iPass Reports Third Quarter 2011 Results
(firmenpresse) - REDWOOD SHORES, CA -- (Marketwire) -- 11/07/11 -- iPass Inc. (NASDAQ: IPAS), a leading provider of mobility services for and , today announced financial results for its third quarter ended September 30, 2011.
iPass reported revenues of $34.4 million for the third quarter of 2011, compared to $35.5 million in the prior quarter and $38.0 million in the same period last year. Adjusted EBITDA loss was $0.3 million for the third quarter of 2011, compared to $0.2 million in the prior quarter and $0.3 million in the same period last year. Net loss was $0.8 million for the third quarter of 2011, compared to $1.1 million in the prior quarter and $1.9 million in the same period last year.
"We continue to successfully leverage our technology platform across several compelling markets and opportunities and we're pleased with our continued progress with Open Mobile as we delivered another solid quarter of significant increases in both enterprise customer growth and monetized users," said Evan Kaplan, president and CEO of iPass. "Another strong partner win was T-Mobile USA who selected the iPass Open Mobile platform and the iPass Mobile Network to be the white-label technology foundation for its new T-Mobile® Global Corporate Access solution for its enterprise customers. Our new Open Mobile Exchange (OMX) business also continues to grow nicely. China Mobile selected iPass as one of only two platforms to provide the gateway for international service provider subscribers to roam onto China Mobile's network of Wi-Fi hotspots throughout China."
"Even during this seasonally quiet summer quarter in which usage and revenues are typically lower, we continued to grow our platform revenue sequentially and year-over-year, highlighted by the solid adoption and monetization of our Open Mobile platform," said Steven Gatoff, senior vice president and CFO of iPass. "Our discipline and strength in managing costs and our balance sheet yielded a solid quarter in which both bottom-line results and ending cash balances came in better-than-anticipated."
Added 80 enterprise customers on the Open Mobile platform during the third quarter of 2011 (including Accenture, Boston Consulting Group, Capgemini, Ferrari, Hitachi America, Nokia Siemens Networks, Procter & Gamble, Sony Computer Entertainment and Statoil) bringing the current total to more than 235.
T-Mobile USA selected the iPass Open Mobile platform and the iPass Mobile Network to be the white-label technology foundation of its new T-Mobile® Global Corporate Access solution for multinational corporations, U.S. enterprises and government agencies.
Released Open Mobile 2.0 that provides mobile users with key information on current connection status and usage meters detailing mobile usage (Wi-Fi and cellular data) as well as enhancements that make it even easier for users to get connected without compromising security for the enterprise; features include enabling users an easy way to connect to cloud-based applications without having to enter a username or password.
Broadened the iPass Mobile Network footprint in countries and major cities throughout Europe and Asia further bolstering the largest global commercial Wi-Fi network with more than 650,000 Wi-Fi hotspots in 121 countries, including more than 2,500 airport hotspots, more than 56,000 hotels and convention centers, and over 551,000 retail and small business locations.
Partnered with SK Telecom to add 51,000 Wi-Fi hotspots in South Korea and with Spectranet to add Wi-Fi hotspots in 10 Cities in India.
Increased the availability of Wi-Fi hotspots at 90 Luxury Hotels in Moscow, Prague, Bratislava, Athens and Saint Petersburg with Mikenopa a.s.
Signed Wi-Fi and international data roaming partnership with China Mobile whereby iPass will be one of only two platforms selected to provide the gateway for a new data roaming service for both China Mobile's subscribers and their international service provider partners. iPass OMX will serve as a central hub through which China Mobile's international roaming partners are provided with access to the China Mobile Wi-Fi network and it will support China Mobile's international data roaming needs for China Mobile users travelling abroad.
Grew MNS revenue approximately 10 percent year-over-year, reflecting a successful transition from the legacy teleworker (e.g., home office) business to more compelling opportunities now focused around a fully-managed branch office and retail-focused business.
