Achieves Record Profits and Demonstrates Year-Over-Year Growth
Southborough, MA, August 23, 2010 - ViryaNet Limited (VRYAF.OB), a leading provider of mobile workforce management solutions that optimize the full cycle of scheduling and dispatch processes for field service management announced financial results for the second quarter of 2010.
For the second quarter ended June 30, 2010, ViryaNet reported revenues of $2.93 million, a 10% increase compared to the same period in 2009. Net income for the second quarter was $377,000 or $0.11 basic and $0.10 diluted earnings per share, compared to a net income of $36,000 or $0.01 per basic and diluted earnings share for the same period in 2009. Software license revenues for the second quarter of 2010 were $600,000, compared to $457,000 recorded in the second quarter of 2009. Maintenance and services revenues were $2.33 million in the second quarter of 2010, compared to $2.19 million in the second quarter of 2009.
"Continued success through our channel partners, including three wins by three different channel partners, continues to validate the strong market acceptance of our G4 mobile workforce management solution," stated Memy Ish-Shalom, CEO of ViryaNet." Add to that strong relationships with our customer base as reflected in three new license deals and it translates into another strong quarter for us."
Second Quarter Highlights:
➢ Announced that three different channel partners each signed new license agreements.
o The European division of an International food and beverage giant will utilize the ViryaNet G4 mobile workforce management solution in an on-demand environment, and will provide both mobile workforce management and supply chain management functionality.
o Vectren Corporation made the strategic decision to consolidate their field service scheduling and optimization processes onto a rebranded version of the ViryaNet G4 mobile workforce management solution.
o A utility in the Western US outsourced their dispatch operations to a ViryaNet channel partner who, provides business processes outsourcing services by leveraging the ViryaNet platform.
➢ Announced that ViryaNet best in class G4 mobile workforce management platform successfully deployed at a number of large Utility and Telecommunication companies. ViryaNet expects tens-of-thousands of mobile field service personnel will be supported by the G4 platform by the end of 2010, driven by rapid adoption within the market as a result of a number of first-of-their kind capabilities. The ViryaNet G4 mobile workforce management system was built to enable efficient and effective
decision-making for dynamic and complex scheduling and dispatch environments.
➢ Announced General Electric, a ViryaNet global partner, achieves prestigious Ecomagination™ status for its field force automation product. The GE announcement emphasizes the value of ViryaNet mobile workforce management solutions for GE's Smart Grid initiatives.
➢ Announced another successful ViryaNet field service customer conference. ViryaVision 2010 was held in Sanibel Harbour Resort & Spa in Ft. Myers, Florida. The event was sponsored by several ViryaNet partners including GE Energy, General Dynamics Itronix, and SageQuest and focused on achieving operational excellence with the ViryaNet G4 platform.
About ViryaNet
ViryaNet provides packaged industry solutions that intelligently guide, automate, and optimize both simple and complex field service work, resulting in operational excellence. ViryaNet's field service management software solutions specialize in the functions of scheduling and dispatching resources and enabling mobile field communication. Embedding industry best practices and utilizing a powerful workflow engine, web architecture, and visibility suite, the ViryaNet solutions allow companies to outperform their competition, better the customer experience, improve financial performance, and address regulatory compliance. ViryaNet possesses a 22-year history in the field service space, a vast number of customers across a variety of industries, and strong partnerships with leading platform and system integration companies. Headquartered in Southborough, MA, ViryaNet enjoys a worldwide presence with offices and customers located in North America, Europe, and the Pacific Rim. For more information, visit www.viryanet.com
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding ViryaNet's expectations, beliefs, intentions, or strategies regarding the capabilities of its products, its relationships with its customers, its customer purchases, its future
operational plans and objectives including integration of other businesses, its future business prospects, its future financial performance, its future cash position, and its future prospects for profitability. All forward-looking statements included in this document are based upon information available to ViryaNet Ltd. as of the date hereof, and ViryaNet Ltd. assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which
could cause actual results to differ materially from those projected. These and other risks relating to ViryaNet's business include market acceptance of and demand for the Company's products, risks associated with a slow-down in the economy, risks associated with the financial condition of the company's customers, risks associated with competition and competitive pricing pressures, risks associated with increases in costs and operating expenses, risks in technology development and
commercialization, the risk of operating losses, risks in product development, risks associated with international sales, and other risks that are set forth in ViryaNet's Form 20-F, dated July 15, 2010 and the other reports filed from time to time with the Securities and Exchange Commission. Reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as the date hereof. ViryaNet
disclaims any obligation to publicly update or revise any such forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
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Press Contact:
Yoni Mozeson
ViryaNet, Ltd
508-490-8600, ext 3025
yoni.mozeson@viryanet.com