Welcome!

Open Source Cloud Authors: Liz McMillan, Pat Romanski, Elizabeth White, Kevin Benedict, Jason Bloomberg

News Feed Item

ProntoForms Corporation Announces Q2 2014 Results

- Q2 2014 total revenue of $1,596,236, an increase of 67% over Q2 2013

OTTAWA, ONTARIO -- (Marketwired) -- 08/21/14 -- ProntoForms® Corporation (TSX VENTURE:PFM) ("ProntoForms" or "the Company"), a mobile data solutions company, today announced results for its second quarter ended June 30, 2014. All amounts are stated in Canadian dollars unless otherwise noted.

"Our total revenue grew by 17% over the previous quarter and 67% over the second quarter of 2013. The focus of our business is building a global recurring revenue base and we are pleased that our recurring revenue grew 9% and 55% against those same comparative periods. We also had good growth with our professional and other services revenue with delivery on some larger partner and customer contracts," said Alvaro Pombo, Chief Executive Officer, ProntoForms.

Mr. Pombo added, "Enterprise Mobility is reaching a new stage and organizations are positioning to capitalize on the opportunity. Working closely with us, AT&T has recently introduced to the market AT&T Mobile Forms, a new set of private-labelled products based on our proven ProntoForms platform. We are adding to our offering plus increasing our investment in customer revenue acquisition and support of new growth opportunities."

Operating Results for the Three and Six Months Ended June 30, 2014

Total revenue for the second quarter of 2014 of $1,596,236 represented an increase of 67% over the comparable 2013 second quarter and an increase of 17% from the first quarter of 2014.

Revenue details are as follows:

                                                            Change from     
                                                       ---------------------
                           Three months ended          Previous  Comparable 
                  -------------------------------------                     
                      June 30,   March 31,    June 30,  2014 Q1     2013 Q2 
                          2014        2014        2013                      
Recurring revenue                                                           
  Subscription                                                              
   revenue         $ 1,166,262 $ 1,069,923 $   750,140      9.0%       55.5%
  Maintenance           19,412      19,412      17,350      0.0%       11.9%
                  -------------------------------------                     
                     1,185,674   1,089,335     767,490      8.8%       54.5%
Professional and                                                            
 other services        410,562     271,395     187,562     51.3%      118.9%
                  -------------------------------------                     
Total revenue      $ 1,596,236 $ 1,360,730 $   955,052     17.3%       67.1%
                  -------------------------------------                     

Recurring revenue of $1,185,674 grew by 9% from the first quarter of 2014 and by 55% from the comparable second quarter of 2013. Within recurring revenue, subscription revenue grew 9% from the first quarter of 2014 and by 56% from the comparable second quarter of 2013. Subscription revenue from operator channels increased 3% over the 2014 first quarter and by 53% over the comparable 2013 second quarter.

Professional and other services revenue of $410,562 grew by 51% from the first quarter of 2014 and by 119% from the comparable second quarter of 2013. The 2014 second quarter professional and other services revenue included approximately $376,000 from large contracts with major operators and mobile device vendors while the Q12014 professional and other services revenue included $235,000 and the Q22013 professional and other services revenue included approximately $141,000 from this same group. Revenue from these larger contracts is recognized as the services are performed and is subject to variability due to the availability of contracts from customers and resources to perform the work.

Loss from operations was reduced to $52,510 and $176,566 respectively for the three and six months ended June 30, 2014 from $318,596 and $652,823 for the comparable three and six months ended June 30, 2013 representing an improvement of $266,086 (84%) and 476,257 (73%) respectively. The decreased operating loss in the first half of 2014 compared to 2013 relates primarily to the achievement of a 60% increase in revenue with only a 25% increase in operating expenses.

The Company had a net loss of $176,677 and $353,322 respectively for the three and six months ended June 30, 2014 compared to net income of $535,485 and $179,032 for the three and six months ended June 30, 2013. For the three and six months ended June 30, 2013, the Company had other income of $875,070 related to the sale of certain patents and a reduction in deferred revenue due to the reversal of the underlying obligation. Excluding the one-time other income items totaling $875,070, the Company would have presented a pro forma net loss of $339,585 and $696,038 for the three and six months ended June 30, 2013, reflecting a pro forma improvement of $162,908 (48%) and $342,716 (49%) respectively over the comparable three and six months ended June 30, 2013.

