with GAAP. Earnings
     before non-cash charges is defined as net loss before depreciation
     expense on our fixed assets, amortization expense (including
     impairment) on our intangible assets, stock-based compensation and
     share based payments expense, and the change in acquisition contingent
     consideration. Earnings before non-cash charges should not be construed
     as a substitute for net loss or net cash provided by (used in)
     operating activities (all as determined in accordance with GAAP) for
     the purpose of analyzing our operating performance, financial position
     and cash flows, as this measure is not defined by GAAP. However, the
     Company regards Earnings before non-cash charges as a complement to net
     loss and other GAAP financial performance measures, including an
     indirect measure of operating cash flow.

Conference Call Information

Management will host a conference call to discuss these results on Wednesday January 9, 2013 at 11:00 a.m. ET. To participate in the conference call, please call (866) 625-0328 (domestic call-in) or (706) 643-2088 (international call-in) and reference code #84586221.

A live webcast and replay will be available in the investor events section of Augme's website (http://augme.com/investor_events). All participants should call or access the website approximately 10 minutes before the conference begins.

A telephone replay of the conference call will be available from 2:00 p.m. ET on January 9, 2013 until 11:59 p.m. ET on January 16, 2013 by calling (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation #84586221. An archived replay of the conference call will also be available in the corporate section of the company's website.

About Augme Technologies, Inc.

Augme® Technologies, Inc. (OTCBB: AUGT) provides strategic services and mobile marketing technology to leading consumer and healthcare brands. Selling its products and services under the Hipcricket brand, Augme's platform has provided measurable successes in over 250,000 campaigns for its clients, which include many of America's brand-name leaders (e.g., Macy's, MillerCoors and Clear Channel) in a variety of industries, along with their agencies.

Augme's offerings allow marketers, brands, and agencies to plan, create, test, deploy, and track mobile marketing programs across every mobile channel, including SMS, MMS, 2D/QR codes, mobile websites, advertising networks, social media and branded apps. Augme's AD LIFE® platform facilitates consumer brand interaction and the ability to track and analyze campaign results. Using its own patented device-detection and proprietary mobile content adaptation software, AD LIFE® solves the mobile marketing industry problem of disparate operating systems, device types, and on-screen mobile content rendering. Augme also provides business-to-consumer solutions, including national mobile couponing campaigns, strategic mobile healthcare tools, custom mobile application development, and consumer data tracking and analytics. In addition to AD LIFE®, Augme in 2011 acquired the assets of Hipcricket, Inc. and JAGTAG, Inc. and licenses the digital broadcast platform BOOMBOX®. Augme is headquartered in New York City, with operations in Seattle, Atlanta, Dallas, Los Angeles, San Francisco, Chicago, Miami and Tucson. For more information visit www.augme.com or www.hipcricket.com.

Augme Technologies™, Hipcricket®, Augme®, AD LIFE®, BOOMBOX®, AD SERVE® and the Augme logo are trademarks of Augme Technologies, Inc. All rights reserved. 2009-13.

Forward-Looking Statements

This release includes forward-looking statements. All statements regarding the expected results of our restructuring and our expected future financial position, including management's revenue guidance, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," " and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in Augme's Form 10-K for the year ended February 29, 2012 and more recent reports and registration statements filed with the SEC. Augme Technologies, Inc. is under no obligation (and expressly disclaims any such obligation) to update or alter such forward-looking statements, whether as a result of new information, future events or otherwise.




