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Mattersight Announces Fourth Quarter 2012 Results

CHICAGO, IL -- (Marketwire) -- 02/13/13 -- Mattersight Corporation (NASDAQ: MATR) today announced financial results for the fourth quarter ended December 31, 2012.

Mattersight's total services revenue was $8.6 million, including $6.9 million of subscription revenues. The Company realized an "Adjusted Earnings(1)" loss of $2.8 million for the fourth quarter of 2012. Adjusted Earnings is a non-GAAP measure. For a reconciliation of operating loss to Adjusted Earnings, see the accompanying schedule. Mattersight's net loss was $4.6 million in the fourth quarter of 2012 and its operating loss from continuing operations(2) was $4.7 million.

Q4 Highlights

  • Increased subscription revenues by 6% sequentially
  • Increased total services revenues by 8% sequentially
  • Recorded managed services bookings of $4.1 million
  • Signed five new pilots with two new logos

Full Year Highlights

  • Grew subscription revenues by 24%, to $27.3 million
  • Increased total services revenues by 16%, to $33.4 million
  • Increased gross margins by over 700 bps
  • Signed 7 new logos as compared to 1 in 2011
  • Ended the year with managed services backlog(3) of $89.1 million
  • Signed 18 total pilots as compared to 6 in 2011

Q1 Guidance

Mattersight currently expects its total subscription revenues will be approximately flat in the first quarter of 2013.

Conference Call Information

Mattersight management will host a conference call at 5:00 p.m. ET on Wednesday, February 13, 2013. The conference call and slide presentation will be available at the Investment Community section of Mattersight's website at http://www.mattersight.com/investment/. To listen to the conference call via telephone, please call 800.952.4789 (domestic) or 404.665.9579 (international), conference ID: 95215703.

For those who cannot access the live broadcast, a replay of the conference call will be available beginning approximately two hours after the live call is completed until March 13, 2013, by dialing 855.859.2056 (domestic) or 404.537.3406 (international), conference ID: 95215703.

Safe Harbor for Forward-Looking Statements

Statements in this press release that are not historical facts are "forward-looking statements" that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, which may be identified by use of words such as "plan," "may," "might," "believe," "expect," "intend," "could," "would," "should," and other words and terms of similar meaning, involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition to other factors and matters contained or incorporated in this document, important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements include, among other things, the risks detailed from time to time in Mattersight's SEC filings. You can locate these filings on the Investor Relations page of Mattersight's website, www.mattersight.com. Statements included or incorporated by reference into this press release are based upon information known to Mattersight as of the date of this press release, and the company assumes no obligation to publicly revise or update any forward-looking statement for any reason.

About Mattersight

Mattersight is a leader in enterprise analytics focused on customer and employee interactions and behaviors. Mattersight's Behavioral Analytics service captures and analyzes customer and employee interactions, employee desktop data, and other contextual information to improve operational performance and predict future customer and employee outcomes. Mattersight's analytics are based on millions of proprietary algorithms and the application of unique behavioral models. The company's SaaS+ delivery model combines analytics in the cloud with deep customer partnerships to drive significant business value. Mattersight's applications are used by leading companies in Healthcare, Insurance, Financial Services, Telecommunications, Cable, Utilities, Education, Hospitality, and Government. See What Matters™ by visiting www.Mattersight.com.

(1) Mattersight presents Adjusted Earnings, a non-GAAP measure that represents cash earnings performance, excluding the impact of non-cash expenses and expense reduction activities, because management believes that Adjusted Earnings provide investors with a better understanding of the results of Mattersight's operations. Management believes that Adjusted Earnings reflect Mattersight's resources available to invest in its business and strengthen its balance sheet. In addition, expense reduction activities can vary significantly between periods on the basis of factors that management does not believe reflect current-period operating performance. Although similar adjustments for expense reduction activities may be recorded in future periods, the size and frequency of these adjustments cannot be predicted. The Adjusted Earnings measure should be considered in addition to, not as a substitute for or superior to, operating income, cash flows or other measures of financial performance prepared in accordance with GAAP.

(2) On May 28, 2011, the company divested its Integrated Contact Solutions ("ICS") business unit and "eLoyalty" registered trademark / trade name to a subsidiary of TeleTech Holdings, Inc. As a result of this divestiture, the company has classified the ICS business unit as discontinued operations and the associated results of operations, financial position, and cash flows have been separately recorded as appropriate.

