|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
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