|By Marketwired .||
|January 9, 2013 08:00 AM EST||
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.
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
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