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Velti Announces Fourth Quarter and Fiscal Year 2012 Results



Velti Announces Fourth Quarter and Fiscal Year 2012 Results

DUBLIN, Ireland and SAN FRANCISCO, March 12, 2013 (GLOBE NEWSWIRE) -- Velti
plc (Nasdaq:VELT), the leading global provider of mobile marketing and
advertising technology and solutions, today announced its financial results
for the fourth quarter and fiscal year ended Dec. 31, 2012.

"Our full year 2012 results show a 43 percent increase in revenue over 2011,
even though the fourth quarter was a difficult quarter," said Alex Moukas,
chief executive officer. "In the fourth quarter, revenue came in at the low
end of our expectations, which, in conjunction with higher operating expenses,
contributed to significantly lower adjusted EBITDA.

"Following the divestment announced in November, we continue to evaluate the
customers and opportunities that we are pursuing in various geographies. We
decided not to pursue certain business opportunities with customers or
potential customers that did not meet our more rigorous cash investment
requirements, and requirements for improved cash collections and reductions in
business in economically challenged regions.

"At the same time, in the fourth quarter and beyond we are very pleased with
the sales activity, prospective customer engagements and revenue growth in key
markets, including the U.S., Western Europe, Brazil and India. We have built
up dedicated sales teams and a complete portfolio of products and services in
each of these markets and are confident in our growth opportunities as we gain
momentum over the course of 2013 and into the future."

"We believe that 2013 will be a transitional year allowing us to deliver
significant revenue growth in our business in the key markets as well as
significantly improved cash flow," added Jeff Ross, chief financial officer.
"We further believe that we will show sequential growth and financial
improvement throughout the year and beyond."

Fiscal Year 2012 Financial Highlights

  * Revenue of $270.3 million, an increase of 43 percent from fiscal year
    2011;
  * Revenue less 3rd party costs of $178.9 million (resulting in a margin of
    66 percent), an increase of 32 percent compared with revenue less 3rd
    party costs from fiscal year 2011;
  * Adjusted EBITDA of $42.6 million, which includes a $7.4 million allowance
    for doubtful accounts; this is a decrease of 20 percent from fiscal year
    2011;
  * GAAP net loss attributable to Velti of $56.4 million and EPS of $(0.88)
    compared with a net loss of $15.4 million and EPS of $(0.28) for fiscal
    year 2011, including $16.9 million related to the write-off of certain
    capitalized software and;
  * Adjusted net income of $22.2 million and adjusted diluted EPS of $0.34
    compared with adjusted net income of $29.0 million and adjusted diluted
    EPS of $0.50 for 2011.

Mobile Advertising and Marketing Revenues and Third Party Costs

  * Mobile advertising revenue of $54.3 million, an increase of 82 percent
    from fiscal year 2011 and mobile advertising 3rd party costs of $41.1
    million; resultant mobile advertising revenue less 3rd party costs of
    $13.3 million (resulting in a margin of 24 percent);
  * Mobile marketing revenue of $216.0 million, an increase of 36 percent from
    fiscal year 2011 and mobile marketing 3rd party costs of $50.3 million;
    resultant mobile marketing revenue less 3rd party costs of $165.7 million
    (resulting in a margin of 77 percent).

Q4 2012 Financial Highlights

  * Revenue of $97.5 million, an increase of 12 percent from Q4 2011;
  * Revenue less 3rd party costs of $66.6 million (resulting in a margin of 68
    percent), a decrease of 2 percent compared with revenue less 3rd party
    costs from Q4 2011;
  * Adjusted EBITDA of $25.1 million, compared with $43.1 million in Q4 2011,
    a decrease of 42 percent;
  * GAAP net loss attributable to Velti of $5.2 million and diluted EPS of
    $(0.08) compared with net income of $25.0 million and EPS of $0.40 for Q4
    2011;
  * Adjusted net income of $26.0 million and adjusted diluted EPS of $0.39
    compared with adjusted net income of $37.3 million and adjusted diluted
    EPS of $0.59 for Q4 2011;

Mobile Advertising and Marketing Revenues and Third Party Costs

  * Mobile advertising revenue of $15.2 million, an increase of 53 percent
    from Q4 2011 and mobile advertising 3rd party costs of $10.8 million;
    resultant mobile advertising revenue less 3rd party costs of $4.5 million
    (resulting in a margin of 29 percent);
  * Mobile marketing revenue of $82.2 million, an increase of 7 percent from
    Q4 2011 and mobile marketing 3rd party costs of $20.1 million; resultant
    mobile marketing revenue less 3rd party costs of $62.2 million (resulting
    in a margin of 76 percent).

