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Executives

Jerry Hug - Executive Vice President, Corporate Development

James Orsini - President and Chief Executive Officer

John Quinn - Chief Financial Officer

Analysts

Scott Butler - Catalyst

Marc Robins - Catalyst

Scott Ozer - Financial West

Single Touch Systems Inc. (OTCQB:SITO) F3Q 2013 Earnings Conference Call August 7, 2013 8:30 AM ET

Operator

Greetings, and welcome to the Single Touch Systems Fiscal 2013 Third Quarter Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator instructions) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Jerry Hug, Executive Vice President Corporate Development for Single Touch Systems. Thank you, Mr. Hug. You may begin.

Jerry Hug - Executive Vice President, Corporate Development

Good morning everyone. My name is Jerry Hug, I would like to welcome all of you to Single Touch’s fiscal year 2013 third quarter earnings conference call. With us today are Single Touch’s President and CEO, James Orsini; and the company’s CFO, John Quinn.

Before I turn the call over to James I would like to remind our listeners that in this call management’s prepared remarks contain forward-looking statements which are subject to risks and uncertainties and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the Safe Harbor for Forward-Looking Statements that is contained in the Private Securities Litigation Reform Act of 1995. These statements may include those regarding strategy, growth of future operations and actual events or results may differ from Single Touch’s expectations. The risks and uncertainties include reliance on brand owners and wireless carriers, the possible need for additional capital as well as other risks identified in Single Touch’s most recent filings with the SEC. In addition, any projections as to the company’s future performance represent management’s estimates as of today, August 7, 2013. Single Touch Systems assumes no obligation to update these projections in the future as market conditions change.

And now it’s my pleasure to turn the call over to Single Touch Systems’ President and CEO, James Orsini, who will give an overview of our business activities and developments in the third quarter. James will turn the call over to John Quinn, our CFO, for a detailed account of the company’s financial performance. Following John I will touch upon the key IP and corporate developments and we’ll then open the call to questions from participants. Yesterday we issued a press release announcing our results and filed our 10-Q so listeners who may not have already done so may wish to look at those documents as we provide a summary of those results on this call. Over to you, James.

James Orsini - President and Chief Executive Officer

Thanks, Jerry. I’d like to thank everyone. I’d like to thank everyone for joining our call today. I’m happy to report that we continue consistently to deliver double-digit revenue growth year-over-year, driven by our growing volume efficiencies in the market in which existing and prospective customers see the high ROI that mobile marketing delivers as a channel, our business is producing revenues and gross margins that exceed historical levels. In the third quarter fiscal 2014 ended June 30, 2013 our revenue exceeded $1.9 million, a 21% increase over the same period of the prior year. Revenues for the nine months ended June 30, 2013 grew by 20% from the prior year and the prior period to $5.7 million, a nine month record to our company.

Our gross margin improved to 58% in the quarter. This is an eight point improvement from the same period last year and gross margins were 57% for the fiscal year to-date up three points from the same period last fiscal year. We had indicated last quarter that we anticipate continued gross margin improvement targeting 60% during 2013 fiscal year and we believe our results in the third quarter of fiscal 2013 show that we are on track to achieve this. I’m really proud to report that we’ve achieved cash flow breakeven from May and June inclusive of expenses related to unlocking the true value of our IP.

In fact when we perform over the last six months separating out the funding of the IP-related activity our core underlying business generated operating profits at an increasing rate over this six month period from January through June 2013. We’re very encouraged by the scalability of our business and its implications for future results and profitability. A key indicator of growth for us is messaging volume which for the quarter increased by 21% to 75 million messages sent from 62 million in the third quarter of fiscal 2012. As our messaging volume in corresponding revenues grow we do not foresee the need for significant additional capital to fund our core operations. This sets us on a course for further margin expansion driven by volume efficiencies, continued efforts to reduce carrier cost and the launch of new products and services.

