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NeoMedia Reports 175% Revenue Growth in 10-Q Filing
Fort Myers, FL, May 16, 2006 -- NeoMedia Technologies, Inc. (OTC BB: NEOM), an innovatorin market-driven technologies, has filed its first quarter Form 10-Q with the Securities and Exchange Commission, reporting what its CEO called "a dramatic improvement in revenues" over the same period a year ago.
For the quarter ended March 31, 2006, NeoMedia reported revenues of $2,050,000, a 175% increase over the $747,000 reported for the same period in fiscal 2005. For all of fiscal year ended December 31, 2005, NeoMedia had reported revenues of $2,156,000.
NeoMedia’s first quarter results included partial operations from five acquisitions closed during the period: Mobot Inc. of Lexington, Mass. (from February 18-March 31), Sponge of London and Gavitec AG of Würselen, Germany (February 24-March 31), 12snap of Munich (March 1-March 31), and BSD Software Inc. of Calgary (March 22-31).
"Through acquisition and internal growth, NeoMedia showed a dramatic improvement in revenues," said Charles T. Jensen, its president and CEO. "NeoMedia generated almost as much revenue in the first quarter of fiscal 2006 as it did in all of the previous year."
NeoMedia also reported that, had the acquisitions been completed as of January 1, 2006, pro forma revenue would have been $7,627,000 for the first quarter of 2006; and, if the acquisitions had been completed as of January 1, 2005, pro forma revenue would have been $5,929,000 for the first quarter of 2005.
"Total revenue for the first quarter of 2006 on a pro forma basis was outstanding," said Mr. Jensen. "Moving forward, we plan to continue to invest in our patented core technology of linking the physical world to the electronic world. Now and in the future, as part of the offerings of our new mobile marketing acquisitions, we believe our technology gives NeoMedia a competitive strategic position."
NeoMedia reported a loss from operations of $4,127,000 for the three months ended March 31, 2006 vs. a loss of $1,380,000 for the same period a year ago, and a net loss of $1,317,000 for the three months ended March 31, 2006 as compared with a net loss of $1,219,000 for the same quarter in 2005.
Other non-operating items reported by NeoMedia in its 10-Q filing included:
a $1,964,000 loss from debt restructuring associated with notes retired in connection with the sale of convertible preferred stock, and
a $4,768,000 gain on derivative financial instruments resulting from a reduction during the first quarter in the fair value of derivatives classified as liabilities on the company’s balance sheet.
NeoMedia also implemented Statement of Financial Accounting Standards 123R (SFAS 123R) on January 1, 2006, resulting in a charge of $1,448,000. Instituted by the Financial Accounting Standards Board, SFAS 123R requires companies to expense stock-based compensation.
About NeoMedia Technologies, Inc.
NeoMedia Technologies, Inc. (www.neom.com) is a diversified global company offering leading edge, technologically advanced products and solutions to its clients developed out of market-identified needs. From mobile marketing to auto rejuvenation, NeoMedia delivers powerful end-to-end solutions for companies and consumers built upon its solid family of patented products and processes, and management experience and expertise.
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
Trademarks are properties of their respective owners.
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