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Mattersight Announces Third Quarter 2012 Results

CHICAGO, IL -- (Marketwire) -- 11/07/12 -- Mattersight Corporation (NASDAQ: MATR) today announced financial results for the third quarter ended September 29, 2012.

Mattersight's total services revenue was $8.0 million, including $6.5 million of subscription revenues. The Company realized an "Adjusted Earnings(1)" loss of $2.0 million for the third quarter of 2012. Adjusted Earnings is a non-GAAP measure. For a reconciliation of operating loss to Adjusted Earnings, see the accompanying schedule. Mattersight's net loss was $3.6 million in the third quarter of 2012 and its operating loss from continuing operations(2) was $3.8 million.

Q3 Highlights

  • Grew subscription revenues by 19%, year over year, to $6.5 million
  • Increased total services revenues by 14%, year over year, to $8.0 million
  • Recorded managed services bookings of $8.6 million
  • Ended Q3 with managed services backlog(3) of $96.8 million
  • Increased Gross Margin by 200 bps sequentially
  • Signed one new pilot with a new logo in the P&C industry

Q4 Guidance

Mattersight currently expects its total services revenues will increase sequentially by 4%-6% in the fourth quarter of 2012.

Conference Call Information

Mattersight management will host a conference call at 5:00 p.m. ET on Wednesday, November 7, 2012. The conference call and slide presentation will be available at the Investment Community section of Mattersight's website at http://www.mattersight.com/investment/. To listen to the conference call via telephone, please call 800.952.4789 (domestic) or 404.665.9579 (international), conference ID: 57090694.

For those who cannot access the live broadcast, a replay of the conference call will be available beginning approximately two hours after the live call is completed until December 7, 2012, by dialing 855.859.2056 (domestic) or 404.537.3406 (international), conference ID: 57090694.

Safe Harbor for Forward-Looking Statements

Statements in this press release that are not historical facts are "forward-looking statements" that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, which may be identified by use of words such as "plan," "may," "might," "believe," "expect," "intend," "could," "would," "should," and other words and terms of similar meaning, involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition to other factors and matters contained or incorporated in this document, important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements include, among other things, the risks detailed from time to time in Mattersight's SEC filings. You can locate these filings on the Investor Relations page of Mattersight's website, www.mattersight.com. Statements included or incorporated by reference into this press release are based upon information known to Mattersight as of the date of this press release, and the company assumes no obligation to publicly revise or update any forward-looking statement for any reason.

About Mattersight

Mattersight is a leader in enterprise analytics focused on customer and employee interactions and behaviors. Mattersight's Behavioral Analytics service captures and analyzes customer and employee interactions, employee desktop data, and other contextual information to improve operational performance and predict future customer and employee outcomes. Mattersight's analytics are based on millions of proprietary algorithms and the application of unique behavioral models. The company's SaaS+ delivery model combines analytics in the cloud with deep customer partnerships to drive significant business value. Mattersight's applications are used by leading companies in Healthcare, Insurance, Financial Services, Telecommunications, Cable, Utilities, Education, Hospitality, and Government. See What Matters™ by visiting www.Mattersight.com.

1. Mattersight presents Adjusted Earnings, a non-GAAP measure that represents cash earnings performance, excluding the impact of non-cash expenses and expense reduction activities, because management believes that Adjusted Earnings provide investors with a better understanding of the results of Mattersight's operations. Management believes that Adjusted Earnings reflect Mattersight's resources available to invest in its business and strengthen its balance sheet. In addition, expense reduction activities can vary significantly between periods on the basis of factors that management does not believe reflect current-period operating performance. Although similar adjustments for expense reduction activities may be recorded in future periods, the size and frequency of these adjustments cannot be predicted. The Adjusted Earnings measure should be considered in addition to, not as a substitute for or superior to, operating income, cash flows or other measures of financial performance prepared in accordance with GAAP.

2. On May 28, 2011, the company divested its Integrated Contact Solutions ("ICS") business unit and "eLoyalty" registered trademark / trade name to a subsidiary of TeleTech Holdings, Inc. As a result of this divestiture, the company has classified the ICS business unit as discontinued operations and the associated results of operations, financial position, and cash flows have been separately recorded as appropriate.

