MINNEAPOLIS, MN -- (Marketwire) -- 02/26/13 -- Wireless Ronin Technologies, Inc. (NASDAQ: RNIN), a leading digital marketing technologies solutions provider, reported financial results for the fourth quarter and fiscal year ended December 31, 2012.
2012 Financial Highlights
•Revenue was $6.7 million, with the recurring revenue portion increasing 22% to a record $2.0 million •Record gross margin at 55% of total revenue •Achieved lowest level of operating expenses since becoming a public company
2012 Operational Highlights
•Deployed digital marketing solutions for Buffalo Wild Wings, Boston University, Villanova University, Burgerville and ECOtality •Received additional order for content development from company's largest automotive customer •Released RoninCast® software upgrade which extends multi-channel capabilities •Rolled-out iPad-supported interactive sales system for national retailer
Q4 2012 Financial Results
Revenue in the fourth quarter of 2012 increased 5% to $1.6 million from $1.5 million in the same year-ago period.
Recurring revenue in the fourth quarter of 2012 from the company's hosting and support services was $491,000 or 31% of total revenue compared to $422,000 or 28% of total revenue in the same year-ago quarter. The increase was driven by a continued expansion of support services through the company's network operations center.
Gross margin in the fourth quarter of 2012 was $885,000 or 55% of total revenue compared to $446,000 or 29% of total revenue in the same year-ago quarter. The gross margin percentage improvement was due to a higher proportion of marketing technology solutions and services versus hardware sales.
Net loss in the fourth quarter of 2012 totaled $1.2 million or $(0.24) per basic and diluted share, an improvement from a net loss of $1.7 million or $(0.41) per basic and diluted share in Q4 2011. Net loss for the fourth quarter of 2012 included $80,000 of non-cash stock compensation expense versus $48,000 in the fourth quarter of 2011.
Non-GAAP operating loss in the fourth quarter of 2012 totaled $1.0 million or $(0.21) per basic and diluted share, an improvement from a non-GAAP operating loss of $1.5 million or $(0.37) per basic and diluted share in Q4 2011. The company defines non-GAAP operating loss as GAAP operating loss less stock-based compensation expense, depreciation and amortization, and severance expense (see further discussion of this non-GAAP term as well as a reconciliation to GAAP operating loss, below).
Full Year 2012 Financial Results
Revenue in 2012 was $6.7 million compared to $9.3 million in 2011. The decrease was primarily attributable to fewer hardware orders offset by an increase in sales of the company's marketing technology solutions and services.
Recurring revenue in 2012 increased 22% to a record $2.0 million or 30% of total revenue as compared to $1.6 million or 17% of total revenue in 2011. The increase was driven by a continued expansion of support services through the company's network operations center.
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