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August 11, 2014
09:00 EDTQUMUQumu revises Q2 EPS to (55c) from (39c)
Qumu Corporation filed its Form 10-Q for the second quarter ended June 30, 2014. The second quarter financial statements published in the Form 10-Q include expenses recorded in discontinued operations related to the sale of the Rimage disc publishing business that were triggered in July upon the closing of the disc publishing transaction. These expenses were previously anticipated to be recognized in the third quarter ending September 30, 2014, the same quarter in which the disc publishing transaction closed. The total amount of these additional expenses now recorded in the second quarter was $1.4M. As a result of the recording of these expenses in the second quarter versus the third quarter, the net income from discontinued operations for the second quarter was $0.9M versus $2.2M reported in the Company’s second quarter earnings announcement issued on July 30, 2014. In addition, for the first half of 2014, the net income from discontinued operations was $4.3 million versus $5.6 million reported in the July 30 press release. On a consolidated basis, including both continuing and discontinued operations, the second quarter 2014 net loss was $4.8 million or ($0.55) per share versus the $3.4 million, or ($0.39) per share net loss reported in the July 30 press release and the six month net loss was $8.7 million, or ($1.00) per share versus the $7.4 million, or ($0.85) per share net loss reported in the press release. On the balance sheet, current liabilities for discontinued operations as of June 30, 2014 increased from $12.4 million to $13.7 million to reflect the accrual of these disc publishing closing expenses.
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