|By Marketwired .||
|May 15, 2014 08:55 AM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 05/15/14 -- ProntoForms® Corporation (TSX VENTURE: PFM) ("ProntoForms" or "the Company"), a mobile data solutions company, today announced results for its first quarter ended March 31, 2014. All amounts are stated in Canadian dollars unless otherwise noted.
Alvaro Pombo, Chief Executive Officer, ProntoForms, said, "The focus of our business is building a global recurring revenue base and we are pleased with our continued growth in this area. Our recurring revenue was up 8% over the previous quarter and 45% over the first quarter in 2013. At the same time, our professional and other services revenue can fluctuate from quarter to quarter and this caused a slight decrease in total revenue in our first quarter. We continue to see strong interest in professional and other services, particularly from our device vendor and operator partners. We are encouraged by our prospects for growth and we are increasing our investment in customer revenue acquisition and new partner sales opportunities."
Operating Results for the Three Months Ended March 31, 2014
Total revenue for the first quarter of 2014 of $1,360,730 represented an increase of approximately 52.4% over the comparable 2013 first quarter and a slight decrease of 0.4% from the fourth quarter of 2013.
Revenue details are as follows:
Change from -------------------- Three months ended Previous Comparable ----------------------------------- ----------------------------------- December March 31, 31, March 31, 2013 Q4 2013 Q1 2014 2013 2013 Recurring revenue Subscription revenue $ 1,069,923 $ 986,342 $ 735,838 8.5% 45.4% Maintenance 19,412 19,412 17,397 0.0% 11.6% ----------------------------------- 1,089,335 1,005,754 753,235 8.3% 44.6% ----------------------------------- Professional and other services 271,395 360,097 139,778 -24.6% 94.2% ----------------------------------- Total revenue $ 1,360,730 $ 1,365,851 $ 893,013 -0.4% 52.4% ----------------------------------- Other revenue details Operator channel subscription revenue $ 678,486 $ 632,732 $ 491,253 7.2% 38.1%
Recurring revenue of $1,089,335 grew by 8.3% from the fourth quarter of 2013 and by 44.6% from the comparable first quarter of 2013. Within recurring revenue, subscription revenue grew 8.5% from the fourth quarter of 2013 and by 45.4% from the comparable first quarter of 2013. Subscription revenue from operator channels increased 7.2% over the 2013 fourth quarter and by 38% over the comparable 2013 first quarter.
Professional and other services revenue of $271,395 grew by 94.2% from the comparable first quarter of 2013 but decreased by 24.6% from the fourth quarter of 2013. The professional and other services revenue earned in 2013 was much higher towards the end of the year.
The 2014 first quarter professional and other services revenue included approximately $235,000 from large contracts with major operators and mobile device vendors while the Q42013 professional and other services revenue included $280,000 and the Q12013 professional and other services revenue included approximately $128,000 from this same group. Revenue from these larger contracts is recognized as the services are performed and is subject to variability due to the availability of contracts from customers and resources to perform the work.
Loss from operations was reduced to $124,056 for the three months ended March 31, 2014 from $334,227 for the three months ended March 31, 2013 representing an improvement of $210,171 or 63%. The decreased operating loss in the first quarter of 2014 compared to 2013 relates primarily to the achievement of a 52% increase in revenue with only a 21% increase in operating expenses.
The Company had a net loss of $176,645 for the three months ended March 31, 2014 compared to a net loss of $356,453 for the three months ended March 31, 2013 representing a decrease of approximately 50%.
As at March 31, 2014, the Company had cash and cash equivalents of $1,611,149 and net working capital of $1,623,474.
About ProntoForms® and ProntoForms Corporation
ProntoForms is a mobile workflow solution used by over 2,500 business customers to collect, receive and submit data in the field. Available for smartphones and tablets, the ProntoForms solution incorporates a mobile device App, a Web portal to manage teams and data flow, and provides the ability to export or connect data to the back office, popular cloud services or other data destinations. ProntoForms is the Frost & Sullivan winner of the North American Customer Value Leadership Award for Mobile Forms.
