LiveWorld Reports Second Quarter Financial Results
LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the second quarter of 2020. Total revenues were approximately $2.1 million for the second quarter, as compared to the approximately $1.9 million in total revenues reported for the same period in 2019. This was an increase of approximately $208,000 or 11% when compared to the second quarter of 2019. Total revenues for the six months ended June 30, 2020 were approximately $4.0 million, as compared to the $3.6 million for the six months ended June 30, 2019. This was an increase of approximately $401,000 or 11% when compared to the six months ended June 30, 2019. Healthcare related revenues grew 17% when comparing the second quarter of 2020 to 2019, and grew 16% when comparing the six months ended June 30th.
We reported a net income for the quarter of approximately $28,000, or 4% of total revenues. This compares to net loss of approximately $69,000, or 3% of total revenues reported for the second quarter of 2020. The company had a net loss for the six months ended June 30, 2020 of approximately $61,000, or 0% of total revenues, as compared to the net loss for the six months ended June 30, 2019 of approximately $413,000, or 11% of total revenues.
We finished the second quarter with approximately $2.0 million in cash and cash equivalents, as compared to the approximately $730,000 at the end of 2019. We received proceeds from a loan of approximately $1.0 million, while cash from operations was approximately $1.0 million, an increase of approximately $277,000 or 38%.
"In the second quarter we saw overall revenues grow, combined with reduced operating expenses, resulting in a positive income from operations," said David Houston, Chief Financial Officer of LiveWorld. "We anticipate continued improved operating margins for the remainder of 2020, when compared to 2019."
Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld's Investor Relations page).
LiveWorld is a digital agency and software company specializing in social media solutions that help companies build stronger customer relationships. We provide consulting, strategy, and creative along with human agents, conversation management software, and chatbots for digital campaigns and social media programs. Our solutions empower companies to deepen relationships with customers, professionals, patients and healthcare providers with emotion driven behavior change through conversations and campaigns with a human touch. LiveWorld clients include the number one brands in pharmaceuticals, consumer packaged goods, 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.
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