I would like to share some recent customer developments consistent with our goal of expanding our operating business revenues. We reported last quarter that we signed an agreement with Touch Rate the company that’s installing Touch Screen kiosks for insurance quotes within the world’s largest retail stores. Single Touch has begun to message to quote its real time while shoppers remain in the stores. We saw three full months of revenue this quarter from this customer and our revenue from Touch Rate moving forward would be predicated on the growth of the number of kiosks that Touch Rate deploys in the 4500 U.S. locations owned and operated by the retailer. Last quarter we reported securing a contract with the world’s largest e-tailor since then we’ve recorded setup fee revenue from the customer during our fiscal third quarter. Connectivity and integration to our messaging platform is completed now and test messages are being sent as we speak. We hope to go live with the mobile messages and associated revenues by the end of the 2013 fiscal year.

Through our partnership with AT&T we signed a nationwide call center client who added SMS Text as a way to reach customers from marketing and promotions. Revenues from this client began in this quarter as well. In our second quarter call we had touched on our expanded partnership with Canadian-based CellWand Communications for the U.S. nationwide launch of #TAXI dial #8294, a mobile cab ordering service. The first city in the U.S. that CellWand has sponsored is Newark, an anticipation of the upcoming 2014 Super Bowl at the Meadowlands. CellWand sponsored out-of-home billboards, street banners in the Ironbound Section of Newark, local media, newspapers and magazines, websites and banner ads as well as field marketing efforts in local restaurants and bars throughout the Ironbound Section. In addition to CellWand’s folks has signed on to sponsor Bruno Mars 14th City North American Tour kicking of the first show at the prudential center in Newark where #TAXI advertising which featured on the biggest screen jumbo-tron throughout the concert.

#TAXI will be promoted throughout the tour which ultimately ends in Toronto and you can watch the #TAXI ad that’s running on the big screen jumbo-tron throughout the country on our website now. So what’s been the impact of both advertising by CellWand and Single Touch well since the first month of the #TAXI launch in Newark we’ve seen a 25% increase in domestic call volume with weekends showing 90% higher volume than weekdays. Our per call economics of #TAXI are very favorable and we expect continued adoption and usage of this platform did contribute to our revenues in the future. We’re looking to build re-occurring revenues on the back of the #TAXI platform and we have some evidence of traction here. In July we’ve seen a 5% adoption rate for calls opting to receive future mobile messages for local dining promotions in the Ironbound Section.

Last quarter, we discussed one of our sports retail client has a great case study for our mobile channel building process. I’m really happy to report that for this client we’ve seen quarter-over-quarter revenue growth of 136% and year-over-year revenue growth of 316%. This growth validates our mobile channel methodology moving forward. We remain convinced that mobile should be viewed not as a strategy but rather the channel. And we continue to preach that the goal should be to a mass of large channel, communicate into the channel and monetize the channel by bringing premium sponsors into the channel just as we’ve done with this sports retail client. Bringing premium sponsors into the mobile messaging channel has resulted in message savings for the retail customer and has produced higher margin revenues for us. Our industry maintains enormous upside potential for growth. Mobile advertising rate an $8.9 billion in 2012 and according to a recent report by the Interactive Advertising Bureau mobile is one of the fastest growing channels for advertising investment, reporting 111% gain in mobile ad spend in 2012.

Market research firm BIA/Kelsey reported that location based advertising is forecasted to be the fastest growing segment of the advertising industry over the next several years growing at almost 50% annually to $2.8 billion by 2015. With these numbers in mind on June 20th we launched FollowMe, our location-based mobile ad service in partnership with TheMobileAudience. FollowMe enables advertisers to deliver targeted ads, smartphones with people within close proximity to specific locations. By partnering with TheMobileAudience the mobile demand site platform that enables problematic buying of mobile media across multiple real-time bidding networks we can reach 100s of millions of consumers through more than 100,000 mobile apps. In July we partnered with Santy Advertising the launch of Pilot to FollowMe with Peter Piper Pizza in several locations throughout Texas.

