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Ditech Networks Reports Financial Results For The Three And Twelve Month Periods Ending April 30, 2011

Ditech Networks, Inc. (NASDAQ:DITC), a leader in voice solutions for quality and transcription, reported financial results for the three and twelve month periods ending April 30, 2011.

The financial results for the quarter ended April 30, 2011 were as follows:

  • Revenues were $5.3 million, down from $5.6 million from last quarter and $7.3 million in the corresponding period last year.
  • GAAP operating expense for the quarter was $4.7 million, up from $4.6 million last quarter and down from $6.3 million for the corresponding quarter last year.
  • Non-GAAP(1) operating expenses were $4.4 million.
  • GAAP net income for the quarter was $0.5 million or $0.02 per share.
  • Non-GAAP(1) net income for the quarter was $0.9 million or $0.03 per share.

The financial results for the twelve months ended April 30, 2011 were as follows:

  • Revenues were $18.6 million.
  • Cash used in operations was $3.6 million.
  • GAAP operating expenses were $20.0 million.
  • Non-GAAP(1) operating expenses were $18.6 million.
  • GAAP Net loss was $8.4 million or $0.32 per share.
  • Non-GAAP(1) net loss was $7.0 million or $0.27 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.

About Ditech Networks

Ditech Networks is revolutionizing modern communications with advanced voice processing solutions that perform tasks spanning from voice-enabled Web 2.0 and unified communications services to voice quality enhancement. Ditech Networks believes in the power and simplicity of human speech; its solutions deliver high-quality voice communication and will enable compelling voice capabilities to new communications methods like social networking and text messaging, allowing consumers to use voice in ways that make sense in today's Web 2.0-savvy world.

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