GlobalWise Investments, Inc. (GWIV) Reports Strong Financial Results with Double-Digit Growth
GlobalWise Investments and its wholly owned subsidiary Intellinetics, an enterprise content management (“ECM”) software development, sales, and marketing company, just announced financial results for the third quarter and nine months ended September 30, 2012.
Financial Highlights for the quarter include:
o Total revenue increased by 15% to $711,737 compared to $617,026 in the year-ago third quarter;
o Gross profit improved to $484,205, a 23% increase over the year-ago third quarter of $395,104;
o Gross profit margin increased to 68% compared to 64% in the year-ago third quarter;
o Operating expenses, excluding non-recurring and non-cash expenses totaling $206,800, increased to $682,976 from $438,821 in the year-ago third quarter; and
o Adjusted EBITDA (as defined below) for the third quarter was ($192,034) compared to ($34,569) in the year-ago third quarter.
Financial Highlights for the nine-month period include:
o Total revenue increased 36% to $1,959,350 compared to $1,438,203 in the year-ago nine month period;
o Gross profit improved by 43% to $1,137,709 compared to $794,748 in the year-ago nine month period;
o Gross profit margin increased to 58% compared to 55% in the year-ago nine month period;
o Operating expenses, excluding non-recurring and non-cash expenses totaling $987,800, increased to $1,730,945 compared to $1,228,510 in the year-ago nine month period; and
o Adjusted EBITDA (as defined below) for the nine months ended September 30, 2012, was ($572,062) compared to ($403,481) in the year-ago nine month period.
“Excluding non-recurring and non-cash charges, our operating expenses were materially unchanged in the third quarter 2012 vs. the second quarter 2012 at around $680,000,” stated William J. “BJ” Santiago, CEO of GlobalWise. “We expect operating expenses to remain relatively stable at current levels as revenue increases. We’re seeing a continued increase in channel partner sales activity and are currently on track to achieve steady revenue growth in the fourth quarter.”
GlobalWise also provided investors with revised fiscal year 2012 guidance. Based on its current sales funnel and recent channel partner activity, the company currently anticipates annual revenue for the year to be in the range of $2.8 million to $3.3 million.
For more details on the company’s recent financial performance, view the full press release posted on the GlobalWise website at www.globalwiseinvestments.com/globalwise-reports-third-quarter-2012-financial-results-and-provides-revised-fiscal-2012-guidance
For additional information on the company, visit www.GlobalWiseInvestments.com
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