LiveWorld Reports First Quarter Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)--May 16, 2018--LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the first quarter of 2018. The Company’s revenues for the first quarter were approximately $2.4 million, as compared to the $2.4 million for the first quarter in 2017.
The Company had a net loss for the quarter of approximately $132,000, or 5% of total revenues, as compared to the net loss of approximately $320,000, or 13% of total revenues for the first quarter of 2017.
The Company finished the first quarter with approximately $656,000 in cash and cash equivalents, as compared to the approximately $2.3 million at the end of 2017. Accounts receivable was approximately $2.1 million as of March 31, 2018 which was an increase of approximately $1.8 million, or 607% from the accounts receivable balance of approximately $304,000 as of December 31, 2017. This change in the cash and accounts receivable is a result of the renewal process and timing of payments with some clients. The cash position as of May 15, 2018 is approximately $1.9 million.
“In the first quarter of 2018 we cut our operating loss by almost 60% or approximately $188,000,” said David Houston, Chief Financial Officer of LiveWorld. “We feel it is critical we make more strategic investments in our sales, marketing and product development efforts.”
LiveWorld provides enterprise-class software and services for managing customer conversations in social media and messaging apps, on the web and mobile devices. By blending human engagement and automation, we help companies get closer to their customers to bolster relationships, loyalty, and lifetime value. Our clients include Bank of America, Pfizer, Wells Fargo, and Zoetis, among others. Visit www.liveworld.com to learn more or contact us at @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/20180516006365/en/
David Houston, 408-615-8496
Jason Kapler, 917-722-8281
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE TELECOMMUNICATIONS MOBILE/WIRELESS SOCIAL MEDIA COMMUNICATIONS MARKETING
SOURCE: LiveWorld, Inc.
Copyright Business Wire 2018.
PUB: 05/16/2018 04:30 PM/DISC: 05/16/2018 04:30 PM