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Glowpoint Reports Third Quarter 2012 Results
Company Closes Affinity VideoNet Acquisition and Sees Increased Sales Bookings

MURRAY HILL, N.J., Nov. 8, 2012 /PRNewswire/ -- Glowpoint, Inc. (NYSE MKT: GLOW), a leading global provider of cloud and managed visual communication services, today reported its financial results for the third quarter ended September 30, 2012.

Third quarter revenues for cloud and managed visual communication services ("Managed Services Combined" as reported) were $3.2 million, an increase of 1.3% over the same period last year.  Managed Services Combined represents 49% of total revenues in the quarter, up from 46% in the prior year period. Network services revenues for the quarter were $3.0 million, a decrease of 8.7% over the same period last year. One-time and event-based revenues ("Professional and other services" as reported) were $359,000 for the quarter, compared to $383,000 in the same period last year.

Adjusted EBITDA (as defined and reconciled to GAAP) for the third quarter was $571,000, a decrease of $266,000 over the same period last year. Adjusted EBITDA margin was 8.7% compared to 12.3% in the same period last year. Net loss for the third quarter was $592,000, a decrease of $628,000 in net income over the same period last year, primarily attributed to one time expenses associated with the acquisition of Affinity VideoNet that closed in the beginning of fourth quarter.

"Adjusted EBITDA declined in Q3 as a result of the investments we've made in bringing on new sales resources combined with slower usage revenues," said Joe Laezza, Glowpoint's President and CEO. "We added additional sales resources in Q3, which is beginning to already have a positive impact on sales bookings that will increase growth levels in the coming quarters."

For the nine months ended September 30, 2012, cloud and managed visual communication services revenues ("Managed Services Combined" as reported) were $9.7 million, an increase of 3.9% as compared to the same period last year. Network services revenues for the nine-month period were $9.2 million, a decrease of 9.8% over the same period last year. One-time and event-based revenues ("Professional and other services" as reported) were $1.2 million for the nine-month period, compared to $1.3 million in the same period last year.

Adjusted EBITDA for the nine-month period ended September 30, 2012 was $2.1 million, an increase of $476,000, or 29% over the same period last year. Net loss for the nine months ended September 30, 2012 was $172,000, a decrease in income of $257,000 over the same period last year.

"Sales bookings have increased in the quarter and we expect to begin to see the benefit of this in the Q4 period and heading into the new year. We are still seeing some delays in highly qualified sales opportunities. However, there are positive indications that the buying decision-making process is taking shape to the benefit of Glowpoint and the shift from on-premise deployment of appliance-based devices to cloud consumption of software-based services is accelerating," added Laezza.

"Our operating results in Q3 slowed, although we generated cash from operating activities despite heavy investments associated with sales and the acquisition of Affinity VideoNet," said Tolga Sakman, Glowpoint's CFO and SVP of Corporate Development. "With the positive trends in sales bookings and momentum with the recent acquisition, we believe there is good evidence of strong operating results into the coming periods."

Key business metrics

  • Number of managed telepresence and video conferencing rooms increased 24% to 1,357 as compared with the same period a year ago.
  • Number of managed conferences increased 36% to 58,439 as compared with the same nine-month year to date period a year ago.
  • Number of certified enterprise video systems on OpenVideo® increased 12% to 47,690 as compared with the same period a year ago.
  • Usage on OpenVideo® cloud increased 2% to 13.0 million minutes as compared to the same nine month period a year ago.

"Usage volumes were slower than usual during the summer months this year, although we are seeing a  return to normal levels, and in fact progressively increasing to high growth levels. Our service offerings on the OpenVideo® cloud platform provides self use cloud services and the most diverse set of managed services which allow our customers to migrate from on premise fixed appliance solutions to a more managed and cloud service providing expanded use of video beyond conference rooms to desktops and mobile devices," added Laezza.

For the nine-month period ended September 30, 2012, capital expenditures were $547,000, and as of November 8, 2012 there were 28,795,296 shares of common stock outstanding.

Closed Acquisition of Affinity VideoNet

As previously announced (http://www.glowpoint.com/press-releases/86/glowpoint-completes-acquisition-of-affinity-videonet), the Company completed the acquisition of privately held Affinity VideoNet on October 1, 2012.

