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iPass Reports Fourth Quarter 2012 Financial Results
[February 13, 2013]

iPass Reports Fourth Quarter 2012 Financial Results

(Marketwire Via Acquire Media NewsEdge) REDWOOD SHORES, CA -- (Marketwire) -- 02/13/13 -- iPass Inc. (NASDAQ: IPAS), the global Wi-Fi roaming leader for enterprises and telecom service providers, today announced financial results for the fourth quarter and year ended December 31, 2012.

"We're encouraged by the solid continued progress we're making on growing the Open Mobile business and are pleased with achieving an important milestone where Open Mobile users now comprise more than 50% of our business," said Evan Kaplan, president and CEO of iPass. "In addition, we continue to experience growth in our smartphone and tablet-driven Wi-Fi network users and early 2013 results show a strong trajectory in OM smartphone and tablet adoption. There's tremendous excitement and momentum in the Wi-Fi market and iPass is uniquely positioned to capitalize on the huge growth in global demand for Wi-Fi roaming." "We were pleased to have grown our Open Mobile revenue in the fourth quarter by approximately 20% over Q3 and continue to see the path to Wi-Fi network revenue growth," said Steven Gatoff, senior vice president and CFO of iPass. "We enter 2013 with a strong user base and solid Open Mobile growth that positions us for revenue growth and overall adjusted EBITDA profitability for the full year 2013." iPass reported revenues of $29.7 million for Q4 2012, compared to $30.8 million in Q3 2012, GAAP net loss of $1.5 million for Q4 2012, compared to a GAAP net loss of $0.8 million for Q3 2012 and Adjusted EBITDA of negative $0.1 million for Q4 2012, compared to positive $0.7 million for Q3 2012.

KEY OPERATING METRICS AND FINANCIAL HIGHLIGHTS iPass continues to focus the business and drive momentum on the growing adoption of the Open Mobile platform and related Wi-Fi network users as the legacy products and usage are replaced or eliminated.


The following key operating metrics speak to the drivers and progress that the company has achieved in Q4 2012 with the Open Mobile business.

Open Mobile (OM) User Growth: Grew Open Mobile Wi-Fi network users as a percentage of total Wi-Fi network users from 36% for the month of September, 2012 to 49% for the month of December, 2012. This caps a year of significant OM Wi-Fi network user growth, and drives toward the important cross-over of OM users outweighing legacy users. OM Wi-Fi network users were 8% of total Wi-Fi network users for the month of December, 2011. Grew Open Mobile platform active monetized users by more than 30% sequentially, to end Q4 with approximately 380,000 users for the month of December, 2012. Continuing its growth, OM represented approximately 60% of the total number of Active monetized platform users for the month of December, 2012. Grew Open Mobile smartphone and tablet Wi-Fi network users as a percentage of total OM Wi-Fi network users from 21% for the month of September, 2012 to 24% for the month of December, 2012. This represents an annual growth of 60% as the company entered 2012 with smartphone and tablet Wi-Fi network users representing less than 15% of total OM Wi-Fi network users.

Mobility Services Revenue Traction: Grew Open Mobile revenue by approximately 20%, to $9.1 million in Q4 2012, representing approximately 43% of total Mobility Services revenue, from 34% in Q3 2012 and 12% in Q4 2011. Grew Open Mobile network revenue by more than 24% or nearly $1 million over Q3 2012. Delivered the seventh sequential quarter of growth in total Open Mobile revenue and Open Mobile Wi-Fi network revenue. OM Wi-Fi network revenue grew by approximately 25% over Q3 2012.

Financial Summary (unaudited; in millions) Q4'12 Q3'12 ---------- ---------- Revenue: Mobility Services: $ 21.2 $ 22.4 Open Mobile (1) 9.1 7.6 Legacy iPC (2) 12.1 14.8 Managed Network Services (MNS) 8.5 8.4 ---------- ---------- Total Revenue $ 29.7 $ 30.8 GAAP Net Loss $ (1.5) $ (0.8) Adjusted EBITDA Income/(Loss)(3) $ (0.1) $ 0.7 Cash and Cash Equivalents $ 26.8 $ 26.5 Shares of Common Stock Outstanding at Period End 61.5 61.3 (1) Open Mobile revenue includes OM network and platform and Open Mobile Exchange.

