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LiveWorld Reports Financial Results for the 4th Quarter

LiveWorld, Inc. (OTC Markets: LVWD), today announced the financial results for the quarter ended December 31, 2012. Total revenues were $4.3 million for the quarter as compared to the $2.5 million for the quarter ended December 31, 2011. This was an increase of approximately $1.8 million or 75% period-over-period. The Company’s revenues for full year 2012 were approximately $13.6 million, as compared to $8.3 million for 2011. This was an increase of approximately $5.3 million or 64% year-over-year.

The Company reported net income for the fourth quarter of 2012 of $714,000, or 16% of total revenues. This result was an improvement of $1.1 million when compared to the net loss of $356,000, or 14% of total revenues reported for the quarter ended December 31, 2011. The Company’s net income for the 2012 was approximately $1.8 million, as compared to the net loss of $292,000 for 2011.

The Company ended the quarter with approximately $3.4 million in cash and cash equivalents. The Company reported a positive working capital balance of approximately $2.8 million for the period ended December 31, 2012 as compared to the $1.0 million it had at the end of 2011. The Company currently anticipates a cash burn for the first quarter of 2013, and to be cash neutral for the full fiscal 2013 year.

“Overall 2012 was a positive year for us, as we made tremendous progress across the company,” stated David Houston, Chief Financial Officer of LiveWorld. “As we move forward in 2013 we will continue creating innovative technologies and services to grow and diversify our offerings. We remain committed to investing in all aspects of our business paying particular attention to our sales and marketing efforts in 2013.”

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

LiveWorld Solutions

LiveWorld, a user content management company, protects the world’s largest brands and provides them with real actionable insights and relationship engagement by using cutting edge technology that scales human management of user content:

  • Social Content Management System (SCMS) Technology Platform: The LiveWorld SCMS aggregates user content across social channels and enables high scale, high quality cost efficient review and management by human moderators and community managers. The SCMS is directly integrated with the Facebook Wall, other Facebook native applications, Twitter, custom applications built for Facebook as well as other social networks and community platforms such as LiveWorld Jive.
  • Protecting Brands With Moderation: The combination of our SCMS platform and services protects brands by reviewing, removing, escalating and responding at a rate of up to 1,000 actions/hr./moderator The SCMS connects to 1 social web page or can integrate thousands of Facebook pages, Twitter pages and community web sites into a common, consistent workflow. Coverage ranges from a few hours/day to 24×7 to thousands of hours/day.
  • Actionable Business Insight: Including tagging of all user content reviewed, metrics reporting and qualitative analysis based on LiveWorld’s unique culture-tone-engagement framework. Enables brands to know what their customers actually think and what to do about it.
  • Engagement for Marketing and Service & Support: For customer engagement and social service & support, including social media strategy with a focus on community cultural models, community programming plans, community management, day-to-day online engagement and social media crisis management.
  • Global: Solutions available in up to 70 country-language combinations.

LiveWorld is a Facebook ® Preferred Marketing Developer (PMD) in the Pages category.

About LiveWorld

LiveWorld, a user content management company, is a trusted partner to the world’s largest brands, including the top companies in retail, CPG, pharmaceutical, and financial/travel services. We revolutionize the management of user content through innovative proprietary 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 that brands face, 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 a competitive advantage through management of user content in sheer volume, resulting in amplified brand presence, and proven to improve social media marketing and increase customer loyalty. LiveWorld is headquartered in California, with offices in San Jose, CA and New York City. For more information, go to www.liveworld.com (OTC Markets: LVWD). 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 December 31, 2011 and 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.