The acquisition expands the customer base of Glowpoint while adding the public videoconferencing room business that Affinity is known for. Affinity's customer base in the professional services verticals such as executive search and legal can now take advantage of the expanded cloud and managed services offerings from OpenVideo. Integration activities are on pace and expected to be finalized by Q1 2013.

In addition, Glowpoint has entered into a multi-year global managed video services agreement with Regus (http://www.regus.com), the world's largest provider of flexible workspaces.

"This agreement represents a key component of our differentiating value, since we now deliver the world's largest uniform network of public video conferencing suites as an extension of the OpenVideo® cloud suite of offerings," said Laezza. With Affinity, Regus and our existing partnerships with Tata Communications and Sabre, our customers will have unique access to the broadest network of public video conference and Telepresence suites in the market today."

Teleconference

Glowpoint will host a conference call at 4:30 p.m. EST today to discuss the financial results for Q3 2012. To view the webcast, please visit: http://video.webcasts.com/events/glow001/44576/. To participate in the teleconference, callers may dial the toll free number (877) 407-1869 (U.S. callers only) or (201) 689-8044 (from outside the U.S.). For those unable to view or participate in the live call, a recording of the call will be archived for viewing two hours following the call at www.glowpoint.com/investor-relations.

Supporting Link:

About Glowpoint

Glowpoint, Inc. (NYSE MKT: GLOW) provides cloud and managed video services that make video meetings simple, reliable, and the standard for bringing people together for business meetings. Through our OpenVideo® cloud, we make video meetings the replacement for in person and audio conferencing with our suite of cloud and managed services that permit any device to connect across any network, simply and reliably. Glowpoint supports hundreds of clients located in 68 countries and is the trusted partner for leading unified communications providers, telepresence manufacturers, global carriers and A/V integration firms. In addition, Glowpoint offers access to thousands of public videoconferencing facilities to extend businesses reach and provide the ability to meet face to face across the globe without boundaries. To learn more please visit www.glowpoint.com.

Non-GAAP Financial Information

Adjusted EBITDA is defined as income (loss) from continuing operations before depreciation, amortization, interest expense, interest income, taxes, stock-based compensation, acquisition costs and severance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenues. Adjusted EBITDA is not intended to replace operating income, net income, cash flow or other measures of financial performance reported in accordance with generally accepted accounting principles. Rather, Adjusted EBITDA is an important measure used by management to assess the operating performance of the company. Adjusted EBITDA as defined here may not be comparable to similarly titled measures reported by other companies due to differences in accounting policies. Additionally, Adjusted EBITDA as defined here does not have the same meaning as EBITDA as defined in our Securities and Exchange Commission filings prior to this date. A reconciliation of Adjusted EBITDA to net income from continuing operations is shown below.

Forward looking and cautionary statements

The information in this release may contain statements that are or may be deemed to be forward-looking statements and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. These factors, risks, and uncertainties include market acceptance and availability of new video communications services; the non-exclusive and terminable-at-will nature of sales agreements; rapid technological change affecting demand for our services; competition from other video communication service providers; and the availability of sufficient financial resources to enable us to expand our operations, as well as other risks detailed from time to time in our filings with the Securities and Exchange Commission. We make no representation or warranty that the information contained herein is complete and accurate; we have no duty to correct or update any information.

(Logo: http://photos.prnewswire.com/prnh/20111222/LA26621LOGO)

INVESTOR CONTACT:

Investor Relations

Glowpoint, Inc.

+1 973-855-3411

investorrelations@glowpoint.com

www.glowpoint.com

 

 

GLOWPOINT, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)

(Unaudited)




September 30,


December 31,



2012


2011

ASSETS





Current assets:





     Cash


$       1,650


$           1,818

     Accounts receivable, net of allowance for doubtful accounts of 




          $183 and $147, respectively


2,896


2,520

     Prepaid expenses and other current assets


367


330

          Total current assets


4,913


4,668

Property and equipment, net


4,080


4,738

Other assets


247


59

          Total assets


$       9,240


$           9,465






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:





     Revolving loan facility


$          750


$              750

     Current portion of capital lease


221


177

     Accounts payable


1,361


1,382

     Accrued expenses


569


1,024

     Accrued sales taxes and regulatory fees


538


434

     Customer deposits


164


139

     Net current liabilities of discontinued operations

-


50

     Deferred revenue


153


235

          Total current liabilities


3,756


4,191

Noncurrent liabilities:





     Capital lease, less current portion


261


334

          Total noncurrent liabilities


261


334

          Total liabilities


4,017


4,525






Commitments and contingencies


-


-






Stockholders' equity:





