Click here to close now.

SYS-CON MEDIA Authors: Yeshim Deniz, Pat Romanski, Carmen Gonzalez, Liz McMillan, Roger Strukhoff

News Feed Item

LiveWorld Reports First Quarter Financial Results

LiveWorld, Inc. (OTC Markets: LVWD), today announced the financial results for the first quarter of 2014. Total revenues were approximately $3.3 million for the first quarter as compared to the approximately $3.9 million in total revenues reported for 2013.

The Company reported a net loss for the quarter of approximately $307,000, or 9% of total revenues. This compares to net income of approximately $285,000, or 7% of total revenues, reported for the first quarter of 2013. The earnings / (loss) per share on a fully diluted basis were $(0.01) and $0.01 for the first quarters of 2014 and 2013, respectively.

The company finished the first quarter with approximately $4.3 million in cash and cash equivalents as compared to the approximately $2.5 million at the end of the first quarter in 2013. The Company reported a positive working capital balance of approximately $3.6 million as of March 31, 2014 as compared to the approximately $3.8 million as of March 31, 2013.

“Our first quarter results are consistent with our 2014 projections, in particular continuing to transition the business from our legacy revenue in web sites to the general social web and making deeper investments in product development and expansion of sales and marketing.” said David Houston, Chief Financial Officer of LiveWorld. “We are investing in our future, and developing new revenue streams will help diversify and grow our client base.”

Detailed financial information may be downloaded at www.liveworld.com (financials page) or at www.otcmarkets.com

About LiveWorld

LiveWorld is a social content marketing company. Through a combination of software and services we provide strategy, engagement, moderation, and insight to help brands develop deeper relationships with customers. We bring a human touch scaled by technology that creates value out of user content and provides big cost savings. By providing software and services, LiveWorld delivers a full range of social media solutions to improve relationship marketing, customer support, and market learning. Fortune 500 brands use our solutions to engage their clients in a way that’s social, personal, and direct, yet affordable and sustainable on a large scale. Our proprietary technology empowers people to moderate and respond to user comments at scale and to analyze data in context with human intelligence and sensitivity. LiveWorld is a trusted partner of the world’s largest brands, including the number-one companies in retail, CPG, pharmaceutical, and financial/travel services. For our clients, we develop strategy, create and publish content, engage customers, moderate content, manage crises, and glean insight from social media. LiveWorld is headquartered in California, with offices in New York City and San Jose. Learn more at www.liveworld.com and @LiveWorld

“Safe Harbor" Statement Under The Private Securities Litigation Reform Act

This press release may contain forward-looking information concerning LiveWorld's plans, objectives, future expectations, forecasts and prospects. These statements may include those regarding LiveWorld’s current or future financial performance including but not limited to lists of clients, revenue and profit, use of cash, investments, relationships and the actual or potential impact of stock option expense, and the results of its product development efforts. Actual results may differ materially from those expressed in the forward looking statements made as a result of, among other things, final accounting adjustments and results, LiveWorld’s ability to attract new clients and preserve or expand its relationship with existing clients, LiveWorld’s ability to retain and attract high quality employees, including its management staff, the ability to deliver new innovative products in a timely manner, changing accounting treatments, and other risks applicable to the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

 
LIVEWORLD, INC.
BALANCE SHEETS
(In thousands)
   
March 31, December 31,
2014 2013
ASSETS
Current assets
Cash and cash equivalents $ 4,317 $ 4,413
Accounts receivable 365 488
Prepaid expenses   336     336  
Total current assets 5,018 5,237
 
Property and equipment, net 239 257
Other assets   17     18  
Total assets $ 5,274   $ 5,512  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 372 $ 159
Accrued employee expenses 596 576
Other accrued liabilities 59 6
Deferred revenue   386     665  
Total current liabilities   1,413     1,406  
 
 
Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized 33,321,634 issued and outstanding as of March 31, 2014 and December 31, 2013,

33 33
Additional paid-in capital 141,510 141,448
Accumulated deficit   (137,682 )   (137,375 )
Total stockholders' equity   3,861     4,106  
Total liabilities and stockholders' equity $ 5,274   $ 5,512  
 
