Wireless Ronin Reports Record Revenue For Fiscal Year 2010
Non-GAAP operating loss for the fourth quarter 2010 totaled $1.1 million, or $0.06 per basic and diluted share, compared to a non-GAAP operating loss of $1.7 million, or $0.10 per basic and diluted share, in the fourth quarter of 2009. 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 audited financial information accompanying this release.
For the fourth quarter of 2010, gross margin averaged 46 percent, compared to a gross margin of 37 percent in the fourth quarter of fiscal 2009 and down from 50 percent from the third quarter of fiscal 2010. The sequential decline was due primarily to additional costs incurred to fulfill the 200 dealer deployment of the Chrysler Branded Towers in those dealerships and related volume pricing. The Company continues to believe its gross margin will improve as its recurring hosting and support revenue base grows.
Cash and marketable securities, including restricted cash at December 31, 2010, totaled approximately $7.1 million. The increase in cash and marketable securities from the prior quarter-end reflected the continued funding of the Company's losses during the fourth quarter of fiscal 2010, offset by the proceeds from our registered direct stock offering. Darin McAreavey, Wireless Ronin's Senior Vice President and Chief Financial Officer, said, "Our cash burn for the fourth quarter of 2010 of $1.1 million was the Company's lowest quarterly cash burn since going public and down sequentially from $1.5 million during the third quarter of 2010. Our near term objective continues to be delivering a non-GAAP EBITDA break-even quarter. We believe that our November 2010 capital raise and continued access to our $2.5 million line-of-credit with Silicon Valley Bank provide us adequate working capital to fund our operations through 2011."
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