LiveWorld Reports 2nd Consecutive Cash Positive Quarter and 15% Year-Over-Year Q1 Revenue Growth
Los Gatos, Calif., April 29, 2003 - LiveWorld, Inc. (Other OTC: LVWD.PK) reported that its first quarter of 2003 was the company’s second sequential cash positive quarter. Revenues for the first quarter of 2003 were 15% higher than for the first quarter of 2002.
Revenue for Q1 2003 was $601,000, a 3.8% decrease from Q4 2002 revenue of $624,000, and a 15% increase compared to $522,000 in Q1 2003. Q1 2003 earnings, including non-cash charges, showed a loss of $165,000 or an EPS loss of 6/10 of one cent per share ($0.006), compared to a Q1 2002 loss of $1,368,000 or an EPS loss of five cents per share ($0.05), and compared to a Q4 2002 loss of $84,000 or an EPS loss of 3/10 of one cent per share ($0.003). Q1 2002 non-cash charges included ongoing charges and one time write offs.
"That we have sustained positive cash flow, grown year over year revenue, kept revenue approximately level quarter to quarter, and are approaching profitability continues to demonstrate the strength of our business model and client relationships. We're especially pleased that we demonstrated this performance in Q1, which is historically a down quarter for us," said LiveWorld Chairman & CEO, Peter Friedman. "Our services have become more integrated into the mainstream marketing and support programs of our Fortune 1000 clients."
During the quarter the company launched several new services for its customers and significantly expanded its business with both current and new clients. The company said that while there are signs of the economy improving, the overall climate-and in turn visibility to future revenue, cash flow, and profitability-remain uncertain. The company also announced that its cash reserve is approximately $900,000, which provides it with significant room with which to build its business as it waits out the recovery of the general economy.
About LiveWorld, Inc.
LiveWorld (other OTC: LVWD.PK, www.liveworld.com ) is a leading
provider of online community-based collaboration, relationship
marketing, and support services. These services provide online
meeting, customer support, and loyalty marketing solutions that
help Fortune 1000 companies reduce costs, increase revenues,
and strengthen customer relationships. LiveWorld’s
clients include such companies as eBay, HBO, Sony Music
Entertainment, MINIUSA, Campbell’s Soup Company, Intel,
and A&E Television Networks. LiveWorld is headquartered in
Los Gatos, California.
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"Safe Harbor" Statement Under The Private Securities Litigation Reform Act: This press release contains forward-looking information concerning the Company’s future expectations, forecasts and prospects. These statements include those regarding: the Company’s revenue growth, cash growth and cash position. Actual results may differ materially from those expressed in the forward looking statements made by the Company as a result of, among other things, the Company’s ability to successfully deliver upon its contractual commitments, clients continuing their ongoing relationships with the Company as well as other risk factors described in the Company’s last 10Q and 10K filed with the SEC. Financial information quoted in this release represents unaudited results.