Wireless Ronin Reports 148 Percent Year-Over-Year Revenue Increase For 2010 Third Quarter
"With the backlog of orders at September 30, 2010 and the anticipated continuing dealer adoption of iShowroom, along with the recurring hosting and support revenue, we are making real progress towards our goal of delivering a non-GAAP EBITDA break-even quarter. With the 2,000 sites we will be rolling out for Snap Fitness during fiscal 2011 and the additional screens going in at Chrysler dealers, our Network Operations Center (NOC) expects to service more than a total installed base of 6,600 nodes," said James C. (Jim) Granger, chief executive officer at Wireless Ronin Technologies, Inc. "Upon installation, these sites will add over $0.6 million of hosting and support revenue on an annualized basis, and when combined with our existing recurring revenue, it will represent a five-fold increase from January 2009."
In addition to progress in sales, Wireless Ronin reached a major milestone with the release of its next generation of digital signage software, RoninCast ®X. This new platform allows for even greater flexibility in managing multiple large scale networks for our customers' mission critical digital signage applications.
The Company reported a third quarter net loss of $1.4 million, or $0.08 per basic and diluted share, compared to a net loss of $2.5 million, or $0.17 per basic and diluted share, in the same period one year ago. The improvement in the year-over-year net loss continued to be the result of significant gross margin dollar improvement. Fiscal third quarter 2010 and 2009 results also included costs of approximately $0.2 million, or $0.01 per basic and diluted share, of non-cash stock compensation expense for each period, respectively.
Non-GAAP operating loss for the third quarter 2010 totaled $1.0 million, or $0.06 per basic and diluted share, compared to a non-GAAP operating loss of $2.1 million, or $0.14 per basic and diluted share, in the third quarter of 2009. Sequentially, non-GAAP operating loss improved by $0.7 million, or $0.04 per basic and diluted share. Non-GAAP operating loss is defined as the GAAP operating loss with the add-back of certain items. Reconciliation to the GAAP operating loss on a quarterly basis is contained in a table following the unaudited financial information accompanying this release.
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