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Glowpoint Reports Second Quarter 2012 Results


News provided by

Glowpoint, Inc.

Aug 14, 2012, 04:10 ET

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MURRAY HILL, N.J., Aug. 14, 2012 /PRNewswire/ -- Glowpoint, Inc. (NYSE MKT: GLOW), a leading global provider of cloud managed video services, today reported its financial results for the second quarter ended June 30, 2012.

Second quarter revenues for cloud managed video services ("Managed Services Combined" as reported) were $3.2 million, an increase of 5% over the same period last year.  Managed Services Combined represents 47% of total revenues in the quarter, up from 44% in the prior year period. Network services revenues for the quarter were $3.0 million, a decrease of 10% over the same period last year. One-time and event-based revenues ("Professional and other services" as reported) were $566,000 for the quarter, compared to $542,000 in the same period last year.

Adjusted EBITDA (as defined and reconciled to GAAP) for the second quarter was $850,000, an increase of $449,000 or 112% over the same period last year. Adjusted EBITDA margin was 13% compared to 6% in the same period last year. Net income for the second quarter was $248,000, an increase of $231,000 over the same period last year.

For the six months ended June 30, 2012, cloud managed video services revenues ("Managed Services Combined" as reported) were $6.5 million, an increase of 5% as compared to the same period last year. Network services revenues for the six-month period were $6.2 million, a decrease of 10% over the same period last year. One-time and event-based revenues ("Professional and other services" as reported) were $875,000 for the six-month period, compared to $876,000 in the same period last year.

Adjusted EBITDA for the six-month period ended June 30, 2012 was $1.6 million, an increase of $742,000 over the same period last year. Net income for the six months ended June 30, 2012 was $420,000, an increase of $371,000 over the same period last year.

"The sales pipeline for our suite of cloud managed video services is expanding, although elongated sales cycles continues to impact immediate growth levels," said Joe Laezza, Glowpoint's president and CEO. "We are seeing delays in highly qualified sales opportunities and attribute this to changes in the buying decision making process during the rapid shift in enterprise needs for video communications moving from on premise and appliance devices to cloud and software based services."

"We believe these conditions and trends in the buying process are very advantageous to Glowpoint's long term operating model as our OpenVideo® cloud and managed services are specifically designed to deliver on these shifting demands. We have begun to close the new significant contracts referenced in previous periods and see these deals beginning to positively impact our growth levels by year end," added Laezza.

"Adjusted EBITDA results and trends remain strong, and in fact continue to grow," said Tolga Sakman, Glowpoint's acting CFO. "We believe this is evidence of the good operating leverage in our business model and we've now delivered seven consecutive quarters of positive Adjusted EBITDA while EPS continues to grow. We are getting more aggressive with our investments in product development and sales and marketing, and we are confident that we will begin to see the benefits of these crucial investments and meet our long-term 20% EBITDA margin objectives as our revenue growth picks up."  

Key business metrics

  • Number of managed telepresence and video conferencing rooms increased 38% to 1,270 as compared with the same period a year ago.
  • Number of managed conferences increased 41% to 39,000 as compared with the same six-month year to date period a year ago.
  • Number of certified enterprise video systems on OpenVideo® increased 18% to 46,400 as compared with the same period a year ago.
  • Usage on OpenVideo® cloud increased 4% to more than 8.9 million minutes as compared to the same six month period a year ago.

"The volume of managed conferences for our managed service contracted clients on unlimited plans continues to grow, which validates the reliability and levels of service we deliver and our customers expect. Usage on the OpenVideo® cloud platform is driven by the most diverse set of collaboration needs and applications of video communication from traditional conference calls over video to business-to-business communication for business meetings," added Laezza.

For the six-month period ended June 30, 2012, capital expenditures were $353,000, and as of August 14, 2012 there were 25,593,967 shares of common stock outstanding.

Definitive agreement to acquire Affinity VideoNet

As previously announced (http://www.glowpoint.com/press-releases/Affinity), the Company has entered into a definitive agreement to acquire privately held Affinity VideoNet and expects this transaction to close in the third quarter.