Cash and Comprehensive DSOs

  * Cash position of $36.6 million as of Dec. 31, 2012;
  * Q4 operating cash flow of $7.3 million;
  * Comprehensive DSOs of 311 days;
  * Q4 free cash flow of ($5.0) million.

Please see the reconciliation of net income (loss) before non-controlling
interest to adjusted EBITDA later in this release.

Q4 Business Highlights

  * Q4 customer engagements included such blue chip brands as American
    Express, Discover, eTrade, Hertz, BBW, JCPenney, Subway, Armani Exchange,
    Bebe, Outback Steakhouse, and Academy.
  * Velti partnered with Cancer Research UK and Channel 4 to fundraise through
    mobile donations during the 'Stand Up to Cancer' campaign, garnering over
    360,000 mobile interactions. The partnership with Channel 4 marked a
    milestone for Velti, having now worked with every major UK terrestrial
    broadcaster.
  * Velti announced a partnership with Infinian, the leader in coupon
    redemption tracking, to provide marketers a complete and seamless
    end-to-end mobile coupon solution. From coupon creation and distribution
    tools, to in-store redemption and targeted marketing, the partnership is
    expected to provide a marked increase in engagement between consumers and
    brands.

Transition to Key Growth Geographies and Products

As announced as part of the divestiture of selected Greek, Balkan and other
assets in the third quarter of 2012, Velti has made a strategic decision to
forgo a significant amount of additional business in these regions. Although
this business has historically generated meaningful revenue and EBITDA , it
requires significant upfront cash investment and is characterized by long
collection cycles. Velti will instead focus more on customers in key markets
such as the Americas, Western Europe, Brazil, India and China in order to
leverage growth opportunities and improve free cash flow.

In conjunction with this transition, Velti expects to significantly decrease
its capital expenditures by more than 50%, which the company believes will
meaningfully contribute to improved cash flow. Additionally, the transition is
expected to reduce overall DSOs as DSOs on new revenue generated in 2013 are
expected to be around 100 days.

In addition to its annual guidance provided below, Velti has developed longer
term operating assumptions for the years 2014 through 2016, detailed below,
that highlight healthy, focused growth and steady margin expansion:

  * Revenue growth: 25 to 35 percent per year;
  * Approximately one-third of total revenue from advertising with attendant
    margins of approximately 30 percent;
  * Approximately two-thirds of total revenue from mobile marketing with
    attendant margins of approximately 62 percent;
  * Adjusted EBITDA margin expansion of approximately 4 to 6.5 percent per
    year as operating leverage increases;
  * Free cash flow generation of approximately $40 million in 2014, growing at
    approximately 40 percent thereafter.

For additional information related to our fourth quarter 2012 results, please
see the Q4 2012 Earnings Slide Deck available on the Events section of the
investor website at http://investors.velti.com/events.cfm.

Fiscal Year 2013 Outlook

Velti is announcing revenue, adjusted EBITDA and free cash flow guidance for
the first quarter and fiscal year ending Dec. 31^st 2013 as follows:

                                                                 
($ in millions, excluding Spin-Off)       Qtr. End. March 31^st FYE Dec. 31^st
                                          Low        High       Low     High
Revenue Guidance                          $40.0      $44.0      $255.0  $280.0
Adjusted EBITDA Guidance                  $(17.0)    $(15.0)    $5.0    $15.0
Free Cash Flow Guidance, Exclusive of     N/A        N/A        $5.0    $15.0
Acquisition Payments

Conference Call

The company will host a conference call today at 4:30 PM ET to discuss these
results. The conference call can be accessed at (877) 415-4117 or (708)
290-1138 (International), conference ID# 17593110. The call will also be
broadcast simultaneously at http://investors.velti.com. Following completion
of the call, a recorded replay of the webcast will be available for three
months on the Events section of the investor website at
http://investors.velti.com/events.cfm. To listen to the telephone replay, call
toll-free (855) 859-2056 or (404) 537-3406 (International), conference ID#
17593110. The telephone replay will be available from 7:30 PM ET March 12
through March 19, 2013. Additional investor information can be accessed at
http://velti.com.