     Preferred stock Series B-1, non-convertible; $.0001 par value

$     10,000


$         10,000

     Preferred stock Series A-2, convertible; $.0001 par value

167


297

     Common stock, $.0001 par value


3


3

     Additional paid-in capital


159,924


159,339

     Accumulated deficit


(164,871)


(164,699)

          Total stockholders' equity


5,223


4,940

          Total liabilities and stockholders' equity


$       9,240


$           9,465

 

 

GLOWPOINT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

and GAAP to Non-GAAP Reconciliation

(In thousands, except per share data)

(Unaudited)




 Nine Months Ended 


 Three Months Ended 



 September 30, 


 September 30, 



2012


2011


2012


2011










Managed Services Combined


$  9,705


$  9,344


$  3,204


$  3,164

Network services


9,168


10,162


2,998


3,282

Professional and other services 


1,234


1,258


359


383

Total revenue


20,107


20,764


6,561


6,829










Network and infrastructure


6,297


7,156


2,076


2,273

Global managed services


5,262


5,671


1,801


1,798

Sales and marketing


2,954


2,627


1,090


803

General and administrative


4,384


4,180


1,732


1,492

Depreciation and amortization


1,301


981


436


408

Total operating expenses


20,198


20,615


7,135


6,774

Income (loss) from operations


(91)


149


(574)


55

Interest/Financing


76


93


18


30

Income (loss) from continuing operations


(167)


56


(592)


25

Income from discontinued operations


-


29


-


11

Income (loss) before provision for income taxes


$   (167)


$       85


$   (592)


$       36










Provision for income taxes


5


-


-


-

Net (loss) income


(172)


85


(592)


36










Net income per share:









          Continuing operations


$  (0.01)


$       -


$  (0.02)


$       -

          Discontinued operations


$         -


$       -


$         -


$       -

     Basic net income per share


$  (0.01)


$       -


$  (0.02)


$       -










          Continuing operations


$  (0.01)


$       -


$  (0.02)


$       -

          Discontinued operations


$         -


$       -


$         -


$       -

     Diluted net income per share


$  (0.01)


$       -


$  (0.02)


$       -










Weighted average number of common shares:









     Basic


24,441


21,590


24,556


23,324

     Diluted


24,441


22,643


24,556


24,396










ADJUSTED EBITDA - GAAP to Non GAAP Reconciliation 

Income (loss) from continuing operations


$   (167)


$       56


$   (592)


$       25










Interest/Financing


76


93


18


30

Depreciation


1,301


981


436


408

Stock-based compensation


448


181


229


34

Severance


-


351


-


340

Acquisition costs


480


-


480


-

Adjusted EBITDA


$  2,138


$  1,662


$     571


$     837

 

 

GLOWPOINT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)










 Nine Months Ended 









 September 30, 









2012


2011

Cash flows from Operating Activities:






Net income





$  (172)


$      85


Adjustments to reconcile net income to net cash provided by (used in)







operating activities:








Depreciation and amortization


1,301


981




Amortization of deferred financing costs


33


46




Bad debt expense


122


44




Loss on disposal of equipment


12


1




Stock-based compensation


448


181




Increase (decrease) attributable to changes in assets









and liabilities:










 Accounts receivable 


(498)


7






 Other current assets 


(37)


(20)






 Other assets 


(22)


(38)






 Accounts payable 


(21)


(744)






 Customer deposits 


25


(92)






 Accrued expenses, sales taxes and regulatory fees 


(352)


(423)






 Deferred revenue 


(82)


24







 Net cash provided by (used in) continuing operating activities 


757


52







 Net cash (used in) provided by discontinuing operating activities 


(50)


65







 Net cash provided by (used in) operating activities 


707


117












Cash flows from Investing Activities:






 Proceeds from sale of equipment 


11


-


 Purchases of property and equipment  


(547)


(793)







 Net cash used in investing activities 


(536)


(793)












Cash flows from Financing Activities:






Proceeds from exercise of stock options


7


-


Principal payments for capital lease


(147)


-


Costs related to debt issuance


(199)


-







 Net cash used in financing activities 


(339)


-












Decrease in cash 



(168)


(676)












Cash at beginning of period


1,818


2,035












Cash at end of period


$ 1,650


$ 1,359

 

SOURCE Glowpoint, Inc.

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