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
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
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 emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
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.