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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.

(In thousands)
March 31, December 31,
2014 2013
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  
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  
(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
(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  

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