Ditech Networks, Inc. (NASDAQ: DITC), a leader in voice solutions for quality and transcription, reported financial results for the three and six month periods ended October 31, 2011.

The financial results for the three months ended October 31, 2011 were as follows:
  • Revenues were $3.2 million, which was lower than anticipated due to one order of approximately $0.5 million being received two days into the third quarter. PhoneTag revenues were approximately $1.1 million in the quarter, an increase of approximately 10% quarter over quarter.
  • Cash used in operations was $1.2 million
  • GAAP operating expenses for the quarter were $4.1 million, down from $4.3 million in the previous quarter and $5.0 million for the corresponding quarter last year.
  • Non-GAAP (1) operating expenses were $3.9 million.
  • GAAP net loss for the quarter was $3.0 million or $(0.11) per share.
  • Non-GAAP (1) net loss for the quarter was $2.8 million or $(0.11) per share.

The financial results for the six months ended October 31, 2011 were as follows:
  • Revenues were $6.9 million.
  • Cash used in operations was $3.1 million.
  • GAAP operating expenses were $8.4 million.
  • Non-GAAP (1) operating expenses were $8.1 million.
  • GAAP net loss was $5.9 million or $(0.22) per share.
  • Non-GAAP (1) net loss was $5.6 million or $(0.21) per share.

(1) A reconciliation of the non-GAAP to GAAP financial measures for the three and six months ended October 31, 2011 is included at the end of this press release. These non-GAAP financial measures exclude stock-based compensation expense, the expense related to amortization of purchased intangible assets, severance and restructuring costs, and the tax effects of the excluded amounts.

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