inContact Reports Second Quarter 2016 Financial Results

Consolidated gross margin percentage was 52% in the second quarter of 2016 compared to 50% for the same period in 2015. Non-GAAP consolidated gross margin which represents the elimination of amortization of acquired intangible assets and stock-based compensation was 54% for the second quarter 2016 compared to 53% for the same period in 2015 (see reconciliation of non-GAAP measures below).

Operating Expenses

Operating expenses for the second quarter of 2016 were $38.6 million or 61% of total revenue versus $32.2 million or 61% of total revenue during the same period in 2015.  Non-GAAP operating expenses which represents the elimination of amortization of acquired intangible assets and stock-based compensation for the second quarter of 2016 were $36.8 million or 58% of total revenue versus $30.8 million or 58% of total revenue during the same period in 2015 (see reconciliation of non-GAAP measures below).  The second quarter of 2016 operating expenses includes $2.5 million in non-recurring expenses, $1.9 million of which relates to our proposed merger with NICE-Systems Ltd.  After adjusting for non-recurring items, operating expenses in the current quarter were $36.1 million or 57% of total revenues compared to 61% in the same period of 2015.  On a non-GAAP basis, operating expenses as a percent of total revenues were 54% and 58% for Q2 2016 compared to Q2 2015, respectively.

Adjusted EBITDA

Adjusted EBITDA for the second quarter of 2016 was $3.0 million versus $1.4 million during the same period in 2015, an increase of 115%. Adjusted EBITDA, after adjustment for the $2.5 million in non-recurring operating expenses was $5.5 million, an increase of 292% versus our second quarter 2015 operating results. Adjusted EBITDA is a non-GAAP measure management believes provides important insight into our operating results (see reconciliation of non-GAAP measures below).

Net Loss

Net loss for the quarter ended June 30, 2016 was $7.4 million, or ($0.12) per basic and diluted share, as compared to net loss of $7.3 million or ($0.12) per basic and diluted share for the same period in 2015. Non-GAAP net loss for the quarter ended June 30, 2016 was $3.1 million, or ($0.05) per basic and diluted share, as compared to non-GAAP net loss of $3.4 million or ($0.06) per basic and diluted share for the same period in 2015. Net loss, after adjustment for the $2.5 million in non-recurring operating expenses was $4.9 million on a GAAP basis and $0.6 million on a non-GAAP basis (see reconciliation of non-GAAP measures below).

Guidance for 2016

Given the announcement made on May 18, 2016 regarding the Company's entry into a definitive agreement to be acquired by NICE-Systems Ltd., we will not be providing financial guidance for the third quarter or full year 2016.  The company's previously issued financial guidance should no longer be relied upon.

CONFERENCE CALL INFORMATION

There will be no earnings call held in conjunction with this release.  Please visit http://investor.incontact.com for the latest inContact releases and information.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on inContact's current expectations, estimates and projections about inContact's industry, management's beliefs, and certain assumptions made by management, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations and management's future strategic plans. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to, risks associated with inContact's business model; our ability to develop or acquire, and gain market acceptance for new products, including our new sales and marketing and voice automation products, in a cost-effective and timely manner; the gain or loss of key customers; competitive pressures; its ability to expand operations; fluctuations in its earnings as a result of the impact of stock-based compensation expense; interruptions or delays in our hosting operations; breaches of our security measures; its ability to protect our intellectual property from infringement, and to avoid infringing on the intellectual property rights of third parties; and its ability to expand, retain and motivate our employees and manage its growth. Further information on potential factors that could affect our financial results is included in inContact's annual report on Form 10-K, quarterly reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date they are made. inContact undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

INCONTACT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS - (Unaudited)
(in thousands)
	June 30,		December 31,
	2016		2015
ASSETS
Current assets:
Cash and cash equivalents	$   37,864		$         29,050
Restricted cash	-		81
Investments	54,812		75,109
Accounts and other receivables, net of allowance for uncollectible
accounts of $1,781 and $2,555, respectively	37,384		37,185
Other current assets	8,365		9,243
Total current assets	138,425		150,668
Property and equipment, net	52,542		42,569
Intangible assets, net	28,351		19,232
Goodwill	49,016		39,247
Other assets	3,184		2,421
Total assets	$ 271,518		$       254,137
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable	$   16,212		$         11,607
Accrued liabilities	15,757		12,828
Accrued commissions	4,581		4,615
Current portion of deferred revenue	14,270		11,530
Total current liabilities	50,820		40,580
Deferred revenue	6,824		6,082
Deferred rent and lease incentive obligation	6,381		3
Deferred tax liability, net	348		230
Long-term debt	84,122		81,985
Total liabilities	148,495		128,880
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