DENVER, April 1, 2011 (GLOBE NEWSWIRE) -- Roomlinx, Inc. (OTCBB:RMLX), the innovative developer of hotel interactive TV applications, today announced improved fourth-quarter and full-year 2010 financial performance, reflecting ongoing increased revenues and gross profits.
2010 Highlights
- Total Revenue of $4.5 million – up 84 percent over 2009
- Gross profit of $1.1 million – up 22 percent over 2009
- US Hospitality segment revenue increased 62 percent
- Foreign segment revenue increased 446 percent
- Awarded a pilot project for Hyatt Corporation
- Successfully completed the acquisition of Canadian Communications, LLC
- Successfully installed our Interactive TV platform into our largest property to date – a 610 room hotel in Chicago
"Our improved financial performance was a result of our ability to close larger Interactive TV sales, penetrate foreign markets, increase our Interactive TV recurring revenues, and execute our first acquisition," said Mike Wasik, Roomlinx CEO. "We believe we offer the hotel industry a truly unique and robust product with our Interactive TV platform. We will continue to invest in product enhancements, sales and marketing of the Interactive TV platform as we steadily progress toward our goal of achieving profitability and increasing shareholder value in 2011."
Fourth Quarter and Full Year 2010 Operating Results:
Roomlinx' reported revenues for the fourth quarter and fiscal year ending December 31, 2010 were $1,838,741 and $4,495,196 respectively. This is an improvement of 136% over the fourth quarter of 2009 and an annual improvement of 84%. 74% of the annual increase is attributable to increased installations, hardware sales, and recurring revenue streams of their media and entertainment products, and 26% is attributable to the revenue streams acquired from Canadian Communications, LLC.
Roomlinx' gross profits for the fourth quarter and fiscal year ending December 31, 2010 were $403,679 and $1,065,495 respectively. This is an improvement of 12% over the fourth quarter of 2009, and an annual improvement of 22%. 80% of the annual increase is attributable to the acquisition of Canadian Communications and 20% is due to increased media and entertainment revenues, partially offset by increased cost of goods sold. Their gross profit margins for 2009 and 2010 were 36% and 24% respectively. This decrease is primarily due to a large hardware sale in 2010 that had a margin of approximately 5%.
Net loss for fourth quarter and fiscal year ending December 31, 2010 was $183,870 and $1,268,898 respectively, compared to a net loss of $171,675 and $2,816,801 for the fourth quarter and fiscal year ended December 31, 2009 respectively. This is an annual improvement of 54% over 2009. A decrease in derivative expenses and an increase in revenue, offset by an increase in operating expenses, are prime factors for this improvement.
About Roomlinx
Roomlinx is the hospitality in-room expert providing media and entertainment solutions for hotels, resorts, and other properties, utilizing premium content and applications demanded by today's traveler. Please contact sales@roomlinx.com for a demo, or visit us at www.roomlinx.com.
Safe Harbor Cautionary Statement: This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.