"We are excited about the opportunity to deliver our broad suite of cloud and managed services for the Affinity VideoNet customer base," commented Laezza. "This is a big step in the evolution of Glowpoint and we expect this acquisition to represent considerable top and bottom line contribution," added Sakman.

Teleconference

Glowpoint will host a conference call at 4:30 p.m. EDT today to discuss the financial results for Q2 2012. To view the webcast, please visit: http://video.webcasts.com/events/glow001/43579. To participate in the teleconference, callers may dial the toll free number (877) 407-1869 (U.S. callers only) or (201) 689-8044 (from outside the U.S.). For those unable to view or participate in the live call, a recording of the call will be archived for viewing two hours following the call at www.glowpoint.com/investor-relations.

Supporting Link:

  • Glowpoint Investor Information

About Glowpoint

Glowpoint, Inc. (NYSE MKT: GLOW) provides cloud managed video services that make the delivery of consistently high-quality video conferencing and telepresence service as simple as using the internet, between any technology, network and business. Using our OpenVideo® cloud architecture, Glowpoint enables organizations of all sizes to adopt business-class video easily, scale instantly and collaborate openly, yet securely across technology boundaries – to realize the full value of visual communications. To learn more please visit www.glowpoint.com.

Non-GAAP Financial Information

Adjusted EBITDA is defined as income from continuing operations before depreciation, amortization, interest expense, interest income, taxes, stock-based compensation, and severance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenues. Adjusted EBITDA is not intended to replace operating income, net income, cash flow or other measures of financial performance reported in accordance with generally accepted accounting principles. Rather, Adjusted EBITDA is an important measure used by management to assess the operating performance of the company. Adjusted EBITDA as defined here may not be comparable to similarly titled measures reported by other companies due to differences in accounting policies. Additionally, Adjusted EBITDA as defined here does not have the same meaning as EBITDA as defined in our Securities and Exchange Commission filings prior to this date. A reconciliation of Adjusted EBITDA to net income from continuing operations is shown below.

Forward looking and cautionary statements

The information in this release may contain statements that are or may be deemed to be forward-looking statements and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. These factors, risks, and uncertainties include market acceptance and availability of new video communications services; the non-exclusive and terminable-at-will nature of sales agreements; rapid technological change affecting demand for our services; competition from other video communication service providers; and the availability of sufficient financial resources to enable us to expand our operations, as well as other risks detailed from time to time in our filings with the Securities and Exchange Commission. We make no representation or warranty that the information contained herein is complete and accurate; we have no duty to correct or update any information.

INVESTOR CONTACT:
Investor Relations
Glowpoint, Inc.
+1 973-855-3411
[email protected]
www.glowpoint.com

GLOWPOINT, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)

(Unaudited)






June 30,


December 31,


2012


2011

ASSETS




Current assets:




     Cash

$       1,689


$           1,818

     Accounts receivable, net of allowance for doubtful accounts of 




          $149 and $147, respectively

3,041


2,520

     Prepaid expenses and other current assets

382


330

          Total current assets

5,112


4,668

Property and equipment, net

4,325


4,738

Other assets

68


59

          Total assets

$       9,505


$           9,465





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




     Revolving loan facility

$          750


$              750

     Current portion of capital lease

219


177

     Accounts payable

1,369


1,382

     Accrued expenses

405


1,024

     Accrued sales taxes and regulatory fees

514


434

     Customer deposits

167


139

     Net current liabilities of discontinued operations

-


50

     Deferred revenue

175


235

          Total current liabilities

3,599


4,191

Noncurrent liabilities:




     Capital lease, less current portion

320


334

          Total noncurrent liabilities

320


334

          Total liabilities

3,919


4,525





Commitments and contingencies

-


-





Stockholders' equity:




     Preferred stock Series B-1, non-convertible; $.0001 par value

$     10,000


$         10,000

     Preferred stock Series A-2, convertible; $.0001 par value

167


297

     Common stock, $.0001 par value

3


3

     Additional paid-in capital

159,695


159,339

     Accumulated deficit

(164,279)


