Wolfram Research has released a new computational software platform for finance, the Wolfram Finance platform. The platform promises to deliver a much higher level of computational integrity, automated workflows, speed, accuracy, and effectiveness than has previously been possible.

Known for being the computational power behind science and engineering with their Mathematica and Wolfram/Alpha technologies, Wolfram focusses on accelerating computational workflows in finance.

Wolfram Finance platform is a suite of technologies for software development that integrates computation, data analysis, visualization, and reporting, which combine to deliver smarter results faster.

“As algorithmic agility comes centrestage in finance, platform integration and automation become crucial for competitiveness,” says Conrad Wolfram, CEO of Wolfram Research Europe Ltd.

“Finance tools often are outmoded compared with modern, smart computation in other fields. That’s a key facet of what Wolfram Finance platform fixes–injecting the smartest algorithmic tools into finance workflows.”

“Wolfram Finance Platform is ideal for organizations that understand the need for a coherent enterprise computation strategy,” says Jamie Smith, senior finance account manager. “It brings together workflows for traders, front office, and risk managers and reporting, back-office, and senior management, as well as improving our offering for quants who already rely on our Mathematica technology.”

Wolfram Finance platform will be introduced at launch events in May in London, Paris and New York.

Source:http://www.theasset.com/article/21812.html

Financial Results

Revenues for the first quarter of 2012 were approximately $11.8 million, an increase of $1.7 million, or 17%, in comparison to the first quarter of 2011. The increase in revenue was due to a $0.3 million increase in the Financial Management Applications Segment from increased new software sales and support revenues, a $1.3 million increase in the Technology Solutions Segment from increased infrastructure hardware sales, and a $0.1 million increase in the Cloud Services Segment from increased hosted email and hosted VoIP sales.

Gross Profit for the first quarter of 2012 was approximately $0.2 million, a decrease of $1.5 million, or 89%, compared to the same period of the prior year. The decrease was due to a $1.7 million decrease from the Cloud Services Segment, primarily as a result of a $1.3 million write-down of our Cloud Email software asset, and a $0.1 million decrease from the Financial Management Applications Segment reflecting a shift from capitalization of software costs to increased maintenance for the dozens of new-release modules now placed in the market. We have not reduced our software development spend which continues at the same rate, as we continue to enhance our newer releases and develop new modules and functionality and are expanding our research and development efforts as we move forward. The decrease in gross profit from our Cloud Services and Financial Management Applications segments was partially offset by a $0.3 million increase from the Technology Solutions Segment from improved solutions sales and engineering services performance.

The write-down of the Cloud Email software assets resulted from a changed estimate of net realizable value reflecting revised forecasts following the first quarter’s E-Rate contracting season. In light of this downward revision and other considerations, such as the benefits of deploying resources elsewhere in our operations, management and the board have decided to reduce emphasis on the email solution going forward. This decision resulted in a reduction in force (RIF) of approximately eight (8) people which will result in charges of $91 thousand (before tax effect) in the second quarter. The Company anticipates quarterly savings estimated at $300 thousand (before tax effect) going forward, beginning with the third quarter.

Operating loss for the first quarter of 2012 was approximately $3.2 million, an increase of $2.4 million, or 343%, compared to the same period of the prior year. The increase in operating loss came from the decrease in gross profit and an increase in operating expenses, particularly selling expenses and public company costs, and accelerated amortization from a change in estimated useful life of an acquired logo.

Net loss for the first quarter of 2012 was approximately $2.0 million, or a $0.31 loss per basic and diluted share, compared to a net loss of $0.5 million, or a $0.08 loss per basic and diluted share for the first quarter of 2011.

Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) for the first quarter of 2012 was approximately ($1.8) million, a decrease of $1.6 million, or 791%, compared to the same period of the prior year, with the decline primarily a result of the write-off of $1.3 million in capitalized software assets. This amount is added back to our Adjusted EBITDA due to the non-cash nature of the charge. Accordingly, Adjusted EBITDA declined $0.3 million primarily as a result of the impact from ongoing Cloud investment activities. (EBITDA is a non-GAAP financial measure. See reconciliation to GAAP measure Net Income (Loss) which follows).

Nancy Hedrick, CEO of CSI, stated, “Our team remains focused on improving gross margins and earnings and providing value to our shareholders while delivering excellent solutions and services to our customers. We continue to make investments toward enhancement of our intellectual property portfolio, particularly in the Financial Management Applications Segment of our business while continuing to focus on sales from our Technology Solutions Segment. While we felt it was necessary to make some adjustments in our Cloud Email investment in order to protect the health of our business overall, we remain committed to supporting our existing email contracts and to continue to grow our Cloud VoIP and Cloud Identity Management revenue.”

Source:http://www.marketwatch.com/story/computer-software-innovations-inc-announces-first-quarter-2012-financial-results-2012-05-14?reflink=MW_news_stmp