Ditech Networks, Inc. (NASDAQ:DITC), a leader in solutions for voice quality enhancement and voice transcription, reported financial results for the three and nine month periods ended January 31, 2012.
The financial results for the three months ended January 31, 2012 were as follows:
- Revenues were $4.2 million. PhoneTag voice-to-text revenues were approximately $1.3 million in the quarter, an increase of approximately 18% quarter over quarter.
- Cash used in operations was $0.9 million. The majority of the cash used was invested in PhoneTag operations, development and trials.
- GAAP operating expenses for the quarter were $4.2 million, up $0.1 million from $4.1 million in the previous quarter due to an increase in investment of PhoneTag trials and development expense, and down from $4.6 million for the corresponding quarter last year as a result of cost savings initiatives put in place throughout the last twelve months. Ditech Networks expects its investment in PhoneTag R&D and trials to continue to increase modestly in the near future.
- Non-GAAP(1) operating expenses were $4.0 million.
- GAAP net loss for the quarter was $2.7 million or $(0.10) per share.
- Non-GAAP(1) net loss for the quarter was $2.5 million or $(0.09) per share.
The financial results for the nine months ended January 31, 2012 were as follows:
- Revenues were $11.1 million.
- Cash used in operations was $4.1 million.
- GAAP operating expenses were $12.6 million.
- Non-GAAP(1) operating expenses were $12.1 million.
- GAAP net loss was $8.6 million or $(0.32) per share.
- Non-GAAP(1) net loss was $8.0 million or $(0.30) per share.
(1) A reconciliation of the non-GAAP to GAAP financial measures for the three and nine month periods ended January 31, 2012 and 2011 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.