DENVER, Aug. 3, 2010 (GLOBE NEWSWIRE) -- Roomlinx, Inc. (OTCBB:RMLXD), a leading provider of Interactive TV (iTV) solutions for the hospitality industry, today announced results for the second quarter of 2010 and six months ended June 30, 2010.
Financial Highlights
- Q2 revenue of $981,000 -- up 130 percent over 2009
- Q2 gross profit of $297,265 -- up 41 percent over 2009
- Q2 Media & Entertainment recurring revenues increased 370 percent over 2009
- Year to date month revenue of $1.3M -- up 24 percent over 2009
- Year to date gross profit of $425,087-- up 24 percent over 2009
"Our improved financial performance was a result of our ability to execute on recent sales wins with large hotel corporations as well as generate recurring revenue from our iTV product," Stated Michael Wasik, CEO of Roomlinx.
Mr. Wasik continued, "The 130 percent increase in overall revenues coupled with the 370 percent increase in our Media and Entertainment division's recurring revenue stream in the second quarter of 2010 compared to the same quarter in 2009 is a testament to our efforts. We believe that as the year progresses, we will continue to add new clients and increase our recurring revenue streams."
Second Quarter of 2010 and Six Months Ended 2010 Operating Results:
Roomlinx' reported revenues for the second quarter of 2010 and six months ended June 30, 2010 were $981,060 and $1,374,274, respectively. This second quarter increase of 130% over 2009 numbers is primarily due to increased installations and recurring revenue streams of the media and entertainment products (iTV) and is continued validation of the shift in efforts toward maximizing revenues and profits resulting from the iTV offering.
Roomlinx' gross profit for the second quarter of 2010 and six months ended June 30, 2010 was $297,265 and $425,087, respectively. This second quarter increase of 41% over 2009 numbers is primarily due to revenue from increased sales of goods and services, partially offset by the increased cost of goods sold.
Net loss for the second quarter of 2010 and six months ended June 30, 2010 was $337,067 and $713,302, respectively, compared to a net loss of $2,704,240 and net loss of $2,208,153 for the second quarter of 2009 and six months ended June 30, 2009, respectively. A non-cash derivative loss of $2,352,090 in the second quarter of 2009 strongly impacted the 2009 results.
Net loss, excluding non-cash items, was $271,488 and $577,339 for second quarter of 2010 and six months ended June 30, 2010, respectively, compared to a net loss of $217,220 and $514,179 for the second quarter of 2010 and six months ended June 30, 2009, respectively. These results are primarily due to the increase in operating expenses from 2009 to 2010 offset by the increase in second quarter of 2010 revenues.
About Roomlinx, Inc.
Roomlinx, a leading provider of Internet-based interactive TV products for hotels, resorts, and other properties, utilizing premium content and applications demanded by today's traveler. www.roomlinx.com
Safe Harbor Cautionary Statement
Certain statements in this news release, including statements that we "believe," "expect," "intend," "plan" or words of similar import, are forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans, new products and services and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: the company's successful implementation of the new products and services, demand for the new products and services, the company's ability to successfully compete against competitors offering similar products and services, general economic and business conditions; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of the Company's Securities and Exchange Commission filings available at http://www.sec.gov, which you should carefully review. Roomlinx does not assume any obligation to update or revise any forward-looking statements, whether as the result of new developments or otherwise.