EXHIBIT 99.1


image04162018a03.jpg
Qumu Announces Third Quarter 2018 Results,
Reports Positive Quarterly Net Income and Reiterates Annual Revenue Guidance

Conference Call Wednesday, October 31, 2018 at 10:00 a.m. ET

Minneapolis, MN – October 30, 2018 – Qumu Corporation (NASDAQ: QUMU) today reported financial results for the third quarter ending September 30, 2018 and reiterated with confidence its 2018 full year revenue guidance. The Company reported net income of $2.4 million for the quarter, which included a $6.5 million gain on the previously announced sale of its investment in BriefCam, Ltd. and reflected improved operating efficiencies resulting from ongoing cost reduction initiatives. The Company also strengthened its balance sheet by paying down its long-term debt by 60%, or $6.0 million, while increasing its cash during the quarter by $3.3 million.

"I’m happy to report positive net income which, along with a strengthened balance sheet and steady improvement in our operating expenses, gives us a solid financial footing for growth,” said Vern Hanzlik, Qumu’s President and CEO. "We remain bullish on the business, due to steadily increasing customer opportunities, increased customer retention of over 90%, plus our expanded footprint in 22 customers. This growing commitment from customers, combined with top leadership rankings by industry analysts tells me Qumu’s strategy is exactly on target with the industry’s direction toward global video solutions based on a distributed computing model."

Third quarter 2018 revenue was $5.7 million, compared to $7.6 million in the third quarter 2017, and net income for the third quarter 2018 was $2.4 million, or $0.25 per diluted share, compared to a net loss of $(2.3) million, or $(0.25) per diluted share, in the third quarter 2017. Third quarter adjusted EBITDA, a non-GAAP measure, was $(801,000) for the third quarter 2018, compared to $(857,000) for the third quarter 2017.

For the nine months ended September 30, 2018, revenue was $18.1 million, compared to $20.9 million last year, and net loss was $(3.7) million, or a loss of $(0.39) per diluted share, compared to $(8.5) million, or a loss of $(0.91) per diluted share, last year. For the nine months ended September 30, 2018, adjusted EBITDA was $(3.6) million, compared to adjusted EBITDA of $(3.8) million last year. The year-over-year revenue comparisons were negatively impacted by approximately $153,000 and $577,000 for the three and nine months ended September 30, 2018, respectively, due to the adoption of the new revenue recognition standard (ASC Topic 606).

Other Financial Highlights
Cash and cash equivalents totaled $8.5 million as of September 30, 2018, compared to $7.7 million as of December 31, 2017. During the third quarter, the Company used a portion of the $9.6 million in net proceeds from the sale of BriefCam to pay down its long-term debt by $6.0 million and accrued interest by $463,000, while still ending the third quarter with $8.5 million in cash, compared to $5.2 million in cash at June 30, 2018.
Operating expenses decreased $1.3 million and $2.6 million during the three and nine months ended September 30, 2018, respectively, compared to the 2017 periods, reflecting the impact of the Company's ongoing cost reduction initiatives.
Software license and appliance revenue was $1.0 million and $1.8 million for the three months ended September 30, 2018 and 2017, respectively, and $4.3 million and $4.0 million for the nine months ended September 30, 2018 and 2017, respectively, with the year-to-date increase attributable to both new license sales and expansion of existing customers.
Subscription, maintenance and support revenue was $4.1 million and $5.1 million for the three months ended September 30, 2018 and 2017, respectively, and $12.3 million and $15.1 million for the nine months ended September 30, 2018 and 2017, respectively. The year-over-year revenue comparisons were negatively impacted by approximately $297,000 and $740,000 for the three and nine months ended September 30, 2018, respectively, due to the adoption of the new revenue recognition standard (ASC Topic 606). Additionally, the loss of a large customer which was previously announced as lost in the fourth quarter

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The following information was filed by Qumu Corp (QUMU) on Wednesday, October 31, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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