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
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam 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.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
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...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
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.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.