SOUTH SAN FRANCISCO, Calif., Sept. 6, 2012 (GLOBE NEWSWIRE) -- Envivio (Nasdaq:ENVI), a leading provider of live and on-demand multi-screen IP video processing and delivery solutions, today announced financial results for the second quarter of fiscal 2013 ended July 31, 2012. Financial Highlights
- Revenue for the second quarter of fiscal 2013 was $10.8 million, compared to $11.5 million in the second quarter of fiscal 2012.
- GAAP net loss for the quarter was $4.3 million, or $0.16 per share, compared to net income of $55,000, or $0.00 per share, in the second quarter of fiscal 2012.
- Non-GAAP net loss for the quarter was $3.5 million or $0.13 per share, compared to net income of $425,000 or $0.03 per share in the second quarter of fiscal 2012. A reconciliation of the difference between these non-GAAP financial measures with the most directly comparable GAAP measures, as well as a description of the items excluded from the non-GAAP measures, is included in the financial statements portion of this press release.
- A1 Telekom Austria AG chose Envivio's solutions to expand its A1 TV IPTV service. Envivio Muse™ multi-screen encoding and processing software running on the Envivio 4Caster™ 1RU appliances power the full lineup of A1 Telekom Austria's broadcast and on-demand HD, SD and 3GPP mobile services.
- Envivio introduced 4Caster G4, a powerful new encoding appliance for Envivio Muse. 4Caster G4 significantly improves density and video quality, offers a flexible multi-node configuration, and supports next generation codecs such as HEVC.
- Envivio announced new TV Anytime capabilities for the versatile Envivio Halo™ network media processor, to support time-shifted multi-screen applications such as catch-up TV, start over and network PVR. One key element now available on Halo is Personalized Index Creation (PIC), a new and advanced approach enabling dynamic asset creation in the network, including highlights creation and time-shifted TV assets.
- Envivio introduced version 3.50 of its on-demand transcoding software, Envivio Muse On-Demand. This latest revision offers significant improvements in file-to-file transcoding speed—up to 35 percent in internal testing against platforms that require hardware acceleration. Muse On-Demand also delivers industry-leading video quality, measured at 20 percent better than a leading competitor, in tests using objective VQ measurement tools.
- AJK Cable Networks has deployed a converged Envivio headend system for its new MPEG-4 AVC (H.264) multi-screen video service, Reena TV. AJK is the first cable operator in India to use a single headend to serve the full range of display devices.
- WealthTV, an independent cable TV network based in the United States, selected Envivio Muse™ iTV encoding software on the Envivio 4Caster™ appliance for HD content distribution of its live broadcast services to TVs, PCs and other mobile devices in Asia.
- StarHub deployed Envivio 4Caster encoders powered by Envivio Muse software for HDTV, OTT and mobile TV services. StarHub is the official broadcaster for UEFA EURO 2012™ football in Singapore, and recently expanded its service offering to consumers around the country.
- Chunghwa Telecom (CHT), the leading telecommunications service provider in Taiwan, selected Envivio for transcoding and processing of Olympic Games video content delivered to subscribers' PCs, tablets and smartphones.
Envivio has set the following financial performance guidance for the third quarter of fiscal year 2013 ending October 31, 2012:
- Revenue is expected to be in the range of $10.0 to $11.0 million.
- Non-GAAP gross margin percentage is expected to be in the range of 59 to 62 percent.
- Non-GAAP operating loss/income is expected to be in the range of ($4.1 million) to ($3.2 million).
- Non-GAAP net loss/income per share is expected to be in the range of ($0.16) to ($0.12).
- The company will take a one-time charge of approximately $275,000 in the third quarter of fiscal 2013 for severance and other related benefits related to the cost-cutting program enacted in August 2012.
