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
Enterprises are universally struggling to understand where the new tools and methodologies of DevOps fit into their organizations, and are universally making the same mistakes. These mistakes are not unavoidable, and in fact, avoiding them gifts an organization with sustained competitive advantage, just like it did for Japanese Manufacturing Post WWII.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes how...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
DevOps with IBMz? You heard right. Maybe you're wondering what a developer can do to speed up the entire development cycle--coding, testing, source code management, and deployment-? In this session you will learn about how to integrate z application assets into a DevOps pipeline using familiar tools like Jenkins and UrbanCode Deploy, plus z/OSMF workflows, all of which can increase deployment speeds while simultaneously improving reliability. You will also learn how to provision mainframe syste...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Cell networks have the advantage of long-range communications, reaching an estimated 90% of the world. But cell networks such as 2G, 3G and LTE consume lots of power and were designed for connecting people. They are not optimized for low- or battery-powered devices or for IoT applications with infrequently transmitted data. Cell IoT modules that support narrow-band IoT and 4G cell networks will enable cell connectivity, device management, and app enablement for low-power wide-area network IoT. B...
"DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at @DevOpsSUMMIT and CloudEXPO tell the world how they can leverage this emerging disruptive trend."
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Transformation Abstract Encryption and privacy in the cloud is a daunting yet essential task for both security practitioners and application developers, especially as applications continue moving to the cloud at an exponential rate. What are some best practices and processes for enterprises to follow that balance both security and ease of use requirements? What technologies are available to empower enterprises with code, data and key protection from cloud providers, system administrators, inside...