The franchise has 134 retail locations and currently the primary targeted millennial mom with geo-fence strategic locations and close proximity to the Peter Piper Pizza (pilots) to help quality the demographic profile. In a recent Omnibus (company) survey 51% of respondents said that they would be more likely to buy products in store if they receive the mobile coupon while in close proximity to the store. Today the number of U.S. smartphone users using mobile coupon to 29.5 million. And this is up from 7.4 million just two years ago. Next year the figure is expected to raise to 47.1 million according to a recent BI intelligence report. So we see FollowMe as a mobile ad service that leverages these consumer trends to create customer acquisition for our clients.

Now I’d like to turn the call over to John Quinn, our Chief Financial Officer who will take us through a more detailed review of the numbers that we reported in our 10-Q filing.

John Quinn - Chief Financial Officer

Thank you, James. During the three months ended June 30, 2013 revenues increased approximately 21% over the third quarter of fiscal 2012 from $1.6 million to $1.9 million. This growth all of which is organic is attributable to continuing mobile adoption and new programs for our existing and new client relationships. Royalties and application cost which represent the direct out-of-pocket cost associated with revenue very substantially in line with revenue. They totaled $805,000 during the third quarter of fiscal 2013 compared to $777,000 in the third quarter of 2012, an increase of 4%. Royalties and application cost as a percentage of revenue decreased by 8% from 50% in the quarter ended June 30, 2012 to 42% in the quarter ended June 30, 2013.

Our gross margin was $1.1 million, an increase of nearly 40% over the same quarter of last fiscal year. Adjusted general and administrative expenses in the third quarter fiscal 2013 increased 55% to $741,000 the prior year’s third quarter. Adjusted professional fees the largest component of general and administrative expenses rose 180% to $401,000 in the third quarter of 2013. This increase reflects two factors, one is the amount paid to external attorneys who have been engaged to represent us in litigation and other IT initiatives that we’ve commenced, the other is expenses related to our compliance and filings for our most recent financing and past financings. We measure our underlying business by adjusted EBITDA. That underlying loss narrowed by 28% to a loss of $255,000 for the quarter ended June 30, 2013 as compared to a loss of $356,000 in the quarter ended June 30, 2012.

On a GAAP prices net loss attributable to common shareholders for the third quarter of fiscal 2013 increased to $1.3 million or $0.01 per basic and diluted share compared to a net loss attributable to common shareholders of approximately $1 million or $0.01 per basic and diluted share for the third quarter fiscal 2012. As of June 30, 2013 we had cash on hand of $666,000 and total assets of $5.6 million. Stockholders’ equity totaled $245,000. For further information and details on the nine months results you can review our earnings release as well as our 10-Q which was filed with the Securities and Exchange Commission yesterday.

Now I’d like to turn the call over to Jerry Hug who will cover the key corporate developments and IT activities in the third quarter. Jerry?

Jerry Hug - Executive Vice President, Corporate Development

Thanks, John. While our operating business continues to grow it has now started to generate positive cash flow on a standalone basis. Specific members of our team remain laser focused on generating additional revenues and shareholder value through the pursuit of our IP strategy. We strongly believe that our IP portfolio hold significant value when we’re pursuing various avenues to unlock this value. Due to the nature of these efforts however we can only provide updates to our shareholders based on specific legal or contractual events.

Following the close of your fiscal 2013 third quarter we announced receiving a favorable Markman order from the US district court, Northern district of California and our Patent Infringement Action against Zoove Corporation. This Markman order is consistent with Single Touch’s position in the litigation. We believe the court’s Markman order is another significant step towards the successful resolution of this litigation. Our patent portfolio now consists of 49 patents issued impending, which addresses the mobile space. In the third quarter, we have made progress on two fronts towards unlocking the value of this portfolio specific to streaming media.

First, we continue to develop significant work product in terms of mapping or key patents against various streaming video services and streaming video protocols. Examples of streaming video services include iTunes, Netflix, Amazon and HBO Go like services. Examples of video streaming protocols include Apple HLS, Adobe HDS, MPEG DASH, Silverlight and few others. Second we’ve also mapped our key patents against video streaming services that provide dynamic ad insertion as their primary revenue model rather than a Netflix or an area like monthly paid subscription plan. Notable examples include YouTube, Facebook’s new video ads, Hulu Plus and Canoe Ventures which is a new video on-demand alliance established by leading U.S. cable companies though many more companies are entering this space.

