Motricity revenues slip to $23M in Q3
Motricity (NASDAQ:MOTR) reported third-quarter 2012 revenues of $23 million, down from $24.8 million in the year-ago quarter but up from $22.2 million in the previous quarter.
Operating income was $1.4 million, compared to $700,000 during the second quarter of 2012 and operating losses of $141.7 million during the third quarter of 2011. Net income from continuing operations was $0.5 million, versus net losses of $200,000 a quarter ago, and EBITDA from continuing operations reached $3.9 million, up from $2.2 million in the second quarter and EBITDA losses of $145.3 million in the third quarter of 2011. (Net losses from continuing operations in the year-ago included $139.5 million of impairment charges.)
Motricity enters the current quarter with $19.0 million of cash and cash equivalents. The firm adds it expects to receive net proceeds of approximately $28 million from a recent rights offering issuance of Series J preferred stock shares and common stock warrants.
Motricity is currently rolling out V-Connect, a predictive analytics platform designed to help mobile advertisers more effectively identify and target audience demographics prior to launching campaigns. The firm is also introducing Serrano Mobile, a cloud-based mobile-marketing platform including campaign development, management and performance measurement tools. Motricity adds it will continue providing value-added mobile data services to operator partners.
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