Qumu Announces Preliminary Second Quarter 2016 Results
July 21 2016 - 4:02PM
Business Wire
Second Quarter 2016 Conference Call
Scheduled for August 3, 2016
Qumu Corporation (NASDAQ: QUMU) today announced preliminary
financial results for the second quarter ended June 30, 2016, which
remain subject customary quarterly review procedures.
Second quarter revenue is expected to be approximately $6.5
million, compared to $8.8 million last year and previously issued
guidance of approximately $8.7 million. Second quarter net loss per
diluted share is expected to be approximately $(0.48), compared to
$(0.75) last year and previously issued guidance of a range of
$(0.40) to $(0.36). Adjusted EBITDA for the second quarter is
expected to be a loss of approximately $3.1 million, compared to a
loss of $5.8 million last year and previously issued guidance of a
range of a loss of $2.5 million to $2.0 million.
For the six months ended June 30, 2016 revenue is expected to be
approximately $15.2 million, compared to $14.7 million last year.
For the six months ended June 30, 2016 net loss per diluted share
is expected to be approximately $(0.93), compared to $(1.83) last
year. Adjusted EBITDA for the six months ended June 30, 2016 is
expected to be a loss of approximately $6.0 million, compared to a
loss of $14.5 million last year.
The Company will provide final second quarter 2016 results and
revised full year guidance on August 2, 2016. The Company no longer
expects to meet its prior full year guidance.
"We are disappointed by our financial results for the second
quarter as several enterprise opportunities that would have enabled
us to attain our revenue guidance were delayed into the second half
of the year. While every opportunity is unique, we have increased
our focus on internal sales execution and are taking actions to
address the delays we have experienced," stated Vern Hanzlik,
Qumu’s president and CEO. "We remain confident in the enterprise
video content management market and our ability to deliver
exceptional products and services to our customers."
Conference CallQumu Corporation will hold its conference
call and webcast to review financial results for the second quarter
ended June 30, 2016 and revised guidance for full year 2016 on
Wednesday, August 3, 2016 at 10:00 a.m. Eastern Time. The earnings
announcement will be issued after the market closes on August 2,
2016.
The dial-in numbers for the conference call are 877-456-6914 for
domestic participants and 929-387-3794 for international
participants. Investors can also access a webcast of the live
conference call by linking through the investor relations section
of the Qumu website, www.qumu.com. Upon completion, the webcast
will be archived on Qumu’s website for one year.
Non-GAAP InformationTo supplement the Company's condensed
consolidated financial statements presented on a GAAP basis, the
Company uses adjusted EBITDA (a non-GAAP measure), which excludes
certain items presented under GAAP. Adjusted EBITDA excludes items
related to stock-based compensation, depreciation and amortization,
interest income and expense, and the impact of income-based
taxes.
The Company uses both GAAP and non-GAAP measures when planning,
monitoring, and evaluating the Company’s performance. The Company
believes that adjusted EBITDA is useful to investors because it
provides supplemental information that allows investors to review
the Company's results of operations from the same perspective as
management and the Company's board of directors. Non-GAAP results
are presented for supplemental informational purposes only for
understanding our operating results. The non-GAAP results should
not be considered a substitute for financial information presented
in accordance with generally accepted accounting principles, and
may be different from non-GAAP measures used by other
companies.
Forward-Looking StatementsThis press release contains
forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Any statements contained in this press release that are
not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the foregoing, words
such as “may,” “will,” “expect,” “believe,” “anticipate,” or
“estimate” or comparable terminology are intended to identify
forward-looking statements. Such forward-looking statements
include, for example, statements about: the Company’s future
revenue and operating performance, cash balances, future product
mix or the timing of recognition of revenue and the demand for the
Company’s products or software. The statements made by the Company
are based upon management’s current expectations and are subject to
certain risks and uncertainties that could cause the actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include the risk factors
described in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2015 and other factors set forth in the
Company’s filings with the Securities and Exchange Commission.
About QumuVideo is today’s document. Qumu Corporation
(QUMU) provides the tools businesses need to create, manage,
secure, deliver and measure the success of their videos. Qumu's
innovative solutions release the power in video to engage and
empower employees, partners and clients. Organizations around the
world realize the greatest possible value from video they create
and publish using Qumu. Whatever the audience size, viewer device
or network configuration, Qumu solutions are how business does
video. Additional information can be found at www.qumu.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160721006289/en/
Qumu CorporationPeter Goepfrich, CFO, 612-638-9096
Qumu (NASDAQ:QUMU)
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