Single Touch is increasingly being recognized by the investment and technology community for our IP portfolio and we hold strategy for unlocking its value. As a result during the third quarter our stock was added to the IP CloseUp 30 a stock index comprised of 30 publicly traded companies focused on IP. As we move forward on the operating business and the IP side of our business our executive team is honored to have two highly regarded and prominent business people join our Board of Directors during the third quarter of fiscal 2013.

Peter Holden is a leader in IP investing and monetization. He was named by Intellectual Asset Management Journal and their list of one of the top 50 people in companies that have helped to shape today’s IP market. He is currently Senior Vice President of Corporate Development and Investment at IPVALUE. Peter has overseen the investment and in subsequent monetization of many IP vehicles involving 1000s of patents from leading corporations and research centers worldwide. Since April Peter has already made a meaningful contribution to development and implementation of our IP strategy. James Nelson a prominent business leader with significant experience as a Director and Chairman of the Audit Committee for numerous private and public companies has also joined our board. Jim has served as Director of Icahn Enterprises G.P. since 2001. We believe Peter and James have joined us at this time because they see the potential of Single Touch and our IP portfolio to play pivotal role in the marketplace for mobile and streaming technologies.

And now, we can begin our question-and-answer session.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) Our first question today is coming from Scott Butler from Catalyst. Please proceed with your question.

Scott Butler - Catalyst

Hi, good morning and congratulations. So I’m wondering if you could talk a little bit about the legal action with Zoove and let us where you are in discussion and then I have a couple of follow-up if I may?

John Quinn

Yes, Scott, it’s John Quinn. We have a conference August 26 next week we have to make a joint submission it is extensively a scheduling conference. So who has to do what by what date, we don’t actually anticipate a lot of substantial proceedings throughout the month of August. That said I went through quite a lot of details without (indiscernible) last night and feel quite confident where we stand right about now.

Scott Butler - Catalyst

Okay. That sounds good. And in terms of the balance sheet the prepaid expenses, can you give me the composition of that asset and help me understand what that consist of?

John Quinn

Sure. The larger component of it and the big spike of it was the purchase of the anywhere license in perpetuity that as you recall happened sort of eight, nine months ago. So during the nine month period not during the six month period and is the base interface that we have for our clients for our messaging platform kind of an absolute month for us. We now own it with impunity and had complete releases from any part of that playing any title to that.

Scott Butler - Catalyst

Okay. And rich text messages can you update us on that, is that still something you folks think is a valid business approach?

James Orsini

Yeah we believe there is only so much you could say in 160 characters so embedding the URL and bringing them to content that exist in another avenue oftentimes comes through the rich text media solution. So we’ve been doing that, we haven’t been seen too much of the MMS visuals although we’ve had some the sports retailing client used it that once sponsored by Reebok but the bulk of it is rich text.

Scott Butler - Catalyst

And in terms of accurate to monetize the 50 million eyeballs you have with some of your AT&T clients, is there any development from that, that are material in that you can take care?

James Orsini

We continue in fact even today we have a call with the marketing department. So that really needs to - messaging needs to move from functional source messaging to marketing messaging and that’s that was part of what attracted me to the company, once mobile really moved out of the boiler room of the IT department and into the marketing department we saw how that took off with the Internet right. So when it was just the worldwide web it was doing one thing and once the marketer realize that they could really reach billions of consumers it really took off. And we are encouraged by what we see over really the last three months with the height and awareness in the marketing departments to mobile channel reach.

Scott Butler - Catalyst

So, you folks actually have clients that would be interested in that venue and is it a function of kind of finding a lost connection “with your – with the owner if you will of that network...

