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Crexendo Reports Third Quarter 2012 Financial Results

PHOENIX, AZ -- (Marketwire) -- 11/05/12 -- Crexendo, Inc. (NYSE MKT: EXE), a hosted services company that provides e-commerce software, website development, web hosting, search engine optimization, link building, hosted telecommunication services and broadband internet for businesses and entrepreneurs, today reported financial results for its third quarter ended September 30, 2012.

Third Quarter 2012 Compared to 2011

Net loss for the third quarter of 2012 was $806,000 or $0.08 per diluted common share, compared to net income of $4,507,000 or $0.42 per diluted common share in the prior year quarter. Loss before income tax provision for the third quarter of 2012 was $796,000 compared to income of $4,546,000 in the prior year quarter. The income tax provision for the third quarter of 2012 was $10,000, compared to an income tax provision of $39,000 in the prior year quarter.

Cash provided from operations for the nine month period ended September 30, 2012 was $248,000 compared to cash used for operations of $3,089,000 for the prior year quarter. As of September 30, 2012, cash, cash equivalents, and restricted cash were $9,604,000 working capital was $8,707,000, and working capital excluding deferred revenue was $12,941,000. Total current and long-term trade receivables were $5,046,000 as of September 30, 2012.

Segment Results

StoresOnline

Revenue for the third quarter of 2012 decreased 68% to $3,055,000 compared to $9,542,000 for the prior year quarter. Total segment operating expenses decreased 72% to $791,000 compared to $2,850,000 for the prior year quarter.

Segment other income, primarily related to interest on the collection of accounts receivable for the third quarter of 2012 decreased 67% to $406,000 compared to $1,241,000 in the prior year quarter.

Total segment income before income taxes for the third quarter of 2012 decreased 66% to $2,670,000 compared to $7,933,000 in the prior year quarter.

Crexendo Web Services

Revenue for the third quarter of 2012 decreased 11% to $575,000, from $648,000 in the prior year quarter. Web Services backlog, which is anticipated to be recognized within the next twelve months, was $904,000 at September 30, 2012 compared to a backlog of $1,135,000 at September 30, 2011.

Total segment operating expenses for the third quarter of 2012 increased 19% to $1,406,000 compared to $1,185,000 in the prior year quarter. The increase in segment operating expenses is primarily due to higher expenses associated with the increase in our sales representatives. Total segment operating loss increased 55% to $831,000 compared to $537,000 in the prior year quarter.

Crexendo Network Services

Revenue for the third quarter of 2012 increased 352% to $235,000 from $52,000 in the prior year quarter. Network Services backlog, which is anticipated to be recognized within the next thirty-six months, was $2,221,000 at September 30, 2012 compared to no backlog at September 30, 2011.

Total Network Services operating expenses for the third quarter of 2012 increased 44% to $827,000 compared to $573,000 in the prior year quarter. The increase in segment operating expenses is primarily related to increased customer support and sales representative's salaries and benefits and bandwidth costs as revenue in our Network Services segment continues to increase each quarter. Total segment operating loss increased 14% to $592,000 compared to $521,000 in the prior year quarter.

Steven G. Mihaylo, Chief Executive Officer, commented, "While we are disappointed with the results, I believe we are still on track to achieve profitability by the end of 2013. I had expected sales to ramp up faster than they have, but for the most part we are operating as anticipated. I am particularly pleased with the fact that we have grown our Network Services backlog to $2M and I fully expect that number will continue to multiply. As we discussed previously, we are essentially in a startup mode and we are operating the Company on that premise. We have the benefit of having an excellent infrastructure including our web building software, which we are utilizing in our University Program. Our telecom products are world class, and we are working to improve our sales processes and infrastructure to increase productivity of our direct sales representatives. We are starting to sign up dealers in our dealer programs and I have high expectations of sales and recurring revenue being derived from that channel. We believe that the dealer program will work as a supplement to our direct sales channel. I am working with our sales management team to continue to improve our training and lead generation. The University Program continues to gain acceptance and we now have three universities teaching on our web builder, with five classes. We expect to have 30 schools and 60 classes on line by the end of 2013 and we also believe there are big opportunities with junior colleges, community colleges, vocational schools, trade schools and high schools, which we will start to address. I have very high expectations of our University Program increasing our brand recognition, leads and cross sell opportunities."

Mihaylo added, "I am very excited by what we are working on. We work on improving our products and services every day. We need to make a few changes to our mobile apps, but when we have that completed, I have expectations that we should be amongst the lowest cost providers in the market with excellent products and services. Our Engineering team continues to add enhancements to our mobile offering and we will enhance our marketing of the product in the summer. We believe this will be a substantial value to our customers and build additional sales. We continue to have very positive feedback from our telecom and web customers and I am convinced that our products and services will be what drive sales, profits and shareholder value. We are watching our expenses very carefully and running a lean and aggressive Company. Our team and I are fully aware of our need to increase shareholder value."

