Voxware Reports Record Revenue in First Quarter Driven by 135% Increase in Software License Fees
Wednesday November 14, 5:30 pm ET
Revenues Increase 73% with Third Consecutive Quarter of Growth in Software
LAWRENCEVILLE, N.J.--(BUSINESS WIRE)--Voxware, Inc. (Nasdaq: VOXW - News), a leading supplier of software for voice-driven warehousing operations, has posted a record first quarter for fiscal 2008, including its third straight quarterly profit and continued increases in revenue for the quarter ended September 30, 2007. Voxware's unaudited results for the quarter ended September 30, 2007 can be found in its Form 10-QSB, filed with the Securities and Exchange Commission on November 14, 2007.
Scott Yetter, Voxware CEO, said, “We had a strong start to our new fiscal year, with record revenue in our first quarter. Our open, standards-based software is allowing buyers to quickly implement a voice solution and choose the right hardware from the leading manufacturers such as LXE and Motorola.”
Voxware reported revenues of $5.434 million for the quarter ended September 30, 2007, compared to $3.142 million for the same quarter a year ago, an increase of $2.292 million (73%) due primarily to an increase in the numbers of new customers and site implementations. Gross margins improved to $3.505 million during Q1 of fiscal 2008 from $1.484 million during Q1 of fiscal 2007, reflecting our increased revenues. Operating expenses increased to $3.050 million for the quarter ended September 30, 2007, compared to $2.802 million for the same quarter a year ago due primarily to investments of additional resources in our R&D and sales and marketing efforts. Net profits improved in Q1 of fiscal 2008 to $454,000 compared to a loss of $1.314 million in Q1 of fiscal 2007.
“Our results underscore the strength of our market, software technology and business strategy. We have again posted a bottom line profit with a consecutive quarterly increase in revenue,” Yetter stated. “We are very pleased to see the momentum generated during the prior two quarters continue into our new fiscal year.”
