SOURCE: AudioEye, Inc.

AudioEye, Inc.

October 06, 2014 08:28 ET

AudioEye to Report Profitable Third Quarter on Record Revenue of Approximately $4.7 Million

Third Quarter Revenue Increases More Than 55% vs. $3.0 Million in Second Quarter Revenue

TUCSON, AZ--(Marketwired - Oct 6, 2014) - AudioEye®, Inc. (OTCQB: AEYE) ("AudioEye"), creator of the Audio Internet® patented audio browsing and automated publishing technology platform, today announced that the Company expects to report record operating results for the third quarter of 2014, which ended September 30, 2014. The highlights of AudioEye's record-breaking quarter are reviewed below:

  • The Company expects to report approximately $4.7 million in revenue for the three months ended September 30, 2014. This compares with approximately $0.4 million in the prior-year quarter and represents an increase of more than 55% relative to revenue of approximately $3.0 million in the quarter ended June 30, 2014.
  • The annualized revenue "run rate" for the most recent quarter approximated $19 million.
  • Revenue for the first nine months of 2014 and 2013 approximated $8.7 million and $0.8 million, respectively.
  • Management expects revenue to exceed the Company's previous guidance of $12 million for the year ending December 31, 2014.
  • Approximately $5.1 million in aggregate contracts were booked during the quarter ended September 30, 2014, compared with contract bookings of approximately $2.9 million in the second quarter of 2014.
  • Cross-license related revenue in the most recent quarter amounted to approximately $4.1 million and cash-related revenue approximated $600,000 (representing an increase of over 500% relative to cash-related revenue for the quarter ended June 30, 2014).
  • The Company executed licenses for its technology with domestic & international organizations involved in the B2C, B2B, medical, pharmaceutical, entertainment and technology market verticals during the third quarter of 2014.
  • Based on the information above, the Company is pleased to announce that it expects to be profitable for the quarter ended September 30, 2014.
  • The Company completed a pilot program to audio-enable websites for one of the largest telecommunications companies in the U.S and is in negotiations to Audio Internet-enable such company's entire family of websites.
  • The Company identified opportunities and continues to be in discussions with over 50% of the federal government agencies regarding the procurement of its services.
  • The Company has identified opportunities and is beginning to contract with numerous state, local and municipal governments for the procurement of its services.
  • The Company has entered into an agreement with one of the largest biopharmaceutical companies in the U.S. and dozens of other enterprises that are expected to result in contract signings over the next several months.
  • The Company continues to upgrade its platform technologies to introduce the proprietary Real-Time Auto-Discovery & Enablement feature, which allows AudioEye to greatly streamline the onboarding process while providing additional solution flexibility. The Company has filed for additional patents to be issued.

"The value created by our technology is being proved out in multiple market verticals and our team is creating momentum that continues to build at impressive rates," observed Nathaniel Bradley, Chief Executive Officer of AudioEye, Inc. "As we approach the end of 2014, we expect to enable websites of 'household' name brands and government agencies with our accessibility technology platform as this years' capstone achievement. We continue to achieve our goal of providing accessibility compliance while normalizing Internet content for individuals with disabilities. Additionally, enhancing the mobility and utility of Internet content represents a profitable and scalable software service for our customers, and we expect this to expand our value proposition in the marketplace."

About AudioEye, Inc.

Incorporated in 2005, AudioEye focuses on working to improve the mobility, usability and accessibility of all Internet-based content through the development, sale, licensing and use of its proprietary accessibility technologies. Audio Internet® is a technology that utilizes patented architecture to deliver a fully accessible audio equivalent of a visual or mobile website in a compliant format that can be navigated, utilized, interacted with and transacted from, without the use of a monitor or mouse, by individuals with visual impairments. For individuals with hearing impairments, the Audio Internet® provides captioning for websites, and the challenges of reaching those with other impairments are also addressed by the technology platform.

Complete with an ever-growing suite of utilities tailored to the needs of different disabled users, the AudioEye® Audio Internet® Accessibility Platform is a fully scalable cloud-based solution designed and developed to meet the needs and compliance mandates for an ever-growing demographic.

AudioEye's common stock trades on the OTCQB under the symbol "AEYE". Please visit www.audioeye.com for more information.

Forward-Looking Statements 

This release includes forward-looking statements contained within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding AudioEye's expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions, are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond AudioEye's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in AudioEye's Form 10-K and other report filings with the SEC. AudioEye is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:

    For further information, please contact:

    Nathaniel Bradley
    CEO
    AudioEye, Inc.
    (866) 331-5324

    or

    RJ Falkner & Company, Inc.
    Investor Relations Counsel
    (830) 693-4400
    Email Contact