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LiveWire Mobile Announces Financial Results for the Quarter Ended June 30, 2009

LiveWire Mobile, Inc. (Pinksheets: LVWR), a leading provider of managed personalization services for mobile operators and subscribers, today announced financial results for the second quarter ended June 30, 2009:

  • Revenues increased 14% from second quarter of 2008; essentially flat from first quarter ended March 31, 2009
  • Revenues increase driven by 80% year-over year growth in managed services revenue, despite declining cap-ex revenue and handset distribution royalties
  • Gross profit improves to 70% from negative 2% in the second quarter of 2008
  • 85% reduction in year-over-year second quarter loss from continuing operations
  • Cash of $7.3 million as of June 30, 2009
  • Second quarter restructuring plan expected to achieve significant operating expense reduction, adjusted EBITDA profitability and positive cash flow from operations for the second half of 2009
  • Signed agreement with new North American customer for ringback tone managed service during the second quarter of 2009; expected service launch in the fourth quarter of 2009
  • Launched new integrated storefront managed service for an existing customer in August 2009; now delivering ringtones, wallpapers, games and java applications in addition to music downloads and subscriptions

Total revenues from continuing operations for the second quarter of 2009 were $3.7 million, an increase of 14% compared to $3.3 million for the corresponding quarter in 2008 and essentially flat with $3.8 million for the first quarter of 2009.

Gross profit from continuing operations for the second quarter of 2009 was 70%, or $2.6 million, an increase of more than thirty-six times compared to negative 2%, or $(0.1) million, in the second quarter of 2008, and an increase of 32%, from 53%, or $2.0 million for the first quarter of 2009. The improvement in gross profit is primarily attributable to increases in managed services revenues, which have a higher gross profit than cap-ex product and service revenues, as well as cost reductions related to restructuring actions. Gross profit can be impacted by the mix and proportion of cap-ex product and service revenues relative to total revenues.

Adjusted EBITDA from continuing operations (a non-GAAP financial measure) was $(0.7) million, or $(0.01) per share, for the second quarter of 2009, a 91% improvement compared to $(7.3) million, or $(0.16) per share, in the second quarter of 2008, and a 71% improvement compared to $(2.3) million, or $(0.05) per share, for the first quarter of 2009. A complete reconciliation between adjusted EBITDA and operating loss on a GAAP basis is provided in the financial tables at the end of this press release.

Loss from continuing operations for the second quarter of 2009 was $(1.5) million, or $(0.03) per share, an 85% decrease compared to $(10.2) million, or $(0.22) per share, for the second quarter of 2008, and a 41% decrease compared to $(2.6) million, or $(0.06) per share, for the first quarter of 2009.

Net loss for the second quarter of 2009 was $(1.7) million, or $(0.04) per share, a decrease of 79% compared to $(8.2) million, or $(0.18) per share, for the second quarter of 2008, which included a $1.0 million restructuring charge, and a decrease of 40% compared to $(2.9) million, or $(0.06) per share, for the first quarter of 2009. The second quarter of 2009 includes $0.9 million of restructuring charges related to the restructuring plan announced in May 2009. The plan consists primarily of costs associated with a workforce reduction principally at its operations in India, with additional reductions in headcount in Littleton, Massachusetts, Canada and the U.K., and other associated costs. The majority of these workforce reductions were completed by the end of the second quarter of 2009, with the remainder expected to be completed by the end of the year. Restructuring expense in the second quarter of 2009 also includes approximately $(0.5) million related to changes in estimates associated with previously exited facilities.

Cash totaled $7.3 million on June 30, 2009, compared to $11.3 million on March 31, 2009 and $19.3 million on December 31, 2008. The decrease in cash was primarily due to cash used in operations during the quarter and first half of the year, including payments made under restructuring plans, our lease termination agreement and for other exited facilities.

Business Perspective

Joel Hughes, CEO of LiveWire Mobile, said, “We have successfully transitioned the Company into a world-class managed service provider, delivering multiple content services to mobile operators, including our integrated storefront on our Infuse personalization platform. We have demonstrated traction in growing our managed services business, evidenced by our year-over-year growth of 80% in managed service revenues and recent and expected new service launches as previously noted. Additionally, with our second quarter restructuring largely completed, we believe the Company will achieve a significant reduction in operating expenses, adjusted EBITDA profitability and positive cash flow for the second half of 2009.”

