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SoundBite Communications Reports Fourth Quarter and Year End 2012 Financial Results - Record fourth quarter revenues of $13.9 million, an increase of 16% over previous year period; adjusted EBITDA of $1.5 million, an increase of 8% over same period last year (NASDAQ: SDBT) - SoundBite.com
SoundBite Communications Reports Fourth Quarter and Year End 2012 Financial Results

 

PRZOOM - /newswire/ - Bedford, MA, United States, 2013/02/21 - Record fourth quarter revenues of $13.9 million, an increase of 16% over previous year period; adjusted EBITDA of $1.5 million, an increase of 8% over same period last year (NASDAQ: SDBT) - SoundBite.com.

   
 
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SoundBite Communications, Inc., a provider of customer experience management solutions, today announced its financial results for the fourth quarter and full year 2012. Fourth quarter revenues, computed in accordance with U.S. generally accepted accounting principles (GAAP), were $13.9 million, an increase of 16% compared to the same quarter in 2011. On a full year basis, GAAP revenues for 2012 were $48.1 million, a 15% increase over 2011. GAAP operating income for the fourth quarter of 2012 was $433,000. GAAP net income for the fourth quarter of 2012 was $469,000, or $0.03 per share, versus net income of $391,000 or $0.02 per share in the fourth quarter of 2011.

On a non-GAAP basis, after excluding non-cash stock-based compensation expense, amortization of intangible assets, a present value adjustment related to the SmartReply contingent consideration, and a tax benefit, net income was $1.1 million or $0.07 per share in the fourth quarter compared to $1.0 million or $0.06 per share in the same quarter in 2011.

“We are very pleased with our strong fourth quarter financial performance, exceeding our original forecast as well as our preannouncement in January. These results were driven by a seasonally strong performance in our mobile marketing business and increased demand in our hosted contact center business,” stated Jim Milton, president and CEO of SoundBite Communications. “The fourth quarter was also an important and successful quarter by other business measures. SoundBite took a clear leadership position for our industry; championing efforts resulting in a positive declaratory ruling from the FCC for confirmatory opt-out text messages. As a result, our TCPA related class action cases have been dismissed. And based on the improving confidence in our business, we paid a special one-time dividend in December of $0.50 per share.”

Milton continued,“We continued our transformation in 2012 - growing our mobile channel, delivering improving financial results, and expanding offerings in the marketing, proactive customer care and collections and payments lifecycles. For 2013, I am optimistically looking forward to continuing our momentum across the lifecycle, expanding our global reach, building our channel partnerships, reaching sustainable profitability, and enabling our clients to deliver the best customer experience possible.”

Recent Highlights

• Released an enhanced multi-channel compliance suite for contact centers, enabling organizations to mitigate risks and meet compliance requirements.
• Secured a favorable Declaratory Ruling from the Federal Communications Commission (FCC) on confirmatory opt-out text message compliance.
• Announced a complaints solution for financial services organizations striving to meet the U.K. Financial Services Authority (FSA) regulatory and compliance requirements.
• Declared a special dividend to stockholders, paid in December 2012, of $0.50 per share.
• Announced a positive end to the class action law suits against GameStop, and Bank of America/SoundBite related to confirmatory opt-out text messages.

Quarterly Results

GAAP Results
Gross margin for the fourth quarter of 2012 was 63.4% versus 61.2% in the fourth quarter of 2011. Operating expenses were $8.4 million in the fourth quarter of 2012 and as a percentage of revenues were 60.3% versus 57.8% in the year-earlier period.

Operating income for the fourth quarter was $433,000, compared to $397,000 in the same quarter last year.

Net income was $469,000 for the fourth quarter of 2012 versus net income of $391,000 in the fourth quarter of 2011. Net income per share for the fourth quarter of 2012 was $0.03, versus $0.02 in the same quarter of 2011.

Non-GAAP Results
Fourth quarter 2012 non-GAAP net income was $1.1 million or $0.07 per share, compared to a non-GAAP net income of $1.0 million or $0.06 per share for the same period in 2011. Non-GAAP net income computations exclude amortization expense, stock-based compensation expense, a present value adjustment of the contingent consideration related to the SmartReply earn-out, and a tax benefit. A reconciliation of GAAP net income to non-GAAP net income is included with the financial tables at the end of this release.

Non-GAAP free cash flow, calculated as cash flow from operating activities, less payments, if any, of contingent purchase price related to the Mobile Collect and SmartReply acquisitions, and purchases of property and equipment, for the fourth quarter resulted in a negative free cash flow of $819,000. A reconciliation of GAAP cash flows (used in) generated from operating activities to non-GAAP free cash flow is included with the financial tables at the end of this release.