 
LIVEWORLD, INC.
STATEMENTS OF OPERATIONS
(In thousands, except per share data)
   

Three Months Ended
March 31,

2014 2013
Total revenues $ 3,311 $ 3,874
Cost of revenues   1,411     1,362
Gross Margin 1,900 2,512
Operating Expenses
Product development 900 1,021
Sales and marketing 548 498
General and administrative   748     702
Total operating expenses   2,196     2,221
Income / (loss) before tax (296 ) 291
Provision for income taxes 11 6
Net income/ (loss)   (307 )   285
 
Basic net income/ (loss) per share $ (0.01 ) $ 0.01
Shares used in computing basic income/ (loss) per share 33,321,634 33,257,634
Diluted income/ (loss) per share $ (0.01 ) $ 0.01
Shares used in computing diluted income/ (loss) per share 33,321,634 41,707,087
 
Departmental allocation of stock-based compensation:
Cost of revenues $ 11 $ 8
Product development 19 12
Sales and marketing 12 5
General and administrative   20     8
Total stock-based compensation $ 62   $ 33
 
 
LIVEWORLD, INC.
STATEMENTS OF CASH FLOWS
(In thousands)
 
Three Months Ended
March 31,
2014   2013
Cash flows from operating activities:
Net income $ (307 ) $ 285
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 39 29
Stock-based compensation 62 33
Changes in operating assets and liabilities:
Accounts receivable 123 (1,030 )
Other assets 1 33
Accounts payable 213 140
Accrued employee expenses and other liabilities 73 154
Deferred revenue   (279 )   (502 )
Net cash provided by operating activities   (75 )   (858 )
Cash flows from investing activities:
Purchases of property and equipment   (21 )   (21 )
Net cash used in investing activities   (21 )   (21 )
Change in cash and cash equivalents (96 ) (879 )
Cash and cash equivalents, beginning of year   4,413     3,382  
Cash and cash equivalents, end of year $ 4,317   $ 2,503  
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session a...
SYS-CON Events announced today that EnterpriseDB (EDB), the leading worldwide provider of enterprise-class Postgres products and database compatibility solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. EDB is the largest provider of Postgres software and services that provides enterprise-class performance and scalability and the open source freedom to divert budget from more costly traditiona...
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Organizations today are confounded by an avalanche of data that needs to be processed and managed on a daily basis. Through relevant use cases and a thought-provoking dialogue on an organization’s ‘Data to Decisions’ journey, Andrew Clyne, Chief Data Officer at CenturyLink Cognilytics, will reveal in his session at Big Data Expo how your organization can monetize data as a strategic asset. State-of-the-art Big Data and Advanced Analytics capabilities provided as a managed service can enable da...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
We are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutions, will highlight the successful organizational, process, and tooling patterns of high-performing c...
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
There is no question that the cloud is where businesses want to host data. Until recently hypervisor virtualization was the most widely used method in cloud computing. Recently virtual containers have been gaining in popularity, and for good reason. In the debate between virtual machines and containers, the latter have been seen as the new kid on the block – and like other emerging technology have had some initial shortcomings. However, the container space has evolved drastically since coming on...
With worldwide spending on cloud services and infrastructure growing by 23% in 2015 to $118B, it is clear that cloud services are here to stay. Yet, the rate of cloud adoption varies by companies and markets around the world. With thousands of outages and hijacks across the Internet every day, one reason for hesitation is the faith in quality Internet performance. In his session at 16th Cloud Expo, Michael Kane, Senior Manager at Dyn, will explore how Internet performance affects your end-user...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud en...
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between confe...
Data-intensive companies that strive to gain insights from data using Big Data analytics tools can gain tremendous competitive advantage by deploying data-centric storage. Organizations generate large volumes of data, the vast majority of which is unstructured. As the volume and velocity of this unstructured data increases, the costs, risks and usability challenges associated with managing the unstructured data (regardless of file type, size or device) increases simultaneously, including end-to-...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Media named Andi Mann editor of DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Andi Mann, Vice President, Strategic Solutions, at CA Technologies, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, communicator, and thought lea...