Use of Non-GAAP Measures

This press release includes non-GAAP financial measures such as adjusted
EBITDA, adjusted net income and adjusted earnings per share. These non-GAAP
financial measures are not a measure of financial performance or liquidity
calculated in accordance with accounting principles generally accepted in the
U.S., referred to herein as GAAP, and should be viewed as a supplement to, not
a substitute for, our results of operations presented on the basis of GAAP.
Reconciliation of these non-GAAP financial measures to the most directly
comparable GAAP financial measures is detailed in the table below.

Our non-GAAP measures should be read in conjunction with the corresponding
GAAP measures. These non-GAAP financial measures have limitations as an
analytical tool and you should not consider them in isolation from, or as a
substitute for, analysis of our results as reported in accordance with GAAP.

We define adjusted net income (loss) by excluding foreign exchange gains or
losses, share-based compensation expense, non-recurring and acquisition
related expenses, deferrals of net profits of our equity method investments
related to transactions with us, and acquisition-related depreciation and
amortization.

We define adjusted EBITDA by excluding from adjusted net income (loss), gains
or losses from our equity method investments, the remaining depreciation and
amortization, the provision for income taxes, net interest expense, and other
income and expense.

Adjusted net income (loss) and adjusted EBITDA are not necessarily comparable
to similarly-titled measures reported by other companies.

Adjusted income (loss) per share is adjusted net income (loss) divided by
diluted shares outstanding.

We believe these non-GAAP financial measures are useful to management,
investors and other users of our financial statements in evaluating our
operating performance because these financial measures are additional tools to
compare business performance across companies and across periods. We believe
that:

  * these non-GAAP financial measures are often used by investors to measure a
    company's operating performance without regard to items such as interest
    expense, taxes, depreciation and amortization and foreign exchange gains
    and losses, which can vary substantially from company to company depending
    upon accounting methods and book value of assets, capital structure and
    the method by which assets were acquired; and
  * investors commonly use these non-GAAP financial measures to eliminate the
    effect of restructuring and share-based compensation expenses, one-time
    non-recurring expenses, and acquisition-related expenses, which vary
    widely from company to company and impair comparability.

We use these non-GAAP financial measures:

  * as a measure of operating performance to assist in comparing performance
    from period to period on a consistent basis;
  * as a measure for planning and forecasting overall expectations and for
    evaluating actual results against such expectations;
  * as a primary measure to review and assess the operating performance of our
    company and management team in connection with our executive compensation
    plan incentive payments; and
  * in communications with our board of directors, stockholders, analysts and
    investors concerning our financial performance.

Note to Financial Statements

The financial information in this announcement does not constitute statutory
financial statements as defined in Article 102 of the Companies (Jersey) Law
1991. Copies of our annual report and financial statements will be available
at our registered office: First Floor, 28-32 Pembroke Street Upper, Dublin 2,
Republic of Ireland or can be downloaded at the company's website at
www.velti.com.

Forward-Looking Statements

"Safe harbor" statement under the Private Securities Litigation Reform Act of
1995: This press release contains forward-looking statements including
statements regarding revenue and adjusted EBITDA guidance for fiscal year
2013, guidance related to 2013 free cash flow, and guidance relating to
operating assumptions for the years 2014 through 2016 relating to revenue
growth, margins, and adjusted EBITDA margin expansion; our expectations to
execute on key business opportunities in key markets such as the Americas,
Western Europe, Brazil, India and China; our ability to significantly decrease
capital expenditures, and to reduce overall days sales outstanding; and the
impact of the divestment of Greek, Balkan and other assets. The achievement or
success of the matters covered by such forward-looking statements involve
risks, uncertainties and assumptions, and if any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, the company's
results could differ materially from the results expressed or implied by the
forward-looking statements. These risks and uncertainties include - but are
not limited to - our ability to collect on outstanding accounts receivable,
manage our accounts payable, and improve our comprehensive DSOs; generate
sufficient cash and reduce expenses to meet our tight cash flow requirements
without raising additional funds; continue to expand as the leading global
provider of integrated, comprehensive mobile marketing and advertising
technology; expand our customer base; achieve the benefits of our
acquisitions, and potential liability resulting from pending or future
litigation. Further information on these and other factors that could affect
the company's results is included in our Annual Report on Form 20-F and our
current reports on Form 6-K filed with the Securities and Exchange Commission
and in other filings we may make with the Securities and Exchange Commission
from time to time. Velti assumes no obligation and does not intend to update
these forward-looking statements, except as required by law.

