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SoundBite Communications Reports Third Quarter 2010 Financial Results

BEDFORD, Mass., Nov. 3, 2010 (GLOBE NEWSWIRE) -- SoundBite Communications, Inc. (Nasdaq:SDBT) today announced its financial results for the third quarter, 2010. Third quarter revenues, computed in accordance with U.S. generally accepted accounting principles (GAAP), were $9.7 million, a decrease of 7% compared to the same quarter in 2009. On a GAAP basis, net loss per share was $0.07 in the third quarter versus a net loss per share of $0.04 in the same quarter of 2009. On a non-GAAP basis, after excluding non-cash stock compensation expense and amortization of intangibles, net loss per share was $0.05 in the third quarter compared to a net loss per share of $0.02 in the same quarter in 2009.

"SoundBite continues to make progress in our strategic growth areas of global growth, mobile momentum and hosted predictive dialer despite the economic headwinds we face. During the quarter, we launched our hosted Predictive Dialer Offering, saw an acceleration of activity in the interactive mobile space, and are beginning to see our UK business start to ramp," stated Jim Milton, president and CEO of SoundBite Communications.  

Milton continued, "On the financial front, the revenue ramp was still slower than we anticipated. Despite revenue results at the low end of our forecasted revenue guidance, our other key financial metrics were at the mid-point or higher of our guided range."

Highlights of the Quarter

  • Announced the addition of predictive dialing functionality to enhance customer contact strategies. The new hosted predictive dialing solutions allow collections agencies and large consumer-facing organizations to select the most effective contact strategy required to achieve their business objectives.
  • Selected by Barclaycard UK and one other major European financial services provider to deliver proactive customer communications and ramping two European reseller relationships. The Company also established a wholly-owned subsidiary, SoundBite Communications UK, Limited, to meet the growing demand for its proactive customer communications solutions in Europe.
  • Ranked #1 for customer satisfaction in Ovum's Proactive Customer Communications report. The report cites that SoundBite is both highly recognized and highly regarded by clients as a provider of hosted proactive customer communications.  The Company achieved industry-leading results in both end-user sentiment scores and in technological assessment scores including product strategy, features and functionality, data integration, reliability and scalability.

Quarterly Results

GAAP Results

Gross margin for the third quarter of 2010 was 59.3% versus 59.8% in the third quarter of 2009.  Operating expenses were $7.0 million in the third quarter of 2010 and as a percentage of revenues were 71.5% versus 66.5% in the year-earlier period.     

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