(164,699)

          Total stockholders' equity

5,586


4,940

          Total liabilities and stockholders' equity

$       9,505


$           9,465

GLOWPOINT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

and GAAP to Non-GAAP Reconciliation

(In thousands, except per share data)

(Unaudited)






 Six Months Ended 


 Three Months Ended 


 June 30, 


 June 30, 


2012


2011


2012


2011









Managed Services Combined

$  6,501


$  6,180


$  3,204


$  3,046

Network services

6,170


6,879


3,030


3,366

Professional and other services 

875


876


566


542

Total revenue

13,546


13,935


6,800


6,954









Network and infrastructure

4,221


4,883


2,145


2,471

Global managed services

3,461


3,873


1,765


1,979

Sales and marketing

1,864


1,824


878


902

General and administrative

2,652


2,688


1,302


1,282

Depreciation and amortization

865


573


425


297

Total operating expenses

13,063


13,841


6,515


6,931

Income from operations

483


94


285


23

Interest/Financing

58


63


32


30

Income (loss) from continuing operations

425


31


253


(7)

Income from discontinued operations

-


18


-


24

Income before provision for income taxes

$     425


$       49


$     253


$       17









Provision for income taxes

5


-


5


-

Net income

420


49


248


17









Net income per share:








          Continuing operations

$    0.02


$       -


$    0.01


$       -

          Discontinued operations

$        -


$       -


$        -


$       -

     Basic net income per share

$    0.02


$       -


$    0.01


$       -









          Continuing operations

$    0.02


$       -


$    0.01


$       -

          Discontinued operations

$        -


$       -


$        -


$       -

     Diluted net income per share

$    0.02


$       -


$    0.01


$       -









Weighted average number of common shares:








     Basic

24,440


20,714


24,525


20,753

     Diluted

25,742


24,594


25,874


24,594









ADJUSTED EBITDA - GAAP to Non GAAP Reconciliation 








Income (loss) from continuing operations

$     425


$       31


$     253


$       (7)









Interest/Financing

58


63


32


30

Depreciation

865


573


425


297

Stock-based compensation

219


147


140


70

Severance

-


11


-


11

Adjusted EBITDA

$  1,567


$     825


$     850


$     401

GLOWPOINT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


















 Six Months Ended 









 June 30, 









2012


2011

Cash flows from Operating Activities:






Net income


$    420


$      49


Adjustments to reconcile net income to net cash provided by (used in)







operating activities:








Depreciation and amortization


865


573




Amortization of deferred financing costs


29


31




Bad debt expense


52


(9)




Loss on disposal of equipment


10


(12)




Stock-based compensation


219


147




Increase (decrease) attributable to changes in assets









and liabilities:










 Accounts receivable 


(573)


(151)






 Other current assets 


(52)


(100)






 Other assets 


(38)


(43)






 Accounts payable 


(13)


(444)






 Customer deposits 


28


(85)






 Accrued expenses, sales taxes and regulatory fees 


(539)


(258)






 Deferred revenue 


(61)


39







 Net cash provided by (used in) continuing operating activities 


347


(263)







 Net cash (used in) provided by discontinuing operating activities 


(50)


40







 Net cash provided by (used in) operating activities 


297


(223)












Cash flows from Investing Activities:






 Proceeds from sale of equipment 


11


-


 Purchases of property and equipment  


(353)


(554)







 Net cash used in investing activities 


(342)


(554)












Cash flows from Financing Activities:






Proceeds from exercise of stock options


7


-


Principal payments for capital lease


(91)


-







 Net cash used in financing activities 


(84)


-












Decrease in cash 


(129)


(777)












Cash at beginning of period


1,818


2,035












Cash at end of period


$ 1,689


$ 1,258

(Logo: http://photos.prnewswire.com/prnh/20111222/LA26621LOGO)

SOURCE Glowpoint, Inc.

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