About Velti

Velti is a leading global provider of mobile marketing and advertising
technology and solutions that enable brands, advertising agencies, mobile
operators and media to implement highly targeted, interactive and measurable
campaigns by communicating with and engaging consumers via their mobile
devices. The Velti platform, called Velti mGage™, allows customers to use
mobile and traditional media to reach targeted consumers, engage the consumer
through the mobile Internet and applications, convert them into customers and
continue to actively manage the relationship through the mobile channel. Velti
is a publicly-held corporation based in Jersey, and trades on the NASDAQ
Global Select Market under the symbol VELT. For more information, visit
www.velti.com.

The Velti logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7438

                                                                   
 
                           For the Three Months      For the Twelve Months
                           Ended December 31,        Ended December 31,
                           2012          2011        2012         2011
Reconciliation to adjusted (in thousands except per share amounts)
EBITDA:
Net income (loss)           $ (5,064)     $ 25,187    $ (56,363)   $ (15,238)
Adjustments:                                                       
Gain (loss) from foreign   141           774         (1,995)      (6,200)
currency transactions
Non-cash share based       8,666         4,001       31,196       27,627
compensation ^(1)
Non-recurring and
acquisition-related        1,400         3,140       10,316       14,821
expenses ^(2)
Impairment of intangible   16,902        1,500       16,902       1,500
assets
Loss from equity method    45            490         596          1,888
investments ^(3)
Loss from disposal of      906           —           10,532       —
assets
Depreciation and
amortization - acquisition 3,031         2,220       10,972       4,607
related
Adjusted net income         $ 26,027      $ 37,312    $ 22,156     $ 29,005
Loss (gain) from equity    531           (673)       3,159        (1,688)
method investments - other
Depreciation and           6,917         5,030       22,974       16,293
amortization - other
Income tax (benefit)       (8,832)       368         (7,646)      3,808
expense
Interest expense, net      414           1,026       1,830        5,610
Other expense              78            15          152          49
Adjusted EBITDA             $ 25,135      $ 43,078    $ 42,625     $ 53,077
                                                                   
Adjusted net income per     $ 0.40        $ 0.60      $ 0.35       $ 0.52
share - basic
                                                                   
Adjusted net income per     $ 0.39        $ 0.59      $ 0.34       $ 0.50
share - diluted
                                                                   
Basic shares               65,223        61,718      63,910       55,865
                                                                   
Diluted shares             65,995        62,921      65,475       58,071
                                                                   
^(1)  The quarter and year ended December 31, 2012 include accrual of annual
bonuses that are expected to be paid in stock. The year ended December 31,
2011 includes additional compensation expense of approximately $10.5 million
relating to deemed modifications of performance based deferred share awards. 
                                                                   
^(2) Non-recurring and acquisition-related expenses in 2012 resulted primarily
from re-measurement of contingent consideration for our Mobile Interactive
Group acquisition, including locking of the contingent consideration, and for
acquisition related expenses for completed acquisitions. These expenses were
partially offset by a first quarter gain on re-measurement of our
pre-acquisition ownership interest in CASEE to fair value. Non-recurring and
acquisition-related expenses in 2011 included acquisition related expenses
related to our acquisition of Mobclix, interest expense to recognize the
remaining discount upon repayment of certain loan facilities, interest expense
related to a lender fee in connection with our IPO, and other non-recurring
items offset by the reversal of a one time tax liability related to pre-IPO
performance share awards that were released to employees in 2010. 
                                                                   
^(3) Loss from equity method investments represents deferral of our equity
method investments' net profits related to transactions with Velti. 