(3) Mattersight uses the term "backlog" to reflect the estimated future amount of Managed services revenue related to its Managed services contracts. The value of these contracts is based on anticipated usage volumes over the anticipated term of the agreement. The anticipated term of the agreement is based on the contractually agreed fixed term of the contract, plus agreed upon, but optional, extension periods. Anticipated volumes may be greater or less than anticipated. In addition, these contracts typically are cancellable without cause based on the customer making a substantial early termination payment or forfeiture of prepaid contract amounts.


                          MATTERSIGHT CORPORATION
                   CONSOLIDATED STATEMENTS OF OPERATIONS
            (Unaudited and in thousands, except per share data)

                                        For the               For the
                                 --------------------  --------------------
                                  Three Months Ended    Twelve Months Ended
                                 --------------------  --------------------
                                  Dec. 31,   Dec. 31,   Dec. 31,   Dec. 31,
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Revenue:
  Behavioral Analytics revenue   $   8,343  $   8,260  $  32,138  $  27,257
  Other revenue                        285        309      1,314      1,519
                                 ---------  ---------  ---------  ---------
    Total services revenue           8,628      8,569     33,452     28,776
  Reimbursed expenses                   97         79        411        319
                                 ---------  ---------  ---------  ---------
Total revenue                        8,725      8,648     33,863     29,095
Operating expenses:
  Cost of Behavioral Analytics
   revenue                           3,211      3,503     12,174     12,188
  Cost of other revenue                156        200        702      1,000
                                 ---------  ---------  ---------  ---------
    Cost of services                 3,367      3,703     12,876     13,188
  Reimbursed expenses                   97         79        411        319
                                 ---------  ---------  ---------  ---------
Total cost of revenue, exclusive
 of depreciation and
 amortization:                       3,464      3,782     13,287     13,507
  Sales, marketing and
   development                       6,560      5,195     23,131     19,954
  General and administrative         2,341      1,791      8,255      9,144
  Severance and related costs           --         40        693       (336)
  Depreciation                         915        875      3,419      3,218
Amortization of intangibles             17         26         81        177
                                 ---------  ---------  ---------  ---------
Total operating expenses            13,297     11,709     48,866     45,664
                                 ---------  ---------  ---------  ---------

Operating loss                      (4,572)    (3,061)   (15,003)   (16,569)
Interest and other (expense)
 income, net                           (81)       (56)      (384)       125
                                 ---------  ---------  ---------  ---------
Loss from continuing operations
 before income taxes                (4,653)    (3,117)   (15,387)   (16,444)
Income tax (provision) benefit          (8)       604        (38)     5,884
                                 ---------  ---------  ---------  ---------
Loss from continuing operations     (4,661)    (2,513)   (15,425)   (10,560)
Income from discontinued
 operations, net of tax                 21      1,210        249     28,920
                                 ---------  ---------  ---------  ---------
Net (loss) income                   (4,640)    (1,303)   (15,176)    18,360
Series B Stock fair value over
 stated value                           --     (6,555)       (69)    (6,555)
Dividends related to Series B
 Stock                                (147)      (302)      (591)    (1,252)
                                 ---------  ---------  ---------  ---------
Net (loss) income available to
 Common Stock holders            $  (4,787) $  (8,160) $ (15,836) $  10,553
                                 =========  =========  =========  =========

Per share of Common Stock:
Basic loss from continuing
 operations                      $   (0.30) $   (0.64) $   (1.01) $   (1.29)
                                 =========  =========  =========  =========
Basic income from discontinued
 operations                      $      --  $    0.08  $    0.02  $    2.03
                                 =========  =========  =========  =========
Basic net (loss) income
 available to Common Stock
 holders                         $   (0.30) $   (0.56) $   (0.99) $    0.74
                                 =========  =========  =========  =========

Per share of Common Stock:
Diluted loss from continuing
 operations                      $   (0.30) $   (0.64) $   (1.01) $   (1.29)
                                 =========  =========  =========  =========
Diluted income from discontinued
 operations                      $      --  $    0.08  $    0.02  $    2.03
                                 =========  =========  =========  =========
Diluted net (loss) income
 available to Common Stock
 holders                         $   (0.30) $   (0.56) $   (0.99) $    0.74
                                 =========  =========  =========  =========

