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Glowpoint Reports Fourth Quarter and Full Year 2012 Results

March 8, 2013 | Howard Lichtman

MURRAY HILL, N.J., March 7, 2013 /PRNewswire via COMTEX/ -- Glowpoint, Inc. (nyse mkt:GLOW), a leading global provider of cloud managed video services, today reported its financial results for the fourth quarter and fiscal year ended December 31, 2012.

Fourth quarter revenues for cloud managed video services ("Managed Services Combined" as reported) were $5.2 million, an increase of 51% over the same period last year. Managed Services Combined represents 58% of total revenue in the quarter, up from 49% in the prior year period. Network services revenue for the quarter was $3.2 million, a slight decrease of 1% over the same period last year. One-time and event-based revenues ("Professional and other services" as reported) were $538,000 for the quarter, compared to $345,000 in the fourth quarter of 2011.Fourth quarter results include the impact of the acquisition of Affinity VideoNet on October 1, 2012.

Adjusted EBITDA (as defined and reconciled to GAAP) for the fourth quarter was $934,000, an increase of 13% over the same period last year. Due in part to a one-time tax benefit of $2.2 million related to the acquisition valuation, net income for the fourth quarter was $1.2 million, an increase of $938,000 over the same period last year.

"We are pleased to have achieved our primary goals of consistent positive quarterly adjusted EBITDA, greater use of our managed service platform and customer growth through the acquisition of Affinity VideoNet," stated Peter Holst, Glowpoint's chief executive officer. "For 2013, our primary financial goal will be maintaining that profitability while driving revenue growth in the second half of the year based on the expansion of our product mix and the increasing revenue from our automated services."

For the full year ended December 31, 2012, cloud managed video service revenue was $14.9 million, an increase of 17% over the prior year. Network services revenue for the full year was $12.4 million, a decrease of 8% over the prior year. One-time and event-based revenue was $1.8 million, compared to $1.6 million in the prior year.

Adjusted EBITDA for the fiscal year ended December 31, 2012 was $3.1 million, an increase of 24% over the prior year. Adjusted EBITDA margin was 11% compared to 9% in the prior year. Net income for the fiscal year period was $1.1 million, an increase of $681,000 over the prior year.

"We are taking steps to shape a more efficient service delivery solution with higher levels of profitability in 2013," continued Mr. Holst. "Our focus will be on mobility-related services and broadening our ecosystem of solutions for customers, while looking to leverage the powerful growth of tablets and smartphones as video-enabled devices. We intend to sustain our leadership in managing complex and diverse video environments where we have engineering, distribution and scale advantages while investing selectively in relatively new, but rapidly growing segments."

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