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CallWave Announces Financial Results for Fourth Quarter and Year End of Fiscal 200517 August 2005
CallWave, Inc. (Nasdaq:CALL), a leading provider of VoIP enhanced services, today reported financial results for the fourth quarter and year ended June 30, 2005. Additionally, the company announced that Stephen Cordial, who was named Interim Chief Financial Officer in May, has accepted the role of Chief Financial Officer.
For the fourth quarter of fiscal 2005, CallWave reported total revenue of $11.6 million, an increase of 11% over $10.4 million reported in the fourth quarter of fiscal 2004. Net income for the fourth quarter 2005 was $2.1 million, or $0.10 per diluted share, down from $2.4 million, or $0.14 per diluted share reported in the prior year.
Gross margins for the fourth quarter were 67%, and operating margins were 14%. CallWave generated $2.9 million in cash in its operations and closed the quarter with $56.8 million in cash, cash equivalents and marketable securities. At June 30, 2005, CallWave had 821,000 paid subscribers.
For the fiscal year ended June 30, 2005, CallWave reported total revenue of $45.5 million, an increase of 17% over $38.9 million reported in the fiscal year 2004. Net income for fiscal year 2005 was $11.6 million, compared to $11.5 million in the previous year.
Gross margins for fiscal year 2005 were 71%, compared to 70% in fiscal year 2004. Operating margins were 19% for fiscal year 2005, compared to 28% in fiscal year 2004. For 2005, CallWave generated $7.6 million in cash in its operations.
"The returns from our early mobile initiatives demonstrate that we can maintain a cash flow positive business while shifting our focus toward the emerging opportunity that is being generated by the convergence of fixed and mobile phone services," commented David Hofstatter, President and CEO of CallWave. "CallWave has a deep history and a core competency in delivering seamless roaming between fixed and mobile phones through our unique network independent application platform. We plan to aggressively invest in product and business development to be at the forefront as this market takes off. We will do that in a rational, profitable manner, maximizing cash flow in our core landline market as we grow our mobile subscriber base."
Conference Call Details
The CallWave Fourth Quarter 2005 teleconference and Webcast is scheduled to begin at 5:00 p.m. Eastern Time, on Tuesday, August 16, 2005. To access the live Webcast, please visit the investor relations section of the Company's website http://www.callwave.com at least 30 minutes prior to the scheduled time to download any necessary audio or plug-in software. An audio replay of the call will also be available to investors beginning at 8:00 p.m. ET on August 16, 2005, through August 30, 2005, by dialing (800) 405-2236 and entering the passcode 11035843#.
About CallWave
CallWave (Nasdaq:CALL) is a leader in VoIP enhanced services for the consumer and small business markets. The company provides VoIP application services on a subscription basis that add features and functionality to both the landline and wireless telecommunications services used in homes and small offices. CallWave's proprietary VoIP software allows subscribers to get more out of their existing personal communications networks -- landline, mobile and IP -- by adding software-based call-handling features and by bridging all three networks to help subscribers get their important calls. Founded in 1998, CallWave is headquartered in Santa Barbara, California. For further information, please visit www.callwave.com.
Safe Harbor Statement
Except for the historical statements contained herein, the foregoing release contains forward-looking statements, including statements regarding, among other matters, our future financial performance. These forward-looking statements are subject to risks and uncertainties, and actual results could differ materially due to several factors, including but not limited to the ability to forecast consumer behavior and recognize or respond to emerging trends, changing preferences or competitive factors, the market acceptance of our new products and product enhancements, claims regarding alleged infringement of third parties' intellectual property rights, the ability to maintain or expand our customer and partner relationships and other risks and uncertainties. Please consult the various reports and documents filed by CallWave with the U.S. Securities and Exchange Commission, including but not limited to CallWave's prospectus on Form S-1 for factors potentially affecting the Company's future financial results. All forward-looking statements are made as of the date hereof and CallWave disclaims any responsibility to update or revise any forward-looking statement provided in this news release. The results for the fourth quarter of fiscal 2005 are not necessarily indicative of CallWave's operating results for any future periods.
CallWave is a registered trademark of CallWave, Inc. All other trademarks are the property of their respective holders.
