Welcome!

IoT User Interface Authors: Liz McMillan, Gregor Petri, Pat Romanski, Elizabeth White, William Schmarzo

News Feed Item

ViryaNet Reports Fourth Quarter and Year-End 2012 Results

ViryaNet Limited (VRYAF), a leading provider of software solutions that optimize and allow for the continuous improvement of service processes for mobile workforces, announced financial results for the fourth quarter and year-end of 2012.

For the quarter ended December 31, 2012, ViryaNet reported total revenues of $2.9 million, an 11.6% increase compared to the same period in 2011. Licenses revenues increased by 58.6%, from $0.3 million in the fourth quarter of 2011 to $0.5 million in the fourth quarter of 2012. Maintenance and services revenues increased by 5.1%, to $2.4 million in the fourth quarter of 2012 compared to $2.3 million in the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $369,000, or $0.09 basic and diluted earnings per share, compared to net income of $309,000, or $0.08 basic and diluted earnings per share, for the same period in 2011.

ViryaNet reported total revenues of $10.7 million for the fiscal year ended December 31, 2012, a 10.8% increase compared to 2011. ViryaNet reported a record net income of $911,000, or $0.23 basic and $0.21 diluted earnings per share, for 2012, compared to net loss of $219,000, or $0.06 basic and diluted loss per share, for 2011.

ViryaNet's short and long-term bank debt balance was reduced during 2012, from $1.6 million on December 31, 2011 to $1.3 million on December 31, 2012. Cash and cash equivalents were $0.3 million on December 31, 2012, compared to $0.1 million on December 31, 2011. The Days Sales Outstanding (DSO) for ViryaNet in the fourth quarter of 2012 was 21 days.

The financial results for the fourth quarter and full year 2012 are disclosed in the attached tables.

“The fourth quarter was a strong quarter financially, a culmination of our strategy of focusing on an exceptional user experience and measurable business value for customers. The quarter was also productive in terms of building for the future,” said Memy Ish-Shalom, President and CEO, ViryaNet. “The robustness of our products and services and the capabilities of our partners continue to strengthen our position and will allow us to sustain our growth over the long term. This momentum was well-reflected in the fourth quarter, in which we were awarded the business of 5 new customers in North America, EMEA and South America through our partners and direct sales.”

About ViryaNet

ViryaNet delivers mobile workforce management solutions that intelligently guide, automate, and optimize both simple and complex field service work, resulting in measurable business benefits. ViryaNet's products, pre-packaged solutions and people are recognized within the industry as innovative which in turn enables its' customers to be viewed as leaders within their respective industries. ViryaNet's G4 products specialize in the functions of scheduling and dispatching resources and enabling mobile field communication and are delivered in industry specific configurations. Embedding industry best practices and utilizing innovative technologies like ViryaNet's BPM Blueprint for Mobile Workforce Management™, Microsoft InfoPath® and device agnostic mobile solutions enable ViryaNet's products to be rapidly deployed and extended to support virtually any business process across a wide range of industries. ViryaNet is proud to call many of the world's leading utilities, the United States' largest pure rural telecommunications firm, the supermarkets' most respected retailer, and North America's largest auto insurer as customers. ViryaNet has strong partnerships with leading platform and system integration companies that enable it to have a global presence. Headquartered in Westborough, MA, ViryaNet has additional offices in the United States and Israel. For more information visit our website or follow us on twitter.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding ViryaNet's expectations, beliefs, intentions, or strategies regarding the capabilities of its products, its relationships with its customers, its customer purchases, its future operational plans and objectives including integration of other businesses, its future business prospects, its future financial performance, its future cash position, and its future prospects for profitability. All forward-looking statements included in this document are based upon information available to ViryaNet as of the date hereof, and ViryaNet assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to ViryaNet's business include market acceptance of and demand for ViryaNet's products, risks associated with a slow-down in the economy, risks associated with the financial condition of ViryaNet's customers, risks associated with competition and competitive pricing pressures, risks associated with increases in costs and operating expenses, risks in technology development and commercialization, the risk of operating losses, risks in product development, risks associated with international sales, and other risks that are set forth in ViryaNet's annual report on Form 20-F, filed on May 14, 2012, and the other reports filed by ViryaNet from time to time, with the Securities and Exchange Commission. Reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as the date hereof. ViryaNet disclaims any obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