Use of Non-GAAP Financial Measures

In addition to reporting its financial results in accordance with generally accepted accounting principles, or GAAP, the Company has also provided in this release adjusted EBITDA from continuing operations which is a non-GAAP financial measure adjusted to exclude certain non-cash and other specified expenses. The Company believes the use of non-GAAP measures in addition to GAAP measures is an additional useful method of evaluating its results of operations. Management uses these non-GAAP financial measures when evaluating the Company's financial results, as well as for internal planning and forecasting purposes. Specifically, the Company has excluded stock-based compensation, amortization of intangible assets, depreciation, restructuring charges, interest income and expense, other income/expense, goodwill impairment and adjustments, and taxes from its non-GAAP financial measures. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the expected results calculated in accordance with GAAP and reconciliations to those expected results should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company may consider whether other significant non-recurring items that arise in the future should also be excluded in calculating the non-GAAP financial measures it uses. Reconciliations between the non-GAAP financial measures on a GAAP basis and a non-GAAP basis are provided herein, as applicable.

About LiveWire Mobile, Inc.

LiveWire Mobile (Pinksheets:LVWR) is a leading provider of managed personalization services for mobile operators and subscribers. LiveWire Mobile’s integrated suite of mobile personalization services includes ringback tones, ringtones, full track downloads, and other applications, as well as, dedicated content and service marketing, integrated storefront management and marketing. LiveWire Mobile makes mobile personalization services easier to use and helps operators drive service usage and adoption. For more information, please visit www.livewiremobile.com.

LiveWire Mobile is a trademark of LiveWire Mobile, Inc.

Statements other than historical facts included or referred to in this Press Release are “forward-looking statements”, including forward-looking statements about the anticipated costs and completion of our second quarter 2009 restructuring plan, our future operating expense reductions, adjusted EBITDA profitability and positive cash flow, the impact of restructuring on our business and operations, including the closing of certain international subsidiaries, growth and market opportunities for our managed services business, customer opportunities and anticipated product and service launches, development initiatives and cash management. These statements are based on management’s expectations as of the date of this document and are subject to uncertainties and changes in circumstances. Actual results may differ materially from these expectations due to risks and uncertainties including, but not limited to, actual expenses of our restructuring plan, delays in completion of our restructuring plan, uncertainties with respect to our ability to achieve operating expense reductions, adjusted EBITDA profitability and positive cash flow, the impact of restructuring on our business and operations, the implementation and market acceptance of our strategy to focus on managed services in North America, uncertainties with respect to our ability to grow our managed service business, the size of our target market, our ability to expand our relationships with existing customers and attract new customers, customer concentration (including with Sprint Nextel Corporation and Ericsson AB), our ability to timely launch our products and services to customers, our ability to execute on our development initiatives, our ability to effectively manage cash (including the release of the entire cash balance in escrow in connection with the sale of the Communications Platforms business to Dialogic Corporation), and other risks. We encourage you to read our Annual Report for the year ended December 31, 2008 for certain additional risk factors. In addition, while management may elect to update forward-looking statements at some point in the future, management specifically disclaims any obligation to do so, even if its estimates change. Any reference to our website in this press release is not intended to incorporate the contents thereof into this press release or any other public announcement.

LIVEWIRE MOBILE, INC.
Condensed Consolidated Balance Sheet
     
 
June 30, December 31,
2009 2008
(Unaudited)
 
(In thousands, except share and per share data)
 
ASSETS
Current assets:
Cash and cash equivalents $ 7,325 $ 19,261
Accounts receivable, net of allowance for doubtful accounts of $49 and $96, respectively 2,644 3,245
Receivables under repurchase agreement - 2,575
Inventories 851 718
Cash in escrow 2,800 3,240
Prepaid expenses and other assets   919     1,771  
Total current assets   14,539     30,810  
 
Property and equipment, net 1,522 1,060
Other assets, net   544     558  
Total assets $ 16,605   $ 32,428  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,556 $ 3,217
Accrued expenses and other liabilities 1,769 3,641
Accrued restructuring, current portion 1,834 4,454
Capital lease obligations, current portion 276 388
Revolving line of credit - 2,610
Deferred revenue   2,391     2,832  
Total current liabilities   7,826     17,142  
 
Accrued restructuring, long term portion 1,244 2,764
Other long term liabilities 740 740
Capital lease obligations, long term portion 257 360
Accrued warranty expense, long term portion   -     -  
Total liabilities   10,067     21,006  
 
