Wireless Ronin Reports Second Quarter 2012 Results
Non-GAAP operating loss in the second quarter of 2012 totaled $999,000 or $(0.04) per basic and diluted share, an improvement from a non-GAAP operating loss of $1.5 million or $(0.06) per basic and diluted share in the previous quarter, and a non-GAAP operating loss of $1.1 million or $(0.06) per basic and diluted share in the same year-ago period. The second quarter of 2012 marked the lowest quarterly non-GAAP loss in the company's history. The company defines non-GAAP operating loss as GAAP operating loss with the add-back of certain items. Reconciliation to GAAP operating loss on a quarterly basis is contained in a table following the unaudited financial information accompanying this release.
"Overall revenues declined in the second quarter due to fewer orders from Chrysler, as they continue to install from previously purchased inventory," said Scott Koller, president and CEO of Wireless Ronin. "However, our relationship with Chrysler has served as a proving ground and springboard toward diversifying our customer base and marketing technology offerings, leading to a recent major win with Thomson Reuters. This important win reflects Thomson Reuters' confidence in our ability to handle large-scale rollouts and provide leading edge technology that not only meets their requirements today, but will advance with their needs in the future.
"Our exclusive agreement with Thomson Reuters also reveals the value our RoninCast software brings to our customers. Recent RoninCast software enhancements reflect our commitment to delivering best-in-class technology solutions across our key vertical markets of food service, automotive and retail. It demonstrates how Wireless Ronin can be a valuable partner for businesses looking to enhance their customers' experience, increase customer loyalty and drive new business using the latest in dynamic, interactive media technologies."Our second quarter results also reflected our continued focus on driving margin expansion and expense optimization. We achieved several performance milestones in Q2, including record quarterly recurring revenue, record gross margin percentage, and the lowest non-GAAP loss in our company's history. We are encouraged by these results and will continue to further push ourselves to increase revenues, optimize our organization and improve our processes.
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