DENVER, March 30, 2012 (GLOBE NEWSWIRE) -- Roomlinx, Inc. (OTC:RMLX), the innovative developer of interactive TV applications for the hospitality industry, today announced year-over-year, fourth-quarter, and full-year 2011 financial performance, reflecting ongoing increased revenues and gross profits.
2011 Highlights
- Total Revenues and Gross Profit increased 38% over 2010.
- Roomlinx installed their Interactive TV platform into its largest property to date – the 1,193 room Hyatt Regency, New Orleans.
- Completed first Interactive TV platform installation in Canada.
- Developed two additional product tiers of Interactive TV; a "Mid" tier and a "Lite" tier product. The two additional products allow Roomlinx to market to a broader range of hotel brands.
- Rolled out version 3.0 of the Roomlinx Interactive TV platform, which included the following new features:
- Interactive Program Guide ("click and go" guide)
- Room service ordering module
- Searchable VOD Electronic Program Guide
- Meeting room reader board integration
- Meeting and convention advertising platform
- Dynamic guest billing
- Guest service integration
- HSIA and iTV portal integration
- Rollerball remote control
"Our increased revenues and gross profit was a result of our continued penetration within the hospitality industry and ability to increase our recurring revenues," said Mike Wasik, Roomlinx CEO. "In addition, we invested significant resources to further our relationship with Hyatt which resulted in the signing of a Master Service Agreement on March 12th 2012. (Click here to read release). Entering into this relationship with Hyatt represents what I believe to be an inflection point in Roomlinx's business and growth and is tangible evidence of the value our products deliver to hotel operators. Over the next 24 months we expect to install our platform in up to 60,000 Hyatt rooms. We are very excited to have been selected by Hyatt for this roll out."
Fourth Quarter and Full Year 2011 Operating Results:
Roomlinx's reported revenues for fourth quarter and full year ending December 31, 2011 were $2,013,442 and $6,223,925 respectively. Roomlinx's reported gross profit for fourth quarter and full year ending December 31, 2011 were $161,932 and $1,466,853 respectively. Both revenue and gross profit experienced an increase of 38% over 2010, reflecting our continued penetration within the hospitality sector.
The net loss for the fourth quarter and year ending December 31, 2011 was $839,485 and $2,652,189 respectively; compared to a net loss of $183,870 and $1,268,898 for the fourth quarter and full year ended December 31, 2010, respectively. While these losses are greater in 2011 than 2010, our cash provided by (used in) operations was $390,203 and ($970,731) for the fourth quarter and year ended December 31, 2011, respectively, vs. $222,550 and ($1,614,450) for the fourth quarter and year ended December 31, 2010, respectively. The overall decrease in cash used in operations in 2011 demonstrates Roomlinx's ability to leverage an increasing revenue stream to cover a substantial portion of our cost increment associated with management's decision to commit resources to the ramp-up of personnel and infrastructure required to service the Hyatt win and continued penetration within the hotel space.
About Roomlinx
Roomlinx is the hospitality in-room expert providing iTV for hotels, resorts, and other properties, utilizing premium content and applications demanded by today's traveler. Please contact sales@roomlinx.com for a demo, or visit us at www.roomlinx.com.
Safe Harbor Cautionary Statement:.
This news release may contain forward-looking statements within the meaning of the federal securities laws. Statements regarding future events, developments, the Company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. These statements include statements regarding the Hyatt hotels roll out (including the timing thereof) and Roomlinx's growth as a result of the master service agreement with an affiliate of Hyatt Hotels Corporation. These forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, actual results may vary materially from those anticipated by the forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: the Company's successful implementation of new products and services (either generally or with specific key customers), the Company's ability to satisfy the contractual terms of key customer contracts, demand for the new products and services, the Company's ability to successfully compete against competitors offering similar products and services, general economic and business conditions; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies research and development activities; changes in, or failure to comply with, governmental regulations; the ability to obtain adequate financing in the future; the Company's ability to establish and maintain strategic relationships, including the risk that key customer contracts may be terminated before their full term; the possibility of product-related liabilities; the Company's ability to attract and retain qualified personnel; the Company's ability to maintain its intellectual property rights and litigation involving intellectual property rights; risks related to third-party suppliers; the Company's ability to obtain, use or successfully integrate third-party licensed technology; breach of the Company's security by third parties; and the risk factors detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, including our 2011 Annual Report on Form 10-K available through the web site maintained by the Securities and Exchange Commission at www.sec.gov. The Company undertakes no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.