Envivio Reports Second Quarter Fiscal 2015 Financial Results

SOUTH SAN FRANCISCO, Calif., Sept. 3, 2014 (GLOBE NEWSWIRE) -- Envivio (Nasdaq:ENVI), a leading provider of software-based video processing and delivery solutions, today announced financial results for the second quarter of fiscal year 2015 ended July 31, 2014.

Financial Highlights
  • Revenue for the second quarter of fiscal 2015 was $11.5 million, compared to $8.4 million in the first quarter of fiscal 2015 and $11.5 million in the second quarter of fiscal 2014.  
  • GAAP net loss for the second quarter of fiscal 2015 was $4.1 million, or $0.15 per share, compared to net loss of $4.5 million, or $0.17 per share, in the first quarter of fiscal 2015 and net loss of $2.5 million, or $0.09 per share, in the second quarter of fiscal 2014.  
  • Non-GAAP net loss for the second quarter of fiscal 2015 was $3.5 million, or $0.13 per share, compared to net loss of $3.9 million, or $0.14 per share, in the first quarter of fiscal 2015 and net loss of $1.9 million, or $0.07 per share, in the second quarter of fiscal 2014.

"The company accomplished a number of business and financial initiatives in the quarter," said Julien Signes, Founder and CEO of Envivio.  "The sequential revenue growth reflects execution on our initiatives and provides validation that our differentiated products and business model are continuing to gain traction in our target markets.  We are encouraged by this quarter's performance and remain focused on our execution and expanding our business."

As of July 31, 2014, Envivio had cash and cash equivalents of $42.1 million, compared to $44.4 million at the end of the prior quarter.

Business and Product Highlights
  • Announced Envivio Nuage SM , the world's most advanced fully-virtualized live video delivery solution designed to provide unmatched support to video services and content providers to efficiently manage video processing, encryption, packaging, storage and distribution on the public or private cloud.
  • The Envivio cloud-based video processing solution won a Stevie Award in an International Business Awards Competition, selected from more than 3,500 entries worldwide.
  • Strong adoption of the company's traditional TV delivery offering, primarily due to further sales and a major customer win with a Tier 1 operator in Latin America.
  • Continued momentum for Envivio HEVC compression technology, a solution designed to address the growing need for improved networking efficiency.
  • Successful trials and extended pilots for 4K Ultra HD technology include live broadcasting of semi-final and final 2014 World Cup games in Ultra HD/4K resolution by Globosat, a leading content provider to cable, satellite and IPTV operators in South America, and French music video channel NRJ Hits announcement of ongoing transmission of Envivio's technology streamed 24/7 from the Eiffel Tower in Paris.
  • Growing interest in Envivio's Halo and next generation transcoding products evidenced by two new deals with major Tier 1 U.S. operators.
  • Envivio's digital video processing and multi-screen video solutions recognized by Cable & Satellite International (CSI) as finalists for its best technology award.

Conference Call Information

Envivio will host a conference call and live audio webcast for analysts and investors at 5:00 p.m. ET on September 3, 2014. The news release with the financial results will be accessible from the company's website prior to the conference call.
  • Parties in the United States and Canada can access the call by dialing 1-877-407-4018.
  • International parties can access the call by dialing 1-201-689-8471.
  • When dialing into the call, ask for the Envivio Second Quarter FY 2015 Financial Results.

The audio webcast will be accessible on Envivio's investor relations website at http://ir.envivio.com. A replay of the conference call will be available beginning at 8 p.m. ET September 3, 2014 through December 12, 2014 until 11:59 p.m. ET. To access the replay, parties in the United States and Canada should call 1-877-870-5176 and enter PIN 13589361. International parties should call 1-858-384-5517 and enter PIN 13589361.

Non-GAAP Financial Measurements

This news release dated September 3, 2014 contains non-GAAP financial measures. Tables are provided in this news release that reconcile the non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share. To supplement the Company's consolidated financial statements presented on a GAAP basis, management believes that these non-GAAP measures provide useful information about the Company's core operating results and thus are appropriate to enhance the overall understanding of the Company's past financial performance and its prospects for the future.  Management is excluding from its non-GAAP operating results Financial Accounting Standards Board ASC 718 (FAS 123R) stock-based compensation. Management uses these non-GAAP measures to evaluate the Company's financial results, and believes these measures provide useful information to investors. For its internal budgeting process, management also uses financial statements that do not include, when applicable, share-based compensation expense. The adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results, trends and performance.  The presentation of additional information is not meant to be considered in isolation or as a substitute for or superior to financial results determined in accordance with GAAP.

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