ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
|By Marketwired .||
|May 22, 2014 08:25 AM EDT||
BAAR, SWITZERLAND -- (Marketwired) -- 05/22/14 -- One Horizon Group, Inc. (OTCQB: OHGI) ("One Horizon" or the "Company"), which develops and licenses bandwidth efficient mobile voice over Internet Protocol ("VoIP") platform for telecommunication company-supported smart phones, today announced financial results for the three months ended March 31, 2014.
One Horizon developed a proprietary VoIP platform ("Horizon Platform") that enables wireless carriers around the world to provide customized and optimized voice and data services over any mobile, fixed and satellite network through an easy to install mobile app. One Horizon's SmartPacket technology underlying the Horizon Platform enables greater bandwidth efficiency by reducing IP overhead and optimizing packet flow, delivery and playback. One Horizon targets emerging markets with high population densities, high penetration of mobile phones, congested mobile networks, and high growth in smartphone adoption. Mobile operators pay an annual software licensing fee to the Company for each active subscriber using the white-label VoIP service powered by the Horizon Platform. The Company continues to expand its revenue sources to mobile advertising and mobile payments by introducing new value-added services and features.
- Q1 2014 revenues were $1.2 million vs. $1.9 million in Q1 2013
- Expanded software development team in Ireland and China
- Completed development of the Horizon billing system
- Chongqing Leixin Network Technology ("Leixin") JV commenced initial infrastructure rollout in five cities in China
"Our software is installed on our telecom partners systems and we are ready to begin monetizing our collective customer base," began Brian Collins, Founder and CTO of One Horizon. "After years of hard work and customized development of our VoIP software on complex telco networks, we are now poised to launch our applications on a widespread basis with our customers and their subscribers. Over-the-Top ("OTT") applications are in the spotlight now and while many Asian telcos have already taken steps to combat them, the US and Europe are following suit. Our technology is a perfect fit to this developing opportunity as telcos take more control of their subscribers by providing carrier-branded, high-quality VoIP and messaging services. We expect 2014 to be a break out year for One Horizon and we are excited about the prospects in our pipeline."
Financial Results for the Period Ended March 31, 2014
Revenues for the three months ended March 31, 2014 were approximately $1.2 million. Overall contract value for contracts signed from inception through March 31, 2014 was $62.4 million, of which only $8.6 million was recognized through March 31, 2014. Contracts with Tier 1 entities typically require agreed-upon fixed payments over periods extending beyond one year whereas contracts with Tier 2 entities have long-term variable payment terms based on customer usage. One Horizon Group recognizes income when the installments on the contracts are due to and invoiced by the Company.
Cost of goods sold and operating expenses for the three months ended March 31, 2014 were $0.5 million and $1.2 million. Excluding non-cash depreciation and amortization and stock-based compensation expenses, operating income was $0.2 million for the first quarter of 2014.
The Company recorded a net loss of $0.4 million and net loss per share of $0.02 for the three months ended March 31, 2014. The weighted average shares outstanding increased from 31.2 million during the three months ended March 31, 2013 to 32.9 million during the same period in 2014 due to the private placement completed on February 18, 2014.
The Company had $21.8 million of assets and $16.3 million shareholders' equity at March 31, 2014. Cash outflows from operations were $0.8 million for the three months ended March 31, 2014.
One Horizon's customer in the Philippines, SMART is currently rolling out its LinkPlus, "SMART"-branded VoIP service to millions of ex-pat Filipinos living and working throughout Asia. LinkPlus is an app that can be downloaded onto any smartphone and used over any data or WiFi network to connect with any SMART subscriber or SMART's LinkPlus app user.
The Company continues to expand its software development team, adding a new senior software development at its recently opened R&D office in Limerick, Ireland and four new junior software developments in China through its Leixin JV. These new additions will further expand its software development capabilities.
During the first quarter of 2014, Leixin commenced the first phase of its infrastructure rollout in five cities in China: Tianjin, Beijing, Chongqing, Changchun and Shijiazhuang. These initial five locations will connect the 95131 to the national telephone network to commence the commissioning of the Leixin VoIP service in China.
One Horizon will provide updates in press on its developments in China and the Philippines in the near term.
Management will host a conference call at 8:00 a.m. ET on May 22, 2014 to discuss its first quarter 2014 earnings results.
Date: Thursday, May 22, 2014
Time: 8:00 am ET
US Dial-in: 1-877-407-0784
International Dial-in: 1-201-689-8560
Conference ID: 13582845
Please dial in at least 10 minutes before the start of the call to ensure timely participation. A playback of the call will be available until May 29, 2014 at 11:59pm ET. To listen, call 1-877-870-5176 within the United States or 1-858-384-5517 when calling internationally.
About One Horizon Group, Inc.
One Horizon Group Inc.'s business is to optimize communications over the Internet through its wholly owned subsidiary, Horizon Globex GmbH, Baar, which develops and markets one of the world's most bandwidth-efficient mobile voice over Internet Protocol (VoIP) platforms for smartphones, and also offers a range of other optimized data applications including messaging and mobile advertising. Horizon Globex GmbH is an ISO 9001 and ISO 20000-1 certified company. The Company has operations in Switzerland, the United Kingdom, China, India, Singapore, Hong Kong and Ireland. For more information on the Company, its products and services, please visit http://www.onehorizongroup.com.
