Wireless Ronin Drops Another $3.6M, Total Deficit Near $100M

March 6, 2014 by Dave Haynes

wireless_roninOn the heels of the announcement earlier in the day of the merger between Wireless Ronin and Broadcast International, RNIN released its Q4 and Fiscal 2013 Financial Results. And the numbers are not, as has been the way quarter after quarter, pretty.

Revenue was down in a big way in the last quarter and up only 1% year to year. Net loss in Q4 was $955,000 (better than this time last  year). The overall net loss in fiscal 2013 totaled $3.6 million, “improving from a net loss of $5.4 million” in  2012.

The company says the improvement in both periods was primarily due to increased sales and reduced costs.

Cash is tight. At December 31, 2013, cash and cash equivalents totaled $1.5 million, compared to $1.1 million at end of the prior quarter. The increase was due to the $1.1 million financing completed in Q4 2013.

And now for some lipstick:

Management Commentary
“2013 marked a pivotal year in the financial and operational development of Wireless Ronin,” said the company’s president and CEO, Scott Koller. “From a financial perspective, we achieved several key milestones, including record gross profit margin, and the lowest levels of operating expenses and net loss in the company’s history. These results reflect our continued focus on cost controls and operational scalability, while effectively growing our topline and diversifying our revenue base.

“Operationally, the success of our efforts to broaden and diversify our customer base was demonstrated by major new customer wins with Indian Motorcycle, Chester’s Chicken, and a major Denny’s franchisee. We also formed a strategic partnership with Delphi Display Systems that extended the sales reach of RoninCast in the QSR segment, enabling us to focus our resources on our growing pipeline of opportunities in the automotive, retail, food service and fast casual markets. Our partnership with Delphi continues to gain momentum, as several national and international Delphi clients are currently piloting and looking to adopt our integrated digital signage solution.

“It is important to recognize that Delphi chose to partner with us because of the robust capabilities of our well-architected RoninCast platform. During 2013, we released 4.2 of this platform, which expanded its functionality, providing seamless communication between screens and mobile devices to deliver content to adjacent screens. We believe that these advancements, along with the merger with Broadcast International announced earlier today, sets our company ahead of the competition. Adding Broadcast’s technology to RoninCast creates what we believe will be the most comprehensive, synergistic offering in the digital signage industry. Moreover, we expect it will provide tremendous cross-selling and upselling opportunities across our combined customer base, setting us on course for a record year in 2014.”

Okay then …

I may not have the math perfect, but believe the accumulated deficit for Wireless Ronin now sits at $99,930,000.

The operating highlights are so now wobbly this was a bullet point:

Established an entrée with Denny’s Corporation (NASDAQ: DENN) with an initial order from The Army & Air Force Exchange Service (AAFES) to install RoninCast® digital menu system at the Denny’s Fresh Express concept at Nellis Air Force Base in Las Vegas. 

Break out the Asti Spumante.

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