Since the fourth quarter of 2009, iPass has presented Average Monthly Monetized Users ("AMMU") as a key metric that it uses to track and evaluate the operating performance of its enterprise mobility business. The AMMU metric is based on the number of active users of iPass' network and platform services. The following table reflects the relationship between the AMMU of iPass platform and network services for the third quarter of 2011:
As noted, the AMMU metric is based on active enterprise users, that is, users to whom the iPass platform has been deployed by their enterprise and who have used the services with their user credentials. As iPass continues to drive forward with its Open Mobile platform and pricing models with its enterprise customers continue to evolve to include deployed user models, for example, iPass management has found it helpful to track both the Open Mobile active users as well as those Open Mobile users for which enterprise customers are paying iPass for the Open Mobile platform but who have not yet fully-deployed the Open Mobile offering to their mobile workers. iPass refers to this second type of monetized user as "paying, undeployed" and is now reporting this metric in order to provide additional visibility into the adoption of the Open Mobile platform and the monetization of users that iPass is realizing on its Open Mobile platform.
The following table reflects the number of Open Mobile Monetized Users for the two broad categories of monetized users, (i) active, and (ii) paying, undeployed, as follows:
iPass had approximately 137,000 gross monetized users on its Open Mobile platform in September 2011. 24,000 of these monetized users were active users of the platform and there were approximately an additional 113,000 users for whom iPass was paid for the Open Mobile platform but who have not yet been fully-deployed by their companies.
For the fourth quarter of 2011 ending December 31, 2011, the company anticipates total revenue and adjusted EBITDA income (loss) to be in the following ranges:
iPass will host a live conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time). The conference call phone number is (888) 364-3105 toll-free and (719) 785-9449 direct-dial with a confirmation code of 8964824. The conference call will also be available live via webcast on the company's web site at .
A telephone replay of the conference call will be available until December 31, 2011. The replay number is (888) 203-1112 and (719) 457-0820. The confirmation code for the replay is 8964824. The webcast will be available for replay until iPass reports its fourth quarter 2011 results.
The statements in this press release under the caption "Q4 2011 Guidance" are forward-looking statements. Actual results may differ materially from the expectations contained in these statements due to a number of risks and uncertainties, including the following: the risk that the Open Mobile platform and Open Mobile Exchange will not achieve market acceptance; the risk that iPass customers and partners may not be willing to agree to minimum purchase and resale commitments at the rate iPass expects; the risk of material reductions in iPass customers' existing minimum commitments; the risk that iPass carrier and channel partners do not successfully market iPass services to their customers; the risk that iPass does not accurately predict usage for its Enterprise Flat Rate price plan which could result in iPass expenses exceeding revenues for these plans; the risk that iPass does not deliver valuable services for smart-phones, tablets and other mobile handheld devices; the risk that demand for enterprise mobility services does not grow; the risk of facing strong competition in the market for enterprise mobility services and managed network services; the risk that iPass fails to address market requirements, evolving standards and technological changes in the enterprise mobility services industry; and the risk that a meaningful portion of iPass business is international which subjects iPass business to additional risks. Detailed information about these and other risk factors that could potentially affect iPass' business, financial condition and results of operations are included in iPass' most current Annual Report on Form 10-K filed and quarterly reports on Form 10-Q filed with SEC and available at the SEC's Web site at and the company's website at . iPass undertakes no responsibility to update the information in this press release if any forward-looking statement later turns out to be an inaccurate prediction of the actual results.
This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). In addition to iPass' GAAP results, the company also considers Adjusted EBITDA as a supplemental measure of the company's performance that is not required by, nor presented in accordance with GAAP. This non-GAAP financial measure should not be considered in isolation, or construed as an alternative to net income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity.
The company defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization, stock compensation expense, restructuring charges, certain state sales and federal tax charges, and one-time non-recurring/discrete items. The company believes Adjusted EBITDA provides a meaningful comparison between its core operating results, on a consistent basis, over different periods of time. Accordingly, management uses this financial measure for evaluating and making operating decisions and for purposes of comparison with its strategic plan, operating budgets and allocation of resources. Adjusted EBITDA is also a component of the company's incentive compensation plan.
Furthermore, the company believes the use of Adjusted EBITDA is useful to investors for several reasons, including;
iPass helps and ensure their employees and customers will be well connected. Founded in 1996, iPass (NASDAQ: IPAS) delivers the world's largest commercial-grade Wi-Fi network and most trusted connectivity platform. With over 650,000 connection venues, iPass gives its customers always-on, frictionless connectivity anywhere in the world -- easily, quickly, securely and cost effectively. Additional information is available at or on , the iPass blog.
NOTE: iPass® is a registered trademark and Open Mobile, Open Mobile Exchange and OMX are trademarks of iPass Inc. Other company names and product or service names mentioned herein are the trademarks of their respective owners.
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Datum: 07.11.2011 - 21:15 Uhr
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