|
NeoMedia Technologies, Inc. Reports Operating Results for the Three Months and Nine Months Ended September 30, 2008
(Marketwire Via Acquire Media NewsEdge) ATLANTA, GA, November 14 / MARKET WIRE/ --
NeoMedia Technologies, Inc. ("we," "us" or
"our") (OTCBB: NEOM) today announced results from operations for the three
months (the "third quarter") and nine months ended September 30, 2008 as
compared to the three months and nine months ended September 30, 2007.
Revenues
Total revenues increased slightly to $330,000 for the three months ended
September 30, 2008 from $287,000 for the three months ended September 30,
2007. Total revenues decreased to $801,000 for the nine months ended
September 30, 2008 from $1,310,000 for the nine months ended September 30,
2007. The decrease for the nine month periods was primarily due to our
focus on development and rollout of products and services to support the
emerging barcode ecosystem that is being defined by bodies such as the OMA,
GSMA and CTIA. We believe this focus will deliver the most value in the
future.
Selling, General & Administrative, and Research & Development Expenses
Total S, G&A and R&D expenses increased slightly to $2,333,000 for the
three months ended September 30, 2008 from $2,149,000 for the three months
ended September 30, 2007. Total S, G&A and R&D decreased to $7,406,000 for
the nine months ended September 30, 2008 from $8,240,000 for the nine
months ended September 30, 2007. The decrease for the nine month periods
were primarily due to significant reductions in professional fees,
partially offset by severance costs for our former officers.
Financing and Other Costs
Net interest and losses in the fair value of our derivative financial
instruments decreased to $7,484,000 for the three months ended September
30, 2008 from $19,200,000 for the three months ended September 30, 2007.
Net interest and losses in the fair value of our derivative financial
instruments decreased to $7,591,000 for the nine months ended September 30,
2008 from $23,988,000 for the nine months ended September 30, 2007. The
decreases for the three and nine month periods were primarily due to
fluctuations in the value of the derivatives and embedded conversion
features in our debentures and convertible preferred stock, related to
changes in our stock price during the reporting periods.
Loss from Continuing Operations
Net loss from Continuing Operations decreased to $9,864,000 for the three
months ended September 30, 2008 from $21,386,000 for the three months ended
September 30, 2007. Net loss from Continuing Operations decreased to
$15,179,000 for the nine months ended September 30, 2008 from $31,929,000
for the nine months ended September 30, 2007. The decreases for the three
and nine month periods were primarily due to decreased costs in our
Financing and Other Costs.
Net Loss
Net loss decreased to $9,833,000 for the three months ended September 30,
2008 from $26,133,000 for the three months ended September 30, 2007. Net
loss decreased to $15,439,000 for the nine months ended September 30, 2008
from $40,229,000 for the nine months ended September 30, 2007. The
decreases for the three and nine month periods were primarily due to
decreased costs in our Financing and Other Costs and decreases in losses
recognized from our discontinued operations.
Financing
As of September 30, 2008 we had cash of $515,000 and our liabilities
exceeded our assets by $85,984,000. Our ability to continue as a going
concern is dependent on many factors but is principally dependent on
continued funding through the Securities Purchase Agreement executed on
July 29, 2008, between ourselves and YA Global Investments, L.P. On
October 28, 2008 we closed the second funding under that agreement and
received additional net proceeds of $2,100,000. We continue to carefully
manage our cash position and expenditures and believe that we have
sufficient cash to continue our operations until the third and final
funding under that agreement in January 2009.
Condensed Operating Data
Three Months ended Nine Months ended
September 30, 2008 September 30, 2008
-------------------------- --------------------------
2008 2007 2008 2007
------------- ----------- ------------- -----------
(amounts in thousands, except share and per share
data)
Revenues 330 287 801 1,310
Cost of sales 377 324 983 1,011
------------- ----------- ------------- -----------
Gross Profit (Loss) (47) (37) (182) 299
Selling, general &
administrative,
and research &
development 2,333 2,149 7,406 8,240
------------- ----------- ------------- -----------
Operating Loss (2,380) (2,186) (7,588) (7,941)
Financing and Other
Costs (7,484) (19,200) (7,591) (23,988)
------------- ----------- ------------- -----------
Loss from
continuing
operations (9,864) (21,386) (15,179) (31,929)
Gain (Loss) from
discontinued
operations 31 (4,747) (260) (8,300)
------------- ----------- ------------- -----------
Net loss (9,833) (26,133) (15,439) (40,229)
Accretion of
dividends on
convertible
preferred stock (398) (428) (1,196) (1,289)
------------- ----------- ------------- -----------
Net loss
attributable to
common shareholders (10,231) (26,561) (16,635) (41,518)
============= =========== ============= ===========
Gain (loss) per
share, basic and
diluted:
Continuing
operations (0.01) (0.02) (0.01) (0.04)
Discontinued
operations 0.00 (0.01) (0.00) (0.01)
------------- ----------- ------------- -----------
Net loss per share,
basic and diluted (0.01) (0.03) (0.01) (0.05)
============= =========== ============= ===========
Weighted average
shares, basic and
diluted 1,236,058,293 927,306,694 1,137,671,871 835,772,746
We will host a conference call to discuss our third quarter operating
results on November 19, 2008. The call will begin at 10:00 AM Eastern Time.
The live dial-in number is USA / Canada (888) 674-0222 or International
(201) 604-0498 and the Program Title: Q4 Shareholder Conference Call. The
call will be available for replay at http://www.neom.com.
About NeoMedia Technologies:
NeoMedia Technologies, Inc. is a world market leader in the field of
optically initiated transactions, applying innovative solutions to combine
the physical and mobile worlds with its patented, leading-edge mobile
Direct-to-Web technology. In order to offer the customer a stable,
high-performance infrastructure for processing optical codes, NeoMedia is
expanding its offerings by adding the award-winning Gavitec technology.
Gavitec AG mobile digit, a member company of NeoMedia Technologies (OTCBB: NEOM), is a leading provider of technical equipment for code reading
systems and software for mobile communications applications. Gavitec AG is
based in Germany and offers standardized and individual solutions for
mobile marketing, mobile couponing, mobile ticketing and mobile payment
systems. For further information, please visit: www.neom.com,
www.neoreader.com and www.mobiledigit.de.
Cautionary Statements for Purposes of the "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act:
This press release contains forward-looking statements within the meaning
of section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. With the exception of historical
information contained herein, the matters discussed in this press release
involve risk and uncertainties. Actual results could differ materially from
those expressed in any forward-looking statement. Information about
potential factors that could affect our business and financial results and
cause actual results to differ materially from those in the forward-looking
statements are included under the captions, "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations," in our Annual Report on Form 10-K for the year ended December
31, 2007 which is on file with the SEC and available at the SEC's website
at http://www.sec.gov/.
Contact
Terry Griffin
NeoMedia Technologies
T: 678.638.0460 x111Email Contact
Copyright ? 2008 Marketwire
[ Back To TMCnet.com's Homepage ]
|
INDUSTRIES
Activate Email 
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO East, January 20-22, 2010. Miami, FL.
