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TheStreet Open House

Crexendo's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Jeff Korn

Thank you, Steve. I want to take this opportunity to remind listeners that this call will contain forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for such forward-looking statements. All statements made in this conference call other than statements of historical fact are forward-looking statements.

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.

These 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, 2011 and the Form 10-Q for the periods ending March 30, 2012 and June 30, 2012.

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?

Steve Mihaylo

Thanks Jeff. Before we get started, I am not sure whether or not our press release is hit the wire yet but it should in the next five or 10 minutes. So I am sure it will be available to all of you when we open this up to questions. For the second quarter of 2012, we had a net loss $117,000 or $0.01 per diluted common share compared to a net loss of $9,345,000 or $0.88 per diluted common share in the prior year quarter.

Loss before income tax provisions for the second quarter of 2012 was $104,000 compared to a loss of $3,183,000 in the prior quarter of the prior year. The income tax for the second quarter of 2012 was $13,000 compared to an income tax provision of $6,162,000 in the prior year quarter. Cash from operations for the second quarter of 2012 was generated from operations in 2012 was $739,000 compared to cash used in operations of $10,769,000 for the prior year quarter. As of June 30, 2012, cash and cash equivalents and restricted cash were $10,408,000, working capital was $9,405,000 and working capital excluding deferred revenue was $17,179,000.

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