IRVINE, Calif., Aug. 14 /PRNewswire-FirstCall/ -- Raining Data
Corporation (NASDAQ:RDTA) today announced financial results for the
first quarter of fiscal year 2007. Net revenue for the quarter
ended June 30, 2006 was $4.7 million as compared to $5.3 million
for the same period in the prior fiscal year. Net loss for the
quarter ended June 30, 2006, was $1.1 million as compared to a net
loss of $0.2 million for the same period in the prior fiscal year.
Loss per share was $0.05 for the quarter ended June 30, 2006 as
compared to a loss per share of $0.01 in the same period in the
prior fiscal year. Cash balance was $10.0 million at June 30, 2006
as compared to $10.3 million at June 30, 2005. Working capital was
$4.6 million at June 30, 2006 as compared to $4.8 million at June
30, 2005. The Company computes working capital as total current
assets less current liabilities. Earnings before interest, taxes,
depreciation, and amortization ("EBITDA") for the quarter ended
June 30, 2006 was negative $0.6 million, or 13% of revenue, as
compared to $0.2 million, or 4% of revenue, for the same period in
the prior year. The reduction in EBITDA was primarily due to lower
revenues and increased research and development expenditures. The
Company computes EBITDA, as reflected in the table appearing at the
end of this press release, by adding depreciation, amortization,
non-cash stock-based compensation expense, interest expense, other
(income) expense, and provision (benefit) for income taxes to its
GAAP reported net loss. About Raining Data Raining Data Corporation
(NASDAQ:RDTA), headquartered in Irvine, California, offers
enterprise-grade XML database management and information
aggregation software solutions and has been providing reliable data
management and rapid application deployment solutions for ISVs and
developers of database applications for more than three decades.
Raining Data's flagship products include: 1) The High-performance
TigerLogic(R) XML Data Management Server (XDMS), which provides
flexible, scalable and extensible XML data storage as well as query
and retrieval of critical business data across a variety of
structured and unstructured information sources, delivering
mid-tier scalability and transactional integrity across
heterogeneous enterprise databases as well as dynamic extensibility
and ease of use, mostly found in repositories and file systems; 2)
Powerful Pick(R) Universal Data Model (Pick UDM) based database
management systems and components, including D3(R), mvEnterprise(R)
and mvBase(R) that are the choice of more than a thousand
application developers worldwide and .NET Integration components
including the Pick Data Provider for .NET and the Pick Reporting
Services Connector; and 3) Omnis Studio(R), a powerful,
cross-platform, object-oriented RAD tool for developing
sophisticated thick-client, Web-client or ultra thin-client
database applications. Raining Data's installed customer base
includes more than 500,000 active users representing over 20,000
customer sites worldwide, with a significant base of diverse
vertical applications. With more than 160 employees and contractors
in five countries, Raining Data offers 24x7 customer support and
maintains a strong international presence. More information about
Raining Data Corporation and its products can be found at
http://www.rainingdata.com/. Except for the historical statements
contained herein, the foregoing release may contain forward-looking
statements. These forward-looking statements are subject to risks
and uncertainties, and actual results could differ materially due
to several factors, including but not limited to the success of the
Company's research and development efforts to develop new products
and to penetrate new markets, the market acceptance of the
Company's new products and updates, technical risks related to such
products and updates, the Company's ability to maintain market
share for its existing products, the availability of adequate
liquidity and other risks and uncertainties. Please consult the
various reports and documents filed by Raining Data Corporation
with the U.S. Securities and Exchange Commission, including but not
limited to the Company's most recent reports on Form 10-KSB and
Form 10-QSB for factors potentially affecting the Company's future
financial results. All forward-looking statements are made as of
the date hereof and the Company disclaims any responsibility to
update or revise any forward-looking statement provided in this
news release. The Company's results for the quarter ended June 30,
2006 are not necessarily indicative of the Company's operating
results for any future periods. Raining Data, Pick, mvDesigner, D3,
mvEnterprise, mvBase, Omnis, Omnis Studio and TigerLogic are
trademarks of Raining Data Corporation. All other trademarks and
registered trademarks are properties of their respective owners.
