Wave Q1 '09 Revenues Rose 137% to $4.0 Million on -2-
DJ Press Release Wire
4:02 PM Eastern Daylight Time May 11, 2009
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Weighted average number of common shares
outstanding during the period 61,868,589 50,898,515
WAVE SYSTEMS CORP. AND SUBSIDIARIES
Consolidated Supplemental Schedule
(Unaudited)
Three Months Ended
March 31,
2009 2008
----------- ------------
Total net revenues $ 4,034,181 $ 1,699,079
Increase (decrease) in deferred revenue (31,549) 66,907
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Total billings (Non-GAAP) $ 4,002,632 $ 1,765,987
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Non-GAAP Financial Measures:
As supplemental information, we provide a non-GAAP performance measure
that we refer to as total billings. This measure is provided in
addition to, but not as a substitute for, GAAP total net revenues.
Total billings means the sum of total net revenues determined in
accordance with GAAP, plus the increase or minus the decrease in
deferred revenue. We consider total billings an important measure of
our financial performance, as we believe it best represents the
continued increase in demand for our software license upgrades.
Total billings is not a measure of financial performance under GAAP
and, as calculated by us, may not be consistent with computations of
total billings by other companies.
WAVE SYSTEMS CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
March 31, December 31,
2009 2008
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Assets
Current assets:
Cash and cash equivalents $ 275,316 $ 951,563
Accounts receivable, net of allowance for
doubtful accounts of $16,364
March 31, 2009 and December 31, 2008 1,452,734 1,701,829
Prepaid expenses 231,647 227,967
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Total current assets 1,959,697 2,881,359
Property and equipment, net 361,519 408,440
Other assets 129,640 139,975
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Total Assets 2,450,856 3,429,774
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Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses 7,492,496 7,655,834
Current portion of capital lease payable 62,006 63,537
Deferred revenue 1,452,495 1,484,044
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Total current liabilities 9,006,997 9,203,415
Long-term portion of capital lease payable 230,338 245,362
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Total liabilities 9,237,335 9,448,777
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Stockholders' Equity (Deficit):
8% Series I Convertible Preferred stock, $.01
par value. 220 shares issued and outstanding
(liquidation preference of $968,000) in 2009
and 2008 2 2
Series J Convertible Preferred stock, $.01 par
value. 91 shares issued and outstanding
(liquidation preference of $364,000) in 2009
and 2008 1 1
8% Series K Convertible Preferred stock, $.01
par value. 456 shares issued and -0-
outstanding (liquidation preference of $-0-)
in 2009 and 456 shares issued and outstanding
(liquidation preference of $1,276,800) in
2008 - 5
Common stock, $.01 par value. Authorized
150,000,000 shares as Class A; 64,222,968
shares issued and outstanding in 2009 and
58,877,968 in 2008 642,230 588,780
Common stock, $.01 par value. Authorized
13,000,000 shares as Class B; 38,232 shares
issued and outstanding in 2009 and 2008 382 382
Capital in excess of par value 338,784,003 338,081,691
Accumulated deficit (346,213,097) (344,689,864)
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Total Stockholders' Equity (Deficit) (6,786,479) (6,019,003)
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Total Liabilities and Stockholders' Equity
(Deficit) $ 2,450,856 $ 3,429,774
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Conference call: Today, May 11, 2009 at 4:30 P.M. EDT
Webcast / Replay URL: www.wave.com/news/webcasts
Dial-in numbers: 212-231-2900 or 415-226-5360
Contact: Gerard T. Feeney CFO Wave Systems Corp. 413-243-1600 info@wavesys.c
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