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NEW YORK, May 15, 2013 (GLOBE NEWSWIRE) -- Voltari Corporation (Nasdaq:VLTC), which empowers brands and agencies to maximize their advertising dollars through smart marketing and advertising solutions, today announced financial results for the first quarter ended March 31, 2013.
First Quarter Results
Total consolidated revenue in the first quarter of 2013 was $18.4 million, as compared to $22.8 million in the first quarter of 2012. Net income from continuing operations was $196,000, as compared to net loss from continuing operations of $(4.0) million in the first quarter of 2012. EBITDA from continuing operations (EBITDA) was $2.3 million, as compared to an EBITDA loss from continuing operations of $(1.7) million in the first quarter of 2012.
Voltari ended the first quarter of 2013 with $54.3 million of cash and cash equivalents, as compared to $51.5 million as of December 31, 2012.
"We are pleased to have completed the recent reorganization of Motricity to Voltari. As we transition from the legacy carrier business to a media and advertising focused business, we have made appropriate adjustments to our expense structure. We are now operating as a digital advertising company with over ten years of mobile experience, dedicated to helping companies get the most out of their marketing budgets. Our strategic initiatives include the development of new products and services to assist marketers and advertisers in connecting with customers, improving customer engagement and increasing the ease of buying products. We have a solid cash position and intend to grow both organically and through acquisitions. To that end, we have engaged Gridley & Company to identify strategic acquisition candidates that would enhance and grow our position in mobile media," said Richard Stalzer, Chief Executive Officer.
In the second half of 2013 the Company's legacy carrier business will diminish and the go-forward business will be focused on the high-growth mobile and cross-channel advertising sectors through Voltari's integrated, highly scalable managed service platform. Voltari leverages advanced predictive analytics capabilities to deliver the right content, to the right person at the right time.