Safe Harbor Statement
This news release may contain "forward-looking" statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as uncertainty of consumer demand for the Company's products, as well as additional risks and uncertainties that are identified and described in Company's SEC reports. Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
ONE HORIZON GROUP, INC. Condensed Consolidated Balance Sheets March 31, 2014 and December 31, 2013 (in thousands, except share data) (unaudited) March 31, December 31, 2014 2013 ---------- ------------ Assets Current assets: Cash $ 789 $ 2,070 Accounts receivable 7,214 7,264 Other assets 751 139 ---------- ------------ Total current assets 8,754 9,473 Property and equipment, net 315 315 Intangible assets, net 12,671 12,760 Investment 23 23 ---------- ------------ Total assets $ 21,763 $ 22,571 ========== ============ Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 371 $ 661 Accrued expenses 865 964 Accrued compensation 48 59 Income taxes 94 117 Amounts due to related parties 3,500 3,500 Current portion of long-term debt 66 65 ---------- ------------ Total current liabilities 4,944 5,366 Long-term liabilities Long term debt, net of current portion 168 184 Deferred income taxes 289 445 Mandatorily redeemable preferred shares 90 90 ---------- ------------ Total liabilities 5,491 6,085 Equity Preferred stock: $0.0001 par value, authorized 50,000,000; no shares issued or outstanding Common stock: $0.0001 par value, authorized 200,000,000 shares issued and outstanding 32,935,069 shares (December 2013 32,920,069) 3 3 Additional paid-in capital 28,463 28,269 Retained Earnings (Deficit) (13,707) (13,319) Accumulated other comprehensive income 1,160 1,137 ---------- ------------ Total One Horizon Group, Inc., stockholders' equity 15,919 16,090 Non-controlling interest 353 396 ---------- ------------ Total Equity 16,272 16,486 ---------- ------------ Total liabilities and equity $ 21,763 $ 22,571 ========== ============ Condensed Consolidated Statements of Operations For the three months ended March 31, 2014 and 2013 (in thousands, except per share data) (unaudited) 2014 2013 ------- ------- Revenue $ 1,185 $ 1,919 Cost of revenue: Hardware 12 7 Amortization of software development costs 486 446 ------- ------- 498 453 Gross margin 687 1,466 Expenses: General and administrative 1,178 1,473 Depreciation 48 36 ------- ------- 1,226 1,509 ------- ------- Loss from operations (539) (43) Other income and expense: Interest expense (40) (55) Foreign exchange (9) - Interest income 1 - ------- ------- (48) (55) ------- ------- Income (Loss) before income taxes (587) (98) Income taxes (recovery) - deferred (156) - ------- ------- Net (Loss) for the period (431) (98) Net (Loss) attributable to non-controlling interest (43) - ------- ------- Net Income (Loss) for the period attributable to One Horizon Group, Inc. $ (388) $ (98) ======= ======= Earnings (Loss) per share Basic and diluted net income (loss) per share $ (0.02) $ (0.00) Weighted average number of shares outstanding Basic and diluted 32,934 31,213 ======= ======= 2014 2013 ------- ------- Net (loss) $ (431) $ (98) Other comprehensive income: Foreign currency translation adjustment gain (loss) 23 (63) ------- ------- (408) (161) Comprehensive loss attributable to the non-controlling interest 43 ------- ------- Total comprehensive income (loss) $ (365) $ (161) ======= ======= ONE HORIZON GROUP, INC. Condensed Consolidated Statements of Cash Flows For the three months ended March 31, 2014 and 2013 (in thousands) (unaudited) 2014 2013 ------- ------- Cash provided by (used in) operating activities: Operating activities: Net loss for the period $ (388) $ (98) Adjustment to reconcile net loss for the period to net cash provided by (used in) operating activities: Depreciation of property and equipment 48 36 Amortization of intangible assets 486 446 Common shares issued for services received 65 - Options issued for services 129 - Deferred income taxes benefit (156) - Net loss attributable to non-controlling interest (43) - Changes in operating assets and liabilities: Accounts receivable 50 (931) Other assets (612) (120) Accounts payable and accrued expenses (400) 197 ------- ------- Net cash (used in) operating activities (821) (470) ------- ------- Cash flows from investing activities: Acquisition of intangible assets (350) (245) Acquisition of property and equipment (48) (12) ------- ------- Net cash (used in) investing activities (398) (257) ------- ------- Cash flows from financing activities: Increase (decrease) in long-term borrowing, net (15) (12) Advances from related parties, net of repayment - 500 ------- ------- Net cash provided by (used in) financing activities (15) 488 ------- ------- Increase (decrease) in cash during the period (1,234) (239) Foreign exchange effect on cash (47) - Cash at beginning of the period 2,070 699 ------- ------- Cash at end of the period $ 789 $ 460 ======= =======
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