m-Wise Increases Revenues and Profitability in Q1 2009
May 15 2009 - 9:15AM
Marketwired
Mobile content technology vendor, m-Wise (OTCBB: MWIS), today
announced its consolidated financial results for the three months
ended March 31, 2009.
Financial Results
Net Profit for the three months ended March 31, 2009 was
$152,068 compared with a net loss of $209,892 in 2008.
Revenues for the three months ended March 31, 2009 rose to
$792,779, up 16% from $682,577 in 2008. Income from customer
services and technical support increased 17% to $363,538 for the
three months ended March 31, 2009 from $310,260 in 2008. Income
from revenue share increased 61% to $329,242 for the three months
ended March 31, 2009 from $204,798 in 2008.
Net Cash provided by operating activities for the three months
ended March 31, 2009 was $120,973 compared with $259,480 used in
operating activities in 2008.
Full financial results for 2009 first three months are available
in m-Wise 10Q filing.
"m-Wise marked another quarter of growth in income from revenue
share and customer services and technical support," stated Mati
Broudo, co-founder and Chairman of m-Wise. "During the first
quarter of 2009, we expanded our business in our primary markets of
the USA and Brazil. Our US presence, which we established in late
2007, has developed and expanded as we had hoped, and we signed new
deals in this territory. We have geared our special expertise in
the mobile marketing industry and signed deals with leading players
such as The Secret and WPP's advertising and PR agency Burson
Marsteller. We have also launched a major customer in the Brazilian
market and we expect to see significant revenues coming from this
customer this year. We have further created a strategic alliance
with Ozonion, an important player in the Brazilian mobile
entertainment market and we expect to see new deals coming through
this partnership. We have seen the implication of the global
economy downturn reflected in the activity of some of our
customers, yet despite that, we have seen a significant improvement
in our revenue growth of 16% from the comparative quarter of last
year.
"We believe that the strength of our technology and position in
the market allows some of our potential customers to become more
effective with our technology and therefore, despite of the global
economy downturn and based on the current sales pipeline we have,
we expect 2009 to be another year of growth in revenues where we
expect to achieve profitability," concluded Mr. Broudo.
About m-Wise
Founded in 2000, m-Wise has established itself as a leading
international provider of enabling technologies for the mobile
communications, mobile advertising, mobile gaming and mobile
entertainment industries. m-Wise is the developer of MOMA platform,
a proven mobile content management and service delivery platform
used in over 50 mobile networks throughout Europe, North and Latin
America, and Asia.
MOMA is an integrated "one stop shop" for mobile operators,
wireless ASPs, and content providers to deliver end-users with a
state-of-the-art mobile experience. MOMA makes it easy to manage
and deliver content such as entertainment, music, games and video
regardless of handset compatibility, while adding real-time end
user interactivity like voting, mobile marketing, advertising and
access to all forms of real-time content. MOMA furthermore
integrates built-in capabilities for transactional billing,
customer care and marketing to satisfy the growing needs of major
brands and marketing agencies.
For more information, please visit www.m-wise.com
Safe-Harbor Statement
This press release contains "forward-looking statements." These
forward-looking statements use words such as "believes," "intends,"
"expects," "may," "will," "should," "plan," "projected,"
"contemplates," "anticipates" or similar statements. These
statements are based on our beliefs, as well as assumptions we have
used based upon information currently available to us. Because
these statements reflect our current views concerning future
events, these statements involve risks, uncertainties and
assumptions. Actual future results may differ significantly from
the results discussed in the forward-looking statements. A reader,
whether investing in our common stock or not, should not place
undue reliance on these forward-looking statements, which apply
only as of the date of this press release.
For more information, please contact: m-Wise IR: Adi Armoza
Email: Email Contact