Welcome!

News Feed Item

LiveWorld Reports Second Quarter Financial Results

LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the second quarter of 2014. Total revenues were approximately $3.3 million for the second quarter, as compared to the approximately $3.7 million in total revenues reported for the same period in 2013. The Company’s revenues for the six months ended June 30, 2014 were approximately $6.6 million, as compared to the $7.6 million for the six months ended June 30, 2013.

The Company reported a net loss for the quarter of approximately $122,000, or 3% of total revenues. This compares to net income of approximately $253,000, or 7% of total revenues reported for the second quarter of 2013. The Company had a net loss for the six months ended June 30, 2014 of approximately $429,000, or 6% of total revenues, as compared to the net income of approximately $537,000, or 7% of total revenues for the six months ended June 30, 2013.

The company finished the second quarter with approximately $4.2 million in cash and cash equivalents, as compared to the approximately $4.4 million at the end of 2013.

“Our second quarter financial results came in as targeted, consistent with our continuing investment in sales, marketing, and development in 2014,” said David Houston, Chief Financial Officer of LiveWorld. “We anticipate our efforts in the second half of 2014 will position us well for 2015.”

Detailed financial information may be downloaded at www.liveworld.com (Investor Relations) 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 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.

 
LIVEWORLD, INC.
CONDENSED BALANCE SHEETS
(In thousands)
   
June 30, December 31,
2014 2013
ASSETS
Current assets
Cash and cash equivalents $ 4,191 $ 4,413
Accounts receivable 420 488
Prepaid expenses   437     336  
Total current assets 5,048 5,237
 
Property and equipment, net 214 257
Other assets   18     18  
Total assets $ 5,280   $ 5,512  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 175 $ 159
Accrued employee expenses 542 576
Other accrued liabilities 4 6
Deferred revenue   750     665  
Total current liabilities   1,471     1,406  
 
 
Stockholders' equity
Common stock: $0.001 par value, 100,000,000 shares authorized 33,321,634 issued and outstanding as of December 31, 2013, and 33,348,145 as of June 30, 2014 34 33
Additional paid-in capital 141,579 141,448
Accumulated deficit   (137,804 )   (137,375 )
Total stockholders' equity   3,809     4,106  
Total liabilities and stockholders' equity $ 5,280   $ 5,512  
 
LIVEWORLD, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
       
Three Months Six Months
Ended June 30, Ended June 30,
2014 2013 2014 2013
Total revenues $ 3,250 $ 3,733 $ 6,561 $ 7,607
Cost of revenues   1,342     1,319   2,752     2,707
Gross Margin 1,908 2,414 3,809 4,900
Operating Expense
Product development 799 1,011 1,699 2,032
Sales and marketing 503 433 1,050 930
General and administrative   725     704   1,474     1,382
Total operating expense   2,027     2,148   4,223     4,344
Income / (loss) from operations   (119 )   266   (414 )   556
Income / (loss) before tax (119 ) 266 (414 ) 556
Provision for income taxes   3     13   15     19
Net income / (loss)   (122 )   253   (429 )   537
 
Basic income / (loss) per share $ (0.00 ) $ 0.01 $ (0.01 ) $ 0.02
Shares used in computing basic income/ (loss) per share 33,327,525 33,257,634 33,324,580 33,257,634
Diluted income (loss) per share $ (0.00 ) $ 0.01 $ (0.01 ) $ 0.01
Shares used in computing diluted income (loss) per share 33,327,525 41,532,821 33,324,580 41,242,020
 
Departmental allocation of stock-based compensation:
Cost of revenues $ 12 $ 5 $ 23 $ 14
Product development 20 20 40 32
Sales and marketing 14 7 25 11
General and administrative   22     17   42     25
Total stock-based compensation $ 68   $ 49 $ 130   $ 82
 
LIVEWORLD, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
 
Three Months Six Months
Ended June 30, Ended June 30,
2014   2013 2014   2013
Cash flows from operating activities:
Net income (loss) $ (122 ) $ 253 $ (429 ) $ 537
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation of long-lived assets 41 33 80 60
Stock-based compensation 68 49 130 82
Changes in operating assets and liabilities:
Accounts receivable (55 ) (77 ) 68 (231 )
Other assets (102 ) (106 ) (101 ) (72 )
Accounts payable (197 ) (132 ) 16 8
Accrued liabilities (109 ) (2 ) (36 ) 152
Deferred revenue   364     1,435     85     58  
Net cash provided by (used in) operating activities   (112 )   1,453     (187 )   594  
Cash flows from investing activities:
Purchase of property and equipment   (16 )   (97 )   (37 )   (117 )
Net cash (used in) investing activities   (16 )   (97 )   (37 )   (117 )
Cash flows from financing activities:
Proceeds from exercise of stock options   2     -     2     -  
Net cash provided by financing activities   2     -     2     -  
Change in cash and cash equivalents (126 ) 1,356 (222 ) 477
Cash and cash equivalents, beginning of period   4,317     2,503     4,413     3,382  
Cash and cash equivalents, end of period $ 4,191   $ 3,859   $ 4,191   $ 3,859  
 
Supplemental disclosure of non-cash financing and investing activities:
Income tax paid $ 3   $ 13   $ 15   $ 19  

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Jared Parker, Director of Financial Services at Kinetica, will discuss how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich inf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.