James Orsini

Yeah I think really it’s a function of getting an internal events or so in the case of the sports retailer that we mentioned where revenue was up quarter-on-quarter 136% and year-over-year 316% we’re talking about sports retailer which just a few maybe 14 months ago had 20,000 mobile numbers and now has over 600,000 in a database. So when you purpose to build the channel and set out to do it, it works really well.

Scott Butler - Catalyst

Okay, all right. Thank you. And congratulations again, I’ll jump back in the queue.

John Quinn

Thanks, Scott.

Operator

Thank you. Our next question is coming from Marc Robins from Catalyst. Please proceed with your question.

Marc Robins - Catalyst

Hey good morning gentlemen thank you.

John Quinn

Good morning.

James Orsini

Good morning, Marc.

Marc Robins - Catalyst

Great. Thank you. Just a couple of quick questions if you please, regarding the world’s largest brick-and-mortar retailer and have you seen any evidence as to the startup and recent results of the cash (indiscernible) promotion in the batter tire and auto sections yet, do we have any kind of evidence or results?

James Orsini

We see that there has been approval of the program within the legal department and that we’re running a test in Jackson Mississippi.

Marc Robins - Catalyst

Okay. So we haven’t really “launched it” but we’ve gotten that kind of the clear.

James Orsini

Yeah we’ll be in typical style with this particular retailer they launch in and test markets first and then bundle on and bulk on beyond that, but we will go live this quarter.

Marc Robins - Catalyst

Do you think James that this is going to be as cautionary and pedestrian as past tests or do you think you have earned enough respect and I guess gratitude if you will to really kind of go-forward at a little more quicker pace?

James Orsini

I think it really depends on the client and the client is consistent in their rollout methodologies and different clients rollout in different format, so…

Marc Robins - Catalyst

So I mean – what I mean was a (Castrol) deal you think it’s – this is just going to take - we’re going to – we may see it later in the spring then?

James Orsini

I think it’s a compelling offering and a lot of what we do in the functional messaging side of our business is really life style, you make my life better and I’ll use it more. So, this is a feature that I believe I set on forth. So, I would see rapid adoption because it’s something that plays a service that makes my life better and easier.

Marc Robins - Catalyst

Let’s talk about the world’s largest e-tailer. Do you think that’s a kind of – could you kind of describe a pathway as to the potential increases in volume that we might see with it as it results to Single Touch? We kind of kick – get it kicked off here testing and so forth, could we see something in the calendar fourth quarter of a little more substance. And then maybe see really kind of kick-off through the calendar quarter of 2014 or do you think it could be telescope to a quicker pace?

James Orsini

In particular client it’s kicking off with internal communication messaging first. So, the real volume is in external messaging. So, we will see volume in this client, we will see revenue from this client and you have to earn trust I mean in this sort of (nascent) space, they just don’t pair over to keys to the kingdom on day one, you put the switch and you’re sending 30 million messages, it just doesn’t happen that way, Marc. It’s grow – it grows and the good news would also is that clients that we have tend to stay with us and grow with us.

We prove that we can get it done we do it on multiple platform. And we do without going down I mean people just don’t want a service they don’t want to launch it with our customer service that doesn’t work or that breaks down. So, we’re confident that we’ve earned our trust with our clients, we continue to grow organically with our clients as John mentioned through the growth. And you got to have a lot of irons in the fire, because they all kind of a ramp up. It’s the hockey stick for what you’re looking for sometimes is when you bring the sponsorship into the channel, and we’re working hard to do that and we’ve demonstrated that successfully, we’re having two clients already.

Marc Robins - Catalyst

Got it. Okay, good. I’ll get back in the queue. Thanks gentlemen.

James Orsini

Thanks, Marc.

Operator

Thank you. (Operator Instructions) Our next question is coming from Scott Ozer from Financial West. Please proceed with your question.

Scott Ozer - Financial West

Good morning everyone. I have several questions, I’ll just throw them all out, you can answer them in any order that you want to. I’d like you to address the expiration of the patents and how is that impact some of the series of outgoing after some of these companies. And what is the possibility of us having our own internal sales force to go out and find some of the larger clients, I believe AT&T is our primary sales force and are you pleased with the rate that they are bringing on new accounts?

