IRVINE, Calif., Nov. 14 /PRNewswire-FirstCall/ -- Raining Data
Corporation (NASDAQ:RDTA) today announced financial results for the
second quarter of fiscal year 2008. Net revenue for the quarter
ended September 30, 2007 was $4.9 million as compared to $4.6
million for the same period in the prior fiscal year. Net income
for the quarter ended September 30, 2007 was $0.1 million as
compared to a net loss of $0.8 million for the same period in the
prior fiscal year. Earnings per share for the quarter ended
September 30, 2007 was breakeven as compared to a loss per share of
$0.04 in the same period in the prior fiscal year. Cash balance was
$12.2 million at September 30, 2007 as compared to $10.6 million at
September 30, 2006. Earnings before interest, taxes, depreciation,
and amortization ("EBITDA") for the quarter ended September 30,
2007 was $0.5 million, or 10% of net revenue, as compared to
negative $0.2 million, or (4%) 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 September
30, 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 September 30, March 31, 2007 2007 (In
thousands) ASSETS Current assets Cash and cash equivalents $12,234
$11,654 Trade accounts receivable, less allowance for doubtful
accounts of $287 and $200, respectively 2,029 1,609 Other current
assets 446 461 Total current assets 14,709 13,724 Property,
furniture and equipment-net 909 949 Goodwill 26,674 26,751 Other
assets 102 112 Total assets $42,394 $41,536 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities Accounts payable $187 $130
Accrued liabilities 2,004 2,536 Deferred revenue 5,084 4,801
Debt-net of discount 951 - Total current liabilities 8,226 7,467
Long-term debt - net of discount 23,852 24,150 Total liabilities
32,078 31,617 Commitments and contingencies Subsequent event
Stockholders' equity Preferred stock - - Common stock 2,132 2,118
Additional paid-in-capital 102,183 101,385 Accumulated other
comprehensive income 1,305 1,612 Accumulated deficit (95,304)
(95,196) Total stockholders' equity 10,316 9,919 Total liabilities
and stockholders' equity $42,394 $41,536 RAINING DATA CORPORATION
AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share amounts) Three Months
Ended Six Months Ended September 30, September 30, 2007 2006 2007
2006 Net revenues Licenses $1,959 $1,686 $3,961 $3,340 Services
2,987 2,910 5,958 5,928 Total net revenues 4,946 4,596 9,919 9,268
Operating expenses Cost of license revenues 12 19 21 40 Cost of
service revenues 454 488 939 1,141 Selling and marketing 1,373
1,394 2,677 2,850 Research and development 1,922 2,198 3,919 4,844
General and administrative 1,048 1,002 2,371 2,009 Total operating
expenses 4,809 5,101 9,927 10,884 Operating income (loss) 137 (505)
(8) (1,616) Other income (expense) Interest expense-net (204) (208)
(406) (431) Other income (expense)-net 205 (3) 383 7 Total other
income (expense) 1 (211) (23) (424) Income (loss) before income
taxes 138 (716) (31) (2,040) Provision for income taxes 58 59 77 40
Net income (loss) $80 $(775) $(108) $(2,080) Basic net income
(loss) per share $0.00 $(0.04) $(0.01) $(0.10) Diluted net income
(loss) per share $0.00 $(0.04) $(0.01) $(0.10) Shares used in
computing basic net income (loss) per share 21,241 20,989 21,214
20,820 Shares used in computing diluted net income (loss) per share
22,073 20,989 21,214 20,820 RAINING DATA CORPORATION AND
SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS Six Months Ended September 30, 2007 2006 (In thousands) Cash
flows from operating activities: Net loss $(108) $(2,080)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: Depreciation and amortization of long-lived
assets 132 154 Provision for bad debt 74 - Note payable discount
amortization 42 41 Stock-based compensation expense 556 457
Deferred income tax expense 77 40 Foreign currency exchange gain
(334) (40) Change in assets and liabilities: Trade accounts
receivable (64) 391 Other current and non- current assets (3) (95)
Accounts payable 53 (133) Accrued liabilities 60 158 Deferred
revenue (231) (120) Net cash provided by (used in) operating
activities 254 (1,227) Cash flows used in investing activities -
purchase of property, furniture and equipment (33) (140) Cash flows
from financing activities: Proceeds from exercise of stock options
204 981 Proceeds from issuance of common stock 52 112 Net cash
provided by financing activities 256 1,093 Effect of exchange rate
changes on cash 103 74 Net increase (decrease) in cash and cash
equivalents 580 (200) Cash and cash equivalents at beginning of
period 11,654 10,789 Cash and cash equivalents at end of period
$12,234 $10,589 Non-cash financing activities: Accrued interest
added to debt $611 $568 RAINING DATA CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET INCOME (LOSS) (In thousands) Three
Months Ended Six Months Ended September 30, September 30, 2007 2006
2007 2006 Reported net income (loss) $80 $(775) $(108) $(2,080)
Depreciation and amortization 67 79 132 154 Stock-based
compensation 301 246 556 457 Interest expense-net 204 208 406 431
Other (income) expense-net (205) 3 (383) (7) Provision for income
taxes 58 59 77 40 EBITDA $505 $(180) $680 $(1,005) 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.
The Company's 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) Six Months Ended September
30, 2007 2006 Net cash provided by (used in) operating activities
$254 $(1,227) Interest expense-net 406 431 Other income-net (383)
(7) Change in trade accounts receivable 64 (391) Change in other
current and non- current assets 3 95 Change in accounts payable
(53) 133 Change in accrued liabilities (60) (158) Change in
deferred revenue 231 120 Foreign currency exchange gain 334 40 Note
payable discount amortization (42) (41) Provision for bad debt (74)
- EBITDA $680 $(1,005) 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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