Adjusted EBITDA
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the fourth quarter of 2012 was $1.5 million versus $1.4 million in the fourth quarter of 2011, reflecting an 8% increase over prior year. Adjusted EBITDA reflects EBITDA excluding the effects of stock-based compensation expense and present value adjustments of the contingent consideration related to the SmartReply earn-out in the fourth quarter 2012 and 2011. A reconciliation of net income (loss) to Adjusted EBITDA is included with the financial tables at the end of this release.

First Quarter Guidance

Based on information available as of February 21, 2013, SoundBite is issuing guidance for the first quarter 2013 as follows:

SoundBite currently projects revenues in the range of $11.1 million to $11.8 million and gross margin in the range of 59% to 61% for the first quarter of 2013. Operating expenses are expected to be approximately $8.4 million. The projection for GAAP net loss is in the range of $1.3 million to $1.8 million and on a per share basis is a net loss of $0.08 to $0.11 for the first quarter of 2013.

The non-GAAP projections are for a non-GAAP net loss of $400,000 to $900,000, or $0.03 to $0.06 per share. Non-GAAP estimates exclude the effects of the amortization of intangible assets of approximately $400,000 associated with the Company’s acquisitions of SmartReply and 2ergo Americas, estimated stock-based compensation expense of approximately $250,000, severance expenses of approximately $200,000, and a present value adjustment of the contingent consideration related to the SmartReply earn-out of approximately $40,000. On an adjusted basis, SoundBite is projecting earnings before interest, taxes, depreciation and amortization to be breakeven to a loss of $600,000. These projections assume a basic weighted share count of approximately 16.5 million shares for the first quarter of 2013. SoundBite expects capital expenditures to be approximately $350,000 and depreciation expense to be approximately $400,000.

Webcast and Teleconference Information
The Company will host a conference call today at 5:00 pm. ET to discuss its financial results. A live and archived webcast of the event will be available at ir.soundbite.com. A live dial-in is available in the U.S. at + 1 866 362 4666 and outside the U.S. at +1 617 597 5313, and using the passcode: 23977065. A replay of the call will be available approximately two hours after the call completes and can be accessed by dialing +1 888 286 8010 in the U.S. and outside the U.S. at +1 617 801 6888 and entering the passcode: 73116708.

Non-GAAP and Adjusted Measures
To supplement its statements of operations information presented in accordance with GAAP, SoundBite presents information with respect to non-GAAP net income (loss), non-GAAP free cash flow and Adjusted EBITDA. SoundBite has included in this release reconciliations of GAAP net income (loss) to non-GAAP net income (loss), GAAP cash flows (used in) generated from operating activities to non-GAAP free cash flow, and GAAP net income to Adjusted EBITDA. SoundBite believes these supplemental measures are often used by investors as measures of financial performance in evaluating technology companies such as SoundBite and also believes these financial measures can enhance investors’ overall understanding of SoundBite’s historical financial performance. The presentation of these supplemental financial measures should not be considered in isolation from, or as a substitute for, SoundBite’s financial results reported in accordance with GAAP. SoundBite may compute these supplemental financial measures differently from other companies, which would reduce their usefulness as comparative measures.

About SoundBite Communications
SoundBite Communications (SoundBite.com) is a customer experience management company with deep expertise in delivering cloud-based mobile marketing, proactive customer care, and collections/payments solutions. More than 450 global end-clients, including nearly 50 Fortune 500 companies, leverage SoundBite’s proactive multi-channel communications and preference management platforms to power 2.5 billion personalized and compliant customer interactions annually across the full consumer lifecycle.

Forward-Looking Statement
This is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained in this press release, including statements made under “First Quarter Guidance,” are based upon SoundBite’s historical performance and its current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by SoundBite, its management or any other person that the future plans, estimates or expectations contemplated by SoundBite will be achieved. These forward-looking statements represent SoundBite’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and SoundBite disclaims any obligation to update the forward-looking statements in the future. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including: slower than anticipated development of the market for automated voice messaging services; defects in SoundBite’s platform; disruptions in its service or errors in its execution; discontinued or decreased use of SoundBite’s service by its clients, which are not subject to minimum purchase requirements for any reason, including market conditions and regulatory developments; and the occurrence of events adversely affecting the collection agencies industry or in-house collection departments, which account for a significant portion of SoundBite’s revenues. These and other factors, including the factors set forth under the caption “Item 1A. Risk Factors” of Part II in SoundBite's most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission, could cause SoundBite's performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

SoundBite is a registered service mark of SoundBite Communications, Inc.

 
 
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SoundBite Communications Reports Fourth Quarter and Year End 2012 Financial Results

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