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Voiceserve Announces Third Quarter Results
NEW YORK and LONDON, Feb 20, 2013 (PR Newswire Europe via COMTEX) --
NEW YORK and LONDON, February 20, 2013 /PRNewswire/ --
Voiceserve, Inc. (OTC.BB: VSRV.OB [http://finance.yahoo.com/q s=vsrv.ob ] - News [http://finance.yahoo.com/q/h s=vsrv.ob ]) today announced financial results for the third quarter of its fiscal year, which ends March 31st, 2013.
For the three and nine months ended December 31, 2012 and 2011 we generated revenues of $815,083, $3,438,522, $1,380,407, and $3,561,921, respectively. The change represents a decrease of $123,399 or 3.5% for the nine months ended December 31, 2012, and $565,324 or 41.0% for the three months ended December 31, 2012. The revenue decrease is attributed to the fact that the company is selling many of its solutions on a recurring based revenue policy, thus offering customers the possibility of a hosted license payable monthly rather than an outright purchase. An additional factor to the reduction of revenues is the release of the latest eRCS dialers which was only completed for both Android and Apple phones at the end of January 2013. Clients that had ordered the standard conventional softphones were waiting to test and see the release of the latest Vippie eRCS dialers.
For the three and nine months ended December 31, 2012 and 2011 the costs of revenues were $809,846, $2,280,431, $707,347, and $1,951,897 respectively. The change represents an increase in cost of revenues of $328,534 or 16.8% for the nine months ended December 31, 2012, and $102,499 or 14.5% for the three months ended December 31, 2012. The cost of revenue increase is attributed to the increase in clients that require servicing. Gross margin averaged 33.7% during the nine months ending December 31, 2012 compared to 45.2% during the nine months ending December 31, 2011, and 0.6% during the three months ending December 31, 2012 compared to 48.8% during the three months ending December 31, 2011. The decrease in gross margins is due to the company's investment in R&D to complete its latest release of the eRCS dialers.
For the three and nine months ended December 31, 2012 and 2011, SG&A expenses were $275,352, $2,915,232, $660,773, and $3,017,852, respectively. The change represents a decrease of $385,421 or 58.3% and $102,620 or 3.4% for the three and nine months ended December 31, 2012, respectively. The decrease in SG&A is largely down to numerous cost savings that the Company has achieved.
Although the results for the quarter were less than expected, management is confident about the next quarter. The underlying customer base remains strong. The company also signed a large contract with a major global carrier; and there were orders in December which totaled in excess of $500,000 that were not recognized by the auditors due to non-payment. Once these invoices materialize the funds will be reflected in the financials.
The Company has appointed HFP Capital to assist raising funds to allow the business to accelerate its growth plans.
The Company released its latest retail feature, the "Vippie" dialer at the ITEXPO in Miami and won the Best Consumer Offering Award at the end of January 2013.
"Through our ability to deliver additional value in VoIP telephony, we believe we are well-positioned to build on our strength. In addition to wholesalers and retailers, we intend to market our VoIP software to small-to-medium size business, hotels, cruise lines, hospitals and schools/universities," commented Mr. Michael Bibelman, CEO of Voiceserve. "Following our launch in January we are currently receiving in excess of 2,000 downloads daily. To accelerate the registration of the Vippie and achieve excessively higher numbers we have signed a Revenue share based contract with a major US calling card operator.
"In February 2013, the company entered into a major agreement with a global carrier to supply the eRCS dialer. The value of the contract is $650,000 for the first 24 months," said Alexander Ellinson, president of Voiceserve Inc.
"We believe that we have laid a foundation for long-term growth by delivering innovative products, creating opportunities for wholesale and retail partners, and offering a comprehensive VoIP software platform with a low cost of ownership for service providers as well as end users. Our focus in fiscal year 2013 is to build on this foundation, and expand our marketing efforts into North, Central and South America and Asia."
If and when these do get paid then they will be recognized.
Voiceserve's latest "Vippie" dialer won the Best Consumer Offering Award at the ITExpo in Miami which was held at the Miami conference Center at the end of January 2013.
About Voiceserve, Inc.
Voiceserve is a software platform provider focusing primarily on delivering affordable, complete, next generation services to Internet Telephony Providers (ITSPs). Products include VoipSwitch, a custom modular all-in-one Voice over Internet Protocol (VoIP) management platform licensing solution for resellers.
For further information please visit http://www.voipswitch.com.
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
CONTACT: Alexander Ellinson, +44-208-136-6000, alex@voipswitch.com
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