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Elephant Talk Reports Second Quarter Financial Results

Adjusted EBITDA Increased to Approximately $553,000 and Quarter Margins Reach 88% on $6.9 Million of Revenue

OKLAHOMA CITY, Aug. 12, 2014 /PRNewswire/ -- Elephant Talk Communications Corp. (NYSE MKT: ETAK) ("Elephant Talk" or the "Company"), a global provider of Software Defined Network Architecture (ET Software DNA® 2.0) platforms and cyber security solutions, today announced total revenue of approximately $6.9 million and record margins* of 88% for the second quarter of 2014. Adjusted EBITDA increased to approximately $553,000 for the quarter.

Elephant Talk Communications' Logo

Mr. Steven van der Velden, Chairman and CEO of Elephant Talk, stated, "We are pleased with the continued increase in our monthly recurring mobile and security revenue which drove sequential growth in our Adjusted EBITDA to approximately $553,000 compared to a negative $949,000 in the second quarter of 2013. We now have over 2.6 million SIMs on our platforms and expect our Adjusted EBITDA to continue to grow as we layer additional SIMs onto our platforms. We are currently on track with the Iusacell migration, working to transition the entire SIM database from old legacy systems in Mexico onto our platform. Our Software DNA® virtualized platform continues to deliver impressive performance and reliability, capabilities that will also become more visible throughout the industry based on our recent global sales collaboration with HP. Together with HP's Integrated Home Subscriber Server technology, we are driving the message that Mobile Network Operators no longer have to be held captive to their legacy infrastructure systems."

Recent Company Highlights:

  • Announced a sales collaboration agreement with HP focused on global sales opportunities for MNOs and MVNOs. The agreement will advance Elephant Talk ET Software DNA® virtualized platform along with HP's Integrated Home Subscriber Server as a key enabling technology for MNOs looking to realize up to 80% of their cost cutting objectives through the adoption of Software Defined Networking technology.
  • Activity at Vodafone in Spain continues to increase including the installation of a new subscriber services test platform awarded to Elephant Talk last month.
  • Zain Saudi Arabia continues to make steady progress on its newly launched Matrix brand, which is hosted on the Elephant Talk platform and has successfully added SIMs to the Elephant Talk platform. Zain expects to launch other new brands by the fourth quarter of 2014.
  • Europrise has just awarded ValidSoft an unprecedented fourth data privacy seal for its Zero Latency Correlation process. Zero Latency Correlation enables ValidSoft to securely extract 'Device Trust' data directly from a device application, in place of, or in conjunction with, data from the mobile network operator.
  • ValidSoft has successfully completed the development and production stage of its 'User Authentication' solution, employing its proprietary voice biometric technology. A number of 'proof of concept' trials of the new solution are underway, both direct and in conjunction with channel partners, in the financial services and enterprise sectors.
  • ValidSoft has completed the simplification of its product portfolio and market messaging and, in support of a more focused go-to-market approach and commercialization strategy, it has commenced the development of a robust partner channel and pipeline-building program.

Recent Financial Highlights:

  • 2014 second quarter revenue totaled approximately $6.9 million, as compared to approximately $5.0 million for the second quarter of 2013, or an increase of approximately 38%.
  • Sequentially, mobile and security revenue in the second quarter of 2014 increased approximately 9% to approximately $6.9 million.
  • The 2014 second quarter margins grew to a record 88% compared to 85% reported in the first quarter of 2014 and approximately 71% reported in the second quarter of 2013.
  • Adjusted EBITDA for the second quarter of 2014 was $552,940 compared to a loss of $949,095 for the second quarter of 2013. For the first half year 2014 Adjusted EBITDA was $ 844,946 compared to a loss of $ 2,397,936 for the first half year of 2013.
  • Sequentially Adjusted EBITDA increased 89% to $552,940 compared to $292,006 for the first quarter of 2014.

 

Mobile and Security (Unaudited) Reported Revenue

Quarter

($ in millions)

(%) of Total

Company Revenue

2Q12

2.8

39.3

3Q12

2.9

43.9

4Q12

3.6

52.1

1Q13

3.9

58.5

2Q13

4.5

89.5

3Q13

5.0

95.9

4Q13

5.9

97.6

1Q14

6.4

98.5

2Q14

6.9

99.4




Quarter

*Total Margin
($ in millions)

% of Total Quarter

(Unaudited)

Company Revenue

2Q12

1.9

26.8

3Q12

2.1

31.3

4Q12

2.7

39.4

1Q13

3.0

46.2

2Q13

3.5

70.7

3Q13

4.1

79.2

4Q13

5.0

82.5

1Q14

5.5

84.8

2Q14

6.1

88.0

 

* Non-GAAP financial measures
To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, Elephant Talk uses measures of non-GAAP: Adjusted EBITDA and margin. Margin is derived from the statement of operations and comprehensive loss by subtracting cost of service from revenues. These adjustments to the Company's GAAP results are made with the intent of providing both management and stockholders with a more complete understanding of the Company's underlying operational results, trends and performance.