As at June 30, 2014, the Company had cash and cash equivalents of $3,396,086 and net working capital of $3,617,401.

About ProntoForms® and ProntoForms Corporation

ProntoForms is a mobile workflow solution used by 3,000 business customers to collect, receive and submit data in the field. Available for smartphones and tablets, the ProntoForms solution incorporates a mobile device App, a Web management portal to manage teams and data flow, and provides the ability to export or connect data to the back office or to popular cloud services. The scalable solution is deployed by any size business, in any industry, to speed up business processes, raise productivity and achieve operational excellence. ProntoForms is the Frost & Sullivan winner of the North American Customer Value Leadership Award for Mobile Forms. http://www.prontoforms.com

ProntoForms Corporation, has a powerful and proprietary patent portfolio, from which the ProntoForms mobile App and Web reporting portal have been developed. The company trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly-owned subsidiary of ProntoForms Corporation. www.prontoforms.com

Certain information in this press release may constitute forward-looking information. For example, statements about the Company's future growth or value are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

There are a number of risk factors that could cause future results to differ materially from those described herein, including but not limited to the following: (i) there can be no assurance that the Company will earn any profits in the future or that profitability, if achieved, will be sustained; (ii) if the Company is not able to achieve profitability, it will require additional equity or debt financing, and there can be no assurances that the Company will be able to obtain additional financial resources on favourable commercial terms or at all; (iii) the Company's quarterly revenues and operating results may fluctuate, which may harm its results of operations; (iv) the loss of business from a major customer, operator or other reseller could reduce the Company's sales and harm its business and prospects; (v) a portion of the Company's sales are through operators and other resellers, and an adverse change in the Company's relationship with any of such operators or other resellers may result in decreased sales; (vi) the market for software as a service is at a relatively early stage of development, and if it does not develop or develops more slowly than expected, the Company's business will be harmed; (vii) the Company faces competition from other software solution providers, which may reduce its market share or limit the prices it can charge for its software solutions; (viii) a global economic downturn or market volatility may adversely affect our business and/or our ability to complete new financings;

(ix) the business of the Company may be harmed if it does not continue to penetrate markets; (x) the success of the business depends on the Company's ability to develop new products and enhance its existing products; (xi) the Company's growth depends in part on the success of its strategic relationships with third parties; (xii) the financial condition of third parties may adversely affect the Company; (xiii) the US dollar may fluctuate significantly compared to the Canadian dollar, causing reduced revenue and cash flow as most of our revenues are received in US dollars while most of our expenses are payable in Canadian dollars; (xiv) subscription services which produce the majority of the Company's revenue are hosted by a third party service for the Company and any interruption in service could harm its results of operations; (xv) the Company may be liable to its customers or third parties if it is unable to collect data or it otherwise loses data; (xvi) the Company may be liable for the handling of personal information; (xvii) intellectual property claims against the Company may be time consuming, costly to defend, and disruptive to the business; (xviii) the Company uses open source software in connection with its products which exposes it to uncertainty and potential liability; (xix) economic uncertainty and downturns in the software market may lead to decreases in the Company's revenue and margins; (xx) any significant changes in the technological paradigm utilized for building or delivering applications in Smartphone devices could harm the Company's business and prospects; and (xxi) if the Company loses any of its key personnel, its operations and business may suffer. Please see "Risk Factors Affecting Future Results" in the Company's annual management discussion and analysis dated March 12, 2014 found at www.sedar.com for a more complete discussion of these and other risks. Readers are cautioned not to place undue reliance on forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

The references to pro forma revenue adjustments and related pro-forma revenue information contained in this press release represent a non-GAAP presentation of financial information. Please refer to the section entitled "Non-GAAP and Additional GAAP Measures" in ProntoForms' Summary Financial Information and Management's Discussion and Analysis of Results of Operations and Financial Condition for the second quarter of 2014 for more information about the purpose of using this non-GAAP financial measure and its limitations.

Contacts:
ProntoForms Corporation
Alvaro Pombo
Chief Executive Officer
613.599.8288 ext. 1111
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...