Wireless Ronin Technologies' CEO Discusses Q3 2011 Results - Earnings Call Transcript
Thanks Scott and good morning everyone. Turning to our financial results; our Q3 2011 revenue decreased 25% to $2.3 million in the prior quarter and decreased 14% from the same year-ago quarter. The decline was primarily attributable to the lower Chrysler deployment which was partially offset by 20 additional Fiat dealership installations for the iShowroom application which is being featured in the Fiat Style Center of the New Fiat Studio Facilities.
We expect continued rollout to the iShowroom branded tower application with future dealership adoptions. The purchase of the iShowroom branded towers will remain within the discretion of the individual dealerships making it difficult to predict our forecasts of timing and value of each order.
Recurring revenue in Q3 2011 generated from our hosting and support services was approximately $400,000 or 17% of total revenue. We do expect that our recurring revenue to increase once we complete the branded tower installations at the dealerships. At the end of the quarter, we received purchase orders totaling approximately $1.4 million that was not recognized as revenue during Q3. We expect to fulfill and recognize those revenues, a significant portion of these orders in the fourth quarter of 2011.Revenue for the first nine months of 2011 increased to 37% to a record $7.8 million with $5.7 million in the same year-ago period. The sequential improvement in our services revenue was primarily driven by additional orders from Chrysler as a result of further enhancements to the iShowroom application which included content updates and the e-learning programs. Growth in the third quarter 2011 was 49%, up 3% from the previous quarter and declined 50% in the third quarter of 2010.These margin fluctuations results from to us a slight change in the mix of hardware and software sales during the relative quarters. On a GAAP basis, our Q3 2011 net loss totaled $1.4 million or $0.07 per basic and diluted share which included a $169,000 of non-cash stock compensation expense. This compares to a net loss of $1.4 million or $0.07 per basic and diluted share in the previous quarter and a net loss of $1.4 million or $0.08 per basic and diluted share in the same quarter of year-ago.
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