paul.nowak wrote: Matt, thanks for the comments. I made an error on the version of Plone. It's 2.5 Plone running on Zope 2.9x.
In regards to the additional products, we have a skin installed and we have a product that we had custom developed for us that connects to a PostgreSQL database. We've looked at slow PostgreSQL queries causing problems and have not been able to find an issue. We've also tested for the case where the PostgreSQL server is down and have not been able to create an issue. We therefor...
LiveWorld, Inc. (OTC Pink Sheets:LVWD) today reported $2.7 million in
total revenues for the third quarter of 2008 as compared to $2.8 million
in total revenues reported in the third quarter of 2007. Excluding
revenues from AOL US and AOL UK, revenues for the third quarter of 2008
were $2.7 million as compared to $2.1 million in total revenues for the
third quarter of 2007 representing 24% growth year-over-year.
The company has spent time and resources developing new products over
the last year, and since July 1st of this year has introduced
many of these products including LiveAPI Suite 2.0, LiveEngage Widget
1.0, LiveBar and Community Center 2.0 Enterprise and Pro-Editions.
“We’re pleased with client response to our new products,” said Peter
Friedman, Chairman & CEO of LiveWorld. “To best serve our clients,
employees and shareholders, we follow a strategy of high value
delivery and investment combined with conservative financial management.
The combination of the new products, our leaner cost structure and our
improved delivery model positions us well for 2009.”
LiveWorld’s Adjusted EBITDA for the third quarter of 2008 was a loss of
$352,000, a slight improvement compared to the $360,000 loss for the
third quarter of 2007. LiveWorld defines Adjusted EBITDA as net income
or loss with an add-back for depreciation and amortization, non-cash
stock-based compensation expense, interest income net and income taxes.
Adjusted EBITDA is not a term defined by GAAP and as a result
LiveWorld’s measure of Adjusted EBITDA might not be comparable to
similarly titled measures used by other companies. The company reported
a net loss for the third quarter of 2008 of $602,000 or $(0.02) per
share. These results compare to a net loss of $529,000 or $(0.02) per
share reported in the third quarter of 2007.
The company reduced its use of cash by $431,000 period-over-period. The
use of cash for the third quarter of 2008 was $367,000, a material
improvement to the use of cash of $798,000 for the third quarter of
2007. The company maintained a balance of $1.4 million in cash and cash
equivalents for the period ended September 30, 2008. The company
reported a positive working capital balance of approximately $800,000
for the third quarter of 2008. It is currently anticipated that the
working capital of the company is sufficient to fund operations.
Following its previously announced strategy, the company has taken steps
to reduce its overall expenses and improve its cash flows. “While we
remain positive about our market segment and have a proven business
model, we are also very sober about the current state of the economy and
are taking the necessary actions to adjust to these uncertain times,”
said David Houston, LiveWorld’s Chief Financial Officer. “We are focused
on returning to positive cash flows in the first quarter of 2009 and
have reduced our costs by approximately $1.7 million annually to meet
this goal.”
Fourth Quarter 2008 Business Outlook
The company anticipates an improvement of total revenues for the fourth
quarter of 2008 when compared to the third quarter of 2008 and
relatively the same total revenues when compared to the fourth quarter
of 2007. Additionally, the company believes the steps taken to reduce
overall expenses will reduce its use of cash in operations in the fourth
quarter of 2008, and will result in positive cash flows for the first
quarter of 2009.
LiveWorld is the go-to social media marketing agency for everything
global corporations need to leverage the power of social networks to
build their brands and their business. LiveWorld thinks differently
about how companies can use social networks for customer dialogue and
relationships and is the only company that offers the combination of a
full technology platform, moderation services, community management and
marketing strategy, all in one place. This combination – unique in the
industry – is the reason why more global brands turn to LiveWorld than
any other firm for their ongoing, integrated social media marketing
strategy and implementation.
With 24 years of experience, an extensive applications hosting platform,
and a track record of delivering over 1 million hours of moderation
services, LiveWorld offers its clients a team of experienced community
managers and moderators who oversee activity and user content online.
