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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.

(In thousands)
June 30, December 31,
2014 2013
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  
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  
(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
(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  

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