PENNSAUKEN, NJ — (Marketwire) — 04/01/13 — Lattice Incorporated (OTCQB: 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 fiscal year ended December 31, 2012.
Communications segment revenue increased 64.7% to $7.53 million, compared to $4.57 million in 2011.
Loss applicable to common stockholders decreased 91.7% to $595,880, compared to a loss of $7.15 million in 2011.
Additional information may be found in the Company-s 10-K filing with the U.S. Securities and Exchange Commission.
Fiscal year revenue from the Company-s rapidly growing communications segment increased 64.7% year-over-year to $7.53 million, compared to $4.57 million in fiscal year 2011. Segment revenue accounted for 69.9% of total Company revenues for the year, compared with 39.9% in the previous fiscal year. Included in the overall increase was an increase in direct service revenue of $1.80 million or 46% combined with a 175% increase in wholesaled technology revenues of $1.16 million.
Government services revenue for the fiscal year decreased to $3.24 million, compared with $6.88 million in fiscal year 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.
„The focus we-ve placed on our communications business continues to generate impressive growth,“ stated Paul Burgess, CEO of Lattice. „Our industry-leading proprietary technology, combined with a growing base of customers and partners, both domestically and internationally, has given us solid footing for continued performance improvement.“
Mr. Burgess continued, „Moving forward, the strength of our communication services segment should reflect more strongly in both our top-line and bottom-line results. Together with previously announced cost-cutting efforts, we believe Lattice is well-positioned for a strong 2013.“
Lattice will host a conference call today, Monday, April 1with 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) 941-1428, or (480) 629-9665 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 April 1, 2013, until 11:59 p.m. ET on April 15, 2013. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 4610838. 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 Brendan Hopkins RedChip Companies, Inc. Tel: +1-800-733-2447, ext. 134
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