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Record Revenue of $8.6 Million in Fiscal Year 2010 Represents a 71 Percent Increase Year-Over-Year
Fourth Quarter 2010 Revenue Increased to $2.9 Million, an 89 Percent Increase From the Prior Year
Recurring Hosting and Support Revenue Increased 142 Percent for Fiscal 2010 Year-Over-Year
Sales From RoninCast ® Software Licenses Increased 96 Percent for Fiscal 2010 Year-Over-Year
Gross Margin Dollars Increased 180 Percent for Fiscal 2010 Year-Over-Year
Fourth Quarter 2010 Lowest Quarterly Cash Burn of $1.1 Million Since Initial Public Offering in November 2006
MINNEAPOLIS, March 2, 2011 (GLOBE NEWSWIRE) -- Wireless Ronin Technologies, Inc. (Nasdaq:RNIN), a leader in digital signage solutions, today announced its financial results for the fourth quarter and full year of 2010.
Fourth Quarter Results
Wireless Ronin reported revenue of $2.9 million for the fourth quarter of fiscal 2010, an 89 percent increase from $1.5 million in the fourth quarter of fiscal 2009. As of December 31, 2010, the Company had received purchase orders totaling approximately $1.1 million for which it had not recognized revenue. The increase in revenue for the fourth quarter of 2010 over the prior year resulted primarily from orders received from Chrysler for its Branded Tower program for 200 of its dealers.
The Company reported a fourth quarter net loss of $1.7 million, or $0.09 per basic and diluted share, compared to a net loss of $2.2 million, or $0.13 per basic and diluted share, one year ago. The improvement in the year-over-year net loss resulted from significant gross margin dollar improvement. Fourth quarter 2010 results also included costs of approximately $0.4 million, or $0.02 per basic and diluted share, of non-cash stock compensation expense compared to approximately $0.2 million, or $0.01 per basic and diluted share, in the fourth quarter of 2009.