Exhibit 99.1

 

Conference call:

 

Today, Thursday, August 7, 2014 at 4:30 p.m. EDT

Webcast / Replay URL:

 

www.wave.com/news/webcasts

Dial-in numbers:

 

415-226-5357 or 212-231-2920

 

Wave Reports Q2 Net Revenues of $4.4M

 

Lee, MA—August 7, 2014—Wave Systems Corp. (NASDAQ: WAVX), an enterprise security software provider, today reported second quarter (Q2 ‘14) results for the period ended June 30, 2014. Wave will host a live webcast http://www.media-server.com/m/p/qtc3ctqk and conference call (415-226-5357 or 212-231-2920) today at 4:30 p.m. ET to review its Q2 results and progress to date in 2014.

 

Q2 Financial Highlights

 

·                  Wave’s total net revenues for Q2 ’14 declined to $4.4 million versus $6.7 million in Q2 ’13 and $5.3 million in Q1 ’14.  The decline in total net revenues from Q2’13 included a decrease in licensing and maintenance net revenues of $1.7 million — consisting primarily of a $1.2 million decrease in OEM software bundling revenue, resulting from a decline in shipments of Wave’s solutions under its OEM bundling relationship with Dell that has been continuing since Dell began to launch next generation platforms without Wave’s solutions in 2013, and a $0.6 million decline in consulting revenue from one of the world’s leading international oil and gas companies.  Services net revenues also decreased by $0.6 million from Q2 ’13 as a result of a services contract with the United States Department of Defense that was completed during 2013.  The decline in total net revenues from Q1’14 consisted of a decrease in licensing and maintenance net revenues of $0.9 million consisting primarily of a quarter-over-quarter decrease in OEM software bundling revenue as described above.

 

·                  Reflecting management’s ongoing cost reduction initiatives, Q2 ‘14 combined SG&A and R&D expenses declined to $7.9 million versus $9.6 million in Q2 ’13. Excluding a $0.6 million Q2 ’13 credit to R&D related to the completion of an OEM-funded software development agreement, Wave’s Q2 ‘13 SG&A and R&D expenses would have been $10.2 million.  Q1 ’14 SG&A and R&D expenses were $8.3 million, including $0.4 million in severance expense that was non-recurring in Q2 ’14.

 

·                  Wave’s Q2 ‘14 net loss was $3.8 million, or ($0.09) per basic share, compared to a net loss of $3.5 million, or ($0.12) per basic share in Q2 ’13, and a net loss of $3.3 million, or ($0.09) per basic share, in Q1 ‘14.

 

·                  Q2 ‘14 total billings declined to $3.6 million versus Q2 ‘13 total billings of $5.9 million and Q1 ’14 total billings of $4.9 million. The year-over-year decline was due to a $0.6 million decrease in licensing and maintenance billings, the absence of services billings versus $0.6 million in Q2 ’13 and a $1.0 million decrease in OEM billings, principally due to a decrease in Dell-related OEM bundling activity.

 

Working Capital

 

·                  During Q2 ‘14, Wave received net proceeds of $9.1 million through a registered direct placement of common stock and warrants, priced at $1.90 per common share. Following the transaction, Wave’s At-The-Market financing facility was terminated.

 

·                  Reflecting the financing activity, cash and cash equivalents rose to $8.5 million at June 30, 2014 compared to $2.1 million at December 31, 2013 and $0.9 million at June 30, 2013. Wave’s total current assets were $11.0 million at June 30, 2014 and total current liabilities were $10.6 million, including $6.3 million in deferred revenue.

 


The following information was filed by Wave Systems Corp (WAVXQ) on Friday, August 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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