May 14, 2008
Rising Revenues, Widening Loss At NMS
By Eileen Kennedy
NMS Communications Corp. of Framingham increased its first quarter revenues by 7 percent but widened its losses by $1.7 million for the first quarter.
The maker of cell phone applications saw its first quarter revenues from continuing operations rise to $19.2 million, compared to $18 million for the same time last year. It also saw first quarter losses of $6.1 million, compared to $4.4 million during the same time last year.
The first quarter of 2008 also included a write-off of $1.9 million of Verso Technologies Inc. common stock, which is held by NMS Communications, and $400,000 in restructuring charges related to LiveWire Mobile, which was part of its acquisition of Groove Mobile Inc.
The company also reduced its cash in the first quarter to $10.4 million, compared to $30.2 million at the end of last year's first quarter. The decrease is due to its acquisition of Groove Mobile Inc. for $14.5 million.
Company officials forecasted 2008 year-long earnings will be down slightly. It also predicts it will sustain a larger loss in the second quarter of 2008 due to a $1.2 million restructuring charge for consolidating its real estate.
The maker of cell phone applications saw its first quarter revenues from continuing operations rise to $19.2 million, compared to $18 million for the same time last year. It also saw first quarter losses of $6.1 million, compared to $4.4 million during the same time last year.
The first quarter of 2008 also included a write-off of $1.9 million of Verso Technologies Inc. common stock, which is held by NMS Communications, and $400,000 in restructuring charges related to LiveWire Mobile, which was part of its acquisition of Groove Mobile Inc.
The company also reduced its cash in the first quarter to $10.4 million, compared to $30.2 million at the end of last year's first quarter. The decrease is due to its acquisition of Groove Mobile Inc. for $14.5 million.
Company officials forecasted 2008 year-long earnings will be down slightly. It also predicts it will sustain a larger loss in the second quarter of 2008 due to a $1.2 million restructuring charge for consolidating its real estate.
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