(In thousands, except share data)
December 31, December 31,
2012 2011
Current assets
Cash and cash equivalent $ 3,382 $ 1,323
Accounts receivable, net 1,415 857
Prepaid expenses   268     135  
Total current assets 5,065 2,315
Property and equipment, net 234 132
Other assets   17     17  
Total assets $ 5,316   $ 2,464  
Current liabilities
Accounts payable $ 235 $ 12
Accrued employee expenses 504 348
Other accrued liabilities 17 10
Current portion of note payable ---- 15
Deferred revenue   1,478     889  
Total current liabilities   2,234     1,274  
Total liabilities 2,234 1,274
Stockholders' equity
Common stock: $0.001 par value, 100,000,000 shares authorized 33,257,634 and 33,157,634 issued and outstanding as of December 31, 2012 and December 31, 2011 respectively 33 33
Additional paid-in capital 141,178 141,094
Accumulated deficit   (138,129 )   (139,938 )
Total stockholders' equity   3,082     1,190  
Total liabilities and stockholders' equity $ 5,316   $ 2,464  
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
Total revenues $ 4,350 $ 2,491 $ 13,557 $ 8,271
Cost of revenues   1,447   832     4,419   2,840  
Gross Margin 2,903 1,659 9,138 5,431
Operating Expense
Product development 556 374 1,898 1,398
Sales and marketing 1,042 534 3,250 2,041
General and administrative 524 362 2,068 1,427
Stock based compensation   23   26     81   114  
Total operating expense   2,145   1,297     7,297   4,979  
Income from operations 758 363 1,841 451
Interest expense, net   ----   ----     ----   (2 )
Other income ---- ---- 12 ----
Income before tax   758   363     1,853   449  
Provision for income taxes/(benefit)   44   ----     44   (5 )
Equity in net loss of unconsolidated affiliate   ----   (719 )   ----   (736 )
Net income / (loss)   714   (356 )   1,809   (292 )
Basic income / (loss) per share $ 0.02 $ (0.01 ) $ 0.05 $ (0.01 )
Shares used in computing basic loss per share 33,257,634 33,157,634 33,197,981 33,157,634
Diluted net income / (loss) per share $ 0.02 $ (0.01 ) $ 0.04 $ (0.01 )
Shares used in computing diluted income (loss) per share 44,085,483 33,157,634 42,148,213 33,157,634
Departmental allocation of stock-based compensation:
Product development $ 5 $ 11 $ 30 $ 56
Sales and marketing 10 10 29 37
General and administrative   8   5     23   21  
Total stock-based compensation $ 23 $ 26   $ 81 $ 114  
(In thousands)
  Three Months Ended   Twelve Months Ended
December 31, December 31,
2012   2011 2012   2011
Cash flows from operating activities:
Net income (loss) $ 714 $ (356 ) $ 1,809 $ (292 )
Adjustments to reconcile net income (loss) provided by (used in) operating activities:
Depreciation of long-lived assets 26 17 87 80
Stock-based compensation 23 26 81 114
Loss on sale of assets
Equity in net loss of unconsolidated affiliate ---- 797 ---- 815
Changes in operating assets and liabilities:
Accounts receivable 992 666 (558 ) (165 )
Other assets (122 ) (9 ) (134 ) (56 )
Accounts payable (11 ) (189 ) 223 (49 )
Accrued liabilities (123 ) (39 ) 163 (1 )
Deferred revenue   (1,612 )   (300 )   588     311  
Net cash provided by (used in) operating activities   (70 )   614     2,260     756  
Cash flows from investing activities:
Purchase of property and equipment   (41 )   (60 )   (189 )   (117 )
Net cash provided by (used in) investing activities   (41 )   (60 )   (189 )   (117 )
Cash flows from financing activities:
Capital lease financing ---- ---- ---- (38 )
Note payable financing   ----     (6 )   ---     (29 )
Net cash provided by (used for) financing activities   ----     (6 )   ----     (67 )
Change in cash and cash equivalent (110 ) 547 2,059 573
Cash and cash equivalents, beginning of period   3,492     776     1,323     750  
Cash and cash equivalents, end of period $ 3,382   $ 1,323   $ 3,382   $ 1,323  

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