Digimarc Corporation Reports Second Quarter Financial Results.
Digimarc Corporation (Nasdaq: DMRC) today reported its financial results for the second quarter ended June 30, 2006. These results demonstrated substantial progress in previously announced initiatives to Marc Digi position for profitable growth. E [acute accent] Second quarter consolidated revenue totaled $ 24.9 million, up slightly from revenues of $ 24.8 million in the comparable period of 2005. Second quarter net loss was lower at $ (4.9) million, or net loss of $ (0.24) per fully diluted share, compared with net loss of $ (6.2) million, or net loss of $ (0.30) per share fully diluted, for the same period last year. E [acute accent] The effects of previously announced cost reduction initiatives began to show as second quarter operating expenses totaled $ 13.4 million, 8% as compared to lower operating expenses of $ 14.6 million for the same period last year. E [acute accent] Earnings before interest, taxes, depreciation, amortization and non-cash stock compensation ( “Adjusted EBITDA”) improved for the second consecutive quarter to a deficit of $ 0.6 million in the second quarter, compared to a deficit of $ 1.1 million in the corresponding quarter of 2005, and a deficit of $ 1.8 million in the first quarter of 2006. Digi Marc calculates Adjusted EBITDA by adjusting net loss for the effects of interest, taxes, depreciation, amortization and non-cash expenditures for stock compensation. The reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure is included at the end of this release. E [acute accent] Digi Marc Chairman and CEO Bruce Davis stated, “The effects of previously announced actions taken in the second quarter to streamline the business began to show up in this quarter, presaging a more significant impact in the third and fourth quarters. ” Davis further noted that “we are on track with the cost model that we described in our last conference call.”
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