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Today, Thursday, November 6, 2014 at 4:30 p.m. EDT
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Wave Reports Q3 Net Revenues of $4.3M
Lee, MANovember 6, 2014Wave Systems Corp. (NASDAQ: WAVX), an enterprise security software provider, today reported third quarter (Q3 14) results for the period ended September 30, 2014. Wave will host a live webcast http://www.wave.com/resource-center/webcasts and conference call (212-231-2902) today at 4:30 p.m. ET to review its Q3 results and progress to date in 2014.
Q3 Financial Highlights
· Waves total net revenues for Q3 14 declined to $4.3 million versus $6.3 million in Q3 13 and $4.4 million in Q2 14. The decline in total net revenues from Q313 included a decrease in licensing and maintenance net revenues of $1.8 million consisting of:
· a $1.4 million decrease in OEM software bundling revenue, resulting primarily from a decline in shipments of Waves solutions under its OEM bundling relationship with Dell and
· a $0.4 million decline in consulting revenue from one of the worlds leading international oil and gas companies.
· The decline in total net revenues from Q214 consisted of:
· a decrease in licensing and maintenance net revenues of $0.4 million, consisting primarily of a quarter-over-quarter decrease in OEM software bundling revenue as described above and
· an increase of $0.3 million in revenue earned during Q3 14 from a service contract with an OEM partner.
· Q3 14 total operating expenses declined to $6.4 million versus $9.1 million in Q3 13. Q2 14 total operating expenses were $8.2 million.
· Waves Q3 14 net loss narrowed to $2.1 million, or ($0.05) per basic share, compared to a net loss of $2.9 million, or ($0.09) per basic share in Q3 13, and a net loss of $3.8 million, or ($0.09) per basic share, in Q2 14.
· Q3 14 total billings declined to $3.4 million versus Q3 13 total billings of $7.1 million. Q2 14 total billings were $3.6 million. The year-over-year decline was due to a $2.2 million decrease in licensing and maintenance billings, the absence of current services billings versus $0.4 million in Q3 13, and a $1.1 million decrease in OEM billings, principally due to a decrease in Dell-related OEM bundling activity.
· Cash and cash equivalents were $4.3 million at September 30, 2014 compared to $2.1 million at December 31, 2013 and $1.8 million at September 30, 2013. Waves total current assets were $6.7 million at September 30, 2014 and total current liabilities were $8.6 million, including $5.0 million in deferred revenue.
The following information was filed by Wave Systems Corp (WAVXQ) on Friday, November 7, 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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