Augme Technologies, Inc.
Consolidated Balance Sheet


                                                November 30,
                                                    2012       February 29,
                                                (unaudited)        2012
                                               -------------  -------------
ASSETS

CURRENT ASSETS
  Cash and cash equivalents                    $   1,763,533  $  11,428,825
  Accounts receivable, net                         6,112,742      3,734,945
  Prepaid expenses and other current assets          555,689        487,321
  Intangible assets held for sale                  3,500,000              -
                                               -------------  -------------
Total current assets                              11,931,964     15,651,091

  Property and equipment, net                        128,772        292,492
  Goodwill                                        47,484,708     47,484,708
  Intangible assets, net                          30,489,139     36,798,085
  Deposits                                           239,511        365,700
                                               -------------  -------------

  TOTAL ASSETS                                 $  90,274,094  $ 100,592,076


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts payable                             $   4,566,076  $   2,613,238
  Accrued liabilities                              3,017,532      1,599,792
  Deferred revenue                                 1,181,556      1,050,369
  Short-term debt                                    236,161              -
  Acquisition related contingent consideration        39,661     26,000,500
                                               -------------  -------------
Total current liabilities                          9,040,986     31,263,899

LONG TERM LIABILITIES
  Accrued liabilities                                 56,726        113,277
                                               -------------  -------------

TOTAL LIABILITIES                                  9,097,712     31,377,176

STOCKHOLDERS' EQUITY
Common stock, $0.001 par value; 250,000,000
 shares authorized; 116,054,565 and 94,434,817
 shares issued and outstanding, respectively          11,605          9,443
Additional paid-in capital                       168,526,789    141,738,528
Accumulated deficit                              (87,362,012)   (72,533,071)
                                               -------------  -------------
Total stockholders' equity                        81,176,382     69,214,900

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $  90,274,094  $ 100,592,076



Augme Technologies, Inc.
Consolidated Statements of
 Operations
(Unaudited)
                                              Three months ended
                                  -----------------------------------------
                                   November 30,   August 31,   November 30,
                                       2012          2012          2011
                                  -------------  -----------  -------------

REVENUES                          $   7,433,051  $ 6,189,220  $   4,424,540

COST OF REVENUE                       3,054,212    2,474,292      1,400,658

OPERATING EXPENSES:
  Sales and marketing                 3,814,930    3,911,686      3,734,592
  Technology and development          1,927,193    1,833,318      1,765,199
  General and administrative          3,457,777    3,541,298      6,700,203
  Depreciation and amortization       1,597,443    1,589,005      1,236,520
  Impairment of long-lived
   identified intangibles and
   decline in fair value of long-
   term investment                    5,849,160            -              -
                                  -------------  -----------  -------------

Total operating expenses             16,646,503   10,875,307     13,436,514
                                  -------------  -----------  -------------

LOSS FROM OPERATIONS                (12,267,664)  (7,160,379)   (10,412,632)

OTHER INCOME:
  Interest income (expense), net        (39,856)         224          2,093
  Acquisition related contingent
   expense                            7,339,173    4,860,557       (966,750)
                                  -------------  -----------  -------------

NET LOSS                          $  (4,968,347) $(2,299,598) $ (11,377,289)

BASIC AND DILUTED NET LOSS PER
 SHARE                                    (0.05)       (0.02)         (0.13)

WEIGHTED AVERAGE SHARES
 OUTSTANDING
  Basic and diluted                 108,460,588   96,317,373     84,758,161



Augme Technologies, Inc.
Consolidated Statements of Operations
(Unaudited)
                                                     Nine months ended
                                               ----------------------------
                                                November 30,   November 30,
                                                    2012           2011
                                               -------------  -------------

REVENUES                                       $  18,700,622  $   6,917,448

COST OF REVENUE                                    7,464,449      2,175,937

OPERATING EXPENSES:
  Sales and marketing                             11,319,153      6,792,257
  Technology and development                       5,937,333      3,023,023
  General and administrative                      10,441,082     13,589,610
  Depreciation and amortization                    4,681,129      1,789,776
  Impairment of long-lived identified
   intangibles and decline in fair value of
   long-term investment                            5,849,160              -
                                               -------------  -------------

Total operating expenses                          38,227,857     25,194,666
                                               -------------  -------------

LOSS FROM OPERATIONS                             (26,991,684)   (20,453,155)

