Business
Diversinet Reports Second Quarter 2011 Financial Results
TORONTO, Aug. 3, 2011 /CNW/ - Diversinet Corp. (TSX Venture: DIV, OTCBB: DVNTF), a leader in ...
About this update from Diversified Royalty Corp.
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 3, 2011 /CNW/ - Diversinet Corp. (TSX Venture: DIV, OTCBB:\n DVNTF), a leader in \"connected and protected\" mobile healthcare\n communications, reported its second quarter 2011 results for the period\n ended June 30, 2011. All dollar amounts are in U.S. dollars.\n\n\nFinancial Highlights\nRevenues for the second quarter of 2011 were $132,000, compared to $3.9\n million in the same period a year ago. Revenues for the six months\n ended June 30, 2011 were $576,000, compared to $4.4 million in the same\n period in 2010. Revenues in the quarter ended June 30, 2010 included\n $3.4 million from the AllOne settlement agreement, and $330,000 from a\n license and VAR agreement.\n\n\nNet loss in the second quarter was $1.7 million or $(0.04) per share,\n compared to net income of $5.3 million or $0.11 per share in the same\n period a year ago. Net loss for the six months ended June 30, 2011 was\n $2.8 million, or $(0.07) per share, compared to net income of $4.3\n million or $0.09 per share in the similar six months of 2010.\n\n\nIncluded in the second quarter net income was non-cash stock-based\n compensation and depreciation of $202,000 versus $159,000 in Q2 2010\n and a foreign exchange gain of $5,000 versus a $210,000 loss in Q2\n 2010. In 2010, the Company recognized other income of $3.6 million\n from the settlement agreement.\n\n\nCash and cash equivalents at June 30, 2011 were $9.8 million and $12.5\n million at December 31, 2010.\n\n\nOperational Highlights\n\nIn June 2011, one of the largest U.S. pharmaceutical companies licensed\n MobiSecure mHealth platform for a pilot to improve medication\n utilization and consumer interaction. Additional use cases will be\n incorporated to support new commercial product launches.\n\n\nDuring the second quarter of 2011, the Company advanced key elements of\n its mobile health strategy. This strategy includes introducing new\n products and product enhancements, creating customized mobile health\n applications, and expanding its network of healthcare partners.\n\nAlan Portela, a mHealth strategist and innovator, joined the company's\n Board of Directors. Mr. Portela will also serve as chairman of a newly\n formed Diversinet Executive Advisory Board. Mr. Portela has more than\n 25 years experience as an IT strategist and executive. He is currently\n CEO of AirStrip Te...