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 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/