3. Mattersight uses the term "backlog" to reflect the estimated future amount of Managed services revenue related to its Managed services contracts. The value of these contracts is based on anticipated usage volumes over the anticipated contract term. Actual usage volumes may be greater or less than anticipated. In addition, actual contract terms may vary from the anticipated terms because these contracts typically are cancellable without cause based on the client making a substantial early termination payment or forfeiture of prepaid contract amounts. The reported backlog is expected to be recognized as follows: $8.3m in 2012; $27.6m in 2013; $21.3m in 2014; $19.3m in 2015; and $20.3m in 2016 and thereafter.


                           MATTERSIGHT CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
             (Unaudited and in thousands, except per share data)

                                        For the               For the
                                 --------------------  --------------------
                                  Three Months Ended     Nine Months Ended
                                 --------------------  --------------------
                                 Sept. 29,   Oct. 1,   Sept. 29,   Oct. 1,
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Revenue:
  Behavioral Analytics revenue   $   7,682  $   6,742  $  23,795  $  18,997
  Other revenue                        308        291      1,029      1,210
                                 ---------  ---------  ---------  ---------
    Total services revenue           7,990      7,033     24,824     20,207
  Reimbursed expenses                  114         87        314        240
                                 ---------  ---------  ---------  ---------
Total revenue                        8,104      7,120     25,138     20,447
Operating expenses:
  Cost of Behavioral Analytics
   revenue                           2,828      3,029      8,963      8,685
  Cost of other revenue                155        204        546        800
                                 ---------  ---------  ---------  ---------
    Cost of services                 2,983      3,233      9,509      9,485
  Reimbursed expenses                  114         87        314        240
                                 ---------  ---------  ---------  ---------
Total cost of revenue, exclusive
 of depreciation and
 amortization:                       3,097      3,320      9,823      9,725
  Sales, marketing and
   development                       5,940      5,129     16,571     14,759
  General and administrative         1,951      1,984      5,914      7,353
  Severance and related costs           --         54        693       (376)
  Depreciation and amortization        946        899      2,568      2,494
                                 ---------  ---------  ---------  ---------
Total operating expenses            11,934     11,386     35,569     33,955
                                 ---------  ---------  ---------  ---------

Operating loss                      (3,830)    (4,266)   (10,431)   (13,508)
Interest and other (expense)
 income, net                           (88)       103       (303)       181
                                 ---------  ---------  ---------  ---------
Loss from continuing operations
 before income taxes                (3,918)    (4,163)   (10,734)   (13,327)
Income tax (provision) benefit          (9)     1,652        (30)     5,280
                                 ---------  ---------  ---------  ---------
Loss from continuing operations     (3,927)    (2,511)   (10,764)    (8,047)
Income (loss) from discontinued
 operations, net of tax                332       (477)       228     27,710
                                 ---------  ---------  ---------  ---------
Net (loss) income                   (3,595)    (2,988)   (10,536)    19,663
Series B Stock fair value over
 stated value                           --         --        (69)        --
Dividends related to Series B
 Stock                                (147)      (316)      (444)      (950)
                                 ---------  ---------  ---------  ---------
Net (loss) income available to
 Common Stock holders            $  (3,742) $  (3,304) $ (11,049) $  18,713
                                 =========  =========  =========  =========

Per share of Common Stock:
Basic loss from continuing
 operations                      $   (0.25) $   (0.20) $   (0.71) $   (0.64)
                                 =========  =========  =========  =========
Basic income (loss) from
 discontinued operations         $    0.02  $   (0.03) $    0.01  $    1.96
                                 =========  =========  =========  =========
Basic net (loss) income
 available to Common Stock
 holders                         $   (0.23) $   (0.23) $   (0.69) $    1.33
                                 =========  =========  =========  =========
Per share of Common Stock:
Diluted loss from continuing
 operations                      $   (0.25) $   (0.20) $   (0.71) $   (0.64)
                                 =========  =========  =========  =========
Diluted income (loss) from
 discontinued operations         $    0.02  $   (0.03) $    0.01  $    1.96
                                 =========  =========  =========  =========
Diluted net (loss) income
 available to Common Stock
 holders                         $   (0.23) $   (0.23) $   (0.69) $    1.33
                                 =========  =========  =========  =========

