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» Wireless Ronin Technologies' CEO Discusses Q2 2011 Results - Earnings Call Transcript
Please note that the information presented and discussed today includes forward-looking statements made under the Safe Harbor Provision of The Private Securities Litigation Reform Act of 1995. Our actual results in future periods may differ materially and you should not attribute undue certainties to our forward-looking statements. Risk and uncertainties that could cause our actual results to differ from those expressed or implied by forward-looking statements, including those set forth in the Risk Factors section of the annual report on Form 10-K we filed on March 21, 2012.In addition, our comments may contain certain non-GAAP financial measures including non-GAAP operating loss per share. For additional information, including reconciliation from GAAP results to non-GAAP measures, how the non-GAAP measures provides useful information and why we use non-GAAP measures, please see the reconciliation section of our press release, which appears on our corporate website. Now, I’d like to turn the call over to Scott Koller. Scott? Scott W. Koller Thank you, Erin. Good afternoon, everyone, and thank you for joining us on today’s call to discuss our Q2, 2012 results. Our quarterly results reflect our continued focus on driving margin expansion and expense optimization. This focus allowed us to achieve several milestones in Q2, including record quarterly recurring revenue, record gross margin percentage, as well as lowest non-GAAP loss in the Company’s history. While overall revenues were down due to fewer orders from Chrysler as they work through their existing inventory, our relationship with Chrysler has served as a proving ground and springboard toward diversifying our customer base and product line. This is demonstrated by the major win with Thomson Reuters in Q2. This important win also 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 also advance and scale with their future needs.
I will talk more about these wins and other operational highlights in a few minutes. But first, I’d like Darin to walk through the financial results for the period. Darin?Darin P. McAreavey Thanks, Scott, and good afternoon everyone. Revenue in Q2, 2012 decreased 12% sequentially to $1.6 million from the prior quarter and decreased 49% from the same year-ago period. As Scott mentioned, the decrease in both periods was primarily due to the reduced orders for the iShowroom branded tower application as Chrysler continue to install from previously purchased inventory. Although we experienced a year-over-year decline in key half quarters, both Chrysler and individual Fiat dealership, in the first half of 2012. We believe that we will receive additional orders for interactive Branded Tower Salon featuring iShowroom as Chrysler is nearing full deployment of the May 2011 order for 400 dealership. At the end of Q2, we had recognized a total of 900,000 of purchase orders for which revenue will be recognized in future quarters. Recurring revenue in Q2, 2012 increased 2% sequentially to a record $475,000 or 31% of total revenue, and increased 19% from the same year-ago period. Gross profit totaled $945,000 or record 61% of revenue compared to $949,000 or 54% of revenue in previous quarter and $1.4 million or 46% of revenue in Q2 of 2011. Net loss totaled $1.2 million or $0.05 per basic and diluted share, this was an improvement from the net loss of $1.8 million or $0.08 per basic and diluted share in the previous quarter. And a net loss of $1.4 million or $0.07 per basis and diluted share in the same year-ago period. Q2, 2012 net loss included a $132,000 of non-cash stock compensation expense versus $161,000 in the previous quarter and $178,000 in Q2 of 2011. For the quarter our non-GAAP operating loss totaled $999,000 or $0.04 per basic and diluted share. This was the lowest quarterly non-GAAP loss since going public.
This compared to a non-GAAP operating loss of $1.5 million or $0.06 per basic and diluted share in the previous quarter and a loss of $1.1 million or $0.06 per basic and diluted share in the same year-ago period. We’re encouraged by these improving results and we will continue to push ourselves to optimize our organization, improve our processes and grow revenue.Read the rest of this transcript for free on seekingalpha.com