Voxware Reports Third Quarter Results For Fiscal 2010

Voxware, Inc. (Nasdaq: VOXW), a leading supplier of software for voice-driven warehousing operations, reported results for the three and nine months ended March 31, 2010. Overall revenues decreased 17% to $3.354 million for the quarter ended March 31, 2010 from $4.021 million during the comparable prior year period. Revenues decreased 12% to $9.465 million for the nine months ended March 31, 2010 from $10.724 million during the comparable prior year period. Net loss on a Generally Accepted Accounting Principles (“GAAP”) basis was $591,000 for the quarter ended March 31, 2010, compared to $560,000 for the comparable prior year period. Net loss on a GAAP basis was $2.334 million for the nine months ended March 31, 2010, compared to a net loss of $4.223 million for the nine months ended March 31, 2009, an improvement of $1.889 million. Voxware's financial statements for the quarter ended March 31, 2010, can be found in its Form 10-Q filed with the Securities and Exchange Commission on May 17, 2010.

“During our third fiscal quarter, we saw revenue remain steady compared to our second quarter of fiscal 2010,” said Scott Yetter, Voxware CEO. “As we have previously stated, we have taken steps to ensure that expenses excluding non-cash stock-based compensation will be more closely aligned with expected revenue during the remainder of fiscal 2010. Our third quarter results are in line with where we expected to be at this point of our fiscal year. Furthermore, our cash position remains strong at $3.4 million as we move into the remainder of the year.

“Large enterprises continue to seriously evaluate Voxware’s software, and 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.”

Net loss on a non-GAAP basis was $229,000 and $1.249 million, respectively, for the three and nine months ended March 31, 2010. The difference between the GAAP and non-GAAP net loss is attributable to non-cash stock-based compensation, which was $362,000 and $1.085 million, respectively for the three and nine months ended March 31, 2010. A reconciliation of GAAP measures with non-GAAP measures can be found at the end of this release.