Voxware, Inc. (Nasdaq: VOXW), a leading supplier of software for voice-driven warehousing operations, reported results for the fourth quarter and year ended June 30, 2009. Total revenues decreased 39% to $3.803 million for the quarter ended June 30, 2009 from $6.207 million during the comparable prior year period. Revenues decreased 38% to $14.527 million for the year ended June 30, 2009 from $23.384 million during the comparable prior year period. Net loss on a Generally Accepted Accounting Principles (“GAAP”) basis was $603,000 for the quarter ended June 30, 2009, compared to a net profit of $66,000 for the comparable prior year period. Net loss on a GAAP basis was $4.826 million for the year ended June 30, 2009, compared to a net profit of $585,000 for the year ended June 30, 2008. Voxware’s financial statements for the year ended June 30, 2009, can be found in its Form 10-K filed with the Securities and Exchange Commission on September 28, 2009.
Net profit (loss) on a non-GAAP basis was $97,000 and ($3.209) million, respectively, for the three months and year ended June 30, 2009. The difference between the GAAP and non-GAAP net loss is attributable to non-cash stock-based compensation, which was $700,000 and $1.617 million, respectively for the three months and year ended June 30, 2009. A reconciliation of GAAP measures with non-GAAP measures can be found at the end of this release.
“Revenue increased 17% during the second half of the fiscal year over the first half, which enabled us to operate cash flow positive for the past six months,” said Scott Yetter, Voxware CEO. “Furthermore, our cash balance is even stronger than it was a year ago, as we added $2.5 million in equity funding in June 2009. The Company had $4.3 million in cash at June 30, 2009.”
“We are confident that cost containment projects such as implementing voice in distribution centers will be among the first to be funded as the economic climate improves, and we believe that the steps we have taken position Voxware to better serve increased market demand as it occurs.”
Voxware, Inc. (NASDAQ: VOXW), provides voice-driven software products that optimize the full spectrum of warehouse operations for greater accuracy, productivity and flexibility in supply chain execution. Voxware’s corporate headquarters are in Hamilton, New Jersey, with operating offices in Cambridge, Massachusetts, the United Kingdom, and France. Additional information about Voxware can be obtained at http:// www.voxware.com .