Business
Diversinet Corp. Announces Fiscal 2008 Annual Results
Achieves Profitability in Q3 and Q4 Q4 Quarterly Revenues Up 42% TORONTO, Feb. 24 /CNW/ - Diversi...
About this update from Diversified Royalty Corp.
[{"type":"text","content":"\n\n\n\n Achieves Profitability in Q3 and Q4\n Q4 Quarterly Revenues Up 42%\n\n\nTORONTO, Feb. 24 /CNW/ - Diversinet Corp. (TSX Venture: DIV, OTCBB:\nDVNTF), a leading provider of secure application platforms for the mobile\nworld, today announced its fiscal 2008 results. All dollar amounts are in U.S.\ndollars.\n\n\nFor the year ended December 31, 2008, Diversinet reported revenue of\n$4,615,000 compared to revenue of $4,537,000, for the year ended December 31,\n2007. The company reported a net loss of $1,949,000 or $(0.04) per share for\nthe year ended December 31, 2008 compared to a net loss of $3,433,000 or\n$(0.09) per share for the year ended December 31, 2007. Included in the\nDecember 31, 2008 net loss are non-cash items of $1,389,000 in stock-based\ncompensation expense, depreciation and amortization of $155,000, totaling\n$1,544,000 or 79% percent of the net loss.\n\n\nThe company recorded revenues of $1,924,000 in the three months ended\nDecember 31, 2008, compared to $1,352,000, in the same period in the prior\nyear. Net income for the three months ended December 31, 2008 was $272,000,\ncompared to a net loss for the same quarter in fiscal 2007 of $1,326,000.\nIncluded in the three months ended December 31, 2008 net income are non-cash\nitems of $598,000 in stock-based compensation expense, $76,000 for\ndepreciation and amortization, totaling $674,000.\n\n\nThe company had $12,075,000 in cash and cash equivalents as of December\n31, 2008. Cash provided by operations during 2008 amounted to $1,938,000\ncompared to cash used in operations of $2,201,000 for 2007.\n\n\n"2008 marked an important year for Diversinet as we continued to\nsuccessfully transition from a product development focused company towards a\nsales and marketing enterprise. In 2008 we continued to develop customer\nrelationships, notably in the healthcare sector. This was highlighted by our\nfive year, $40 million worldwide exclusive license and revenue share agreement\nwith AllOne Mobile Corporation ("AllOne"). The second half of 2008 also saw\nanother Diversinet first, profitability in each of the third and fourth\nquarters." said Albert Wahbe, Diversinet's CEO.\n\n\nOutlined below are the key milestones the company achieved during 2008:\n\n- In April, AllOne launched its mobile application that uses our secure\n MobiSecure Wallet ...