Exhibit 99.1
 


Crexendo Reports Fourth Quarter and Year End December 31, 2013 Financial Results
 
PHOENIX, AZ—(Marketwired – Mar 4, 2014)
 - Crexendo, Inc. (NYSE MKT: EXE), a hosted services company that provides hosted telecommunications services, hosted website services, website development software and broadband internet services for businesses and entrepreneurs, today reported financial results for its fourth quarter and year ended December 31, 2013.
 
Crexendo, Inc. (NYSE MKT:EXE), a hosted services company that provides hosted telecommunications services, hosted website services, website development software and broadband internet services for businesses and entrepreneurs, today reported financial results for its fourth quarter and year ended December 31, 2013.
 
Financial highlights for Crexendo’s 2013 fourth quarter
 
Consolidated revenue for the fourth quarter of 2013 decreased 32% to $2.1 million compared to $3.1 million for the fourth quarter of 2012.
 
Net loss for the fourth quarter of 2013 was $(1.8) million or $(0.17) per diluted common share, compared to net loss of $(3.2) million or $(0.30) per diluted common share for the fourth quarter of 2012.
 
Financial highlights for Crexendo’s year ended December 31, 2013
 
Consolidated revenue for the year ended December 31, 2013 decreased 40% to $10.3 million compared to $17.2 million for the year ended December 31, 2012.
 
Net loss for the year ended December 31, 2013 was $(5.0) million or $(0.46) per diluted common share, compared to net loss of $(3.9) million or $(0.37) per diluted common share for the year ended December 31, 2012.
 
As of December 31, 2013, we have cash and cash equivalents, including restricted cash, of $3.6 million compared to $8.9 million at December 31, 2012.  Subsequent to the year ended December 31, 2013, we entered into a sale leaseback transaction with a Company owned by our Chief Executive Officer.  We sold our corporate headquarters’ land, building and fixtures for $2.0 million and entered into a lease agreement with rent payments payable in Crexendo common stock.  The $2.0 million in proceeds from the sale of the building are in addition to the $3.6 million in cash at December 31, 2013.  The $2.0 million in proceeds will be used to fund operations.
 
Cash used for operations for the year ended December 31, 2013 was $(5.4) million compared to $(446,000) for the year ended December 31, 2012.  Cash provided by investing and financing activities for the year ended December 31, 2013 was $1.0 million compared to cash used for investing and financing activities of $(772,000) for the year ended December 31, 2012.
 
Working capital as of December 31, 2013 was $2.8 million compared to $6.3 million as of December 31, 2012.  Working capital excluding deferred revenue as of December 31, 2013 was $4.0 million compared to $9.4 million at December 31, 2012.
 
Segment Results
 
The Company has three operating segments, which consist of Crexendo Network Services, Crexendo Web Services and StoresOnline.  Effective October 1, 2012, the Company changed its reporting segments to reflect the allocation of previously unallocated corporate expenses to each of the three operating segments.  The Company revised its segment reporting to reflect changes in how the Chief Operating Decision Maker (CODM) internally measures performance and allocates resources.  Segment operating results for the prior year has been revised to conform to current year segment operating results presentation.
 

 
 

The following information was filed by Crexendo, Inc. (CXDO) on Tuesday, March 4, 2014 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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