LiveWorld Reports Third Quarter Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)--Nov 14, 2018--LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the third quarter of 2018. Total revenues were approximately $1.6 million for the third quarter, as compared to the approximately $2.3 million in total revenues reported for the same period in 2017. The Company’s revenues for the nine months ended September 30, 2018 were approximately $5.7 million, as compared to the $7.3 million for the nine months ended September 30, 2017.
The Company reported a net loss for the quarter of approximately $188,000, or 13% of total revenues. This compares to net loss of approximately $418,000, or 18% of total revenues reported for the third quarter of 2017. The Company had a net loss for the nine months ended September 30, 2018 of approximately $678,000, or 12% of total revenues, as compared to the net loss of approximately $1.2 million, or 17% of total revenues for the nine months ended September 30, 2017.
The Company finished the third quarter with approximately $1.5 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 one-time restructuring costs.
The reduction in revenue was a result of Walmart ending its relation with the Company in the second quarter of 2018. Walmart represented 45% of revenues for the third quarter of 2017 and 0% for the third quarter of 2018. For the third quarter the Company had revenues of approximately $1.6 million which was a reduction of approximately $762,000 as compared to the $2.3 million for the same period in 2017. The decline in Walmart related revenues was approximately $1 million period over period, and this was offset by increases in revenues from our other clients of approximately $225,000 for the third quarter of 2018.
“We saw our healthcare related revenues grow approximately 36% from the second quarter to the third quarter of 2018,” said David Houston, Chief Financial Officer of LiveWorld. “Additionally, our cost reduction activities decreased our net loss by approximately 48% from a loss of $358,000 for the second quarter to $188,000 for the third quarter of 2018. We anticipate seeing the net loss continue to improve for the rest of 2018.”
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.
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CONTACT: LiveWorld Contacts
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SOURCE: LiveWorld, Inc.
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PUB: 11/14/2018 04:30 PM/DISC: 11/14/2018 04:30 PM