From the Wires
Qumu Announces Preliminary Fourth Quarter and Year End 2017 Results
By: Business Wire
Feb. 9, 2018 04:50 PM
Qumu Corporation (NASDAQ: QUMU) today announced preliminary financial results for the fourth quarter and year ended December 31, 2017, which remain subject to customary annual audit procedures.
Fourth quarter 2017 revenue is expected to be in the range of $7.0 million to $7.4 million, compared to $9.3 million in last year’s fourth quarter and previously issued guidance for the fourth quarter in the range of $8.5 million to $9.5 million. Fourth quarter 2017 net loss per diluted share is expected to be in the range of $(0.38) to $(0.34), compared to $(0.04) in last year’s fourth quarter. The Company’s previously issued guidance for the fourth quarter 2017 net loss was the range of $(1.4) million to $(900,000), or $(0.15) to $(0.10) per diluted share.
Full year 2017 revenue is expected to be in the range of $28.0 million to $28.4 million, compared to $31.7 million last year and previously issued guidance for full year 2017 in the range of $29.4 million to $30.4 million. Full year 2017 net loss per diluted share is expected to be in the range of $(1.29) to $(1.25), compared to $(1.23) last year. The Company’s previously issued guidance for full year 2017 net loss was the range of $(9.9) million to $(9.4) million, or $(1.05) to $(1.00) per diluted share.
Net loss per diluted share for the fourth quarter and full year 2017 reflects $1.5 million, or approximately $0.16 per diluted share, of interest expense in connection with the incremental amortization of deferred financing costs related to modification of the Company’s term note agreement during the fourth quarter 2017.
The Company will provide final fourth quarter and year end 2017 results on March 6, 2018.
"Our financial results are disappointing to our team," said Vern Hanzlik, Qumu’s President and CEO. “We are taking steps to accelerate sales execution and an enterprise-wide customer success initiative which is being led by Chance Mason, our new EVP of Worldwide Sales and Business Development. Chance joined us on January 8 and brings 15 years of sales and operational leadership experience in the video platform market.
“In recent months, we have added several strategic hires including our new Chief Financial Officer, VP of Marketing and VP of Worldwide Channel and Alliances,” Hanzlik continued. “I’m confident we have the management team in place to position Qumu for strong performance within the growing enterprise video market.”
Qumu’s Chief Financial Officer, Dave Ristow added, “Qumu is taking steps to improve financial performance in 2018 and to set ourselves up for long-term performance in the marketplace. These efforts, plus our new, more flexible credit facility, will help us manage the business and invest in our future.”
The dial-in numbers for the conference call are 877-456-6914 for domestic participants and 929-387-3794 for international participants. Investors can also access a webcast of the live conference call by linking through the investor relations section of the Qumu website, www.qumu.com. Webcasts will be archived on Qumu’s website.
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