Exhibit 99.1

 

Conference call:

 

Today, March 13, 2014 at 4:30 p.m. ET

Webcast / Replay URL:

 

www.wave.com/news/webcasts

Dial-in numbers:

 

415-226-5356 or 212-231-2907

 

Wave Trims Full Year 2013 Net Loss On Revenues of $24.4M

 

Lee, MA—March 13, 2013—Wave Systems Corp. (NASDAQ: WAVX), an enterprise security software provider, today reported fourth quarter (Q4 ’13) and full-year results for the periods ended December 31, 2013. Wave will host a live webcast http://www.media-server.com/m/p/mdpsrvop and conference call (415-226-5356 or 212-231-2907) today at 4:30 p.m. ET to review its Q4 and full-year results.

 

Q4 Financial Highlights

 

·            Q4 ‘13 net loss declined by $9.3 million to $3.7 million, or ($0.11) per basic share, compared to a net loss of $13.0 million, or ($0.50) per basic share in Q4 ’12, and increased by $0.8 million as compared with a net loss of $2.9 million, or ($0.09) per share, in Q3 ’13. The Q4 ‘13 net loss included a one-time $1.0 million severance accrual related to Wave’s former CEO. Wave’s Q4 ’12 net loss included $7.5 million of goodwill and intangible asset impairment charges. As applicable, the prior period per share amounts have been adjusted for the 1-for-4 reverse stock split of July 1, 2013.

 

·            Q4 ‘13 combined SG&A and R&D expenses declined by 22% to $8.9 million versus Q4 ’12 reflecting ongoing cost management efforts. Excluding the $1.0 million severance liability noted above, Wave’s SG&A and R&D expenses would have decreased by 31% in Q4 ’13 versus the year ago period.

 

·            Q4 ’13 total net revenues decreased 21% to $5.6 million versus Q4 ‘12, primarily due to a $0.6 million reduction in services revenue and a $0.4 million reduction in OEM software bundling revenue. Q4 ’13 total net revenues declined 11% over Q3 ’13 revenues of $6.3 million, which included $0.4 million of services revenue. Wave had no services revenues in Q4 ’13 primarily due to the completion of a government contract.

 

·            Q4 ’13 total billings declined 41% to $5.4 million versus Q4 ’12. Total billings in Q4 ’12 included a three-year maintenance renewal of $1.7 million for a large class customer. Total billings for Q4 ’13 declined 24% versus Q3 ’13 total billings of $7.1 million, which included a total of $0.4 million for additional license purchases and the 2014 maintenance renewal for a large customer.

 

Full Year 2013 Financial Highlights

 

·            2013 net loss declined by $13.7 million to $20.3 million, or ($0.68) per basic share, as compared to a net loss of $34.0 million, or ($1.41) per basic share, in 2012. Wave’s 2013 and 2012 net losses included $4.2 million and $7.5 million, respectively, of goodwill and intangible asset impairment charges. As applicable, the prior period per share amounts have been adjusted for the 1-for-4 reverse stock split of July 1, 2013.

 

·            2013 revenue declined to $24.4 million from $28.8 million in 2012, principally due to a $3.3 million decrease in OEM software bundling revenue.

 

·            2013 total operating expenses decreased 29% to $44.5 million versus $62.6 million in 2012.

 


The following information was filed by Wave Systems Corp (WAVXQ) on Friday, March 14, 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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