Non-GAAP Adjusted EBITDA is defined as earnings before income and expenses from derivative accounting, such as warrant liabilities and conversion feature expensing, interest income and expense, income taxes, depreciation and amortization, amortization of deferred financing cost, impairments, non-operating income and expenses and stock-based compensation to, among other things, show a measure of the Company's operating performance.

Management uses these non-GAAP measures to evaluate the Company's financial results, develop budgets, manage expenditures and determine employee compensation. The presentation of additional information is not meant to be considered in isolation or as a substitute for, or superior to, net income (loss) or net income (loss) per share determined in accordance with GAAP.

The table at the end of this press release includes a reconciliation of net loss to non-GAAP Adjusted EBITDA for the three and six months ended June 30th 2013 and 2014, respectively.

Conference Call Reminder: Elephant Talk will host its 2014 Second Quarter results conference call on Tuesday, August 12, 2014 at 11 a.m. ET.

Conference Call Information:


Date:

Tuesday, August 12, 2014

Time:

11:00 a.m. ET

Domestic Dial-in number:

1-719-325-2281

Live webcast: 

http://public.viavid.com/index.php?id=110501

 

All interested in participating should dial in approximately 5 to 10 minutes prior to the 11:00 a.m. ET conference call. Participants should ask for the Elephant Talk 2014 second quarter conference call. 

About Elephant Talk Communications Corp.:
Elephant Talk Communications Corp. (NYSE MKT: ETAK), is a global provider of mobile proprietary Software Defined Network Architecture (ET Software DNA® 2.0) platforms for the telecommunications industry. The Company empowers Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), Enablers (MVNEs) and Aggregators (MVNAs) with a full suite of applications, superior industry expertise and high quality customer service without the need for substantial upfront investment. Elephant Talk counts several of the world's leading Mobile Network Operators amongst its customers, including Vodafone, T-Mobile, Zain and Iusacell. Visit: www.elephanttalk.com.

About ValidSoft UK Limited:
ValidSoft, a subsidiary of Elephant Talk Communications Corp., secures transactions using personal authentication and device assurance. We help our customers to reduce fraud losses and improve customers' experience. As part of our multi-factor authentication, ValidSoft integrates its leading Voice Biometric engine into multivendor solutions or as a standalone system. ValidSoft serves multiple clients in the financial, government and business automation sectors and is the only company to have been granted three European Privacy Seals, reflecting its commitment to promoting strong data privacy. Visit: www.validsoft.com.

Forward-Looking Statements:
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to Elephant Talk's plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about Elephant Talk's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the ability of the Company to regain compliance with the listing standards of the NYSE MKT LLC. Because such statements involve risks and uncertainties, the actual results and performance of Elephant Talk may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, Elephant Talk also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested in Elephant Talk's filings with the Securities and Exchange Commission (the "SEC"), copies of which are available from the SEC or may be obtained upon request from Elephant Talk.

Contacts:

Investor Relations:
Steve Gersten
Capital Markets Group
813-926-8920
[email protected]

Public Relations:
Michael Glickman
MWG CO.
917-596-1883
[email protected]



ELEPHANT TALK COMMUNICATIONS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


June 30,


December 31,


2014


2013


(UNAUDITED)



ASSETS












CURRENT ASSETS












Cash and cash equivalents

$

829,388


$

1,252,315

Restricted cash


191,703



191,600

Accounts receivable, net of allowance for doubtful accounts of $29,547 and $7,693 at June 30, 2014 and December 31, 2013 respectively


8,223,963



5,976,879

Prepaid expenses and other current assets


2,619,882



2,254,213

Total current assets


11,864,936



9,675,007







NON-CURRENT ASSETS












OTHER ASSETS


1,288,246



1,412,408







PROPERTY AND EQUIPMENT, NET


20,711,832



19,786,122







INTANGIBLE ASSETS, NET


7,122,940



8,670,677







GOODWILL


3,740,646



3,773,226







TOTAL ASSETS

$

44,728,600


$

43,317,440







LIABILITIES AND STOCKHOLDERS' EQUITY












CURRENT LIABILITIES






Overdraft

$

413,958


$

391,436

Accounts payable and customer deposits


2,305,933



2,586,662

Obligations under capital leases (current portion)


1,898,346



1,302,838

Deferred revenue


163,848



142,731

Accrued expenses and other payables


6,592,945



4,961,303

Loans payable


963,051



962,654

10% Related Party Loan (net of Debt Discount of  $1,719,585 at December 31, 2013)


