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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV