GlobalWise Investments revenues down, losses up for 2013.
TELECOMWORLDWIRE-April 1, 2014-GlobalWise Investments revenues down, losses up for 2013
(C)1994-2014 M2 COMMUNICATIONS http://www.m2.com
GlobalWise Investments, Inc. (OTC: GWIV) (OTCBB: GWIV) and its subsidiary Intellinetics, Inc. said they have announced financial results for the fiscal year ended December 31, 2013.
The company's total revenues for year were USD1,554,185 as compared to USD2,734,950 for the same period in 2012, a decrease of USD1,180,765, or 43 percent, primarily attributable to decreases in revenues from consulting services and software licenses with and without professional services.
Overall gross margins were 62 percent and 64 percent for the twelve months ended December 31, 2013 and 2012, respectively, a decrease of 2 percent.
Total operating expenses were USD2,940,030 for the twelve months ended December 31, 2013 as compared to USD3,424,507 for the twelve months ended December 31, 2012, representing a decrease of 14 percent or USD484,477. The decrease in operating expenses is primarily due to a reduction in sales and marketing expense.
GlobalWise reported a net operating loss of USD2,139,704 and USD1,985,493 for the twelve months ended December 31, 2013 and 2012, respectively, representing an increase in net loss of USD154,211 or 8 percent.
Matthew Chretien, president and CEO of GlobalWise said, "In 2013, Intellinetics made significant efforts into refining and re-designing every detail of our channel partner strategy from a technology, process, tools, business model and market positioning perspective. This process consumed significant time and resources across the board but was crucial to improving revenue-generating effectiveness."
GlobalWise Investments, via its subsidiary Intellinetics, Inc., is a Columbus, Ohio based enterprise content management pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. Its website is at www.GlobalWiseInvestments.com
((Comments on this story may be sent to firstname.lastname@example.org))