James Orsini

You want to handle that first….

John Quinn

Sure, sure. Between patents and patent applications we have what is in the majority 49 something along those lines. So, trying to explain that on a conference call just not the right forum, some expire in 2015, those are really lesser than some of its marker leader in the decade. There are means under the patent law with continuations in parts and such to get priorities in claims beyond those periods as well, all of which will explore but right now we’re focused on monetizing that which we have today.

James Orsini

Regarding the internal sales force, we sell our solutions through not only carriers like AT&T but through agencies as well demonstrated by the Peter Piper Pizza and the Santy Agency. We sell direct as demonstrated by our relationship with CellWand. And what we were in a – the largest e-tailer and what we’re demonstrating now is the fact that we really like the solution with the FollowMe because over the last two years of pitching client business it was tough for clients to who had no mobile phone numbers to get on to the program of building a mobile channel, how we get started. Today we don’t have a single phone number and you’re telling us that we should have hundreds of thousands. So, what we like about the FollowMe aspect, as it helps in the customer acquisition site.

If you look at what’s being launched for Peter Piper Pizza, there is actually a feature to capture on mobile phone number and for in the ad itself for a future popped in communications around that. So, it’s an easier way for them to begin the process of building the mobile channel. We talked about on Pound Taxi and the back of that there is a feature, if you get that message within a 20-mile radius of Newark, you get a subsequent messages say do you want to opt in for special restaurant features and offers in the Ironbound Section. And if you quit the (indiscernible) we build the second mobile database for that initiative in that process.

So, are we looking at the possible strategic hires of additional sales force, yes we are. But we could never build the sales forces that reside inside of the carriers and inside of the agencies. We take the time to instruct them, to make them aware, educate them of our product offering and show them hours and hour on their quiver to sell and quite frankly we’ve done it successfully. I’ve met with competitors and many of which are not in good places, those that are build sales forces are now took a bounce, several of them in the publicly traded space. So, we like our approach, we like having sales force on somebody else’s payroll, it’s not to say that we won’t hire a few and we do, we strategically align with several who sell our solutions in key areas, we have one who sells in an healthcare space as an example. So, we continue to look for a ways to continue our growth.

Scott Ozer - Financial West

Okay. Thank you.

James Orsini

You’re welcome.

Operator

Thank you. Our next question is coming from (Ann Amber) from Dougherty LLC. Please proceed with your question.

Unidentified Analyst

Hello. This is (Dan Danford).

James Orsini

Hi, Dan.

Unidentified Analyst

How are you?

James Orsini

We’re doing well. How are you?

Unidentified Analyst

Good. Congratulations on the quarter. I have a – I was just curious, could you give us some more insight into how you’re going to finance the litigation cost as you pursue your IP situation?

John Quinn

Your concern about capital should probably very easily be a wade. If you were to look at what we’ve done with your most recent pipes first $2 million then $3 million worth of debt, $1 million of that is already been converted. We’ve granted options both compensatory as part of our financing with third parties as well. On a monthly basis, we’re seeing proceeds of exercises of approximately $200,000, therefore we expect that to be seven digits in the current month. As you heard from James and from me, the underlying businesses had an operating breakeven days is actually profitable. And we’re managing both the(indiscernible) cost and the timing of the payments to law firms on a very capital basis. So do I think where I need a capital at any point in time soon, no, I’m not concerned about at all. At a much later day maybe after we’ve done something formative, eight year contract and the check book to something yes at a much better date we’ll do it at that point in time.

Unidentified Analyst

Thank you, very much.

Operator

Thank you. (Operator Instructions) As there are no further questions at this time, I like to turn the floor back over to management for any further or closing comments.

James Orsini - President and Chief Executive Officer

Well, that concludes our call. I’d like to thank all of our listeners for their interest and participation on the call. Have a great day everyone. Thanks.

Operator

Thank you. Well, that concludes today’s teleconference. You may disconnect your lines at this time. And have a wonderful day. We thank you for your participation today.

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