Shares used to calculate basic
 net (loss) income per share        16,069     14,297     15,928     14,121
                                 =========  =========  =========  =========
Shares used to calculate diluted
 net (loss) income per share        16,069     14,297     15,928     14,121
                                 =========  =========  =========  =========
Stock-based compensation, primarily restricted stock, is
 included in individual line items above:
  Cost of Behavioral Analytics
   revenue                       $       3  $       3  $      14  $      17
  Sales, marketing and
   development                         524        829      1,778      2,600
  General and administrative           342        438      1,056      1,668
  Severance and related costs           --         --        268         --
  Discontinued operations               --         --        --      1,568


                          MATTERSIGHT CORPORATION
      CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
                        (Unaudited and in thousands)

                                        For the               For the
                                 --------------------  --------------------
                                  Three Months Ended     Nine Months Ended
                                 --------------------  --------------------
                                 Sept. 29,   Oct. 1,   Sept. 29,   Oct. 1,
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Net (loss) income                $  (3,595) $  (2,988) $ (10,536) $  19,663
Other comprehensive loss:
Effect of currency translation          (1)     (224)        (3)      (340)
                                 ---------  ---------  ---------  ---------
Comprehensive net (loss) income  $  (3,596) $  (3,212) $ (10,539) $  19,323
                                 =========  =========  =========  =========


                           MATTERSIGHT CORPORATION
                    CONDENSED CONSOLIDATED BALANCE SHEETS
        (Unaudited and in thousands, except share and per share data)

                                                      September   December
                                                         29,         31,
                                                        2012        2011
                                                     ----------  ----------
                       ASSETS:
Current Assets:
  Cash and cash equivalents                          $   14,461  $   29,408
  Restricted cash                                            --       1,500
  Receivables (net of allowances of $15 and $13)          2,959       2,540
  Prepaid expenses                                        6,075       5,302
  Other current assets                                      759         288
                                                     ----------  ----------
    Total current assets                                 24,254      39,038
Equipment and leasehold improvements, net                 4,807       4,271
Goodwill                                                    972         972
Intangibles, net                                            241         238
Other long-term assets                                    4,292       4,746
                                                     ----------  ----------
    Total assets                                     $   34,566  $   49,265
                                                     ==========  ==========
        LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
  Short-term debt                                    $    3,703  $    3,567
  Accounts payable                                        1,369         812
  Accrued compensation and related costs                  1,220       1,382
  Unearned revenue                                        4,261       9,783
  Other current liabilities                               3,335       3,673
                                                     ----------  ----------
    Total current liabilities                            13,888      19,217
Long-term unearned revenue                                2,514       3,036
Other long-term liabilities                               1,162       1,401
                                                     ----------  ----------
    Total liabilities                                    17,564      23,654
                                                     ----------  ----------

Series B Stock, $0.01 par value; 5,000,000 shares
 authorized and designated; 1,650,875 and 1,670,696
 shares issued and outstanding at September 29, 2012
 and December 31, 2011, respectively, with a
 liquidation preference of $8,566 and $8,819 at
 September 29, 2012 and December 31, 2011,
 respectively                                             8,419       8,521

Stockholders' Equity:
  Preferred stock, $0.01 par value; 35,000,000
   shares authorized; none issued and outstanding            --          --
  Common Stock, $0.01 par value; 50,000,000 shares
   authorized; 18,271,019 and 18,037,552 shares
   issued at September 29, 2012, and at December 31,
   2011, respectively; and 17,015,543 and 16,935,204
   outstanding at September 29, 2012 and December
   31, 2011, respectively                                   183         180
  Additional paid-in capital                            215,589     212,618
  Accumulated deficit                                  (196,315)   (185,779)
  Treasury stock, at cost, 1,255,476 and 1,102,348
   shares at September 29, 2012 and December 31,
   2011, respectively                                    (6,833)     (5,891)
  Accumulated other comprehensive loss                   (4,041)     (4,038)
                                                     ----------  ----------
    Total stockholders' equity                            8,583      17,090
                                                     ----------  ----------
    Total liabilities and stockholders' equity       $   34,566  $   49,265
                                                     ==========  ==========


                           MATTERSIGHT CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                        (Unaudited and in thousands)

