LiveWorld Reports Full Year and Fourth Quarter Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)--Feb 6, 2019--LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the fourth quarter of 2018. Total revenues were approximately $2.0 million for the fourth quarter, as compared to the approximately $2.7 million in total revenues reported for the same period in 2017. The Company’s revenues for the twelve months ended December 31, 2018 were approximately $7.7 million, as compared to the $9.9 million for the twelve months ended December 31, 2017.
The Company reported a net income for the quarter of approximately $41,000, or 2% of total revenues. This compares to net loss of approximately $113,000, or 4% of total revenues reported for the fourth quarter of 2017. The Company had a net loss for the twelve months ended December 31, 2018 of approximately $637,000, or 8% of total revenues, as compared to the net loss of approximately $1.3 million, or 13% of total revenues for the twelve months ended December 31, 2017.
“We had a profitable fourth quarter as a result of reducing overall expenses while increasing our revenues in the healthcare market,” said David Houston, Chief Financial Officer of LiveWorld. “When we compare our fourth quarter revenues from 2017 to 2018 we saw an almost 50% increase in healthcare related revenues. We intend to continue our strategy to invest for growth, particularly with our healthcare solutions.”
The Company finished the fourth quarter with approximately $1.2 million in cash and cash equivalents, as compared to the approximately $2.3 million at the end of 2017. This reduction in our cash was a result of operating losses and the timing of our contract renewals for 2019.
The Company’s revenues for 2018 were material impacted by the end of our multi-year Walmart relationship with LiveWorld in the second quarter of the year. Walmart represented approximately $4.7 million in 2017 or 47% of total revenues as compared to the only $1.7M or 22% of total revenues for year ended 2018. This nearly $3.0 million reduction in revenues was offset by growth with other clients by approximately $800,000 for the full year
Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld’s Investor Relations page).
At LiveWorld, we provide conversation management software, consulting, and online agent workforce services. These empower companies to manage conversations in messaging apps and social media to develop deeper relationships with customers. We specialize in handling the speed and scale requirements of brands to engage customers 1-on-1 in real-time and deliver personalized interactions with a human touch. Our conversation-centric software is designed to track and manage dialogue, engage customers, and integrate chatbots and human agents with enterprise systems. Companies are able to quickly solve the scale, security, automation, and multi-social channel challenges associated with marketing and customer service programs. LiveWorld services include strategy, campaign management, content moderation, engagement, customer service, and social analytics. Our team of marketing strategists, conversation specialists, chatbot experts, social data analysts, online agents, and software developers collaborate to deliver marketing and customer service solutions that seamlessly integrate software and human teams. LiveWorld clients include the number one brands in consumer packaged goods, retail, pharmaceutical, and financial-travel services. LiveWorld is headquartered in San Jose, California, with an additional office in New York City. Learn more at www.liveworld.com and @LiveWorld.
“Safe Harbor” Statement Under The Private Securities Litigation Reform Act
This press release may contain forward-looking information concerning LiveWorld plans, objectives, future expectations, forecasts and prospects. These statements may include those regarding LiveWorld’s current or future financial performance including but not limited to lists of clients, revenue and profit, use of cash, investments, relationships and the actual or potential impact of stock option expense, and the results of its product development efforts. Actual results may differ materially from those expressed in the forward- looking statements made as a result of, among other things, final accounting adjustments and results, LiveWorld’s ability to attract new clients and preserve or expand its relationship with existing clients, LiveWorld’s ability to retain and attract high quality employees, including its management staff, the ability to deliver new innovative products in a timely manner, changing accounting treatments, and other risks applicable to the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190206005735/en/
CONTACT: LiveWorld ContactsIR Contact:
(408) 615-8496PR Contact:
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE SOCIAL MEDIA COMMUNICATIONS
SOURCE: LiveWorld, Inc.
Copyright Business Wire 2019.
PUB: 02/06/2019 04:30 PM/DISC: 02/06/2019 04:30 PM