LiveWorld deploys its services in more than 70 country-language
combinations, and is the trusted partner of leading brands worldwide,
including: A&E Television Networks, The Campbell Soup Company, eBay,
HBO, HSBC, Kraft Foods, LeapFrog, Neutrogena, MINI Cooper USA, TJX, QVC
and many others. For further information visit www.liveworld.com
“Safe Harbor" Statement Under The Private Securities Litigation
Reform Act:
This press release may contain forward-looking information concerning
LiveWorld's 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. For a detailed discussion of these and other risk
factors, please refer to LiveWorld’s Report on Form 10-K dated March 25,
2008. You can obtain a copy of the Form 10-K on either our website or
the SEC Web site (www.sec.gov).
LIVEWORLD, INC.
CONDENSED BALANCE SHEETS
(In thousands, except share data)
Unaudited
September 30,
December 31,
2008
2007
ASSETS
Current assets
Cash and cash equivalent
$
1,395
$
2,020
Accounts receivable, net
1,163
1,394
Prepaid expenses
161
82
Other current assets
----
8
Total current assets
2,719
3,504
Property and equipment, net
688
908
Investment in joint venture
782
817
Other assets
5
5
Total assets
$
4,194
$
5,234
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$
273
$
555
Accrued employee expenses
473
460
Other accrued liabilities
155
130
Current portion of capital lease obligations
174
100
Current portion of note payable
83
----
Deferred revenue
683
727
Total current liabilities
1,841
1,972
Long-term capital lease obligation
193
150
Long-term note payable
15
----
Total liabilities
2,049
2,122
Stockholders' equity
Common stock: $0.001 par value, 100,000,000 shares authorized
30,862,811 issued and outstanding at December 31, 2007 and September
30, 2008, respectively
31
31
Additional paid-in capital
140,208
139,932
Accumulated deficit
(138,094
)
(136,851
)
Total stockholders' equity
2,145
3,112
Total liabilities and stockholders' equity
$
4,194
$
5,234
LIVEWORLD, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2008
2007
2008
2007
Total revenues
$
2,664
$
2,809
$
8,758
$
7,885
Cost of revenues
1,020
1,110
3,158
3,026
Gross Margin
1,644
1,699
5,600
4,859
Operating Expense
Product development
766
713
2,393
1,969
Sales and marketing
715
636
2,058
1,830
General and administrative
681
798
2,100
2,610
Stock based compensation
104
74
276
217
Total operating expense
2,266
2,221
6,827
6,626
Income (loss) from operations
(622
)
(522
)
(1,227
)
(1,767
)
Interest income (expense), net
4
33
24
114
Other income
----
23
----
23
Income (loss) before tax
(618
)
(466
)
(1,203
)
(1,630
)
Provision for income taxes
(1
)
(1
)
(4
)
(19
)
Equity in net loss of unconsolidated affiliate
17
(62
)
(35
)
(141
)
Net income (loss)
(602
)
(529
)
(1,242
)
(1,790
)
Basic net income (loss) per share
$
(0.02
)
$
(0.02
)
$
(0.04
)
$
(0.06
)
Shares used in computing basic income (loss) per share
30,862,811
30,845,811
30,862,811
30,759,336
Departmental allocation of stock-based compensation:
Product development
$
51
$
37
$
137
$
107
Sales and marketing
24
16
63
44
General and administrative
28
21
76
66
Total stock-based compensation
$
104
$
74
$
276
$
217
LIVEWORLD, INC.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2008
2007
2008
2007
Cash flows from operating activities
Net loss
$
(602
)
$
(529
)
$
(1,243
)
$
(1,790
)
Adjustments to reconcile net loss provided by
(used in) operating activities:
Depreciation of long-lived assets
149
150
473
455
Stock-based compensation
104
74
276
217
Equity in net loss of unconsolidated affiliate
(17
)
62
35
141
Changes in operating assets and liabilities:
Accounts receivable
42
(381
)
232
64
Accrued development and setup
----
----
----
72
Other assets
37
(23
)
(73
)
(90
)
Accounts payable
(45
)
60
(282
)
268
Accrued liabilities
(50
)
(14
)
40
76
Deferred revenue
88
(86
)
(44
)
(36
)
Net cash provided by (used in) operating activities
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