Business
Diversinet Reports First Quarter 2010 Financial Results
Diversinet Reports First Quarter 2010 Financial Results
About this update from Diversified Royalty Corp.
[{"type":"text","content":"\n\n\n\n Apr. 30, 2010 (Canada NewsWire Group) -- Diversinet Corp. (TSX Venture: DIV, OTCBB: DVNTF), a leading innovator of secure mobile applications, reported its first quarter 2010 results for the period ended March 31, 2010. All dollar amounts are in U.S. dollars.\n\nFinancial Highlights\n\nRevenues for the first quarter were $576,000, compared to $2.0 million in the same period a year ago. Revenues in the first quarter of 2010 included $346,000 from the company's license and VAR agreement with Intersections, Inc., (Nasdaq: INTX) a global provider of consumer and corporate identity risk management services. The decrease in year over year revenue is largely due to AllOne Mobile Corporation's ("AllOne") failure to pay the quarterly minimum commitment from the license and revenue share agreement signed in Q3 2008.\nNet loss for the quarter was $1,005,000 or $(0.02) per share, compared to net income in the same year-ago quarter of $182,000 or $0.00 per share. First quarter 2010 net loss included non-cash items of $223,000 in stock-based compensation, $16,000 in depreciation and amortization, and a foreign exchange gain of $188,000. This compares to non-cash items in the same year-ago quarter of $248,000 in stock-based compensation, $18,000 in depreciation and amortization, and a foreign exchange loss of $323,000.\nCash and cash equivalents at March 31, 2010 were $11,914,000 and $12,668,000 at December 31, 2009.\n\nOperational Highlights\n\n\n\n >\n\n\nAlbert Wahbe, Diversinet's CEO and chairman stated: "During the quarter, the company continued the transition from research and development to the commercialization of one of the most feature-rich and capable secure application platforms for the mobile world. We introduced a major new release that makes implementing mobile health faster and easier to deploy, along with secure SMS capability that offers broader accessibility.\n"With our new emphasis on mobile health, we expect to benefit from the strengthening and widespread market demand for the secure mobilisation of health information, driven by both clear economics for healthcare organizations and new U.S. federal legislation providing healthcare IT funding and incentives."\n\n\n\n >\n\n\nFor complete financial statements, including the notes and management's discussion and analysis, please visit the inv...