(2) Legacy iPC revenue includes iPC network and platform, and other revenues.

(3) The definition of Adjusted EBITDA and the reconciliation of Non-GAAP to GAAP financial measures are discussed below.

BUSINESS HIGHLIGHTS Customer Wins and New Technology Alliances Mobility Services: Open Mobile Enterprise (OME) Customers Signed more than 70 total enterprise customers onto Open Mobile during the quarter, including Juniper Networks, Texas Instruments, Grant-Thornton, Wilson Sonsini Goodrich & Rosati, SAP, Hitachi, LGA Telecom, Nissan Chemical Industries, FMC Corporation, Mitsubishi Heavy Industries, Harris Corporation, and Gyrodata. Overall iPass has more than 720 enterprise customers on Open Mobile. Included in customers signed during the quarter, approximately 25 new customer logos, including Daimler, Ericsson Australia, Neopost, and Australian Post. Partnered with SingTel, a leading Asia-Pacific communications provider, to offer Wi-Fi roaming services in Singapore and across Asia using iPass Open Mobile. Partnered with Wireless Analytics, a global Wi-Fi roaming leader for enterprises and telecom service providers, to provide iPass OME services to its enterprise customers located throughout the Northeastern United States. Open Mobile Exchange (OMX) Carrier Customers Added three large and strategic carriers, further expanding iPass' reach in North America and Asia, with a total of 23 carriers signed to date. Managed Network Service (MNS) Launched a strategic alliance with Aerohive Networks, the leader in controller-less Wi-Fi and cloud-enabled enterprise networking. iPass became Aerohive's first managed Wi-Fi service provider and this alliance enables MNS to bundle the Aerohive Wi-Fi technology into a turnkey, fully managed solution for enterprise customers. Selected by Hallmark to provide additional managed network services to more than 2,100 corporate and independent retail locations. Continued growth in the healthcare market with a multi-year contract extension to deliver value-added managed network services to the nation's largest operator of senior living communities, with 600+ facilities in North America. iPass Product Advancements & Innovation Recently delivered major enhancements in version 3.0 of the iPass Open Mobile client for iOS with new features such as automatic background authentication, enhanced network labeling and native iPass network notification on iOS devices, further enriching the user connectivity experience. Recent client developments include new features on iPass' Open Mobile client for Android including auto-connect features, roaming support and faster downloads, and new support for devices running Windows 8 or Windows RT. iPass Global Wi-Fi Network Grew global footprint to more than 1.2 million Wi-Fi hotspots across 124 countries and territories, nearly doubling the iPass global Wi-Fi network since the beginning of 2012. This unique asset includes leading strategic Wi-Fi venues covering more than 90% of the world's top 100 airports and major hotels, convention centers, commercial airlines, restaurants, retail and small business locations with infrastructure that is integrated with 146 leading global Wi-Fi operators. Q1 2013 GUIDANCE Realignment of Legacy Resources iPass today announced its implementation of a plan to re-align its cost structure to focus investments, resources and operating expenses on the company's growing Open Mobile business. The company is shifting spending away from legacy iPC business to OM growth through such initiatives as smartphones and tablets and growing Wi-Fi network coverage and quality to position iPass for long-term growth and scale. As a result of the realignment, iPass expects to reduce its workforce by less than 5% and expects to record in the aggregate, approximately $0.9 million of restructuring charges during the first quarter of 2013.

For the first quarter of 2013 ending March 31, 2013, iPass anticipates total revenue and adjusted EBITDA income (loss) to be in the following ranges: Total Revenue $28 - 32 million Adjusted EBITDA Income / (Loss) (1) $(2.0) - (0.5) million (1) A reconciliation of Adjusted EBITDA income (loss) to GAAP net loss is provided in the attached schedules. The guidance for Adjusted EBITDA income (loss) for the first quarter of 2013 does not include the impact of any foreign exchange gains or losses or restructuring charges.

Today's Conference Call and Webcast InformationiPass will host a live conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time).

