Voiceserve, Inc. Reports Full Year and Fourth Quarter
Fiscal 2011 Financial Results
Company delivers 33% year-over-year revenue increase
Company schedules conference call to provide progress update
LONDON, ENGLAND – July 5, 2011 – Voiceserve, Inc. (OTC BB: VSRV), a low-cost, next-generation Internet Telephony software and service provider, today reported financial results for its full year and fourth quarter fiscal year ended March 31, 2011. Fiscal year 2011 caps off a highly productive year for the Company during which it enhanced its management team and Board of Directors, completed a private placement of its common stock, increased its sales, marketing and engineering staffs, and completed the build-out of its VoIP software platform to include mobile dialers for the broad range of smart phones including Blackberry, Symbian, Windows, Android and Iphone/Ipad. The Android and iPhone/iPad units include the advanced features consisting of video conferencing and group instant messaging. In addition the company launched its video-on-demand (VOD) module which can be linked to the latest tablets and smart phones. Voiceserve has now completed its shift from a development stage entity to a growth stage company in full commercialization mode.
Voiceserve reported revenue for fiscal 2011 of $4.4 million, an increase of approximately 33 percent compared to $3.3 million for the prior fiscal year. The Company’s revenue growth reflected increased licensing sales from the successful launch of its Blackberry and Android mobile modules. Voiceserve anticipates revenue growth acceleration during its current fiscal year 2012, as its recently completed, comprehensive VoIP software platform, inclusive of innovative apps for mobile phone and VOD, penetrates the market. The Company reported a net loss of $(772,000) or $(0.02) per basic share for fiscal 2011. This compares to a net loss of $(665,000) or $(0.02) per basic share for fiscal year 2010. Voiceserve expects to achieve profitability in the current fiscal year.
For fiscal 2011, Voiceserve’s gross profit totaled $2.1 million, yielding a gross margin of 48 percent, compared to a gross margin of 65 percent for the prior fiscal year. The year-over-year gross margin decrease was the result of the Company’s decision to expand into new geographic markets, specifically North and Latin America, and the development of video-on-demand technology. The Company expects its gross margin to improve to levels more reflective of a software company in the current fiscal year.
Sales, general and administrative (SG&A) costs in fiscal 2011 were $3.2 million compared to $2.8 million for the previous fiscal year. The increase in SG&A year-over-year reflects increased marketing costs, increased sales and sales-engineer staff, the development of new software applications (especially for mobile phones), and the further development of its video-on-demand offering. Voiceserve intends to continue to closely manage costs, which decreased as a percent of gross revenue by approximately 13 percent, year-over-year.
The following information was filed by Voiceserve Inc (VSRV) on Wednesday, July 6, 2011 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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Ticker: VSRV CIK: 1353505 Form Type:10-K Annual Report Accession Number: 0001213900-11-003539 Submitted to the SEC: Wed Jul 06 2011 12:29:22 PM EST Accepted by the SEC: Wed Jul 06 2011 Period: Thursday, March 31, 2011 Industry: Telephone Communications No Radiotelephone