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Crexendo's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Forward-looking statements include, but are not limited to words like, belief, expect, anticipate, estimate, will, and other similar statements of expectations identifying forward-looking statements. Investors should be aware that any forward-looking statements are based on assumptions, and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed here today.

The risk factors are explained in detail in the company’s filings with the Securities and Exchange Commission including the Form 10-K for the fiscal year ended December 31, 2010 and the Form 10-Qs for the periods ending March 31, 2011, June 30 2011 and September 30, 2011. Crexendo does not undertake any obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

I’d now like to turn the call back to Steve. Steve?

Steven G. Mihaylo

Thank you, Jeff. I’m just going to have a few remarks and I’ll turn this over to Jon Erickson. Net income for the third quarter of 2011 was $4,507,000 or $0.42 per diluted common share, compared to a net loss of $79,000 or $0.01 per diluted common share in the prior year quarter.

Income before income tax provisions for the third quarter of 2011 was $4,546,000, which included $209,000 in restructuring related charges related to office space impairments and other one-time charges associated with the announced restructuring of our StoresOnline division, compared to a loss of $455,000 in the prior year quarter.

Cash used in operating activities for the third quarter of 2011 was $320,000, compared to $601,000 for the prior year quarter. As of September 30, 2011, cash and cash equivalents was $10,096,000, which included $1,088,000 of restricted cash, working capital was $8,376,000, and working capital excluding deferred revenue was $19,809,000. Total current and long-term receivables were $19,348,000 as of September 30, 2011 and this is net of reserves.

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