The conference call will be accessible by telephone, toll-free at 888-539-3678 or direct dial at 719-457-2648 with a participant confirmation code of 4883512. The conference call will also be available live via webcast on the company's web site at http://investor.ipass.com. The webcast will be available for replay until iPass reports its first quarter 2013 results.

The dial-in number for a telephone replay of the conference call is 888-203-1112 and 719-457-0820 and will be available until March 31, 2013. The confirmation code for the replay is 4883512.

Upcoming Investor ConferencesEvan Kaplan, president and CEO, will be presenting at the 2013 Wedbush Technology, Media and Telecommunication Management Access Conference on March 7, 2013 in New York and will provide an overview of the company's business, growth strategy and financial fundamentals. Evan Kaplan will also be leading the panel discussion at the GSMA Mobile World Congress Conference during the week of February 25, 2013 in Barcelona and Informa Wi-Fi World Summit-North America during the week of April 24, 2013 in Boston and will provide insights on the company's expanding role in the Wi-Fi data roaming space and how the company enables service providers for Wi-Fi roaming. Various members of iPass' management team will also be present during these conferences.

Cautionary Information About Forward-Looking Statements The statements in this press release regarding iPass' expectations and belief that demand for its smartphones and tablet-driven Wi-Fi network users continue to grow, that it is uniquely positioned to capitalize on the huge growth in global demand for Wi-Fi roaming, that it continues to see the path to Wi-Fi network revenue returning to growth, that it is positioned for revenue growth and overall adjusted EBITDA profitability for the full year of 2013, and iPass' projections of its first quarter 2013 financial results under the caption "Q1 2013 Guidance" are forward-looking statements. Actual results may differ materially from the expectations contained in these statements due to a number of risks and uncertainties, including the following: the risk that the "End of Life" of the legacy Mobile Office product may negatively impact customer retention and mobility revenues; the risk that the Open Mobile platform and Open Mobile Exchange will not achieve the market acceptance iPass expects; the risk that iPass customers and partners may not be willing to agree to minimum purchase and resale commitments at the rate iPass expects; the risk of material reductions in iPass customers' existing minimum commitments more than iPass currently expects; the risk that iPass carrier and channel partners do not successfully market iPass services to their customers; the risk that iPass does not accurately predict usage for its Enterprise Flat Rate price plan which could result in iPass expenses exceeding revenues for these plans; the risk that iPass customers do not widely deploy iPass Open Mobile on smartphones, tablets and other mobile handheld devices; the risk that demand for mobility services does not grow as iPass expects; the risk that strong competition in the market for mobility services and managed network services could reduce demand for iPass' services; the risk that iPass fails to address market requirements, evolving standards and technological changes in the mobility services industry, which could reduce demand for iPass' services; and the risk that a meaningful portion of iPass business is international, which subjects iPass business to additional risks such as currency fluctuations. Detailed information about these and other risk factors that could potentially affect iPass' business, financial condition and results of operations are included in iPass' Annual Report on Form 10-K filed with the SEC on March 7, 2012, and available at the SEC's Web site at www.sec.gov and the company's website at http://investor.ipass.com. iPass undertakes no responsibility to update the information in this press release if any forward-looking statement later turns out to be an inaccurate prediction of the actual results.

Information Regarding Non-GAAP Financial Measures This press release also contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). The company considers Adjusted EBITDA as a supplemental measure of the company's performance that is not required by, nor presented in accordance with GAAP.

The company defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization, stock-based compensation expense, restructuring charges, and certain state sales and federal tax charges. The company believes Adjusted EBITDA provides a meaningful comparison between its core operating results, on a consistent basis, over different periods of time. Accordingly, management uses this financial measure for evaluating and making operating decisions and for purposes of comparison with its strategic plan, operating budgets and allocation of resources.

Furthermore, the company believes the use of Adjusted EBITDA is useful to investors: 1) To provide an additional analytical tool for understanding the company's financial performance by excluding the impact of items which may obscure trends in the core operating performance of the business; 2) To provide consistency and enhance investors' ability to compare the company's performance across financial reporting periods; and 3) To facilitate comparisons to the operating results of other companies in the company's industry, which use similar financial measures to supplement their GAAP results.

