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NEW YORK, Oct. 31, 2013 (GLOBE NEWSWIRE) -- Liquid Holdings Group, Inc. (Nasdaq:LIQD) ("Liquid" or the "Company"), a provider of cloud-based order and execution management, risk and reporting software solutions for the financial services community, today reported results for the third quarter ended September 30, 2013.
Financial Highlights for the Third Quarter of 2013
Annual Contract Value rose 85% quarter over quarter to $3.2 million
Customer base grew 60% from June 30, 2013 to 48 customers
Total contracted software units rose 35% from June 30, 2013 to 565 units
Software services revenue increased 10% quarter over quarter to $732,000
GAAP basic and diluted EPS of $(0.52)
Adjusted basic and diluted EPS of $(0.18)
"We are pleased with our third quarter performance and the continued momentum of our cloud-based platform in the market. During the quarter, we entered into two major strategic partnerships, expanded our presence in international markets and substantially grew our client base. We attribute this success to our next-generation OERMS platform, which is the only solution in the market that integrates real-time risk within an OEMS system," said Brian Storms, CEO of Liquid Holdings. "In addition to executing on the large market opportunity in front of us, we are also exploring the potential to expand our product suite into new applications and customer segments."
Third Quarter 2013 Results
Software services revenue increased during the third quarter of 2013 to $732,000, or 10%, from $667,000 in the second quarter of 2013. Total revenue decreased in the third quarter of 2013 to $732,000 from $1.4 million in the second quarter of 2013. As previously disclosed, during the second quarter of 2013, Liquid exited the over-the-counter brokerage business in order to focus on software services, which accounted for the decline in total revenue.