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hopTo Inc. Announces Second Quarter 2015 Highlights and Results
hopTo Inc., developer and provider of the most comprehensive mobile productivity platform, today announced its financial results for the second quarter ended June 30, 2015. 

Second Quarter Highlights:

  • Revenue for first half  of 2015 of $2.83 million, 3% increase, year over year
  • Grew the number of hopTo Work resellers to 30 including distribution agreements with KitASP Corporation of Japan and Adapt Software Corporation of India
  • Became a verified Citrix Ready Premier Partner
  • Released hopTo Work for iPhone
  • Released GO-Global for Windows 5.0

"We were very focused on our go to market activities during the second quarter.  We continue to see momentum build as our hopTo Work pipeline continues to grow.  We are also excited with our expanding reseller partnerships and were pleased to have added new distributor agreements for hopTo Work with KitASP Corporation of Japan and with Adapt Software Corporation of India," said Eldad Eilam, Chief Executive Officer of hopto. "These new agreements brings the total number of hopTo Work resellers and partners to 30."

"Additionally in the second quarter, our hopTo Work mobile workspace was verified as Citrix Ready. This means that hopTo has established compatibility with the Citrix infrastructure and now participates in the Citrix Ready program as we work to complete a deeper integration with Citrix that will fulfill the requirements of many of our prospective customers."

"We began the third quarter with participation in a number of conferences and continue to be encouraged by the consistently favorable response that analysts and prospective customers show for hopTo Work," concluded Mr. Eilam.

Results for the First Six Months Ended June 30, 2015

In the first half of Fiscal Year 2015, the Company recognized $2.83 million in revenue, a year-over-year increase of approximately 3% from $2.75 million in 2014.  Nearly all revenue is from the Company's GO-Global business.

Gross profit for the first six months of 2015 was $2.62 million, compared to $2.50 million for the same period of 2014, a year over year increase of over 5%.

For the first half of 2015, the Company reported an operating loss of $2.28 million for in 2015, an improvement of approximately 30% compared with the $3.26 million loss from the same period last year.

The total operating expense for the first half of 2015 was $4.90 million, which is a year-over-year improvement of nearly one million dollars from $5.76 million that we reported for the same period in 2014.

Second Quarter Ended June 30, 2015

The Company recognized $1.36 million in consolidated revenue in the second quarter of 2015, a decrease of 3.4% in revenue over the second quarter revenues of $1.41 for the same period in 2014. 

Gross profit for the second quarter of 2015 was $1.25 million, compared to $1.29 million in the second quarter of 2014, a slight quarter over quarter decrease.

Selling, general and administrative expenses for the second quarter of 2015 were $1.23 million, a reduction of approximately 14%% from the same period in 2014.   R&D expenses of $1.1 million were also down approximately 17% from $1.33 million in 2014.

The Company continued to deliver on cost controlling measures and better cash management, with total operating expenses for the second quarter of $2.33 million, compared to $2.75 million for the same period in 2014.

Total operating loss for the second quarter of 2015 was $1.07 million, which is a quarter over quarter improvement of 26% from the $1.46 million operating loss that we reported for the same period in 2014.

hopTo reported a net loss for the quarter ended June 30, 2015 of $890 thousand, or $0.01 per basic and diluted share, compared to $980 thousand or $0.01 per basic and diluted share for the same period in 2014.

As of June 30, 2015 the Company had cash of $1.18 million and accounts receivable of $482 thousand.

In late July, the Company completed a private placement of common stock, without warrants, that provided approximately $2.5 million in net proceeds to the Company.

Published Thursday, August 06, 2015 5:29 PM by David Marshall
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