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Ditech Networks Reports Financial Results For The Three Month Periods Ending July 31, 2011 And 2010

Ditech Networks, Inc. (NASDAQ: DITC), a leader in voice solutions for quality and transcription, reported financial results for the three month periods ending July 31, 2011 and 2010.

The financial results for the quarter were as follows:
  • Revenues were $3.7 million, down from $5.3 million last quarter and $4.0 million in the corresponding period last year.
  • GAAP operating expense for the quarter was $4.3 million, down from $4.7 million in the previous quarter and $5.7 million for the corresponding quarter last year.
  • Non-GAAP (1) operating expenses were $4.2 million.
  • GAAP Net loss for the quarter was $2.9 million or $0.11 per share.
  • Non-GAAP (1) net loss for the quarter was $2.7 million or $0.10 per share.
        (1)   A reconciliation of the non-GAAP to GAAP financial measures for the three month periods ended July 31, 2011 and 2010 is included at the end of this press release. These non-GAAP financial measures exclude stock-based compensation expense, expense related to amortization of purchased intangible assets, and severance and restructuring costs.

“I am very pleased with the results of our PhoneTag offering, despite our disappointing revenue for the quarter overall. PhoneTag revenue surpassed $1 million for the quarter for the first time. This is a significant milestone for us,” said Ken Naumann, president and CEO. “Moreover, earlier in the week, we announced that the company recently entered into a contract with a major European mobile carrier for voice to text services. Ditech Networks is now working closely with this carrier to trial and launch voicemail to text and related applications to mobile subscribers across Europe.”

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