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Telanetix Reports First Quarter 2008 Results

May 16, 2008 | Chris Payatagool
telanetix_300x87px.jpgGrows total revenues to $7.7 million, up from $7.4 million in the fourth quarter 2007 - - Reports gross margin of 44.8%

SAN DIEGO, May 15 -- Telanetix, Inc. (OTC BB: TNXI) a leading IP solutions provider offering telepresence and VoIP services to the SMB and SME markets, reported financial results for its first quarter ended March 31, 2008.


Financial Highlights for the First Quarter of 2008 Compared to Fourth Quarter of 2007

--  Revenue was $7.7 million, up from $7.4 million.

--  Video revenue was $1.4 million, up from $1.2 million.

--  Voice and network revenue was $6.3 million, up from $6.2 million.

--  Gross profit was $3.4 million, or 44.8% of revenue, compared to $3.6 million, or 47.8% of revenue.

--  Net loss was $9.2 million including Series A preferred stock dividends and accretion of $2.6 million, expense related to fair market valuation of $2.2 million and interest expense of $1.3 million. This compares to $1.4 million including Series A preferred stock dividends and accretion of $186,000, a credit related to fair market valuation of $2.4 million and interest expense of $1.3 million.

--  Net loss per share was $0.39, compared to $0.06.

--  At March 31, 2008, the cash and cash equivalents balance was $3.8 million, equal to the December 31, 2007 balance.

"We are very excited about 2008," said Doug Johnson, Telanetix CEO. "Our first quarter results are solid with sequential growth in video and voice and network businesses. Telanetix is in an incredible position out in front of a communications market. I believe we are going to change how business gets done. Both video and voice -- a natural pairing -- are truly high-potential markets. Our offer is compelling to the SME and SMB customer, and the market opportunity is vast. Through increased effective indirect sales channels and integrated operations, we expect to increase revenue and gross margin while we simultaneously reduce our operating costs. During the second quarter, we expect to continue revenue growth and reach approximately $8.0 million."

Recent Corporate Highlights

--  Integrated video and voice and network divisions into the Bellevue, WA headquarters.

--  Promoted Doug Johnson to Chief Executive Officer, while Tom Szabo remains as Chairman.

--  Hired Paul Quinn as Chief Financial Officer.

--  Entered into an agreement with CallSource(R) to provide $2.5 million of business phone service connectivity over a two-year term.

--  Renewed Who's Calling contract to provide $4.0 million of services over two years.

--  Secured Digital Presence(TM) accounts in financial services with national money management firm and medical industries with a New York Metropolitan Area hospital.

--  Opened a new telepresence demonstration center in Alexandria, VA to gain additional traction in the Mid-Atlantic region.

--  Launched Digital Phone Service, a complete VoIP solution aimed at simplifying the process for SMBs switching to VoIP-based phone system, specifically businesses with 2 to 5 employees, which account for 70% of the more than 6 million SMBs in the United States.

--  Expanded distribution in Europe with Imago Group, PLC and in the U.S. with six major manufacturer representative firms: Anew Communications Technology, DMJ Technologies, Peter E. Schmitt Company, Omnivue, Mizzen Marketing and Nu-Way Technologies.


Conference Call Information

Management will conduct a conference call at 8:00 am PT/11:00 am ET on May 16, 2008 to discuss the company's first quarter 2008 and second quarter 2008 outlook. To access the call in the United States, dial 888-713-4217; to dial-in internationally, dial 617-213-4869 and enter passcode 65733347. The call will also be broadcast live over the Internet and will be available for replay for 90 days at http://www.telanetix.com. A telephone replay will be available two hours after the call through May 20, 2008 by dialing 888-286-8010 for domestic callers and 617-801-6888 for international callers. All parties will need the following replay pass code 24853243.

About Telanetix, Inc.

Telanetix is a leading IP solutions provider offering telepresence and advanced communication services to the SMB and SME markets. By leveraging on ubiquitous network infrastructures, Telanetix's solutions meet the real-world communications demands of its customers. The company's core technologies include a Telepresence offering, called Digital Presence(TM), designed to create fully immersive and interactive meeting environments that incorporate voice, video and data from multiple locations into a single environment; and IP enabled enhanced services that give companies flexible calling solutions at a fraction of the price of traditional telecom providers. Additional information can be found at the Telanetix corporate website, http://www.telanetix.com.

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[via Earth Times]








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