LiveWorld, Inc. (OTC Pink Sheets: LVWD.PK) today announced the
financial results for first quarter ended March 31, 2013. Total
revenues were $3.9 million for the first quarter of 2013 as
compared to the $2.6 million in total revenues reported for the
first quarter of 2012.
The Company reported net income for the first quarter of 2013 of
$292,000, or 8% of total revenues. This result was an improvement
of $20,000 when compared to the net income of $272,000, or 10% of
total revenues, reported for the first quarter of 2012.
The company ended the quarter with $2.5 million in cash and cash
equivalents. The Company reported a positive working capital
balance of approximately $3.2 million for the first quarter of 2013
as compared to the $2.8 million it had at the end of the fourth
quarter of 2012. Additionally, the Company had approximately $9.0
million in bookings at the end of the first quarter 2013, as
compared to the $8.3 million it had at the end of the first quarter
of 2012.
“Our first quarter financial results came in as planned with
healthy revenue growth combined with strong profits,” states David
Houston, Chief Financial Officer of LiveWorld. “We are committed to
our 2013 goals of increased client acquisitions and bringing to
market compelling products and services. In order to fulfill our
strategy we will continue to invest in our sales, marketing, and
development efforts.”
Detailed quarterly financial information may be downloaded at
www.liveworld.com (financials page) or at www.otcmarkets.com
LiveWorld Solutions
LiveWorld, a social content marketing company providing
moderation, insight and engagement solutions for Fortune 1,000
brands. Our social media solutions provide a human touch scaled by
technology that creates value out of user content, and provides big
cost savings.
LiveWorld is a Facebook ® Preferred Marketing Developer (PMD) in
the Pages category.
About LiveWorld
LiveWorld, a social content marketing company, is a trusted
partner to the world’s largest brands, including the number-one
companies in retail, CPG, pharmaceutical, and financial/travel
services. We revolutionize the management of user content through
innovative technology, leading-edge services, and deep integration
with client marketing and customer support teams. Scaling human
review of user content and human touch points, LiveWorld removes
obstacles faced by brands, allowing them to engage more deeply in
social media. In an innovative approach that encompasses review,
management, and analysis of user content, LiveWorld provides 24/7
brand protection through “always on” moderation and engagement
across social channels, applications, and sites. The LiveWorld
solution offers competitive advantage through management of user
content in sheer volume, resulting in amplified brand presence,
actionable insight, and increased customer loyalty. LiveWorld is
headquartered in California, with offices in San Jose, CA and New
York City, NY. For more information, go to www.liveworld.com.
Follow us at @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. The balance sheet, operating results, and
statements of cash flows for the periods ended March 31, 2012 and
2013 and the period ended December 31, 2012 where neither audited
nor reviewed by an independent accounting firm and are subject to
change upon such a review or audit being completed. 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. UNAUDITED CONDENSED BALANCE SHEETS
(In thousands, except share data) March 31,
December 31, 2013 2012
ASSETS Current assets Cash and cash equivalent $
2,503 $ 3,382 Accounts receivable, net 4,276 1,415 Prepaid expenses
235 268 Total current assets 7,014
5,065 Property and equipment, net 227 234 Other assets
17 17 Total assets $ 7,258 $
5,316
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities Accounts payable $ 375 $ 235 Accrued employee expenses
656 504 Other accrued liabilities 19 17 Deferred revenue
2,808 1,478 Total current liabilities
3,858 2,234 Total liabilities 3,858 2,234
Stockholders' equity
Common stock: $0.001 par value,
100,000,000 shares authorized
33,257,634 issued and outstanding as of
December 31, 2012
and March 31, 2013 respectively
33 33 Additional paid-in capital 141,203 141,178 Accumulated
deficit (137,837 ) (138,129 ) Total stockholders'
equity 3,400 3,082 Total liabilities
and stockholders' equity $ 7,258 $ 5,316
LIVEWORLD, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS (In
thousands, except per share data) Three Months
March 31, 2013 2012 Total
revenues
$
3,874
$ 2,640 Cost of revenues 1,227 826 Gross Margin 2,647
1,814 Operating Expense Product development 528 389 Sales and
marketing 1,101 633 General and administrative 701 506 Stock based
compensation 26 18 Total operating expense
2,355 1,546 Income from operations 292 268
Interest Income (expense), net ---- 10 Income
before tax 292 278 Provision for income taxes ---- (6
) Net income 292 272 Basic income per
share
$
0.01
$ 0.01 Shares used in computing basic net income/per share
33,257,634 33,157,634 Diluted net income per share
$
0.01
$ 0.01 Shares used in computing diluted income/per share
44,149,812 36,408,053 Departmental allocation of stock-based
compensation: Product development
$
10
$ 9 Sales and marketing 7 6 General and administrative 8
3 Total stock-based compensation $ 26 $ 18
LIVEWORLD, INC. UNAUDITED CONDENSED STATEMENTS OF
CASH FLOWS (In thousands) Three Months Ended
March 31, 2013
2012 Cash flows from operating activities: Net income
(loss) $ 292 $ 272 Adjustments to reconcile net income (loss)
provided by (used in) operating activities: Depreciation of
long-lived assets 29 19 Stock-based compensation 26 18 Changes in
operating assets and liabilities: Accounts receivable (2,862 )
(3,060 ) Other assets 34 41 Accounts payable 140 210 Accrued
liabilities 154 124 Deferred revenue 1,330
2,015 Net cash provided by (used in) operating activities
(858 ) (361 ) Cash flows from investing activities:
Purchase of property and equipment (21 ) (60 ) Net
cash provided by (used in) investing activities (21 )
(60 ) Cash flows from financing activities: Note payable financing
---- (7 ) Net cash provided by (used for)
financing activities ---- (7 ) Change in cash and cash equivalent
(879 ) (428 ) Cash and cash equivalents, beginning of period
3,382 1,323 Cash and cash equivalents, end of
period $ 2,503 $ 895
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