Raining Data (NASDAQ:RDTA)
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IRVINE, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Raining Data Corporation (NASDAQ:RDTA) today announced financial results for the third quarter of fiscal year 2007. Net revenue for the three and nine-month periods ended December 31, 2006 were $4.8 million and $14.0 million as compared to $5.3 million and $15.2 million for the same three and nine-month periods in the prior fiscal year. Net losses for the three and nine-month periods ended December 31, 2006 were $0.4 million and $2.3 million as compared to $0.3 and $1.2 million for the same three and nine-month periods in the prior fiscal year. Loss per share was $0.02 for the current year quarter as compared to $0.01 in the prior year quarter and was $0.11 for the nine-month period ended December 31, 2006 as compared to $0.06 in the nine-month period ended December 31, 2005.
Cash balance was $10.5 million at December 31, 2006 as compared to $9.7 million at December 31, 2005. Working capital was $5.7 million at December 31, 2006, an increase of $0.7 million from $5.0 million at December 31, 2005. The Company computes working capital as total current assets less current liabilities.
Earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the three and nine-month periods ended December 31, 2006 was $0.1 million and negative $0.8 million, or 2% and (6%) of net revenue, respectively, as compared to breakeven and negative $0.2 million, or breakeven and (1%) of net revenue, respectively, for the same periods in the prior year. The increase in EBITDA in the quarter ended December 31, 2006 was primarily due to reduced 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 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 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 December 31, 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
December 31, March 31,
2006 2006
(In thousands)
ASSETS
Current assets
Cash and cash equivalents $10,532 $10,789
Trade accounts receivable, less
allowance for doubtful accounts of
$306 in 2006 and $182 in 2005 2,191 2,019
Other current assets 585 355
Total current assets 13,308 13,163
Property, furniture and equipment-net 1,030 1,055
Goodwill 26,788 26,845
Other assets 101 96
Total assets $41,227 $41,159
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $230 $399
Accrued liabilities 2,409 2,885
Deferred revenue 5,005 4,886
Total current liabilities 7,644 8,170
Long-term debt-net of discount 23,835 22,893
Total liabilities 31,479 31,063
Commitments and contingencies
Stockholders' equity
Preferred stock -- --
Common stock 2,115 2,064
Additional paid-in-capital 101,102 99,341
Accumulated other comprehensive income 1,418 1,234
Accumulated deficit (94,887) (92,543)
Total stockholders' equity 9,748 10,096
Total liabilities and stockholders'
equity $41,227 $41,159
RAINING DATA CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
Three Months Nine Months
Ended Ended
December 31, December 31,
2006 2005 2006 2005
Net revenues
Licenses $1,793 $2,334 $5,133 $6,271
Services 2,983 2,965 8,911 8,930
Total net revenues 4,776 5,299 14,044 15,201
Operating expenses
Cost of license revenues 28 27 68 78
Cost of service revenues 442 542 1,583 1,745
Selling and marketing 1,387 1,337 4,204 3,923
Research and development 2,175 2,429 7,052 7,062
General and administrative 962 986 2,843 2,823
Total operating expenses 4,994 5,321 15,750 15,631
Operating loss (218) (22) (1,706) (430)
Other expense
Interest expense-net (205) (239) (636) (728)
Other income (expense)-net 19 (7) 55 (79)
Total other expense (186) (246) (581) (807)
Loss before income taxes (404) (268) (2,287) (1,237)
Provision for income taxes 17 -- 57 --
Net loss $(421) $(268) $(2,344) $(1,237)
Basic and diluted net loss per share $(0.02) $(0.01) $(0.11) $(0.06)
Shares used in computing basic and
diluted net loss per share 21,142 20,485 20,928 20,065
RAINING DATA CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
2006 2005
(In thousands)
Cash flows from operating activities:
Net loss $(2,344) $(1,237)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation and amortization of
long-lived assets 232 206
Provision for bad debt 105 33
Note payable discount amortization 62 62
Stock-based compensation expense 695 10
Income tax expense 57 --
Change in assets and liabilities:
Trade accounts receivable (299) (392)
Other current and non-current assets (218) (23)
Accounts payable (182) (317)
Accrued liabilities 328 869
Deferred revenue 243 (396)
Net cash used in operating activities (1,321) (1,185)
Cash flows used in investing
activities-purchase of property,
furniture and equipment (139) (421)
Cash flows from financing activities:
Proceeds from exercise of stock
options and warrants 1,005 716
Proceeds from issuance of common stock 112 65
Net cash provided by financing activities 1,117 781
Effect of exchange rate changes on cash 86 (66)
Net decrease in cash and equivalents (257) (891)
Cash and equivalents at beginning of period 10,789 10,625
Cash and equivalents at end of period $10,532 $9,734
Non-cash financing activities:
Accrued interest added to long-term debt $863 $821
Conversion of preferred stock to
common stock -- $300
RAINING DATA CORPORATION AND SUBSIDIARIES
RECONCILIATION OF EBITDA TO NET LOSS
(In thousands)
Three Months Nine Months
Ended Ended
December 31, December 31,
2006 2005 2006 2005
Reported net loss $(421) $(268) $(2,344) $(1,237)
Depreciation and amortization 78 59 232 206
Stock-based compensation 238 -- 695 10
Interest expense-net 205 239 636 728
Other expense (income)-net (19) 7 (55) 79
Provision for income tax 17 -- 57 --
EBITDA $98 $37 $(779) $(214)
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)
Nine Months Ended December 31,
2006 2005
Net cash used in operating activities $(1,321) $(1,185)
Interest expense-net 636 728
Other expense (income)-net (55) 79
Change in accounts receivable 299 392
Change in other assets 218 23
Change in accounts payable 182 317
Change in accrued liabilities (328) (869)
Change in deferred revenue (243) 396
Note payable discount amortization (62) (62)
Provision for bad debt (105) (33)
EBITDA $(779) $(214)
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/