RAINING DATA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS June 30, March 31, 2006 2006 (in
thousands) ASSETS Current assets Cash and cash equivalents $9,974
$10,789 Trade accounts receivable, less allowance for doubtful
accounts of $223 and $182 1,680 2,019 Other current assets 483 355
Total current assets 12,137 13,163 Property, furniture and
equipment-net 1,137 1,055 Goodwill 26,845 26,845 Other assets 98 96
Total assets $40,217 $41,159 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities Accounts payable $293 $399 Accrued liabilities
2,234 2,885 Deferred revenue 5,026 4,886 Total current liabilities
7,553 8,170 Long-term debt, net of discount 23,201 22,893 Total
liabilities 30,754 31,063 Commitments and contingencies
Stockholders' equity Preferred stock -- -- Common stock 2,069 2,064
Additional paid-in capital 99,634 99,341 Accumulated other
comprehensive income 1,395 1,234 Accumulated deficit (93,635)
(92,543) Total stockholders' equity 9,463 10,096 Total liabilities
and stockholders' equity $40,217 $41,159 RAINING DATA CORPORATION
AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS For the three months ended June 30, 2006 2005 (in
thousands, except per share amounts) Net revenues Licenses $1,654
$2,311 Services 3,018 2,982 Total net revenues 4,672 5,293
Operating Expenses Cost of license revenues 21 64 Cost of service
revenues 653 620 Selling and marketing 1,456 1,329 Research and
development 2,646 2,244 General and administrative 806 901 Total
operating expenses 5,582 5,158 Operating income (loss) (910) 135
Other income (expense) Interest expense-net (223) (247) Other
income (expense)-net 22 (51) Loss before income taxes (1,111) (163)
Benefit from income taxes (19) -- Net loss $(1,092) $(163) Basic
and diluted net loss per share $(0.05) $(0.01) Shares used in
computing basic and diluted net loss per share 20,649 19,764
RAINING DATA CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended June 30,
2006 2005 (In thousands) Cash flows from operating activities: Net
loss $(1,092) $(163) Adjustments to reconcile net loss to net cash
used in operating activities: Depreciation and amortization 75 82
Note payable discount amortization 21 21 Stock-based compensation
expense 211 6 Income tax benefit (19) -- Change in assets and
liabilities: Trade accounts receivable 217 (129) Other current and
non-current assets (112) 24 Accounts payable (111) (217) Accrued
liabilities (341) 125 Deferred revenue 351 75 Net cash used in
operating activities (800) (176) Cash flows used in investing
activities - purchase of property, furniture and equipment (133)
(91) Cash flows from financing activities - proceeds from exercise
of stock options and warrants 86 34 Effect of exchange rate changes
on cash 32 (51) Net increase in cash and cash equivalents (815)
(284) Cash and cash equivalents at beginning of period 10,789
10,625 Cash and cash equivalents at end of period $9,974 $10,341
Non-cash financing activities: Issuance of notes for accrued
interest $288 $274 RAINING DATA CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET LOSS (In thousands) Three months
ended June 30, 2006 2005 Reported net loss $(1,092) $(163)
Depreciation and amortization 75 82 Stock-based compensation 211 6
Interest expense-net 223 247 Other (income) expense-net (22) 51
Benefit from income taxes (19) -- EBITDA $(624) $223 EBITDA does
not represent funds available for management's discretionary use
and is not intended to represent cash flow from operations. EBITDA
should not be construed as a substitute for net loss or as a better
measure of liquidity than cash flow from operating activities,
which is determined in accordance with United States generally
accepted accounting principles ("GAAP"). EBITDA excludes components
that are significant in understanding and assessing our results of
operations and cash flows. In addition, EBITDA is not a term
defined by GAAP and as a result our measure of EBITDA might not be
comparable to similarly titled measures used by other companies.
However, EBITDA is used by management to evaluate, assess and
benchmark the Company's operational results and the Company
believes that EBITDA is relevant and useful information, which is
often reported and widely used by analysts, investors and other
interested parties in our industry. Accordingly, the Company is
disclosing this information to permit a more comprehensive analysis
of its operating performance, to provide an additional measure of
performance and liquidity and to provide additional information
with respect to the Company's ability to meet future debt service,
capital expenditure and working capital requirements. The Company's
EBITDA financial information is also comparable to net cash used in
operating activities. The table below reconciles EBITDA to the GAAP
disclosure of net cash used in operating activities: RAINING DATA
CORPORATION AND SUBSIDIARIES RECONCILIATION OF EBITDA TO NET CASH
USED IN OPERATING ACTIVITIES (In thousands) Three Months ended June
30, 2006 2005 Net cash used in operating activities $(800) $(176)
Interest expense-net 223 247 Other (income) expense-net (22) 51
Change in accounts receivable (217) 129 Change in other assets 112
(24) Change in accounts payable 111 217 Change in accrued
liabilities 341 (125) Change in deferred revenue (351) (75) Note
payable discount amortization (21) (21) EBITDA $(624) $223
DATASOURCE: Raining Data Corporation CONTACT: Thomas G. Lim, Chief
Financial Officer of Raining Data Corporation, +1-949-442-4400, or
fax, +1-949-250-8187, Web site: http://www.rainingdata.com/
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