                                                        For the Nine Months
                                                               Ended
                                                       --------------------
                                                       Sept. 29,    Oct 1,
                                                          2012       2011
                                                       ---------  ---------
Cash Flows from Operating Activities:
  Net (loss) income                                    $ (10,536) $  19,663
  Less: net income from discontinued operations              228     27,710
                                                       ---------  ---------
  Net loss from continuing operations                    (10,764)    (8,047)
  Adjustments to reconcile net loss from continuing
   operations to net cash used in operating
   activities:
    Depreciation and amortization                          2,568      2,494
    Stock-based compensation                               2,848      4,285
    Severance and related costs                              268         --
    Other                                                      2         14
  Changes in assets and liabilities:
    Receivables                                             (421)      (684)
    Prepaid expenses                                        (344)    (2,247)
    Other assets                                            (219)        98
    Accounts payable                                         557        (96)
    Accrued compensation and related costs                  (162)      (130)
    Unearned revenue                                      (6,044)    (2,114)
    Other liabilities                                         86     (5,623)
                                                       ---------  ---------
      Total adjustments                                     (861)    (4,003)
                                                       ---------  ---------
        Net cash used in continuing operations           (11,625)   (12,050)
        Net cash used in discontinued operations            (179)    (5,445)
                                                       ---------  ---------
        Net cash used in operating activities            (11,804)   (17,495)
                                                       ---------  ---------
Cash Flows from Investing Activities:
  Capital expenditures and other                          (1,777)      (664)
                                                       ---------  ---------
        Net cash used in continuing investing
         activities                                       (1,777)      (664)
        Net cash provided by discontinued investing
         activities                                           --     35,842
                                                       ---------  ---------
        Net cash (used in) provided by investing
         activities                                       (1,777)    35,178
                                                       ---------  ---------
Cash Flows from Financing Activities:
  Proceeds from line of credit                             3,691         --
  Decrease (increase) in restricted cash                   1,500    (17,457)
  Proceeds from stock compensation and employee stock
   purchase plans, net                                       455         93
  Purchase of shares of Series B Stock                    (3,743)        --
  Principal payments under capital lease obligations      (1,685)    (1,360)
  Acquisition of treasury stock                             (942)      (681)
  Payment of Series B Stock dividends                       (595)    (1,901)
  Fees from issuance of Common Stock                         (49)        --
                                                       ---------  ---------
        Net cash used in continuing financing
         activities                                       (1,368)   (21,306)
        Net cash used in discontinued financing
         activities                                           --       (678)
                                                       ---------  ---------
        Net cash used in financing activities             (1,368)   (21,984)
                                                       ---------  ---------
Effect of exchange rate changes on cash and cash
 equivalents by continuing operations                          2       (298)
Effect of exchange rate changes on cash and cash
 equivalents by discontinued operations                       --       (233)
                                                       ---------  ---------
Effect of exchange rate changes on cash and cash
 equivalents                                                   2       (531)
                                                       ---------  ---------
Decrease in cash and cash equivalents                    (14,947)    (4,832)
Cash and cash equivalents, beginning of period            29,408     20,872
                                                       ---------  ---------
Cash and cash equivalents of continuing operations,
 end of period                                         $  14,461  $  16,040
                                                       =========  =========
Non-Cash Investing and Financing Transactions:
  Capital lease obligations incurred                   $   1,331  $   2,311
  Capital equipment purchased on credit                    1,331      2,311
Supplemental Disclosures of Cash Flow Information:
  Interest paid                                        $     294  $     139


                           MATTERSIGHT CORPORATION
                   CALCULATION OF ADJUSTED EARNINGS MEASURE
                         (Unaudited and in thousands)

                                           For the             For the
                                     ------------------  ------------------
                                     Three Months Ended   Nine Months Ended
                                     ------------------  ------------------
                                       Sept.   Oct. 1,     Sept.   Oct. 1,
                                     29, 2012    2011    29, 2012    2011
                                     --------  --------  --------  --------
GAAP -- Operating loss               $ (3,830) $ (4,266) $(10,431) $(13,508)

Add back (reduce) the effect of:
Stock-based compensation                  869     1,270     2,848     4,285
Severance and related costs                --        54       693      (376)
Depreciation and amortization             946       899     2,568     2,494
                                     --------  --------  --------  --------
Adjusted earnings measure -- (loss)  $ (2,015) $ (2,043) $ (4,322) $ (7,105)
                                     ========  ========  ========  ========

Contact
Mark Iserloth
Vice President and Chief Financial Officer
312.454.3613
ir@mattersight.com

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