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Ditech Networks Reports Financial Results For The Three And Nine Month Periods Ending January 31, 2011

Ditech Networks, Inc. (NASDAQ: DITC), a leader in voice solutions for quality and transcription, reported financial results for the three and nine month periods ending January 31, 2011.

The financial results for the quarter were as follows:
  • Revenues were $5.6 million, up from $3.7 million from last quarter and $4.3 million in the corresponding period last year.
  • GAAP operating expense for the quarter was $4.6 million, down from $5.0 million in the previous quarter and $6.3 million for the corresponding quarter last year.
  • Non-GAAP(1) operating expenses were $4.4 million.
  • GAAP Net loss for the quarter was $1.5 million or $0.06 per share.
  • Non-GAAP(1) net loss for the quarter was $1.2 million or $0.05 per share.

The financial results for the nine months ended January 31, 2011 were as follows:
  • Revenues were $13.3 million.
  • Cash used in operations was $7.6 million.
  • GAAP operating expenses were $15.2 million.
  • Non-GAAP(1) operating expenses were $14.3 million.
  • GAAP Net loss was $8.9 million or $0.34 per share.
  • Non-GAAP(1) net loss was $7.9 million or $0.30 per share.

(1) A reconciliation of the non-GAAP to GAAP financial measures for fiscal 2011 and 2010 is included at the end of this press release. These non-GAAP financial measures exclude stock-based compensation expense, the expense related to amortization of purchased intangible assets, severance and restructuring costs, and the tax effects of the excluded amounts.

“Our VQA business recovered well in Q3 allowing us to narrow our losses,” said Todd Simpson, President and CEO. “While our PhoneTag revenue was flat, activity around PhoneTag was not. We signed several significant new customers and partners in the quarter, which should lead to growth over subsequent periods.”

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