Shares used to calculate basic
 net (loss) income per share        16,223     14,538     16,002     14,225
                                 =========  =========  =========  =========
Shares used to calculate diluted
 net (loss) income per share        16,223     14,538     16,002     14,225
                                 =========  =========  =========  =========

Stock-based compensation,
 primarily restricted stock, is
 included in individual line
 items above:
  Cost of Behavioral Analytics
   revenue                       $       2  $       3  $      16  $      20
  Sales, marketing and
   development                         530        787      2,308      3,387
  General and administrative           349        345      1,405      2,013
  Severance and related costs           --         --        268         --
  Discontinued operations               --       (393)       --      1,175


                          MATTERSIGHT CORPORATION
           CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
                        (Unaudited and in thousands)

                                        For the               For the
                                 --------------------  --------------------
                                  Three Months Ended    Twelve Months Ended
                                 --------------------  --------------------
                                  Dec. 31,   Dec. 31,   Dec. 31,   Dec. 31,
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Net (loss) income                $  (4,640) $  (1,303) $ (15,176) $  18,360
Other comprehensive loss:
Effect of currency translation           2       (10)        (1)      (350)
                                 ---------  ---------  ---------  ---------
Comprehensive net (loss) income  $  (4,638) $  (1,313) $ (15,177) $  18,010
                                 =========  =========  =========  =========


                          MATTERSIGHT CORPORATION
                        CONSOLIDATED BALANCE SHEETS
       (Unaudited and in thousands, except share and per share data)

                                                 December 31,  December 31,
                                                     2012          2011
                                                 ------------  ------------
                     ASSETS:
Current Assets:
  Cash and cash equivalents                      $     14,419  $     29,408
  Restricted cash                                          --         1,500
  Receivables (net of allowances of $12 and $13)        2,395         2,540
  Prepaid expenses                                      4,404         5,302
  Other current assets                                    305           288
                                                 ------------  ------------
    Total current assets                               21,523        39,038
Equipment and leasehold improvements, net               4,727         4,271
Goodwill                                                  972           972
Intangibles, net                                          236           238
Other long-term assets                                  3,776         4,746
                                                 ------------  ------------
    Total assets                                 $     31,234  $     49,265
                                                 ============  ============

      LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
  Short-term debt                                $      3,703  $      3,567
  Accounts payable                                        781           812
  Accrued compensation and related costs                1,335         1,382
  Unearned revenue                                      5,680         9,783
  Other current liabilities                             2,889         3,673
                                                 ------------  ------------
    Total current liabilities                          14,388        19,217
Long-term unearned revenue                              2,374         3,036
Other long-term liabilities                             1,231         1,401
                                                 ------------  ------------
    Total liabilities                                  17,993        23,654
                                                 ------------  ------------

Series B Stock, $0.01 par value; 5,000,000
 shares authorized and designated; 1,649,201 and
 1,670,696 shares issued and outstanding at
 December 31, 2012 and December 31, 2011,
 respectively, with a liquidation preference of
 $8,705 and $8,819 at December 31, 2012 and
 December 31, 2011, respectively                        8,411         8,521

Stockholders' Equity:
  Preferred stock, $0.01 par value; 35,000,000
   shares authorized; none issued and
   outstanding                                             --            --
  Common Stock, $0.01 par value; 50,000,000
   shares authorized; 18,407,848 and 18,037,552
   shares issued at December 31, 2012, and at
   December 31, 2011, respectively; and
   17,114,880 and 16,935,204 outstanding at
   December 31, 2012 and December 31, 2011,
   respectively                                           184           180
  Additional paid-in capital                          216,667       212,618
  Accumulated deficit                                (200,955)     (185,779)
  Treasury stock, at cost, 1,292,968 and
   1,102,348 shares at December 31, 2012 and
   December 31, 2011, respectively                     (7,027)       (5,891)
  Accumulated other comprehensive loss                 (4,039)       (4,038)
                                                 ------------  ------------
    Total stockholders' equity                          4,830        17,090
                                                 ------------  ------------
    Total liabilities and stockholders' equity   $     31,234  $     49,265
                                                 ============  ============


                          MATTERSIGHT CORPORATION
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                        (Unaudited and in thousands)

