LONDON, ENGLAND — (Marketwire) — 02/16/12 — Voiceserve, Inc. (OTCBB: VSRV), a low-cost, next-generation Internet Telephony software and service provider, today reported financial results for its third quarter and nine month period ended December 31, 2011. During the third quarter of the company-s 2012 fiscal year, Voiceserve perfected its VoIP video-on-demand capability and won the Internet Telephony 2011 IPTV Excellence Award for its VOD platform. Importantly, the third quarter 2012 marked record revenues and crossover into profitability for the Company. Subsequent to quarter end, Voiceserve launched its cloud-based VoIP PBX product to consumers and small businesses through its website.
The Company generated revenues of $1.4 million during its fiscal third quarter ended December 31, 2011, an increase of 9% compared to the previous fiscal year third quarter and an increase of 37% over the current fiscal year second quarter. The Company generated operating earnings during its fiscal third quarter of $20,264 which includes non-cash amortization and depreciation of $173,216. Net earnings for the current fiscal year third quarter was $179,599, which included a stock warrant revaluation credit of $167,989. This compares to a net loss of $(45,407), inclusive of a stock warrant revaluation credit of $116,196 in the previous fiscal year third quarter and a net loss of $(36,167) in the second quarter of the current fiscal year, which included a stock warrant revaluation credit of $243,143.
Revenues for the first nine months of fiscal 2012 was $3.6 million, a 6 percent increase over the same period of the previous fiscal year. The Company reported a net loss for the current fiscal nine month period of $(990,148) or $(0.02) per basic share, which includes stock based compensation of $589,380 and warrant revaluation charges of $(39,822). This compares to a net loss of $(510,321) or $(0.01) per basic share for the same period of the previous fiscal year, which includes stock based compensation of $319,628 and a warrant revaluation credit of $271,170. The Company-s net cash used in operating activities was $323,127 for the current nine month period and $409,311 for the comparable period of the previous fiscal year.
Michael Bibelman, Voiceserve-s CEO, said, “Our Voipswitch software sales into the wholesale/retail markets continue to be steady, despite the global economic slowdown. In addition recurring revenue generated from our traditional one-time, software sales to VoIP operators purchasing our turnkey software is growing. Just six months ago, our hosted solution, which offers operators an option to pay for our software on a monthly basis rather than an upfront one-time fee, stood at approximately $12,000 per month. Today, that revenue source has grown to approximately $55,000 per month and is expected to continue its growth pace in the foreseeable future. Our enterprise commercial initiative, while taking longer than originally anticipated, appears to be close. During the quarter, we witnessed early revenue contribution of this initiative.” Mr. Bibelman continued, “We are seeing solid evidence that the wireless age has arrived and is embracing VoIP, with all its services offerings, at a feverish pace. Now that we have launched – for the first time – a direct to consumer mobile VoIP initiative complete with video conferencing and Video on Demand capabilities in one turnkey, most cost effective, simple to deploy solution, telecom industry leaders are seeking us out. While third quarter produced a positive move forward in our revenues, I expect the final fiscal quarter will witness material sequential growth.”
About Voiceserve, Inc.
For a demonstration of the capabilities of Voiceserve-s VoipSwitch technology, please visit .
Voiceserve is a software platform provider focusing primarily on delivering affordable, complete, next generation services to Internet Telephony Providers (ITSPs). Products include VoipSwitch, a custom modular all-in-one Voice over Internet Protocol (VoIP) management platform licensing solution for resellers; VoIP airtime minutes bundled with optional convenient features, including virtual numbers, direct dial, web callback, and call forwarding; IP-PBX; and mobile soft phone, and video technologies. For further information please visit .
Certain statements in this news release may constitute “forward-looking” statements within the meaning of section 21E of the Securities and Exchange Act of 1934. The Company believes that its expectations, as expressed in these statements are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations. These statements are not, however, guarantees of future performance and actual results may differ materially. Risks and uncertainties which may cause actual results to be different than expressed or implied in our forward-looking statements include, but are not limited to, the risk factors listed in the most recent Annual Report on Form 10-K and described under the heading “Risk Factors” our Form S-1 filed December 20, 2010. The Company expressly disclaims any current intention to update any forward-looking statements as a result of new information or future events or developments.
Voiceserve, Inc.
Financial Statements Follow
Contacts:
Investor Contact:
Grannus Financial Advisors, Inc.
Yvonne L. Zappulla
Managing Director
(212) 681-4108
Voiceserve, Inc.
Alexander Ellinson
President& Chairman
011 44 208 136 6000
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