PENNSAUKEN, NJ — (Marketwire) — 11/19/12 — Lattice Incorporated (OTCBB: LTTC) („Lattice“ or the „Company“), a provider of advanced information and communications technology solutions to the corrections industry and key government agencies, announced its financial results for the third quarter ended September 30, 2012.
Revenue increased 7.3% to $2.73 million, compared to $2.55 million for the same period of 2011
Net loss decreased 88.5% to $0.11 million, compared with a loss of $0.93 million for the same period of 2011
Revenue decreased 4.4% to $8.62 million, compared to $9.01 million for the same period of 2011
Net income was $0.02 million, compared with a loss of $3.44 million for the same period of 2011
Additional information may be found in the Company-s 10-Q filing with the U.S. Securities and Exchange Commission.
Third quarter revenue from the Company-s rapidly growing Communications Services segment increased 80.1% year-over-year and 15.4% quarter-on-quarter to $2.12 million, compared to $1.18 million in the third quarter of 2011 and $1.84 million in the second quarter of 2012, respectively. Segment revenue accounted for 77.7% of total company revenues in the third quarter, compared with 46.3% in the third quarter of 2011. Third quarter revenue from recurring services within the segment was up 27.3% to $1.44 million, compared to the same period of 2011, reflecting higher call volumes from correctional facilities and the increased number of facilities on the network.
Government Services revenue in the third quarter decreased to $0.61 million, compared with $1.37 million in the same period of 2011. The decrease in revenue in this segment was primarily attributable to the termination of contracts in 2011 and 2012, mainly the SPAWAR contracts which ended in May 2011. New contract awards and the expansion of funding on existing contracts have been impacted by the stagnation of contract funding in the Federal DoD market.
„We anticipate growing interest in our proprietary technology will drive revenue acceleration in our communications business in the quarters ahead,“ stated Paul Burgess, CEO of Lattice. „Overall demand for our technology and direct services remains robust, both domestically and internationally.“
Mr. Burgess continued, „Cost-cutting efforts aided our ability to improve from a sizable net loss in 2011 to positive net income for the 2012 nine months period. Combined with the growth in our Communications Services segment, we anticipate a continued rebound in the current quarter.“
Lattice will host a conference call today, Monday, November 19with CEO Paul Burgess and CFO Joseph Noto at 2:00 p.m. Eastern time (11 a.m. Pacific time). To participate in the call, please dial (877) 941-1427, or (480) 629-9664 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company-s website at , or alternately at .
A replay of the call will be available for two weeks from 5:00 p.m. ET on November 19, 2012, until 11:59 p.m. ET on December 3, 2012. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 4576659. In addition, a recording of the call will be available via the Company-s website at for one year.
Lattice Incorporated is a provider of advanced information and communications technology solutions to the government and commercial markets. The company-s Lattice Government Services division designs, deploys and manages advanced technological solutions at key government agencies and for mid- to large-sized enterprises. The company-s Lattice Secure Communications division provides core proprietary platforms that develop customized software applications with military grade security for markets including correctional facilities that require highly secure solutions. For more information, visit .
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company-s financing plans; (ii) trends affecting the company-s financial condition or results of operations; (iii) the company-s growth strategy and operating strategy; and (iv) the risk factors disclosed in the Company-s periodic reports filed with the SEC. The words „may,“ „would,“ „will,“ „expect,“ „estimate,“ „anticipate,“ „believe,“ „intend“ and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company-s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk factors disclosed in the company-s Forms 10-K previously filed with the SEC.
Contact: Investor Relations Jon Cunningham RedChip Companies, Inc. Tel: +1-800-733-2447, ext. 107
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