DENVER, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Roomlinx, Inc. (OTCBB:RMLX), the innovative developer of media networks and interactive TV applications for hotels, today announced its financial results for the three and six months ended June 30, 2012, with strong year-over-year growth in revenues for its second quarter and six months ended June 30, 2012.
Driven by a 70 percent increase in hospitality revenue, total revenue in the second quarter of 2012 increased 57 percent to $2,135,386, up from $1,358,931 in the second quarter of 2011. Hospitality revenue in this year's second quarter was $1,904,531, up from $1,121,785 in the prior year's second quarter. Residential revenue was flat at $230,855 in this year's second quarter compared to $237,146 in the same period last year.
For the first six months of 2012, total revenue increased 32 percent to $3,672,927 from $2,782,103 in the first six months of 2011. Hospitality revenue for the first six months of 2012 increased 38 percent to $3,203,158 compared to $2,321,817 for the first six months of 2011. Residential revenue was flat at $469,769 for the first six months of 2012 compared to $460,286 in the comparable year earlier period.
The strong year-over-year increases in revenue reflect the continuing service installations at Hyatt Hotels in both the second quarter and first six months of 2012.
Net loss in the 2012 second quarter was $1,811,630, up from a net loss of $757,739 in last year's second quarter. For the first six months of 2012, net loss was $2,836,865 compared to a net loss of $1,296,917 in the year-earlier period.
"The second quarter results reflect our focus on installations at Hyatt hotels," said Mike Wasik, Roomlinx's CEO. "We are now providing service to more than 5,500 Hyatt rooms. While our net loss increased, this was expected as we are making necessary investments to expand our internal capabilities to support the large number of installations planned for the remainder of 2012 and 2013 under our agreement with Hyatt. We have added significantly to our support and installation teams ahead of the scheduled install calendar to ensure that we maintain the highest levels of quality service and support. As the installation schedule ramps up, we anticipate continued revenue growth. And we anticipate that our growing room base will yield increasing levels of recurring service revenue."
Wasik continued, "We have now completed site surveys for more than 100 Hyatt Hotel locations, so we expect that the remainder of 2012 will continue to be very active for installations."
Basic and diluted weighted average shares outstanding for the 2012 second quarter and first six months were 5,893,814 and 5,506,347, respectively, compared with 5,093,400 and 5,026,529 in the year-earlier periods. The year-over-year increase in shares principally reflects the issuance of shares to certain private investor under a Securities Purchase Agreement in May 2012.
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
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Forward Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that are not purely statements of historical fact, and can sometimes be identified by our use of terms such as "intend," "expect," "plan," "estimate," "future," "strive" and similar words. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Roomlinx, Inc. and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward- looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Roomlinx, Inc in general, see the risk disclosures in the Annual Report on Form 10-K of Roomlinx for the year ended December 31, 2011, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Securities and Exchange Commission by Roomlinx, Inc.