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Wireless Ronin Reports Fourth Quarter and Full Year 2011 Results
MINNEAPOLIS March 8, 2012 Wireless Ronin Technologies, Inc. (NASDAQ: RNIN), is a marketing technologies company with leading expertise in current and emerging digital media solutions, including signage, interactive kiosks, mobile, social media and web, that enable clients to transform how they engage with their customers, reported financial results for the fourth quarter and fiscal year ended December 31, 2011.
Record revenue of $9.3 million in fiscal year 2011 represents an 8% increase year-over-year
Achieved cash burn of $4.8 million, the lowest level since initial public offering in 2006
Third straight year of record gross margin dollars
Rolled out iPad-supported RoninCast® multi-platform sales support and marketing system to 40 sites of a major retailer with more than 390 stores across North America
Successfully completed a capital raise with gross proceeds of $3.3 million
Full Year 2011 Financial Results
Revenue for the full year of 2011 increased 8% to a record $9.3 million from $8.6 million in 2010. The year-over-year revenue increase was primarily attributable to the continued rollout of Chryslers iShowroom-branded tower application into Chrysler and FIAT dealerships.
Recurring revenue for the full year of 2011 increased 23% to a record $1.6 million or 17% of total revenue, as compared to $1.3 million or 15% of total revenue in 2010.
Gross margin for the full year of 2011 was 44%, compared to 47% in 2010. The decline was due primarily to hardware and software sales mix when comparing the two periods.
Net loss for the full year of 2011 totaled $6.7 million or $(0.34) per basic and diluted share, an improvement from a net loss of $7.9 million or $(0.44) per basic and diluted share in 2010. Net loss for the full year of 2011 included $740,000 of non-cash stock compensation expense, compared to $868,000 in 2010.
Non-GAAP operating loss totaled $5.5 million or $(0.28) per basic and diluted share, an improvement compared to a non-GAAP operating loss of $6.3 million or $(0.35) per basic and diluted share in 2010.
At December 31, 2011, the companys net working capital position was $5.0 million, as compared to $3.5 million at September 30, 2011. The increase resulted from the $3.3 million financing closed in December 2011.
Q4 2011 Financial Results
Revenue in the fourth quarter of 2011 decreased 34% sequentially to $1.5 million from $2.3 million in the prior quarter, and decreased 48% from $2.9 million in the same year-ago period. The sequential and year-over-year quarterly decreases were primarily due to the timing of additional orders from Chrysler for the interactive kiosks featuring iShowroom.
The following information was filed by Creative Realities, Inc. (CREX) on Thursday, March 8, 2012 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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