-



1,033,719

Total current liabilities


12,338,081



11,381,343







LONG TERM LIABILITIES






10% 3rd Party Loan (net of Debt Discount of $518,463 at June 30, 2014 and $726,695 at December 31, 2013)


4,940,798



4,779,913

10% Related Party Loan (net of Debt Discount of $17,786 at June 30, 2014)


2,711,844



-

Warrant liabilities


2,144,858



1,973,534

Non-current portion of obligation under capital leases


487,728



845,529

Loan from joint venture partner


626,534



602,047

Total long term liabilities


10,911,762



8,201,023







Total liabilities


23,249,843



19,582,366













STOCKHOLDERS' EQUITY






Preferred Stock $0.00001 par value, 50,000,000 shares authorized, 0 issued and outstanding


-



-

Common Stock $0.00001 par value, 250,000,000 shares authorized, 146,525,302 issued and outstanding  as of June 30, 2014 and 140,466,801 shares issued and outstanding as of December 31, 2013


255,328,306



248,712,321

Accumulated other comprehensive income


121,636



269,869

Accumulated deficit


(234,115,159)



(225,391,922)

Elephant Talk Communications, Corp. stockholders' equity


21,334,783



23,590,268







NON-CONTROLLING INTEREST


143,974



144,806

Total stockholders' equity


21,478,757



23,735,074







TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

44,728,600


$

43,317,440

 

 


ELEPHANT TALK COMMUNICATIONS CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS

(UNAUDITED) 



For the three month


For the six month


periods ended


periods ended


30-Jun-14


30-Jun-13


30-Jun-14


30-Jun-13









REVENUES

$

6,911,768


$

4,994,145


$

13,391,621


$

11,590,645













COST AND OPERATING EXPENSES












Cost of service


828,581



1,465,517



1,812,045



5,013,794

Selling, general and administrative expenses


7,432,784



7,472,772



13,408,891



13,380,746

Depreciation and amortization of intangibles assets


1,928,392



1,836,231



3,936,606



3,156,219

  Total cost and operating expenses


10,189,757



10,774,520



19,157,542



21,550,759













LOSS FROM OPERATIONS


(3,277,989)



(5,780,375)



(5,765,921)



(9,960,114)













OTHER INCOME (EXPENSE)












Interest income


29,545



21,527



57,156



55,247

Interest expense


(333,214)



(208,144)



(635,158)



(431,896)

Interest expense  related to debt discount and conversion feature


(1,025,292)



(502,972)



(1,910,032)



(1,061,000)

Change in fair value of conversion feature


-



372,059



-



232,267

Changes in fair value of warrant liabilities


38,948



346,016



(171,324)



346,016

Loss on Extinguishment of Debt


-



(1,938,597)



(426)



(1,938,597)

Other income and (expense)


68,008



-



71,398



-

Amortization of deferred financing costs


(113,090)



(2,075)



(249,457)



(72,406)

     Total other income (expense)


(1,335,095)



(1,912,186)



(2,837,843)



(2,870,369)













LOSS BEFORE PROVISION FOR INCOME TAXES


(4,613,084)



(7,692,561)



(8,603,764)



(12,830,483)

Provision (benefit) for income taxes


(2,209)



-



133,228



-

NET LOSS


(4,610,875)



(7,692,561)



(8,736,992)



(12,830,483)













OTHER COMPREHENSIVE (LOSS) INCOME












Foreign currency translation loss


(148,233)



(534,887)



(150,452)



(1,296,649)

COMPREHENSIVE LOSS

$

(4,759,108)


$

(8,227,448)


$

(8,887,444)


$

(14,127,132)













Net loss per common share and equivalents - basic and diluted

$

(0.03)


$

(0.06)


$

(0.06)


$

(0.12)













Weighted average shares outstanding during the period - basic and diluted


146,482,547



118,686,598



144,130,543



115,734,177

 

 

ELEPHANT TALK COMMUNICATIONS CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



For the six month period ended



30-Jun-14


30-Jun-13

CASH FLOWS FROM OPERATING ACTIVITIES:







Net loss


$

(8,736,992)


$

(12,830,483)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:







Depreciation and amortization



3,936,606



3,156,219

Provision for doubtful accounts



18,865



(68,679)

Share-based compensation



2,674,261



4,405,959

Change in the fair value of the warrant liability



171,324



2,493,720

Amortization of deferred financing costs



249,457



-

Interest expense relating to debt discount and conversion feature



1,910,032



-

Unrealized foreign currency translation gain/(loss)



(71,398)



-








Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:







Decrease (increase) in accounts receivable



(2,329,143)



1,679,337

Decrease (increase)  in prepaid expenses, deposits and other assets



(346,129)



(406,790)

Increase (decrease) in accounts payable, proceeds from related parties  and customer deposits



210,932



(241,952)

Increase (decrease) in deferred revenue



16,994



246,755

Increase (decrease) in accrued expenses and other payables



1,910,256



476,333

Net cash provided by (used in) operating activities



(384,935)



