LiveWorld Reports Fourth Quarter Financial Results

SAN JOSE, Calif.--()--LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the fourth quarter of 2016. Total revenues were approximately $2.8 million for the fourth quarter, as compared to the approximately $2.6 million in total revenues reported for the same period in 2015. The Company’s revenues for the twelve months ended December 31, 2016 were approximately $9.7 million, as compared to the $9.9 million for the twelve months ended December 31, 2015.

“In 2016 we launched our Conversation Management Platform and expanded our sales efforts in the healthcare market”

The Company reported a net loss for the quarter of approximately $154,000, or 6% of total revenues. This compares to net income of approximately $239,000, or 9% of total revenues reported for the fourth quarter of 2015. The Company had a net loss for the twelve months ended December 31, 2016 of approximately $1.3 million, or 14% of total revenues, as compared to the net loss of approximately $1.4 million, or 14% of total revenues for the twelve months ended December 31, 2015.

The Company finished the fourth quarter with approximately $2.6 million in cash and cash equivalents, as compared to the approximately $3.5 million at the end of 2015.

“In 2016 we launched our Conversation Management Platform and expanded our sales efforts in the healthcare market,” said David Houston, Chief Financial Officer of LiveWorld. “These initiatives are critical to the future success of LiveWorld as we see clients moving towards messaging apps and chatbots resulting greater opportunities for revenue growth.”

Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld’s Investor Relations page) or at www.otcmarkets.com.

About LiveWorld

At LiveWorld, we provide conversation management software, consulting, and online agent workforce services. These empower companies to manage conversations in messaging apps and social media to develop deeper relationships with customers. We specialize in handling the speed and scale requirements of brands to engage customers 1-on-1 in real-time and deliver personalized interactions with a human touch. Our conversation-centric software is designed to track and manage dialogue, engage customers, and integrate chatbots and human agents with enterprise systems. Companies are able to quickly solve the scale, security, automation, and multi-social channel challenges associated with marketing and customer service programs. LiveWorld services include strategy, campaign management, content moderation, engagement, customer service, and social analytics. Our team of marketing strategists, conversation specialists, chatbot experts, social data analysts, online agents, and software developers collaborate to deliver marketing and customer service solutions that seamlessly integrate software and human teams. LiveWorld clients include the number one brands in consumer packaged goods, retail, pharmaceutical, and financial-travel services. LiveWorld is headquartered in San Jose, California, with an additional office in New York City. Learn more at www.liveworld.com and @LiveWorld.

“Safe Harbor" Statement Under The Private Securities Litigation Reform Act

This press release may contain forward-looking information concerning LiveWorld plans, objectives, future expectations, forecasts and prospects. These statements may include those regarding LiveWorld’s current or future financial performance including but not limited to lists of clients, revenue and profit, use of cash, investments, relationships and the actual or potential impact of stock option expense, and the results of its product development efforts. Actual results may differ materially from those expressed in the forward- looking statements made as a result of, among other things, final accounting adjustments and results, LiveWorld’s ability to attract new clients and preserve or expand its relationship with existing clients, LiveWorld’s ability to retain and attract high quality employees, including its management staff, the ability to deliver new innovative products in a timely manner, changing accounting treatments, and other risks applicable to the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

 
LIVEWORLD, INC.
UNAUDITED CONDENSED BALANCE SHEETS
(In thousands, except share data)
       
December 31, December 31,
2016 2015
ASSETS
Current assets
Cash and cash equivalent $ 2,555 $ 3,538
Accounts receivable, net 726 416
Prepaid expenses   102     107  
Total current assets 3,383 4,061
 
Property and equipment, net 55 38
Other assets   20     17  
Total assets $ 3,458   $ 4,116  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 254 $ 89
Accrued employee expenses 497 474
Other accrued liabilities 71 24
Deferred revenue   438     472  
Total current liabilities   1,260     1,059  
Total liabilities 1,260 1,059
 