Stockholders' equity:
 
Preferred stock, $0.05 par value, 3,000,000 shares authorized at June 30, 2009 and December 31, 2008, respectively, no shares issued and outstanding - -
 
Common stock, $0.01 par value, 125,000,000 shares authorized at June 30, 2009 and December 31, 2008, respectively; 52,991,435 shares issued and 46,010,243 shares outstanding at June 30, 2009 and 52,991,435 shares issued and 45,941,700 shares outstanding at December 31, 2008 530 530
 
Additional paid-in capital 436,458 436,509
Accumulated deficit (405,531 ) (400,971 )
Accumulated other comprehensive loss (4,272 ) (3,797 )
Treasury stock, at cost, 6,981,192 shares at June 30, 2009 and 7,049,735 shares at December 31, 2008 (20,647 ) (20,849 )
   
Total stockholders' equity   6,538     11,422  
$ 16,605   $ 32,428  
 
 
LIVEWIRE MOBILE, INC.
Consolidated Statements of Operations
       
 
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
(Unaudited)
(In thousands, except per share data)
 
Service revenues $ 3,391 $ 2,534 $ 6,573 $ 4,725
Product revenues   307     723     919     3,736  
Total revenues 3,698 3,257 7,492 8,461
 
Total cost of revenues   1,093     3,312     2,862     5,660  
 
Gross profit 2,605 (55 ) 4,630 2,801
70 % -2 % 62 % 33 %
Operating expenses:
Selling, general and administrative 2,146 7,012 4,835 13,935
Research and development 1,372 2,151 3,216 3,757
Restructuring and other related charges 447 1,025 917 1,415
Impairment charges of goodwill   (111 )   -     (111 )   -  
Total operating expenses   3,854     10,188     8,857     19,107  
 
Operating loss (1,249 ) (10,243 ) (4,227 ) (16,306 )
 
Other income (expense), net   46     72     526     (1,941 )
 
Loss from continuing operations before income taxes (1,203 ) (10,171 ) (3,701 ) (18,247 )
Income tax expense   305     31     380     97  
 
Loss from continuing operations (1,508 ) (10,202 ) (4,081 ) (18,344 )
 
 
Income from discontinued operations (net of income
tax provision) (195 ) 2,161 (479 ) 4,225
 
Loss on disposal of discontinued operations (net of
income tax provision)   -     (208 )   -     (367 )
 
Net income (loss) $ (1,703 ) $ (8,249 ) $ (4,560 ) $ (14,486 )
 
Loss from continuing operations per
common share - basic $ (0.03 ) $ (0.22 ) $ (0.09 ) $ (0.41 )
Loss from continuing operations per
common share - diluted $ (0.03 ) $ (0.22 ) $ (0.09 ) $ (0.41 )
       
Net loss per common share - basic $ (0.04 ) $ (0.18 ) $ (0.10 ) $ (0.32 )
Net loss per common share - diluted $ (0.04 ) $ (0.18 ) $ (0.10 ) $ (0.32 )
 
Shares used in net loss per common share - basic   45,974     45,552     45,958     45,079  
Shares used in net loss per common share - diluted   45,974     45,552     45,958     45,079  

 

 
LiveWire Mobile, Inc.
Condensed Consolidated Statements of Cash Flows
       
Six months ended June 30,
2009 2008
(Unaudited)
(In thousands)
Cash flow from operating activities:
Net loss $ (4,560) $ (14,486)
Adjustments to reconcile net (loss) to cash provided by (used in) operating activities:
Depreciation of property and equipment an amort of managed service assets 336 1,336
Accretion of marketable securities - (58)
Amortization of managed service assets - 341
Amortization of other intangibles - 1,569
Stock-based compensation expense 151 2,483
Loss on disposal of property and equipment - 531
Other-than-temporary impairment loss on marketable securities - 1,881
Foreign exchange translation loss (gain) (433) 545
Collection of repurchased accounts receivable over fair value 61 -
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable 601 3,915
Inventories (133) (136)
Prepaid expenses and other assets 1,069 1,011
Accounts payable (1,656) (3,922)
Accrued expenses and other liabilities (1,913) (2,874)
Accrued restructuring (4,140) 675
Deferred revenue (441) (530)
     
Cash (used in) provided by operating activities (11,058) (7,719)
 
