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Ditech Networks Reports Financial Results For The Three And Twelve Month Periods Ended April 30, 2012

Stocks in this article: DITC

Ditech Networks, Inc. (NASDAQ:DITC), a leader in solutions for voice quality enhancement and voice transcription, reported financial results for the three and twelve month periods ended April 30, 2012.

The financial results for the quarter ended April 30, 2012, were as follows:

  • Revenues were $5.6 million, up from $4.2 million from last quarter and $5.3 million in the corresponding period last year.
  • GAAP operating expenses for the quarter were $4.3 million, up from $4.2 million last quarter and down from $4.7 million for the corresponding quarter last year.
  • Non-GAAP (1) operating expenses were $4.2 million.
  • GAAP net loss for the quarter was $2.0 million or $0.08 per share.
  • Non-GAAP (1) net loss for the quarter was $1.8 million or $0.07 per share.

The financial results for the twelve months ended April 30, 2012, were as follows:

  • Revenues were $16.7 million.
  • Cash used in operations was $4.7 million.
  • GAAP operating expenses were $16.9 million.
  • Non-GAAP (1) operating expenses were $16.3 million.
  • GAAP net loss was $10.6 million or $0.40 per share.
  • Non-GAAP (1) net loss was $9.8 million or $0.37 per share.

(1) A reconciliation of the non-GAAP to GAAP financial measures for fiscal 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.

Since January 31, 2012, Ditech Networks:

  • Increased PhoneTag revenue by over $0.1 million, or 11%, over the quarter ended January 31, 2012, and $0.5 million, or 60%, over the fourth quarter of the prior fiscal year. Year over year PhoneTag revenues increased $1.3 million or 36%.
  • Implemented a number of cost savings programs targeted at reducing PhoneTag cost of revenue, including the running of production traffic in its own hosted server facility, which the company expects to significantly decrease its hosting costs.
  • Engaged in a joint development program with a tier 1 customer in Europe where Ditech’s portion of the development effort is funded by the customer. This resulted in an offset to research and development expense of approximately $100,000 in the quarter ended April 30, 2012.

“I am pleased to announce that our PhoneTag revenue has increased approximately 36% for the year, and 60% for the fourth quarter of fiscal 2012, over the fourth quarter of fiscal 2011” said Ken Naumann, President and CEO. “This improvement is primarily the result of our increased focus on the growth and development of our PhoneTag sales team, which resulted in 36 new customer contracts during the year, including a significant tier 1 customer, and multiple tier 2 and tier 3 customers. This generated a significant increase in our wholesale customer base. Our strategy for PhoneTag growth is predicated on an increase in carrier rollouts.”

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