Stockholders' equity
Common stock: $0.001 par value, 100,000,000 shares authorized 33,388,545 issued and outstanding as of December 31, 2016 and 2015 respectively 34 34
Additional paid-in capital 142,600 142,200
Accumulated deficit   (140,436 )   (139,177 )
Total stockholders' equity   2,198     3,057  
Total liabilities and stockholders' equity $ 3,458   $ 4,116  
 
 
LIVEWORLD, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
(In thousands, except per share data)
       
Three Months Ended Twelve Months Ended
December 31, December 31,
2016     2015 2016     2015
Total revenues $ 2,769 $ 2,590 $ 9,730 $ 9,862
Cost of revenues   1,080     953     3,862     4,295  
Gross Margin 1,690 1,637 5,867 5,568
Operating Expense
Product development 665 494 2,506 2,571
Sales and marketing 553 373 2,138 1,794
General and administrative   635     540     2,507     2,600  
Total operating expense   1,853     1,407     7,151     6,965  
Income / (loss) from operations   (163 )   230     (1,284 )   (1,398 )
Income / (loss) before tax (163 ) 230 (1,284 ) (1,398 )
Other Income / Expense 10 ---- 22 (27 )
Provision for income taxes   ------     (9 )   1     (2 )
Net income / (loss)   (154 )   239     (1,261 )   (1,423 )
 
Basic income / (loss) per share $ (0.00 ) $ 0.01   $ (0.04 ) $ (0.04 )
Shares used in computing basic loss per share 33,388,545 33,388,545 33,388,545 33,388,545
Diluted net income (loss) per share $ (0.00 ) $ 0.01   $ (0.04 ) $ (0.04 )
Shares used in computing diluted income (loss) per share 33,388,545 33,838,545 33,388,545 33,388,545
 
Departmental allocation of stock-based compensation:
Cost of revenues $ 15 $ 22 $ 69 $ 82
Product development 25 23 103 86
Sales and marketing 5 9 25 62
General and administrative   47     67     203     234  
Total stock-based compensation $ 92   $ 121   $ 400   $ 464  
 
 
LIVEWORLD, INC.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
 
    Three Months Ended     Twelve Months Ended
December 31, December 31,
2016     2015 2016     2015
Cash flows from operating activities:
Net income (loss) $ (154 ) $ 239 $ (1,261 ) $ (1,423 )

Adjustments to reconcile net income (loss) provided by (used in) operating activities:

Depreciation of long-lived assets 10 9 40 75
Stock-based compensation 92 121 400 464
Loss on sale of assets ------ 2 ------ 38
Changes in operating assets and liabilities:
Accounts receivable (342 ) (20 ) (310 ) 119
Other assets 47 28 3 291
Accounts payable (54 ) (143 ) 165 (10 )
Accrued liabilities 10 (31 ) 72 (153 )
Deferred revenue   139     (257 )   (34 )   (242 )
Net cash provided by (used in) operating activities   (252 )   (51 )   (926 )   (841 )
Cash flows from investing activities:
Purchase of property and equipment   (11 )   (3 )   (57 )   (7 )
Net cash provided by (used in) investing activities   (11 )   (3 )   (57 )   (7 )
Cash flows from financing activities:
Proceeds from exercise of stock options   ------     -----     ------     -----  
Net cash provided by (used for) financing activities   ------     -----     ------     -----  
Change in cash and cash equivalent (263 ) (54 ) (983 ) (848 )
Cash and cash equivalents, beginning of period   2,818     3,592     3,538     4,386  
Cash and cash equivalents, end of period $ 2,555   $ 3,538   $ 2,555   $ 3,538  
 
Supplemental disclosure of non-cash financing and investing activities:
Income tax paid $ ------   $ -----   $ 1   $ 2  
 

Contacts

LiveWorld Contacts
IR Contact:
David Houston, 408-615-8496
dhouston@liveworld.com
or
PR Contact:
Jason Kapler, 917-722-8281
jkapler@liveworld.com

Recent Stories

RSS feed for LiveWorld, Inc.

LiveWorld, Inc.