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Financial Results
Net Profit for the three months ended March 31, 2009 was $152,068 compared with a net loss of $209,892 in 2008.
Revenues for the three months ended March 31, 2009 rose to $792,779, up 16% from $682,577 in 2008. Income from customer services and technical support increased 17% to $363,538 for the three months ended March 31, 2009 from $310,260 in 2008. Income from revenue share increased 61% to $329,242 for the three months ended March 31, 2009 from $204,798 in 2008.
Net Cash provided by operating activities for the three months ended March 31, 2009 was $120,973 compared with $259,480 used in operating activities in 2008.
Full financial results for 2009 first three months are available in m-Wise 10Q filing.
"m-Wise marked another quarter of growth in income from revenue share and customer services and technical support," stated Mati Broudo, co-founder and Chairman of m-Wise. "During the first quarter of 2009, we expanded our business in our primary markets of the USA and Brazil. Our US presence, which we established in late 2007, has developed and expanded as we had hoped, and we signed new deals in this territory. We have geared our special expertise in the mobile marketing industry and signed deals with leading players such as The Secret and WPP's advertising and PR agency Burson Marsteller. We have also launched a major customer in the Brazilian market and we expect to see significant revenues coming from this customer this year. We have further created a strategic alliance with Ozonion, an important player in the Brazilian mobile entertainment market and we expect to see new deals coming through this partnership. We have seen the implication of the global economy downturn reflected in the activity of some of our customers, yet despite that, we have seen a significant improvement in our revenue growth of 16% from the comparative quarter of last year.
"We believe that the strength of our technology and position in the market allows some of our potential customers to become more effective with our technology and therefore, despite of the global economy downturn and based on the current sales pipeline we have, we expect 2009 to be another year of growth in revenues where we expect to achieve profitability," concluded Mr. Broudo.
About m-Wise
Founded in 2000, m-Wise has established itself as a leading international provider of enabling technologies for the mobile communications, mobile advertising, mobile gaming and mobile entertainment industries. m-Wise is the developer of MOMA platform, a proven mobile content management and service delivery platform used in over 50 mobile networks throughout Europe, North and Latin America, and Asia.
MOMA is an integrated "one stop shop" for mobile operators, wireless ASPs, and content providers to deliver end-users with a state-of-the-art mobile experience. MOMA makes it easy to manage and deliver content such as entertainment, music, games and video regardless of handset compatibility, while adding real-time end user interactivity like voting, mobile marketing, advertising and access to all forms of real-time content. MOMA furthermore integrates built-in capabilities for transactional billing, customer care and marketing to satisfy the growing needs of major brands and marketing agencies.
For more information, please visit www.m-wise.com
Safe-Harbor Statement
This press release contains "forward-looking statements." These forward-looking statements use words such as "believes," "intends," "expects," "may," "will," "should," "plan," "projected," "contemplates," "anticipates" or similar statements. These statements are based on our beliefs, as well as assumptions we have used based upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties and assumptions. Actual future results may differ significantly from the results discussed in the forward-looking statements. A reader, whether investing in our common stock or not, should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release.
For more information, please contact: m-Wise IR: Adi Armoza Email: Email Contact
SOURCE: m-Wise, Inc.
http://www2.marketwire.com/mw/emailprcntct?id=07E35100D5B039AD
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