 
Cash flow from investing activities:
Purchases of property and equipment, managed service assets and licenses (792) (1,309)
Purchases of marketable securities - (1,340)
Acquisition of business, net of cash acquired - (13,632)
Proceeds from sales of marketable securities - 7,585
Proceeds from maturity of marketable securities - 1,920
Receipt of cash in escrow 440 -
Proceeds from the collection of purchased accounts receivable 2,375 -
     
Cash provided by (used in) investing activities 2,023 (6,776)
 
 
Cash flow from financing activities:
Proceeds from line of credit - 3,987
Payment of capital lease obligations (215) (70)
Repayment of debt (2,610) (533)
Proceeds from issuance of common stock - 250
     
Cash (used in) provided by financing activities (2,825) 3,634
 
Effect of exchange rate changes on cash (76) (61)
     
Net increase (decrease) in cash and cash equivalents (11,936) (10,922)
 
Cash and cash equivalents, beginning of year 19,261 20,179
   
Cash and cash equivalents, end of year $ 7,325 $ 9,257
 
 
LIVEWIRE MOBILE, INC.
Unaudited Reconciliation of Non-GAAP Measures to Comparable GAAP Measures
           
 
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
(Unaudited)
 
(In thousands, except per share data)
 
GAAP operating loss $ (1,249 ) $ (10,243 ) $ (4,227 ) $ (16,306 )
Plus:
Stock-based compensation 94 543 151 2,226
Amortization of identified intangible assets - 1,036 - 1,406
Depreciation 164 342 336 684
Restructuring 447 1,025 917 1,415
Impairment of goodwill   (111 )   -     (111 )   -  
Non-GAAP adjusted EBITDA $ (655 ) $ (7,297 ) $ (2,934 ) $ (10,575 )
 
GAAP operating loss per share: $ (0.03 ) $ (0.22 ) $ (0.09 ) $ (0.36 )
Plus:
Stock-based compensation 0.00 0.01 0.00 0.05
Amortization of identified intangible assets - 0.02 - 0.03
Depreciation 0.01 0.01 0.01 0.02
Restructuring 0.01 0.02 0.02 0.03
Impairment of goodwill   (0.00 )   -     (0.00 )   -  
Non-GAAP adjusted EBITDA $ (0.01 ) $ (0.16 ) $ (0.06 ) $ (0.23 )
 
Shares used in computing basic and diluted non-GAAP adjusted EBITDA per share   45,974     45,552     45,958     45,079  

NOTES:

1) BASIS OF PRESENTATION

The condensed consolidated balance sheet as of June 30, 2009, the condensed consolidated statements of operations for the three and six month periods ended June 30, 2009 and 2008, and the condensed consolidated statements of cash flows for the six month periods ended June 30, 2009 and 2008 include the unaudited accounts of LiveWire Mobile, Inc. and its wholly owned subsidiaries (collectively, the "Company"). The financial information included herein is unaudited. The condensed consolidated balance sheet at December 31, 2008 has been derived from, but does not include all the disclosures contained in the audited consolidated financial statements for the year ended December 31, 2008.

In the opinion of management, all adjustments which are necessary to present fairly the financial position, results of operations and cash flows for all interim periods presented have been made. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, management evaluates various estimates including those related to the allowance for doubtful accounts and sales returns, write-down of excess and obsolete inventories to the lower of cost or market value, income taxes, restructuring and other related charges, and accounting for acquisitions and dispositions. Management establishes these estimates based on historical experience and various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The operating results for the three and six month periods ended June 30, 2009 and 2008 are not necessarily indicative of the operating results to be expected for the full fiscal year or any future period.

The Company encourages you to read these financial statements in conjunction with its Annual Report for the year ended December 31, 2008.

2) GOODWILL AND INTANGIBLE ASSETS

The Company recorded goodwill and intangible assets as a result of the acquisitions of Groove Mobile, Inc. in March 2008 and Openera Technologies, Inc. in February 2006. On December 31, 2008, the Company recorded an impairment charge for intangible assets and goodwill, which reduced the carrying values of the goodwill and intangible assets to zero. During the three months ended June 30, 2009, the Company received $111,000 in cash previously held in escrow from the Groove Mobile acquisition to settle certain outstanding claims by the Company. The $111,000 is recorded as a reduction to operating expenses in the three months ended June 30, 2009.