 
 
Share based expenses included in the condensed consolidated statements
of operations for the quarters and years ended December 31, 2012 and
2011 were as follows:
 
                      For the Three Months    For the Twelve Months
                      Ended December 31,      Ended December 31,
                      2012        2011        2012         2011
                      (in thousands)                                        
Datacenter and direct  $ 1,196     $ 568       $ 3,721      $ 3,549
project
General and           2,549       1,516       11,923       11,734
administrative
Sales and marketing   2,811       1,266       9,245        8,288
Research and          2,110       651         6,307        4,056
development
                       $ 8,666     $ 4,001     $ 31,196     $ 27,627
                                                                              

Velti plc
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
 
                                    For the Three Months For the Twelve Months
                                    Ended December 31,   Ended December 31,
                                    2012       2011      2012       2011
Revenue:                                                             
Software as a service (SaaS)        $ 59,956   $ 62,650  $ 204,210  $ 139,024
revenue
License and software revenue        12,581     19,746    22,213     36,705
Managed services revenue            24,930     4,710     43,921     13,473
Total revenue                       97,467     87,106    270,344    189,202
Cost and expenses:                                                   
Third-party costs                   30,862     18,805    91,404     53,901
Datacenter and direct project costs 7,595      5,734     29,966     17,952
General and administrative expenses 21,408     11,121    68,196     45,258
Sales and marketing expenses        16,041     10,369    54,507     37,733
Research and development expenses   6,492      3,853     21,236     13,060
Acquisition related and other       —          1,287     9,950      8,890
charges
Impairment of intangible assets     16,902     1,500     16,902     1,500
Loss from disposal of assets        906        —         10,532     —
Depreciation and amortization       9,948      7,250     33,946     20,900
Total cost and expenses             110,154    59,919    336,639    199,194
Income (loss) from operations       (12,687)   27,187    (66,295)   (9,992)
Interest expense, net               (414)      (1,026)   (1,830)    (7,389)
Gain (loss) from foreign currency   (141)      (774)     1,995      6,200
transactions
Other income (expense)              (78)       (15)      5,876      (49)
Gain (loss) before income taxes,
equity method investments and       (13,320)   25,372    (60,254)   (11,230)
non-controlling interest
Income tax benefit (expense)        8,832      (368)     7,646      (3,808)
Net gain (loss) from equity method  (576)      183       (3,755)    (200)
investments
Net income (loss)                   (5,064)    25,187    (56,363)   (15,238)
Net income attributable to          119        205       53         130
non-controlling interest
Net income (loss) attributable to   $ (5,183)  $ 24,982  $ (56,416) $ (15,368)
Velti
                                                                     
Net income (loss) per share                                          
attributable to Velti:
Basic                               $ (0.08)   $ 0.40    $ (0.88)   $ (0.28)
Diluted                             $ (0.08)   $ 0.40    $ (0.88)   $ (0.28)
Weighted average number of shares
outstanding for use in computing                                     
per share amounts:
Basic                               65,223     61,718    63,910     55,865
Diluted                             65,223     62,921    63,910     55,865
                                                                     

                                                                   
                                                                   
 Velti plc
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(unaudited)
                                                                   