ProntoForms Corporation, has a powerful and proprietary patent portfolio, from which the ProntoForms mobile App and Web reporting portal have been developed. The company trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly-owned subsidiary of ProntoForms Corporation. www.prontoforms.com
Certain information in this press release may constitute forward-looking information. For example, statements about the Company's future growth or value are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
There are a number of risk factors that could cause future results to differ materially from those described herein, including but not limited to the following: (i) there can be no assurance that the Company will earn any profits in the future or that profitability, if achieved, will be sustained; (ii) if the Company is not able to achieve profitability, it will require additional equity or debt financing, and there can be no assurances that the Company will be able to obtain additional financial resources on favourable commercial terms or at all; (iii) the Company's quarterly revenues and operating results may fluctuate, which may harm its results of operations; (iv) the loss of business from a major customer, operator or other reseller could reduce the Company's sales and harm its business and prospects; (v) a portion of the Company's sales are through operators and other resellers, and an adverse change in the Company's relationship with any of such operators or other resellers may result in decreased sales; (vi) the market for software as a service is at a relatively early stage of development, and if it does not develop or develops more slowly than expected, the Company's business will be harmed;
(vii) the Company faces competition from other software solution providers, which may reduce its market share or limit the prices it can charge for its software solutions; (viii) a global economic downturn or market volatility may adversely affect our business and/or our ability to complete new financings; (ix) the business of the Company may be harmed if it does not continue to penetrate markets; (x) the success of the business depends on the Company's ability to develop new products and enhance its existing products; (xi) the Company's growth depends in part on the success of its strategic relationships with third parties; (xii) the financial condition of third parties may adversely affect the Company; (xiii) the US dollar may fluctuate significantly compared to the Canadian dollar, causing reduced revenue and cash flow as most of our revenues are received in US dollars while most of our expenses are payable in Canadian dollars; (xiv) subscription services which produce the majority of the Company's revenue are hosted by a third party service for the Company and any interruption in service could harm its results of operations; (xv) the Company may be liable to its customers or third parties if it is unable to collect data or it otherwise loses data; (xvi) the Company may be liable for the handling of personal information; (xvii) intellectual property claims against the Company may be time consuming, costly to defend, and disruptive to the business; (xviii) the Company uses open source software in connection with its products which exposes it to uncertainty and potential liability; (xix) economic uncertainty and downturns in the software market may lead to decreases in the Company's revenue and margins; (xx) any significant changes in the technological paradigm utilized for building or delivering applications in Smartphone devices could harm the Company's business and prospects; and (xxi) if the Company loses any of its key personnel, its operations and business may suffer. Please see "Risk Factors Affecting Future Results" in the Company's annual management discussion and analysis dated March 12, 2014 found at www.sedar.com for a more complete discussion of these and other risks. Readers are cautioned not to place undue reliance on forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
The pro forma revenue adjustment table and related pro-forma revenue information contained in this press release represent a non-GAAP presentation of financial information. Please refer to the section entitled "Non-GAAP and Additional GAAP Measures" in ProntoForms' Summary Financial Information and Management's Discussion and Analysis of Results of Operations and Financial Condition for the first quarter of 2014 for more information about the purpose of using this non-GAAP financial measure and its limitations.
Chief Executive Officer
613.599.8288 ext. 1111
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 24, 2016 05:00 PM EDT Reads: 1,826
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 24, 2016 04:45 PM EDT Reads: 978
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 24, 2016 04:30 PM EDT Reads: 873
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 24, 2016 04:00 PM EDT Reads: 1,671
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
May. 24, 2016 04:00 PM EDT Reads: 2,340
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 24, 2016 03:45 PM EDT Reads: 578
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 24, 2016 03:30 PM EDT Reads: 901
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 24, 2016 02:15 PM EDT Reads: 2,064
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 24, 2016 02:00 PM EDT Reads: 3,830
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 24, 2016 01:45 PM EDT Reads: 1,350
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 24, 2016 01:45 PM EDT Reads: 2,041
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 24, 2016 01:30 PM EDT Reads: 1,730
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 24, 2016 01:15 PM EDT Reads: 689
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 24, 2016 10:30 AM EDT Reads: 706
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
May. 24, 2016 09:30 AM EDT Reads: 1,673
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
May. 24, 2016 09:00 AM EDT Reads: 1,952
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
May. 24, 2016 08:30 AM EDT Reads: 2,038
SYS-CON Events announced today BZ Media LLC has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and Commercial Drone markets.
May. 24, 2016 06:00 AM EDT Reads: 3,378
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
May. 24, 2016 04:30 AM EDT Reads: 2,395
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
May. 24, 2016 04:00 AM EDT Reads: 3,006