Adjusted EBITDA should not be considered in isolation, or construed as an alternative to net income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity.

About iPass Inc.iPass helps enterprises and telecom service providers ensure their employees and subscribers stay well connected. Founded in 1996, iPass delivers the world's largest commercial-grade Wi-Fi network and trusted connectivity platform. With more than 1.2 million Wi-Fi hotspots across 124 countries and territories, iPass gives its customers always-on, frictionless connectivity for smartphones, tablets and laptops anywhere in the world -- simply, securely and cost effectively. Additional information is available at www.ipass.com or on Smarter Connections, the iPass blog.

NOTE: iPass® is a registered trademark of iPass Inc. Open Mobile, OME, Open Mobile Express, Open Mobile Exchange and OMX are trademarks of iPass Inc. Wi-Fi® is a registered trademark of the Wi-Fi Alliance. Other company names, logos and product or service names mentioned herein are the trademarks owned by their respective owners.

Selected Financial Results and Key User Metrics Q4 2012 (unaudited; in millions) Q4'12 Q3'12 Q4'11 ---------- ---------- ----------- Revenue: Mobility Services: $ 21.2 $ 22.4 $ 26.5 Open Mobile Enterprise: 8.8 7.4 3.0 Wi-Fi Network 4.0 3.2 0.8 Other Network(1) 1.1 0.9 0.2 Platform 3.5 3.1 1.9 Other 0.2 0.2 0.1 Open Mobile Exchange(2) 0.3 0.2 0.2 Legacy iPC: 12.1 14.8 23.3 Wi-Fi Network 5.2 6.6 12.1 Other Network(1) 4.1 5.2 7.1 Platform 1.8 2.1 3.4 Other 1.0 0.9 0.7 Managed Network Services (MNS) 8.5 8.4 7.9 ---------- ---------- ----------- Total Revenue $ 29.7 $ 30.8 $ 34.4 GAAP Net Income/(Loss) $ (1.5) $ (0.8) $ 0.3 Adjusted EBITDA Income/(Loss)(3) $ (0.1) $ 0.7 $ 1.1 Cash and Cash Equivalents $ 26.8 $ 26.5 $ 25.4 Shares of Common Stock Outstanding at Period End 61.5 61.3 59.1 2012 (unaudited; in millions) 2012 2011 ---------- ---------- Revenue: Mobility Services: $ 92.7 $ 110.8 Open Mobile Enterprise: 26.3 8.2 Wi-Fi Network 11.2 1.4 Other Network(1) 2.8 0.3 Platform 11.6 5.8 Other 0.7 0.7 Open Mobile Exchange(2) 0.8 0.7 Legacy iPC: 65.6 101.9 Wi-Fi Network 31.3 52.8 Other Network(1) 21.9 32.9 Platform 9.8 13.4 Other 2.6 2.8 Managed Network Services (MNS) 33.4 30.0 ---------- ---------- Total Revenue $ 126.1 $ 140.8 GAAP Net Loss $ (4.4) $ (3.0) Adjusted EBITDA Income/(Loss)(3) $ 1.0 $ (0.2) (1) Other Network for OM includes commit shortfall revenue. Other Network for Legacy iPC includes commit shortfall, dial and 3G revenue.

(2) iPass OMX revenue includes both network and platform revenue.

(3) The definition of Adjusted EBITDA is discussed above and the reconciliation of Non-GAAP to GAAP financial measures is presented below.

AVERAGE MONTHLY MONETIZED USERS: Q4'12 Q3'12 Q4'11 ---------- ---------- ---------- Open Mobile Users: (1) Wi-Fi Network Users 35,000 27,000 7,000 Platform Users: Active (2) 355,000 270,000 45,000 Gross (3) 822,000 689,000 207,000 Legacy Users:(1) Wi-Fi Network Users 46,000 54,000 107,000 Other Network Users(4) 28,000 31,000 37,000 Platform Users 286,000 320,000 480,000 Total Users (1) 671,000 629,000 572,000 Total Network Users 109,000 112,000 151,000 Total Platform Users 641,000 590,000 525,000 NETWORK GROSS MARGIN: (5) 45.5% 48.6% 45.1% (1) Average Monthly Monetized Users (AMMU) metric is based on the number of active users of iPass' network and/or platform services across both its legacy iPC offering and new Open Mobile Enterprise offerings. The AMMU number represents the average number of users per month, during the quarter, for which a fee was billed by iPass to a customer for such users. Note that there is some overlap for total users that may be active users of both Network and Platform services in a given month.