                                                          For the Twelve
                                                           Months Ended
                                                       --------------------
                                                        Dec. 31,   Dec 31,
                                                          2012       2011
                                                       ---------  ---------
Cash Flows from Operating Activities:
  Net (loss) income                                    $ (15,176) $  18,360
  Less: net income from discontinued operations              249     28,920
                                                       ---------  ---------
  Net loss from continuing operations                    (15,425)   (10,560)
  Adjustments to reconcile net loss from continuing
   operations to net cash used in operating
   activities:
    Depreciation and amortization                          3,500      3,395
    Stock-based compensation                               3,729      5,420
    Severance and related costs                              268         --
    Other                                                      2         14
  Changes in assets and liabilities:
    Receivables                                              146       (554)
    Prepaid expenses                                       1,834     (2,254)
    Other assets                                             (50)       128
    Accounts payable                                         (31)       445
    Accrued compensation and related costs                   (47)      (264)
    Unearned revenue                                      (4,765)       275
    Other liabilities                                       (177)    (6,554)
                                                       ---------  ---------
      Total adjustments                                    4,409         51
                                                       ---------  ---------
        Net cash used in continuing operations           (11,016)   (10,509)
        Net cash provided by (used in) discontinued
         operations                                           24     (5,787)
                                                       ---------  ---------
        Net cash used in operating activities            (10,992)   (16,296)
                                                       ---------  ---------

Cash Flows from Investing Activities:
  Capital expenditures and other                          (2,160)      (833)
                                                       ---------  ---------
        Net cash used in continuing investing
         activities                                       (2,160)      (833)
        Net cash provided by discontinued investing
         activities                                           --     37,427
                                                       ---------  ---------
        Net cash (used in) provided by investing
         activities                                       (2,160)    36,594
                                                       ---------  ---------

Cash Flows from Financing Activities:
  Proceeds from line of credit                             3,691         --
  Decrease in restricted cash                              1,500        960
  Proceeds from stock compensation and employee stock
   purchase plans, net                                       802        126
  Purchase of shares of Series B Stock                    (3,743)   (12,547)
  Principal payments under capital lease obligations      (2,311)    (1,862)
  Acquisition of treasury stock                           (1,136)    (1,008)
  Payment of Series B Stock dividends                       (595)    (2,221)
  (Fees) proceeds from issuance of Common Stock              (49)     6,000
                                                       ---------  ---------
        Net cash used in continuing financing
         activities                                       (1,841)   (10,552)
        Net cash used in discontinued financing
         activities                                           --       (678)
                                                       ---------  ---------
        Net cash used in financing activities             (1,841)   (11,230)
                                                       ---------  ---------

Effect of exchange rate changes on cash and cash
 equivalents by continuing operations                          4       (299)
Effect of exchange rate changes on cash and cash
 equivalents by discontinued operations                       --       (233)
                                                       ---------  ---------
Effect of exchange rate changes on cash and cash
 equivalents                                                   4       (532)
                                                       ---------  ---------
(Decrease) increase in cash and cash equivalents         (14,989)     8,536
Cash and cash equivalents, beginning of period            29,408     20,872
                                                       ---------  ---------
Cash and cash equivalents of continuing operations,
 end of period.                                        $  14,419  $  29,408
                                                       =========  =========

Non-Cash Investing and Financing Transactions:
  Capital lease obligations incurred                   $   1,793  $   2,517
  Capital equipment purchased on credit                    1,793      2,517
Supplemental Disclosures of Cash Flow Information:
  Interest paid                                        $     371  $     187


                          MATTERSIGHT CORPORATION
                  CALCULATION OF ADJUSTED EARNINGS MEASURE
                        (Unaudited and in thousands)

                                        For the               For the
                                 --------------------  --------------------
                                  Three Months Ended    Twelve Months Ended
                                 --------------------  --------------------
                                  Dec. 31,   Dec. 31,   Dec. 31,   Dec. 31,
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
GAAP -- Operating loss           $  (4,572) $  (3,061) $ (15,003) $ (16,569)

Add back (reduce) the effect of:
Stock-based compensation               881      1,135      3,729      5,420
Severance and related costs             --         40        693       (336)
Depreciation and amortization          932        901      3,500      3,395
                                 ---------  ---------  ---------  ---------
Adjusted earnings measure --
 (loss)                          $  (2,759) $    (985) $  (7,081) $  (8,090)
                                 =========  =========  =========  =========

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