CALLWAVE, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
As of As of
June 30, 2004 June 30, 2005
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,187 $ 16,828
Marketable securities 7,003 39,996
Restricted cash 335 335
Accounts receivable; net of
allowance for doubtful accounts
of $402 and $370 3,690 5,676
Inventory - 454
Prepaid income tax - 113
Other current assets 153 476
------------- -------------
Total current assets 17,368 63,878
Property and equipment, net 1,743 2,024
Deferred tax asset 1,664 2,929
Other assets 853 414
------------- -------------
Total assets $ 21,628 $ 69,245
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,245 $ 802
Accrued payroll 758 1,014
Deferred revenues 2,401 1,587
Income taxes payable 1,158 -
Other current liabilities 543 1,447
------------- -------------
Total current liabilities 6,105 4,850
Commitments and contingencies
Stockholders' equity:
Convertible preferred stock 28,761 -
Common stock 3,998 70,295
Deferred compensation (303) (545)
Accumulated comprehensive income
(loss) - (24)
Accumulated deficit (16,933) (5,331)
------------- -------------
Total stockholders' equity 15,523 64,395
------------- -------------
Total liabilities and stockholders'
equity $ 21,628 $ 69,245
============= =============
CALLWAVE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the Three
Months Ended For the Year Ended
June 30, June 30,
------------------ ------------------
2004 2005 2004 2005
-------- -------- -------- --------
Revenues $10,420 $11,610 $38,886 $45,518
Cost of sales 3,025 3,865 11,673 13,026
-------- -------- -------- --------
Gross profit 7,395 7,745 27,213 32,492
Operating expenses:
Sales and marketing 1,738 1,812 5,987 9,533
Research and development 1,581 1,814 5,294 6,868
General and administrative 1,295 2,474 5,015 7,626
-------- -------- -------- --------
Total operating expenses 4,614 6,100 16,296 24,027
Operating income 2,781 1,645 10,917 8,465
Interest income (expense), net 37 370 93 1,032
-------- -------- -------- --------
Income before income taxes 2,818 2,015 11,010 9,497
Income tax expense (benefit) 381 (49) (505) (2,105)
-------- -------- -------- --------
Net income $ 2,437 $ 2,064 $11,515 $11,602
======== ======== ======== ========
Net income per share:
Basic $ 0.38 $ 0.10 $ 1.96 $ 0.72
Diluted 0.14 0.10 0.73 0.57
Weighted-average common
shares outstanding:
Basic 6,334 19,691 5,886 16,171
Diluted 16,970 21,076 15,674 20,296
CALLWAVE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Year Ended
June 30,
-----------------------
2004 2005
---------- ----------
Cash flows from operating activities:
Net income $ 11,515 $ 11,602
Operating activity adjustments
Depreciation and amortization 758 790
Impairment of long lived assets 30 4
Deferred compensation 620 186
Deferred tax asset (1,664) (1,265)
Bad debt expense 1,146 1,487
Changes in operating assets & liabilities:
Restricted cash (335) -
Accounts receivable, net of bad debt
expense (1,817) (3,472)
Inventory - (454)
Prepaid income tax - (113)
Other assets (730) 116
Accounts payable 340 (444)
Accrued payroll 206 386
Deferred revenue (637) (814)
Income taxes payable 1,158 (1,158)
Accrued other liabilities 324 774
---------- ----------
Net cash provided by operating activities 10,914 7,625
Cash flows from investing activities:
Purchases of marketable securities (7,003) (33,017)
Purchases of property and equipment (767) (1,075)
---------- ----------
Net cash used in investing activities (7,770) (34,092)
---------- ----------
Cash flows from financing activities:
Exercises of stock options and warrants 663 1,883
Proceeds from initial public offering - 37,200
Costs incurred in initial public offering - (1,975)
---------- ----------
Net cash provided by financing activities 663 37,108
---------- ----------
Net increase in cash and cash equivalents 3,807 10,641
Cash and cash equivalents at beginning of the
period 2,380 6,187
---------- ----------
Cash and cash equivalents at end of the period $ 6,187 $ 16,828
========== ==========
Source: Business Wire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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