By Business Wirevia The Motley Fool
Filed under: Investing
NeoMedia Announces 2012 Financial Results
QR Code Pioneer’s Product Offerings Gain Market Traction
BOULDER, Colo.–(BUSINESS WIRE)– NeoMedia Technologies, Inc. (OTC BB: NEOM), the pioneer in global mobile barcode management solutions, today announced its financial results for fiscal year 2012. The company’s revenue increased by approximately 3.4 percent from fiscal year 2011 and reduced operating costs by 6.3 percent due to the continued adoption of its barcode scanning app, NeoReader®, its barcode management platform, NeoSphere™, and its new IP licensees.
On a cash basis (non-GAAP), NeoMedia recorded $4.48 million in sales, a 61% growth rate over 2011. On an (GAAP) accrual basis, NeoMedia generated $2.3 million in revenues. NeoMedia recorded a net loss of $19.4 million; approximately $13.9 million of which arose from non-cash, other income (expense). The difference between cash and GAAP revenue is related to revenue recognition. On a GAAP basis, revenue is recognized over the life of the deal; on a cash basis, it is recognized when the cash comes in.
NeoReader, the barcode scanning app, experienced continued growth in 2012 due to increased mobile barcode adoption, with over 34 million installations worldwide. NeoMedia has generated more than 79,000 mobile barcodes and QR codes for some of the world’s leading companies and generated scan activity from 193 countries with the top three countries being the U.S., Spain and Germany. NeoMedia also added eight new companies to its list of IP licensees.
“We are excited about the direction and alignment of our business as we enter into 2013,” said Sarah Fay, NeoMedia Board of Directors. “With a strong executive leadership team in place and innovative solutions in the market and in development, we’re confident that NeoMedia has laid a strong foundation for dynamic growth in 2013.”
Over the past year, NeoMedia was able to re-align its operations and business strategy to meet the changing needs of today’s digital marketer and mobile application developer. The company saw an increase in its agreements for its 2D Core products while reducing the focus on its hardware product sales.
“We are happy to announce our 2012 results,” said Laura Marriott, CEO, NeoMedia. “By aligning our business more closely to the needs of our customers and the market, we have been able to reach self sustainability from cash received during the year. We look forward to further helping brands get closer to their customers with our mobile barcode solutions.”