(2) Represents the average number of Open Mobile Enterprise ("OME") users in the periods presented who were billed platform fees and who have used or deployed Open Mobile.

(3) Represents the average number of Open Mobile Enterprise users in the periods presented for which Open Mobile platform fees were billed for the period. The difference between Gross and Active Open Mobile platform users is represented by Paying, Undeployed users for which Open Mobile platform fees were billed for the period but that have not yet used Open Mobile or deployed.

(4) Represents users of dial-up and 3G networks.

(5) Network Gross Margin is defined as (Mobility Network Revenue plus MNS Revenue less Network Access Costs) divided by (Mobility Network Revenue plus MNS Revenue).

iPASS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) December 31, December 31, 2012 2011 ------------- ------------- Assets Current assets: Cash and cash equivalents $ 26,822 $ 25,439 Accounts receivable, net of allowance for doubtful accounts of $1,173 and $1,605, respectively 17,260 21,307 Prepaid expenses and other current assets 5,058 5,938 ------------- ------------- Total current assets 49,140 52,684 Property and equipment, net 6,549 4,013 Intangible assets, net - 169 Other assets 4,435 6,239 ------------- ------------- Total assets $ 60,124 $ 63,105 ============= ============= Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 7,496 $ 8,701 Accrued liabilities 8,631 9,502 Deferred revenue, short-term 3,787 3,852 ------------- ------------- Total current liabilities 19,914 22,055 Deferred revenue, long-term 2,834 3,134 Other long-term liabilities 475 469 ------------- ------------- Total liabilities $ 23,223 $ 25,658 ------------- ------------- Stockholders' equity: Common stock 61 59 Additional paid-in capital 213,454 209,624 Accumulated deficit (176,614) (172,236) ------------- ------------- Total stockholders' equity 36,901 37,447 ------------- ------------- Total liabilities and stockholders' equity $ 60,124 $ 63,105 ============= ============= iPASS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited, in thousands, except share and per share data) Three Months Ended Twelve Months Ended December 31, December 31, -------------------------- -------------------------- 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Revenues $ 29,722 $ 34,434 $ 126,078 $ 140,761 Cost of revenues and operating expenses: Network access costs 12,590 15,517 53,640 65,766 Network operations 4,874 5,461 20,806 22,307 Research and development 3,286 3,525 13,733 14,368 Sales and marketing 4,549 4,649 19,530 20,702 General and administrative 5,506 4,889 21,653 20,009 Restructuring charges (benefits) and related adjustments 10 11 26 (151) Amortization of intangible assets - 60 169 239 ----------- ----------- ----------- ----------- Total cost of revenues and operating expenses 30,815 34,112 129,557 143,240 ----------- ----------- ----------- ----------- Operating income (loss) (1,093) 322 (3,479) (2,479) Interest income 8 7 19 112 Foreign exchange gains (losses), net (151) (4) (288) (479) Other income (expenses), net 4 48 12 128 ----------- ----------- ----------- ----------- Profit (loss) before income taxes (1,232) 373 (3,736) (2,718) Provision for income taxes 220 44 642 290 ----------- ----------- ----------- ----------- Net income (loss) $ (1,452) $ 329 $ (4,378) $ (3,008) =========== =========== =========== =========== Comprehensive income (loss) $ (1,452) $ 329 $ (4,378) $ (3,008) =========== =========== =========== =========== Basic and diluted net income (loss) per share $ (0.02) $ 0.01 $ (0.07) $ (0.05) Weighted average number of common shares outstanding - Basic 61,380,329 59,052,633 60,711,317 58,429,005 - Diluted 61,380,329 (1) 59,945,943 60,711,317 (1) 58,429,005 (1) (1) Given the net loss for the period, none of the potentially dilutive securities were included in the calculation of diluted earnings per share since their effect would have been anti-dilutive.