       
VIRYANET AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
 
 
December 31,
2011
December 31,
2012
Audited Unaudited
Assets
 
CURRENT ASSETS:
Cash and cash equivalents $ 104 $ 335
Restricted cash deposits 140 164
Trade receivables 878 682
Other accounts receivable and prepaid expenses   271   216
 
Total current assets   1,393   1,397
 
NON-CURRENT ASSETS:
Severance pay fund 1,001 1,044
Long-term receivable 183 125
Other   25   38
 
Total non-current assets   1,209   1,207
 
PROPERTY AND EQUIPMENT, net   93   70
 
GOODWILL   6,516   6,516
 
Total assets $ 9,211 $ 9,190
       
VIRYANET AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
 
December 31,
2011
December 31,
2012
Audited Unaudited
Liabilities and shareholders’ equity
 
CURRENT LIABILITIES:
Short-term bank credit $ 115 $ 160
Current maturities of long-term bank loans 498 646
Trade payables 717 360
Deferred revenues 2,587 2,809
Convertible debt 352
Other accounts payable and accrued expenses   2,004     1,388  
 
Total current liabilities   5,921     5,715  
 
LONG-TERM LIABILITIES:
Long-term bank loan, net of current maturities 1,001 497
Convertible debt 502
Long-term deferred revenues 232
Long-term deferred rent payable 82 70
Accrued severance pay   1,435     1,374  
 
Total long-term liabilities   3,020     2,173  
 
SHAREHOLDERS’ EQUITY:
Share capital 4,655 4,817
Additional paid-in capital 116,338 116,297
Accumulated deficit   (120,723 )   (119,812 )
 
Total shareholders’ equity   270     1,302  
 
Total liabilities and shareholders’ equity $ 9,211   $ 9,190  
               
VIRYANET AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
 
Three months ended
December 31
Twelve months ended
December 31
  2011     2012     2011     2012  
Unaudited Unaudited Audited Unaudited
Revenues:
Software licenses $ 319 $ 506 $ 1,549 $ 1,154
Maintenance and services   2,309     2,427     8,122     9,559  
 
Total revenues   2,628     2,933     9,671     10,713  
 
Cost of revenues:
Software licenses 19 56 56 122
Maintenance and services   872     1,058     3,513     4,101  
 
Total cost of revenues   891     1,114     3,569     4,223  
 
Gross profit   1,737     1,819     6,102     6,490  
 
Operating expenses:
Research and development 306 244 1,614 1.100
Selling and marketing 761 629 2,847 2,650
General and administrative   478     472     1,708     1,606  
 
Total operating expenses   1,545     1,345     6,169     5,356  
 
Income (loss) from operations 192 474 (67 ) 1,134
 
Financial income (expenses), net   (38 )   (97 )   (129 )   (196 )
Income (loss) from continuing operations before taxes 154 377 (196 ) 938
Taxes on income       8     9     27  
Income (loss) from continuing operations $ 154   $ 369   $ (205 ) $ 911  
 
Net income (loss) from discontinued operations   155         (14 )    
 
Net income (loss) $ 309   $ 369   $ (219 ) $ 911  
 
Basic income (loss) per share
Continuing operations $ 0.04 $ 0.09 $ (0.06 ) $ 0.23
Discontinued operations   0.04         0.00      
 
Net income (loss) $ 0.08   $ 0.09   $ (0.06 ) $ 0.23  
 
Diluted income (loss) per share
Continuing operations $ 0.04 $ 0.09 $ (0.06 ) $ 0.21
Discontinued operations   0.04         0.00      
 
Net income (loss) $ 0.08   $ 0.09   $ (0.06 ) $ 0.21  
 

Weighted average number of shares used in computation of basic income (loss) per share

3,738,898 3,899,611 3,671,547 3,896,018
 

Weighted average number of shares used in computation of diluted income (loss) per share

4,128,584 4,314,593 3,671,547 4,279,961

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@CloudExpo Stories
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...