Conference Call

The Company is hosting a conference call tomorrow, November 6, 2012 at 8:30 AM EST. The conference call will be broadcast live over the Internet at http://www.crexendo.com. If you do not have Internet access, the telephone dial-in number is 888-427-9419 for domestic participants and 719-325-2323 for international participants. The conference ID to join the call is 3994287. Please dial in five to ten minutes prior to the beginning of the call at 8:30 AM EST.

About Crexendo

Crexendo is a hosted services company that provides e-commerce software, website development, web hosting, search engine optimization, link building, hosted telecommunication services, and broadband Internet for businesses and entrepreneurs. Crexendo's services are designed to make enterprise-class hosting services available to small and medium-sized businesses without any capital expense, at affordable monthly rates.

Safe Harbor Statement

This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. The words "believe," "expect," "anticipate," "estimate," "will" and other similar statements of expectation identify forward-looking statements. Specific forward-looking statements in this press release include information about Crexendo (i) continuing to be on track to achieve profitability by the end of 2013; (ii) for the most part operating as anticipated; (iii) Network Services backlog continuing to multiply; (iv) being essentially in startup mode and operating the Company on that premise; (v) having the benefit of an excellent infrastructure; (vi) telecom product being world class; (vii) working to improve its sales process and infrastructure; (viii) having high expectations of sales and recurring revenue being derived from the Dealer channel; (ix) working to continue to improve training and lead generation; (x) University Program continuing to gain acceptance; (xi) having a big opportunity with vocational schools in the University Program as well as having that program increase name recognition and cross sell opportunities; (xii) improving our products and services every day; (xii) mobile apps allowing it to be amongst the lowest cost providers in the market (xiv) enhancing our marketing of the product in the summer;(xv) products and services will be what drive sales profits and shareholder value, and (xvi) watching its expenses very carefully and running a lean and aggressive Company with the management team working to increase shareholder value.

For a more detailed discussion of risk factors that may affect Crexendo's operations and results, please refer to the company's Form 10-K for the period ended December 31, 2011 and Forms 10Q for the periods ending March 31, 2012 and June 30, 2012. These forward-looking statements speak only as of the date on which such statements are made, and the company undertakes no obligation to update such forward-looking statements, except as required by law.


                      CREXENDO, INC. AND SUBSIDIARIES
                   Condensed Consolidated Balance Sheets
              (In thousands, except par value and share data)
                                (unaudited)

                                               September 30,   December 31,
                                                    2012           2011
                                               -------------  -------------
Assets

Current Assets:
  Cash and cash equivalents                    $       7,639  $       8,658
  Restricted cash                                      1,965          1,965
  Trade receivables, net of allowance of
   doubtful accounts of $1,993 as of September
   30, 2012 and $3,512 as of December 31, 2011         4,326          9,420
  Inventories                                            185            232
  Equipment financing receivables                         11              -
  Income taxes receivable                                339            552
  Prepaid expenses and other                             821            725
                                               -------------  -------------
    Total Current Assets                              15,286         21,552

Certificate of deposit                                   500            500
Long-term trade receivables, net of allowance
 of doubtful accounts of $349 as of September
 30, 2012 and $1,949 as of December 31, 2011             720          6,097
Long-term equipment financing receivables                 48              -
Property and equipment, net                            3,568          4,055
Deferred income tax assets, net                          272            279
Intangible assets                                         24             79
Goodwill                                                 265            265
Other long-term assets                                   188            233
                                               -------------  -------------
    Total Assets                               $      20,871  $      33,060
                                               =============  =============

Liabilities and Stockholders' Equity

Current Liabilities:
  Accounts payable                             $         638  $       1,153
  Accrued expenses and other                           1,435          2,240
  Dividend payable                                         -            211
  Deferred income tax liability                          272            279
  Deferred revenue, current portion                    4,234          9,288
                                               -------------  -------------
    Total Current Liabilities                          6,579         13,171

Deferred revenue, net of current portion                 728          6,123
Other long-term liabilities                              252            419
                                               -------------  -------------
    Total Liabilities                                  7,559         19,713
                                               -------------  -------------

Stockholders' Equity:
  Preferred stock, par value $0.001 per share
   - authorized 5,000,000 shares; none issued              -              -
  Common stock, par value $0.001 per share -
   authorized 100,000,000 shares; 10,669,201
   shares outstanding as of September 30, 2012
   and 10,523,078 shares outstanding as of
   December 31, 2011                                      11             11
  Additional paid-in capital                          49,629         48,938
  Accumulated deficit                                (36,328)       (35,602)
                                               -------------  -------------
    Total Stockholders' Equity                        13,312         13,347
                                               -------------  -------------

    Total Liabilities and Stockholders' Equity $      20,871  $      33,060
                                               =============  =============



                      CREXENDO, INC. AND SUBSIDIARIES
              Condensed Consolidated Statements of Operations
              (In thousands, except per share and share data)
                                (unaudited)

                            Three Months Ended         Nine Months Ended
                               September 30,             September 30,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------

