IRVINE, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Raining Data
Corporation (NASDAQ:RDTA) today announced financial results for the
third quarter of fiscal year 2008. Net revenue for the quarter
ended December 31, 2007 was $4.9 million as compared to $4.8
million for the same period in the prior fiscal year. Net loss for
the quarter ended December 31, 2007 was $0.2 million as compared to
a net loss of $0.4 million for the same period in the prior fiscal
year. Earnings per share for the quarter ended December 31, 2007
was a loss per share of $0.01 as compared to a loss per share of
$0.02 in the same period in the prior fiscal year. Cash balance was
$13.1 million at December 31, 2007 as compared to $10.5 million at
December 31, 2006. Earnings before interest, taxes, depreciation,
and amortization ("EBITDA") for the quarter ended December 31, 2007
was $0.3 million, or 6% of net revenue, as compared to $0.2
million, or 3% of net revenue, for the same period in the prior
fiscal year. The increase in EBITDA was primarily due to higher
license revenue and lower personnel costs. 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 income (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 100 employees and contractors
worldwide, Raining Data offers 24x7 customer support services 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 December
31, 2007 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 December 31, March 31, 2007 2007 (In
thousands) ASSETS Current assets Cash and cash equivalents $13,054
$11,654 Trade accounts receivable, less allowance for doubtful
accounts of $329 and $200, respectively 1,979 1,609 Other current
assets 497 461 Total current assets 15,530 13,724 Property,
furniture and equipment, net 876 949 Goodwill 26,622 26,751 Other
assets 104 112 Total assets $43,132 $41,536 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities Accounts payable $307 $130
Accrued liabilities 2,241 2,536 Deferred revenue 4,966 4,801
Debt-net of discount 964 - Total current liabilities 8,478 7,467
Long-term debt-net of discount - 24,150 Total liabilities 8,478
31,617 Commitments and contingencies Stockholders' equity Preferred
stock - - Common stock 2,620 2,118 Additional paid-in-capital
126,151 101,385 Accumulated other comprehensive income 1,404 1,612
Accumulated deficit (95,521) (95,196) Total stockholders' equity
34,654 9,919 Total liabilities and stockholders' equity $43,132
$41,536 RAINING DATA CORPORATION AND SUBSIDIARIES UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per share data) Three Months Ended Nine Months Ended
December 31, December 31, 2007 2006 2007 2006 Net revenues Licenses
$1,992 $1,793 $5,953 $5,133 Services 2,913 2,983 8,871 8,911 Total
net revenues 4,905 4,776 14,824 14,044 Operating expenses Cost of
license revenues 8 28 29 68 Cost of service revenues 444 442 1,383
1,583 Selling and marketing 1,601 1,387 4,278 4,204 Research and
development 1,861 2,175 5,780 7,052 General and administrative
1,115 907 3,486 2,916 Total operating expenses 5,029 4,939 14,956
15,823 Operating loss (124) (163) (132) (1,779) Other income
(expense) Interest income (expense)-net 124 (205) (282) (636) Other
income (expense)-net (108) 6 275 13 Total other income (expense) 16
(199) (7) (623) Loss before income taxes (108) (362) (139) (2,402)
Provision for income taxes 109 17 186 57 Net loss $(217) $(379)
$(325) $(2,459) Basic and diluted net loss per share $(0.01)
$(0.02) $(0.01) $(0.12) Shares used in computing basic and diluted
net loss per share 25,909 21,142 22,785 20,928 RAINING DATA
CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS Nine Months Ended December 31, 2007 2006
(In thousands) Cash flows from operating activities: Net loss
$(325) $(2,459) Adjustments to reconcile net loss to net cash
provided by (used in) operating activities: Depreciation and
amortization of long-lived assets 203 232 Provision for bad debt
111 105 Note discount amortization 90 62 Stock-based compensation
expense 888 695 Deferred income tax expense 186 57 Foreign currency
exchange gain (226) (16) Change in assets and liabilities: Trade
accounts receivable (348) (299) Other current and non-current
assets (50) (218) Accounts payable 172 (182) Accrued liabilities
233 400 Deferred revenue (59) 243 Net cash provided by (used in)
operating activities 875 (1,380) Cash flows used in investing
activities - purchase of property, furniture and equipment (118)
(139) Cash flows from financing activities: Proceeds from exercise
of stock options and warrants 478 1,005 Proceeds from issuance of
common stock 52 112 Repayment of debt (1) - Net cash provided by
financing activities 529 1,117 Effect of exchange rate changes on
cash 114 145 Net increase (decrease) in cash and cash equivalents
1,400 (257) Cash and cash equivalents at beginning of period 11,654
10,789 Cash and cash equivalents at end of period $13,054 $10,532
Other non-cash activities: Accrued interest added to debt $576 $863
Conversion of debt to common stock $23,898 $- RAINING DATA
CORPORATION AND SUBSIDIARIES RECONCILIATION OF EBITDA TO NET LOSS
(In thousands) For the Three For the Nine Months Ended Months Ended
December 31, December 31, 2007 2006 2007 2006 Reported net loss
$(217) $(379) $(325) $(2,459) Depreciation and amortization 71 78
203 232 Stock-based compensation 332 238 888 695 Interest (income)
expense-net (124) 205 282 636 Other (income) expense-net 108 (6)
(275) (13) Provision for income taxes 109 17 186 57 EBITDA $279
$153 $959 $(852) 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 income (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. Our EBITDA
financial information is also comparable to net cash provided by
(used in) operating activities. The table below reconciles EBITDA
to the GAAP disclosure of net cash provided by (used in) operating
activities: RAINING DATA CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES (In thousands) For the Nine Months Ended
December 31, 2007 2006 Net cash provided by (used in) operating
activities $875 $(1,380) Interest expense-net 282 636 Other
income-net (275) (13) Change in trade accounts receivable 348 299
Change in other current and non-current assets 50 218 Change in
accounts payable (172) 182 Change in accrued liabilities (233)
(400) Change in deferred revenue 59 (243) Foreign currency exchange
gain 226 16 Note payable discount amortization (90) (62) Provision
for bad debt (111) (105) EBITDA $959 $(852) DATASOURCE: Raining
Data Corporation CONTACT: Thomas Lim, Chief Financial Officer of
Raining Data Corporation, +1-949-442-4400, fax, +1-949-250-8187,
Web site: http://www.rainingdata.com/
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