OTHER INCOME:
  Interest income, net                               (36,987)        21,623
  Acquisition related contingent expense          12,199,730       (966,750)
                                               -------------  -------------

NET LOSS                                       $ (14,828,941) $ (21,398,282)

BASIC AND DILUTED NET LOSS PER SHARE                   (0.15)         (0.30)

WEIGHTED AVERAGE SHARES OUTSTANDING
  Basic and diluted                               99,718,225     70,422,761



Augme Technologies, Inc.
Consolidated Statements of Cash
 Flows
(Unaudited)
                                              Three months ended
                                  -----------------------------------------
                                   November 30,   August 31,   November 30,
                                       2012          2012          2011
                                  -------------  -----------  -------------

CASH FLOWS FROM OPERATING
 ACTIVITIES:
Net loss                          $  (4,968,347) $(2,299,598) $ (11,377,289)
  Adjustments to reconcile net
   loss to net cash used in
   operating activities:
    Depreciation and amortization     1,597,443    1,589,005      1,236,520
    Bad debt expense                      7,350       15,074             (3)
    Non-cash interest expense            36,757                           -
    Warrants isssued for advisory
     services                                 -            -        238,990
    Common stock issued for
     services                                 -      625,000
    Impairment of long-lived
     identified intangibles and
     decline in fair value of
     long-term investment             5,849,160            -              -
    Loss on sale or disposal of
     fixed assets                           400            -              -
    Stock option and warrant
     expense                          1,376,102    1,515,630      3,509,943
    Fair value adjustment of
     acquisition related
     contingent consideration        (7,339,173)  (4,860,557)       966,750

  Changes in operating assets and
   liabilities:
    Accounts receivable              (1,351,732)  (1,056,321)      (534,680)
    Prepaid expenses and other
     current assets                     110,173     (112,962)        60,023
    Deposits                             27,496      (14,940)      (456,398)
    Accounts payable and accrued
     liabilities                      1,017,936    1,655,034      2,875,315
    Deferred revenue                    311,700        9,843       (579,856)
    Long-term liability                 (23,440)     (12,798)             -
                                  -------------  -----------  -------------

NET CASH USED IN OPERATING
 ACTIVITIES                          (3,348,175)  (2,947,590)    (4,060,685)

CASH FLOWS FROM INVESTING
 ACTIVITIES:
  Cash paid for purchase of
   patents                             (131,704)    (121,452)       (63,800)
  Cash paid for patent defense
   costs                               (470,118)    (860,591)      (783,775)
  Cash paid for purchase of
   assets of businesses, net of
   cash acquired                              -            -     (1,000,000)
  Cash paid for acquisition
   related contingent
   consideration                     (1,182,209)           -              -
  Additions to property and
   equipment                                  -            -          5,963
                                  -------------  -----------  -------------

NET CASH USED IN INVESTING
 ACTIVITIES                          (1,784,031)           -       (994,037)

CASH FLOWS FROM FINANCING
 ACTIVITIES:
  Proceeds received from the sale
   of common stock, net               6,162,455            -     18,743,052
  Proceeds received from the
   issuance of short-term debt          450,000            -              -
  Payments on short-term debt          (200,000)           -              -
  Proceeds received from the
   exercise of stock options and
   warrants                               7,500    1,162,777        932,134
                                  -------------  -----------  -------------

NET CASH PROVIDED BY FINANCING
 ACTIVITIES                           6,419,955    1,162,777     19,675,186

NET CHANGE IN CASH AND CASH
 EQUIVALENTS                          1,287,749   (1,784,813)    14,620,464
CASH AND CASH EQUIVALENTS,
 BEGINNING OF PERIOD                    475,784    3,242,640      3,174,474
CASH AND CASH EQUIVALENTS, END OF
 PERIOD                           $   1,763,533  $ 1,457,827  $  17,794,938

Investor Relations Contact:
Stephanie Prince / Jody Burfening
LHA
(212) 838-3777
[email protected] or [email protected]

Public Relations Contact:
[email protected]

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