Revenue                  $     3,865  $    10,242  $    14,034  $    42,306
Operating expenses:
  Cost of revenue              1,233        2,057        3,952       16,037
  Selling and marketing          987          806        2,904       19,645
  General and
   administrative              2,440        3,276        8,214        9,368
  Research and
   development                   420          807        1,519        2,550
                         -----------  -----------  -----------  -----------
    Total operating
     expenses                  5,080        6,946       16,589       47,600
                         -----------  -----------  -----------  -----------

Income (loss) from
 operations                   (1,215)       3,296       (2,555)      (5,294)
                         -----------  -----------  -----------  -----------

Other income (expense):
  Interest income                383        1,306        1,649        3,775
  Interest expense                 -            -            -           (2)
  Other income
   (expense), net                 36          (56)          50          (89)
                         -----------  -----------  -----------  -----------
    Total other income,
     net                         419        1,250        1,699        3,684
                         -----------  -----------  -----------  -----------

Income (loss) before
 income tax provision           (796)       4,546         (856)      (1,610)

Income tax benefit
 (provision)                     (10)         (39)         130       (5,079)

                         -----------  -----------  -----------  -----------
Net income (loss)        $      (806) $     4,507  $      (726) $    (6,689)
                         ===========  ===========  ===========  ===========

Net income (loss) per
 common share:
  Basic                  $     (0.08) $      0.43  $     (0.07) $     (0.63)
  Diluted                $     (0.08) $      0.42  $     (0.07) $     (0.63)

Dividends per common
 share:                  $      0.02  $      0.02  $      0.04  $      0.06

Weighted average common
 shares outstanding:
  Basic                   10,666,816   10,589,132   10,610,813   10,623,341
  Diluted                 10,666,816   10,618,254   10,610,813   10,623,341



                      CREXENDO, INC. AND SUBSIDIARIES
          Condensed Consolidated Statement of Stockholders' Equity
                    Nine Months Ended September 30, 2012
                     (In thousands, except share data)
                                (unaudited)

                    Common Stock     Additional                   Total
                -------------------   Paid-in    Accumulated  Stockholders'
                 Shares     Amount    Capital      Deficit        Equity
               ---------- --------- -----------  -----------  -------------
Balance,
 January 1,
 2012          10,523,078 $      11 $    48,938  $   (35,602) $      13,347
  Expense for
   stock
   options
   granted to
   employees            -         -         617            -            617
  Proceeds
   from the
   exercise of
   stock
   options        146,123         -         498            -            498
  Dividends
   declared             -         -        (424)           -           (424)
  Net loss              -         -           -         (726)          (726)
               ---------- --------- -----------  -----------  -------------
Balance,
 September 30,
 2012          10,669,201 $      11 $    49,629  $   (36,328) $      13,312
               ========== ========= ===========  ===========  =============



                      CREXENDO, INC. AND SUBSIDIARIES
              Condensed Consolidated Statements of Cash Flows
                               (In thousands)
                                (unaudited)

                                                       Nine Months Ended
                                                         September 30,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                           $      (726) $    (6,689)
Adjustments to reconcile net loss to net cash
 provided by (used for) operating activities:
  Depreciation and amortization                          1,042        1,000
  Impairment of inventory and intangible assets              -        1,169
  Loss on subsidiary                                         -           56
  Expense for stock options issued to employees            617          686
  Deferred income tax provision                              -        5,973
  Change in uncertain tax positions                       (165)           -
Changes in assets and liabilities:
  Trade receivables                                     10,471        2,216
  Equipment financing receivables                          (59)           -
  Inventories                                               47          419
  Income taxes receivable                                  213          583
  Prepaid expenses and other                               (96)         557
  Other long-term assets                                    45          (15)
  Accounts payable, accrued expenses and other            (696)      (4,171)
  Deferred revenue                                     (10,449)      (3,942)
  Other long-term liabilities                                4         (931)
                                                   -----------  -----------
    Net cash provided by (used for) operating
     activities                                            248       (3,089)
                                                   -----------  -----------
CASH FLOWS FROM INVESTING ACTIVITIES
  Acquisition of property and equipment                 (1,124)        (764)
  Investment in subsidiary                                   -          (56)
                                                   -----------  -----------
    Net cash used for investing activities              (1,124)        (820)
                                                   -----------  -----------
CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from exercise of stock options                  498           68
  Repurchase of common stock                                 -         (682)
  Payments made on contingent consideration                 (6)         (36)
  Dividend payments                                       (635)        (640)
                                                   -----------  -----------
    Net cash used for financing activities                (143)      (1,290)
                                                   -----------  -----------

NET DECREASE IN CASH AND CASH EQUIVALENTS               (1,019)      (5,199)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD           8,658       14,207
                                                   -----------  -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD           $     7,639  $     9,008
                                                   ===========  ===========

Supplemental disclosure of cash flow information:
Cash received during the period:
  Income taxes                                     $       178  $       530
Supplemental disclosure of non-cash investing and
 financing information:
  Dividends declared                                         -          211
  Purchase of property and equipment included in
   accounts payable                                         31          313

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