3) RESTRUCTURING AND OTHER RELATED CHARGES AND ACCRUALS

In the second quarter of 2009, the Company announced a restructuring plan which consisted primarily of costs associated with a workforce reduction principally at its operations in India, with additional reductions in headcount in Littleton, Massachusetts, Canada and the U.K., and other associated costs. The majority of these workforce reductions were completed by the end of the second quarter of 2009, with the remainder expected to be completed by the end of the year. Net restructuring expense in the second quarter of 2009 includes approximately $0.9 million of restructuring charges related to the restructuring plan announced in May 2009, partially offset by approximately $0.5 million related to changes in estimates associated with previously exited facilities.

In the fourth quarter of 2008, the Company committed to several cost reduction plans focused on streamlining its operations and eliminating certain fixed costs. The Company eliminated 27 employee positions, primarily in its LiveWire Mobile business, to better position it to improve operating margins in response to adverse market conditions experienced by the Company in 2008. In association with the sale of its NMS Communications Platforms business to Dialogic Corporation and in an effort to improve operating margins by eliminating business roles and functions which were not necessary for the go-forward business, the Company eliminated 20 employee positions. During the three months ended March 31, 2009, the Company recorded $0.5 million of additional restructuring charges related to previously eliminated positions, as some of these employees continued to provide service during the first quarter of 2009.

In the second quarter of 2008, the Company recorded a restructuring charge of $1.0 million. Of this amount, $0.4 million related to exited office space located at its former headquarters at 100 Crossing Boulevard in Framingham, Massachusetts. The Company consolidated its use of office space subsequent to the LiveWire Mobile business's relocation of its operations to Littleton, Massachusetts in May 2008. The Company also recorded a facility-related restructuring charge of $0.1 million related to consolidation of its French office. In connection with the facility exit activities, the Company wrote down $0.5 million of fixed assets associated with the exited space, primarily consisting of leasehold improvements.

In the first quarter of 2008, in order to reduce operating costs, the Company eliminated nine employee positions in anticipation of synergies associated with the acquisition of Groove Mobile, which resulted in restructuring charges of $0.4 million, consisted entirely of employee severance-related costs. In connection with the acquisition of Groove Mobile, the Company created an exit plan to vacate the Groove Mobile corporate headquarters and relocate employees to the LiveWire Mobile corporate headquarters. The Company recorded a facility exit cost of $0.3 million, which represents the estimated remaining net facility-related costs during the lease term.

4) ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss includes the following for the stated periods:

       
Three Months
Ended
June 30,
Six Months
Ended
June 30,
(In thousands) 2009 2008 2009   2008

 

Net loss $ (1,703 ) $ (8,249 ) $ (4,560) $ (14,486 )
Other comprehensive income (loss) items:
Foreign currency translation adjustment   36    

(113

)

  (477)   369
 
Comprehensive loss $ (1,667 ) $ (8,362 ) $ (5,037) $ (14,117 )

The Company maintains intercompany receivable and payable balances existing between the Company’s worldwide subsidiaries. During the quarter ended June 30, 2009, the Company determined that it is unlikely that settlement of these intercompany balances will occur in the foreseeable future. In accordance with Financial Accounting Standards Board Statement of Financial Accounting Standard No. 52, Foreign Currency Translation, these gains or losses were excluded from the determination of net income and have been reported as a component of accumulated other comprehensive income.

5) INCOME TAXES

The Company conducts business globally and, as a result, the Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions.

On January 1, 2007, the Company adopted FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement 109 ("FIN 48"). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with SFAS No. 109, Accounting for Income Taxes ("SFAS 109"). FIN 48 prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken in or expected to be taken in a tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure and transition. The Company has established a valuation allowance against net deferred tax assets in certain jurisdictions including the United States, because the Company believes that it is more likely than not that the tax assets in those jurisdictions will not be realized prior to their expiration. During the three months ended June 30, 2009, the Company established a full valuation allowance of approximately $135,000 against net deferred tax assets relating to its Indian subsidiary. During the second quarter of 2009, and as part of the restructuring plan described above, operations in India were terminated.

6) DISCONTINUED OPERATIONS

On December 5, 2008, the Company sold its NMS Communications Platforms business and certain assets and liabilities of the NMS Communications Platforms business to Dialogic Corporation. In accordance with the Financial Accounting Standards Board Statement of Financial Accounting Standard No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the operating results of the NMS Communication Platforms business have been reclassified as discontinued operations in the unaudited condensed consolidated statements of operations.

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