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Crexendo Q3 2013 revenue decreased

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Staff writer ▼ | December 26, 2013
Crexendo, Inc. reported results for its third quarter of 2013. Consolidated revenue decreased 11% or $0.3 million to $2.4 million compared to $2.7 million for Q2 2013 and decreased 37% or $1.5 million compared to $3.9 million for Q3 of prior year.
Crexendo
CrexendoCrexendo, Inc. reported results for its third quarter of 2013. Consolidated revenue decreased 11% or $0.3 million to $2.4 million compared to $2.7 million for Q2 2013 and decreased 37% or $1.5 million compared to $3.9 million for Q3 of prior year.


Net loss for the third quarter of 2013 was $(1.6) million or $(0.15) per diluted common share, compared to net loss of $(806,000) or $(0.08) per diluted common share for the third quarter of prior year.

Cash used for operations for the third quarter of 2013 was $(1.5) million compared to cash used for operations of $(585,000) in second quarter of 2013 and cash used for operations of $(493,000) for the third quarter of prior year.

Crexendo Network Services revenue for the third quarter of 2013 increased 196% to $696,000 compared to $235,000 in the prior year quarter. Network Services backlog, which is anticipated to be recognized within the next thirty-six to sixty months, increased to $5.2 million as of September 30, 2013 compared to $2.2 million as of September 30, 2012.

Total Network Services operating expenses for the third quarter of 2013 increased 34% to $2.1 million compared to $1.5 million for the prior year quarter.

Total segment loss before income taxes for the third quarter of 2013 increased 5% to $(1.4) million compared to $(1.3) million for the prior year quarter.

Crexendo Web Services revenue for the third quarter of 2013 decreased 7% to $533,000 from $575,000 in the prior year quarter. The company anticipates that its revenue from company's web service segment will continue to decline due to company's strategic decision to limit company's provision of web services to company's enterprise sized customers.

As a result of this shift in focus, company's backlog has decreased $0.4 million to $0.8 million as of September 30, 2013 compared to $1.2 million as of June 30, 2013. Total segment operating expenses for the third quarter of 2013 decreased 22% to $1.3 million compared to $1.6 million for the prior year quarter. Total segment loss before income taxes for the third quarter of 2013 decreased 31% to $(721,000) compared to $(1.0) million for the prior year quarter.

StoresOnline revenue for the third quarter of 2013 decreased 61% to $1.2 million compared to $3.1 million for the prior year quarter. Total segment operating expenses decreased 57% to $831,000 compared to $1.9 million for the prior year quarter.

Segment other income, primarily related to interest on the collection of accounts receivable for the third quarter of 2013 decreased 79% to $86,000 compared to $409,000 for the prior year quarter.

Total segment income before income taxes for the third quarter of 2013 decreased 71% to $454,000 compared to $1.5 million for the prior year quarter.


 

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