 
                                                     December 31, December 31,
                                                     2012         2011
ASSETS                                                             
Current assets:                                                    
Cash and cash equivalents (includes $1.1 million      $ 36,571     $ 75,765
from VIE as of December 31, 2012)
Trade receivables, net of allowance for doubtful
accounts of $7.0 million and $0.6 million as of
December 31, 2012 and December 31,2011, respectively 150,074      100,456
(includes $12.4 million from VIE as of December 31,
2012)
Accrued contract receivables, net of allowance for
doubtful accounts of $1.0 million as of December 31, 132,957      98,203
2012 (includes $8.8 million from VIE as of December
31, 2012)
Prepayments                                          12,733       22,664
Other receivables and current assets (includes $1.3  8,084        20,238
million from VIE as of December 31, 2012)
Total current assets                                 340,419      317,326
Non-current assets:                                                
Property and equipment, net (includes $0.2 million   13,073       5,922
from VIE as of December 31, 2012)
Intangible assets, net (includes $2.9 million from   93,982       91,192
VIE as of December 31, 2012)
Goodwill                                             70,498       52,956
Other assets (includes $1.5 million from VIE as of   6,301        14,135
December 31, 2012)
Total non-current assets                             183,854      164,205
Total assets                                          $ 524,273    $ 481,531
LIABILITIES AND SHAREHOLDERS' EQUITY                               
Current liabilities:                                               
Accounts payable (includes $0.7 million from VIE as   $ 37,786     $ 41,565
of December 31, 2012)
Accrued liabilities (includes $0.5 million from VIE  97,374       49,621
as of December 31, 2012)
Deferred revenue and current portion of deferred
government grant (includes $0.7 million from VIE as  12,626       6,217
of December 31, 2012)
Current portion of acquisition related liabilities   33,352       26,900
Current portion of long-term debt and short-term     851          2,881
financings
Income tax liabilities (includes $0.9 million from   6,327        9,883
VIE as of December 31, 2012)
Total current liabilities                            188,316      137,067
Non-current liabilities:                                           
Long-term debt                                       27,342       6,859
Deferred government grant - non-current              1,297        3,162
Acquisition related liabilities - non-current        2,221        18,772
Other non-current liabilities (includes $4.8 million 8,577        18,180
from VIE as of December 31, 2012)
Total liabilities                                    227,753      184,040
Commitments and contingencies                                      
Shareholders' equity:                                              
Share capital, nominal value £0.05, 100,000,000
ordinary shares authorized; 65,622,141 and
61,790,985 shares issued and outstanding as of       5,462        5,148
December 31, 2012 and December 31, 2011,
respectively
Additional paid-in capital                           399,127      346,031
Accumulated deficit                                  (91,142)     (34,726)
Accumulated other comprehensive loss                 (17,051)     (19,046)
Total Velti shareholders' equity                     296,396      297,407
Non-controlling interests                            124          84
Total equity                                         296,520      297,491
Total liabilities and shareholders' equity            $ 524,273    $ 481,531

                                                                     
                                                                     
 Velti plc
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
                                                                     
 
                                     Three Months Ended  Twelve Months Ended
                                     December 31,        December 31,
                                     2012      2011      2012       2011
                                                                     
Cash flows from operating                                            
activities:
Net loss                              $(5,064)  $ 25,187  $(56,363)  $(15,238)
Adjustments to reconcile net loss to net cash                        
used in operating activities:
Depreciation and amortization        9,948     7,250     33,946     20,900
Non-cash loss from disposal of       286       —         9,912      —
assets
Change in fair value of contingent   —         981       9,179      2,155
consideration
Non-cash interest expense            209       436       985        2,621
Share-based compensation             5,748     4,001     27,456     27,627
Deferred income taxes and other tax  (8,250)   576       (9,227)    1,691
liabilities
Impairment of Intangible Assets      16,902    1,500     16,902     1,500
Foreign currency transactions and    718       713       1,761      (5,878)
other
Provision for doubtful accounts      6,377     220       7,420      642
Gain on previously held shares in    —         —         (6,028)    —
CASEE
Change in operating assets and       (19,615)  (52,498)  (24,487)   (103,341)
liabilities
Net cash generated by (used in)      7,259     (11,634)  11,456     (67,321)
operating activities
Cash flow from investing activities:                                 
Purchase of property and equipment   (1,413)   (1,197)   (10,828)   (2,582)
Investments in software development  (10,832)  (13,045)  (49,559)   (34,774)
and purchased software
Investment in subsidiaries and
equity method investments, net of    —         (34,221)  (9,507)    (43,489)
cash acquired
Net cash used in investing           (12,245)  (48,463)  (69,894)   (80,845)
activities
Cash flow from financing activities:                                 
Net proceeds from issuance of        60        44        1,393      273,824
ordinary shares
Proceeds from borrowings and debt    14,293    —         27,575     917
financing
Repayment of borrowings              (1,933)   (1,984)   (11,447)   (65,704)
Net cash generated from financing    12,420    (1,940)   17,521     209,037
activities
Effect of changes in foreign         (360)     (2,587)   1,723      (2,460)
exchange rates
Net increase (decrease) in cash and  7,074     (64,624)  (39,194)   58,411
cash equivalents
Cash and cash equivalents at         29,497    140,389   75,765     17,354
beginning of period
Cash and cash equivalents at end of  36,571    75,765    36,571     75,765
period

CONTACT: Jeffrey G. Ross
         Chief Financial Officer
         jross@velti.com
        
         Leslie Green
         Investor Relations
         lgreen@velti.com

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