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Wireless Ronin Technologies' CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: RNIN

Darin McAreavey

Thanks Scott and good afternoon everyone. As Scott mentioned, it was a record revenue quarter for Wireless Ronin. Our revenue increased 27% sequentially to a record $3.1 million as well increased 59% over the same year ago quarter. The increase was primarily attributable to the $1.8 million order received during the quarter for installations at 200 Chrysler dealerships.

Recurring revenue in Q2 generated from our hosting and support services was approximately $400,000 or 13% of total revenue. In fact, software revenue increased 184% over the same year ago period to $623,000. This demonstrates our focus on increasing our higher margin software and hosting services mix on an absolute and relative basis.

At the end of the quarter, we received purchase orders totaling approximately $1.6 million that were not recognized as revenue during Q2. We expect to fulfill these orders during Q3.

Revenue for the six month ended June 30th, increased 82% from the same period a year ago to a record $5.5 million. Gross margin in the second quarter 2011 was 46%, which was unchanged from the prior quarter and declined two points from the 48% for the second quarter of 2010. This was primarily due to a higher percentage of hardware sales during the second quarter of 2011.

On a GAAP basis, our Q2 net loss totaled $1.4 million or $0.07 per basic and diluted share. This is an improvement from our net loss of $2.3 million or $0.12 per basic and diluted share in the previous quarter as well as an improvement from our net loss of $2.1 million or $0.12 per basic and diluted share in the same year ago quarter. The improvement was driven by $500,000 of additional gross margin dollars when comparing Q2 to each of the two prior periods.

Net loss for the second quarter of 2011 included $178,000 of non-cash stock compensation expense. Excluding non-cash charges, our Q2 non-GAAP operating loss totaled $1.1 million or $0.06 per basic and diluted share, representing a $700,000 improvement from our loss of $1.8 million or $0.09 per basic and diluted share in the previous quarter and a $600,000 improvement from a loss of $1.7 million or $0.10 per basic and diluted share in the same year ago quarter.

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