Exhibit 99
Wireless Ronin Reports 2008 Fourth Quarter and Full Year Results
Key 2008 fourth quarter highlights include:
  Generates fourth quarter 2008 revenue of $1.9 million, up 18 percent from $1.6 million in 2007
 
  Implements total workforce reductions of 40 percent and reduces other expenses to align costs with sales and committed projects
 
  Incurs one-time impairment charges totaling $3.0 million
 
  Excluding one-time adjustments, expenses decline by $1.0 million during the quarter
MINNEAPOLIS — February 17, 2009 — Wireless Ronin Technologies, Inc. (NASDAQ: RNIN), a leader in digital signage solutions, today announced its financial results for the 2008 fourth quarter and full year.
Fourth Quarter Results
The company reported revenue of $1.9 million for the fourth quarter of 2008, an 18 percent increase from $1.6 million in the fourth quarter of 2007. The company also reported a fourth quarter 2008 net loss of $6.9 million compared to a net loss of $3.7 million in the year-ago quarterly period, and a basic and diluted loss per share of $0.47 compared to a basic and diluted loss per share of $0.25 last year. The year-over-year increase in the net loss for the 2008 fourth quarter was primarily the result of the impairment of the network equipment held for sale asset of $1.8 million, an impairment charge on intangible assets of $1.3 million and severance cost of $274,000 related to the fourth quarter 2008 workforce reductions. Fourth quarter 2008 results also included costs of approximately $411,000, or $0.03 per basic and diluted share, of non-cash stock compensation expense related to FAS123R compared to approximately $286,000, or $0.02 per basic and diluted share, in 2007.
Adjusted operating loss was $2.8 million or $0.19 per basic and diluted share in the fourth quarter of 2008 compared to an adjusted operating loss of $3.3 million or $0.23 per basic and diluted share in the fourth quarter of 2007. Adjusted operating loss is defined as the GAAP operating loss with the add-back of certain items. Reconciliation to the GAAP operating loss on a quarterly and full year basis is contained in a table following the financial statements accompanying this release.
For the fourth quarter of 2008, gross margin averaged 12 percent, compared to a gross margin of 25 percent in the fourth quarter of 2007. The 2008 gross margin was impacted by a one-time lower of cost or market inventory adjustment of approximately $65,000 and a continued net loss from the company’s Network Operations Center, or NOC. Excluding these costs, adjusted gross margin would have been 25 percent for the fourth quarter of 2008.
The company previously included depreciation and amortization in general and administrative expense. It now shows depreciation and amortization as a separate line on the statement of operations to better reflect the infrastructure investments made to date.
“Our fourth quarter revenue was in line with our expectations, but it’s clear that many companies, including Wireless Ronin, face challenges with regard to the economy. Many businesses are extremely cautious in making capital expenditures and this has created significant headwinds for us,” said Jim Granger, Wireless Ronin Technologies’ president and CEO. “However, we remain confident in our ability to take advantage of the eventual shift to the digital signage marketplace. Wireless Ronin is a recognized leader in this industry and we continue to demonstrate significant value to our current and prospective clients. To better align our internal resources with sales levels and project commitments we took additional steps to reduce costs. One step in this process was to further reduce our headcount. This action has decreased our expense rate and, in the long-term, makes Wireless Ronin a more efficient organization.”
Full Year Results
For the full year 2008, the company reported revenue of $7.4 million, a 23 percent increase from $6.0 million in 2007. The company also reported a full year net loss of $20.7 million compared to a net loss of $10.1 million in 2007, and a basic and diluted loss per share of $1.41 compared to a basic and diluted loss per share of $0.82 last year. The increase in net loss for 2008 was primarily attributable to higher operating expenses to support anticipated growth opportunities, investments in the company’s Network Operations Center for customer testing and program pilots, the impairment of the network equipment held for sale and the impairment charge on intangible assets. The 2008 results also included costs of approximately $1,313,000, or $0.09 per basic and diluted share, of non-cash stock compensation expense related to FAS123R compared to approximately $1,167,000 or $0.09 per basic and diluted share, in 2007.
Adjusted operating loss was $14.6 million or $1.00 per basic and diluted share for the full year 2008 compared to an adjusted operating loss of $8.6 million or $0.70 per basic and diluted share for the full year 2007.

 


The following information was filed by Creative Realities, Inc. (CREX) on Tuesday, February 17, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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