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements about Envivio's expected financial performance for the third quarter of fiscal 2013, Envivio's strategy, market trends, the benefits and features of Envivio's customer offerings and products, and the ability of those product offerings to strengthen Envivio's solution portfolio. Actual results may vary materially due to a number of factors including, but not limited to, the risk that, upon completion of further closing procedures, that the financial results for the third quarter of fiscal 2013 are different than the results set forth in this press release, unexpected changes in Envivio's business, changes in capital spending in the markets Envivio serves, disruption with existing or the failure to develop new relationships with channel partners, unpredictable sales cycles, fluctuations in our operating results, failure to develop new and enhanced products in a timely manner, the loss of a key customer, the loss of our sole source manufacturer, the loss of a key supplier, claims of technology infringement, general economic conditions and other risks detailed from time to time in Envivio's SEC reports. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Envivio undertakes no obligation to publicly release or otherwise disclose the result of any revision to these forward-looking statements that may be made as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. About Envivio Envivio (Nasdaq:ENVI) is a leader in solutions for multi-screen video processing and delivery. Envivio solutions remove the boundaries of traditional television and make the world's video content universally enjoyable by all viewers, on any device, across any network, at any time. Now in its second decade of developing market-leading video convergence solutions, Envivio powers services for more than 300 content and service provider customers around the world, including eight of the top 10 mobile operators, nine of the top 10 broadband providers and three of the top four US cable operators. Envivio is headquartered in South San Francisco, California and has offices worldwide including France, England, China, Singapore and Japan. Visit www.envivio.com for more information. The Envivio logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12583
|ENVIVIO, INC. AND SUBSIDIARIES|
|Consolidated Balance Sheets|
|January 31,||July 31,|
|Cash and cash equivalents||27,405||46,367|
|Accounts receivable, net of allowance for doubtful accounts||8,499||13,573|
|Prepaid expenses and other assets||2,456||3,211|
|Deferred inventory costs, current||1,547||475|
|Total current assets||40,015||80,572|
|Property and equipment, net||3,016||3,482|
|Deferred inventory costs, net of current portion||100||33|
|Liabilities, convertible preferred stock and stockholders' equity (deficit)|
|Deferred revenue, current||7,257||4,316|
|Line of credit||1,000||1,000|
|Total current liabilities||20,836||17,109|
|Deferred revenue, net of current portion||1,400||1,447|
|Other non-current liabilities||1,163||1,446|
|Convertible preferred stock||47,764||--|
|Stockholders' equity (deficit):|
|Additional paid-in capital||52,954||150,774|
|Accumulated other comprehensive loss||( 825 )||( 872 )|
|Accumulated deficit||( 78,830 )||( 85,345 )|
|Total stockholders' equity (deficit)||( 26,688 )||64,584|
|Total liabilities and stockholders' equity (deficit)||44,578||84,586|
|ENVIVIO, INC. AND SUBSIDIARIES|
|Consolidated Statements of Operations|
|Three Months Ended July 31,||Six Months Ended July 31,|
|(in thousands, except for per share amounts)|
|Cost of revenue||4,191||4,123||8,198||9,259|
|Research and development||1,518||2,034||3,019||4,028|
|Sales and marketing||3,544||5,628||6,972||11,370|
|General and administrative||2,035||3,050||4,160||5,730|
|Total operating expenses||7,097||10,712||14,151||21,128|
|Income (loss) from operations||217||( 4,071 )||( 942 )||( 6,208 )|
|Interest income (expense), net||( 31 )||24||( 68 )||15|
|Other income, net||101||( 162 )||183||( 147 )|
|Income (loss) before provision for income taxes||287||( 4,209 )||( 827 )||( 6,340 )|
|Provision for income taxes||232||69||274||175|
|Net income (loss)||55||( 4,278 )||( 1,101 )||( 6,515 )|
|Noncumulative dividends to convertible preferred stockholders||( 55 )||--||--||--|
|Net income (loss) attributable to common stockholders||--||( 4,278 )||(1,101)||( 6,515 )|
|Net loss per share of common stock, basic and diluted||$ --||$ ( 0.16 )||$ ( 0.08 )||$ ( 0.32 )|
|Shares used in computing net loss per share of common stock, basic and diluted||13,156,231||26,913,125||13,079,499||20,192,392|
|ENVIVIO, INC. AND SUBSIDIARIES Reconciliation of Net Income to Non-GAAP Net Income (UNAUDITED)|
|Three Months Ended July 31, 2012||Six Months Ended July 31, 2012|
|(in thousands)||(in thousands)|
|Net income (loss)||$ 55||$(4,278)||$(1,101)||$(6,515)|
|Stock-based compensation||$ 370||$ 753||$ 720||$ 1,443|
|Non-GAAP net income (loss)||$ 425||$(3,525)||$ (381)||$(5,072)|
|Add back income tax expense||$ 232||$ 69||$ 274||$ 175|
|Non-GAAP net income (loss) before income taxes||$ 657||$(3,456)||$ (107)||$(4,897)|
|Non-GAAP net income (loss) per share of common stock, basic and diluted||$ 0.03||$ (0.13)||$ (0.03)||$ (0.25)|
|Shares used in computing net income (loss) per share of common stock, basic and diluted||13,156||26,913||13,079||20,192|
CONTACT: Envivio Sarah Lum firstname.lastname@example.org +1.650.243.2710 The Blueshirt Group Investor Relations for Envivio Cynthia Hiponia email@example.com +1.650.243.2702