(1,089,581)








CASH FLOWS FROM INVESTING ACTIVITIES:







Purchases of Property and Equipment



(3,922,724)



(2,262,540)

Net cash used in investing activities



(3,922,724)



(2,262,540)








CASH FLOWS FROM FINANCING ACTIVITIES:







Cash flow from Escrow account for principal and interest payments on  8% Convertible Notes



-



742,427

Proceeds from 12% Unsecured Loan from Related Party



-



1,290,790

Proceeds from Share Purchase Agreement – Unregistered securities



-



225,000

Proceeds from Share Purchase Agreement – Registered Direct



-



7,500,000

Proceeds from Share Purchase Agreement – Related Party



-



4,500,000

Fundraising fees



(90,000)



(707,500)

Payments on 8% Convertible Note installment payments and interest



-



(8,490,360)

Exercise of warrants and Options



4,283,033



60,394

Net cash provided by financing activities



4,193,033



5,120,751








EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS



(308,301)



(22,225)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS



(422,927)



1,746,405

CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD



1,252,315



1,233,268

CASH AND CASH EQUIVALENTS, END OF THE PERIOD


$

829,388


$

2,979,673











For the six month period ended



30-Jun-14


30-Jun-13

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:














Cash paid during the period for interest


$

123,644


$

(304,381)

Purchases of property and equipment (delivered, not invoiced yet)



0



(1,938,180)

Trade note payable



0



927,133

Increase in Share Capital due to Telnicity Acquisition



0



1,180,000

Increase in Share Capital for third party settlement



0



468,000

Cash paid during the period for income taxes



56,881



0

 

Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA

In order to provide investors additional information regarding our financial results, the Company is disclosing Adjusted EBITDA, a non-GAAP financial measure. The Company employs Adjusted EBITDA, defined as earnings before income and expenses from derivative accounting, such as warrant liabilities and conversion feature expensing, interest income and expense, income taxes, depreciation and amortization, amortization of deferred financing cost, impairments, non-operating income and expenses and stock-based compensation to, among other things, show a measure of the Company's operating performance. The Company uses Adjusted EBITDA because it removes the impact of items not directly resulting from the Company's core operations, thus allowing the Company to better assess whether the elements of the Company's growth strategy are yielding the desired results. Accordingly, the Company believes that Adjusted EBITDA provides useful information for investors and others and allows them to better understand and evaluate the Company's operating results.

 



Three months ended June 30,

Adjusted EBITDA


2014


2013






Net loss – US GAAP


$

(4,610,875)


$

(7,692,561)

Provision (benefit) for income taxes



(2,209)



-

Depreciation and amortization



1,928,392



1,836,231

Share-based compensation



1,902,537



2,995,049

Interest income and (expenses)



303,669



186,617

Interest expense related to debt discount and conversion feature



1,025,292



1,198,051

Loss on extinguishment of debt



-



-

Changes in fair value of warrant liabilities



(38,948)



(346,016)

Other income and (expense)



(68,008)



-

Amortization of deferred financing costs



113,090



873,534

Adjusted EBITDA


$

552,940


$

(949,095)

















Six months ended June 30,

Adjusted EBITDA


2014


2013






Net loss – US GAAP


$

(8,736,992)


$

(12,830,483)

Provision for income taxes



133,228



-

Depreciation and amortization



3,936,606



3,156,219

Share-based compensation



2,674,261



4,405,959

Interest income and (expenses)



578,002



376,649

Interest expense related to debt discount and conversion feature



1,910,032



2,207,858

Change in fair value of conversion feature



-



(311,987)

Loss on extinguishment of debt



426



-

Changes in fair value of warrant liabilities



171,324



(346,016)

Other income and (expense)



(71,398)



-

Amortization of deferred financing costs



249,457



943,865

Adjusted EBITDA


$

844,946


$

(2,397,936)

 

ValidSoft's logo

 

Logo - http://photos.prnewswire.com/prnh/20120917/MM75872LOGO

Logo - http://photos.prnewswire.com/prnh/20120917/MM75492LOGO

SOURCE Elephant Talk Communications Corp.

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Software Development Solution category in The 2015 American Business Awards, and will ultimately be a Gold, Silver, or Bronze Stevie® Award winner in the program. More than 3,300 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration. "We are honored to be recognized as a leader in the software development industry by the Stevie Awards judges," said Steve Brodie, CEO of Electric Cloud. "We introduced ElectricFlow and our Deploy app...
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SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data...
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, will discuss IoE and the enormous opportunities it provides to public and private firms alike. She will shar...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager – Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, will review next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discuss how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Speaker Bios Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has b...
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at DevOps Summit, Alex Gorbachev, President of Intelligent Systems Services Inc., will share foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN st...