Ronin reported revenue of $1.5 million for the fourth quarter of 2009, a 19 percent decrease from $1.9 million in the fourth quarter of 2008. As of December 31, 2009, the Company had received purchase orders totaling approximately $1.1 million for which it had not recognized revenue, including a $0.5 million order from Chrysler. Ronin says the decline in revenue year-over-year was primarily the result of lower revenue generated from Chrysler and BBDO Detroit, an advertising agent for Chrysler.
In positive news, RoninCast software sales were up 47 percent in the fourth quarter of 2009 from the year ago period. But, Ronin reported a fourth quarter net loss of $2.2 million, or $0.13 per basic and diluted share, compared to a net loss of $6.9 million, or $0.47 per basic and diluted share, in the year-ago period. However, the year-over-year improvement in net loss for the fourth quarter of 2009 primarily resulted from reductions in workforce taken in the fourth quarter of 2008 and other cost saving initiatives instituted during the first half of 2009.
In 2009 year-end results, revenue in 2009 totaled $5.0 million – down from $7.4 million for 2008. According to Ronin, the 32 percent decline in Ronin’s revenue was due to customers choosing to directly source displays and media players and lower revenue generated from Chrysler and BBDO Detroit as previously mentioned. The decline was partially offset by a 24 percent increase in sales of the Company’s RoninCast software. The Company’s net loss in 2009 totaled $10.2 million, or $0.67 per basic and diluted share, compared to $20.7 million, or $1.41 per basic and diluted share, in the prior year.
Non-GAAP operating loss for 2009 totaled $8.3 million, or $0.54 cents per basic and diluted share, versus a non-GAAP operating loss of $14.6 million, or $1.00 per basic and diluted share, for the prior year.