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Wireless Ronin Reports Second Quarter 2012 Results

Stocks in this article: RNIN

MINNEAPOLIS, Aug. 9, 2012 (GLOBE NEWSWIRE) -- Wireless Ronin Technologies, Inc. (Nasdaq:RNIN), a leading digital marketing technologies solutions provider, reported financial results for the second quarter ended June 30, 2012.

Q2 2012 Highlights

  • Recurring revenue increased 19% year-over-year to a record $475,000  
  • Gross profit was a record 61% of total revenue  
  • Achieved lowest quarterly non-GAAP loss in the company's history  
  • Partnered with Thomson Reuters to deliver Thomson Reuters Knowledge Direct Digital Signage―an integrated solution powered by RoninCast® software―to retail financial services locations worldwide  
  • Released new version of the company's flagship RoninCast software platform, which was a key driver of recent wins and new pilot programs, including Nissan Canada and Burgerville

Q2 2012 Financial Results

Revenue in the second quarter of 2012 decreased 12% sequentially to $1.6 million from $1.8 million in the prior quarter, and decreased 49% from $3.1 million in the same year-ago period. The decrease from both periods was primarily due to fewer orders for the iShowroom-branded tower application from Chrysler.

Recurring revenue in the second quarter of 2012 from the company's hosting and support services increased 2% to a record $475,000 or 31% of total revenue from $466,000 or 26% of total revenue in the previous quarter and increased 19% from $400,000 or 13% of total revenue in the same year-ago period.

Gross profit in the second quarter of 2012 was $945,000 or a record 61% of total revenue, compared to $949,000 or 54% of total revenue in the previous quarter, and $1.4 million or 46% of total revenue in the same year-ago period.

Net loss in the second quarter of 2012 totaled $1.2 million or $(0.05) per basic and diluted share, an improvement from a net loss of $1.8 million or $(0.08) per basic and diluted share in the previous quarter, and an improvement from a net loss of $1.4 million or $(0.07) per basic and diluted share in the same year-ago period. Net loss for the second quarter of 2012 included $132,000 of non-cash stock compensation expense versus $161,000 in the previous quarter and $178,000 in the second quarter of 2011.

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