iPASS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three Months Ended Twelve Months Ended December 31, December 31, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- --------- Cash flows from operating activities: Net income (loss) $ (1,452) $ 329 $ (4,378) $ (3,008) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Stock-based compensation 637 377 2,418 1,725 Amortization of intangible assets - 60 169 239 Depreciation and amortization 450 527 2,110 2,259 Loss on disposal of property and equipment - 15 3 102 Deferred income taxes 120 (134) 117 (125) Provision for doubtful accounts 137 (9) (66) 360 Change in sales tax liability estimation - (160) - (555) Changes in operating assets and liabilities: Accounts receivable 1,998 898 4,113 2,367 Prepaid expenses and other current assets 88 428 878 858 Other assets 149 40 718 521 Accounts payable (457) (2,088) (1,138) (5,116) Accrued liabilities (1,175) (1,361) (821) (5,276) Deferred revenue (237) (157) (365) 432 Other liabilities (357) (45) (295) (252) --------- --------- --------- --------- Net cash provided by (used in) operating activities (99) (1,280) 3,463 (5,469) --------- --------- --------- --------- Cash flows from investing activities: Purchases of property and equipment (369) (591) (4,465) (1,845) Change in restricted cash pledged for letter of credit 500 813 971 1,099 --------- --------- --------- --------- Net cash provided by (used in) investing activities 131 222 (3,494) (746) --------- --------- --------- --------- Cash flows from financing activities: Proceeds from issuance of common stock 378 200 1,572 908 Stock repurchase (88) - (158) - --------- --------- --------- --------- Net cash provided by financing activities 290 200 1,414 908 --------- --------- --------- --------- Net increase (decrease) in cash and cash equivalents 322 (858) 1,383 (5,307) Cash and cash equivalents at beginning of period 26,500 26,297 25,439 30,746 --------- --------- --------- --------- Cash and cash equivalents at end of period $ 26,822 $ 25,439 $ 26,822 $ 25,439 ========= ========= ========= ========= Supplemental disclosures of cash flow information: Net cash paid for taxes $ 65 $ 74 $ 375 $ 564 Accrued amounts for acquisition of property and equipment $ 321 $ 388 $ 321 $ 388 iPASS INC.

RECONCILIATION OF NON-GAAP TO GAAP METRICS (Unaudited, in thousands) Twelve Months Three Months Ended Ended ----------------------------- ------------------ December September December December December 31, 30, 31, 31, 31, 2012 2012 2011 2012 2011 -------- --------- -------- -------- -------- I Reconciliation of Adjusted EBITDA Income (Loss) to GAAP Net Income (Loss): Adjusted EBITDA Income (Loss) $ (143) $ 693 $ 1,151 $ 960 $ (196) (a) Interest income 8 4 7 19 112 (b) Income tax expense (220) (275) (44) (642) (290) (c) Depreciation of property and equipment (450) (505) (527) (2,110) (2,259) (d) Amortization of intangible assets - (50) (60) (169) (239) (e) Stock-based compensation (637) (637) (377) (2,418) (1,725) (f) Restructuring (charges) benefit and related adjustments (10) (10) (11) (26) 151 (g) Certain state sales and federal tax items and other discrete items - 9 190 8 1,438 -------- --------- -------- -------- -------- GAAP Net Income (Loss) $ (1,452) $ (771) $ 329 $ (4,378) $ (3,008) -------- --------- -------- -------- -------- Q1 2013 Guidance II Reconciliation of Q1 2013 Adjusted EBITDA Loss to GAAP Net Loss: (Unaudited, in millions) Adjusted EBITDA Loss (1) $ (2.0) $ (0.5) (a) Income tax expense (0.1) (b) Depreciation of property and equipment (0.6) (c) Stock-based compensation (0.8) (d) Restructuring charges (0.9) --------- -------- -------- GAAP Net Loss $ (4.4) $ (2.9) --------- -------- (1) The Q1 2013 Guidance for Adjusted EBITDA loss does not include the impact of any foreign exchange gains or losses or restructuring charges.

Add to Digg Bookmark with del.icio.us Add to Newsvine CONTACT: Investor Relations ir@ipass.com +1 650-232-4110 Source: iPass Inc.

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