IRVINE, Calif., Nov. 14 /PRNewswire-FirstCall/ -- Raining Data
Corporation (NASDAQ:RDTA) today announced financial results for the
second quarter of fiscal year 2007. Net revenue for the three and
six-month periods ended September 30, 2006 were $4.6 million and
$9.3 million as compared to $4.6 million and $9.9 million for the
same three and six-month periods in the prior fiscal year. Net
losses for the three and six-month periods ended September 30,
2006, were $0.8 million and $1.9 million as compared to $0.8 and
$1.0 million for the same three and six-month periods in the prior
fiscal year. Loss per share was $0.04 for both the three-month
periods ended September 30, 2006 and 2005 and was $0.09 and $0.05
for the six-month periods ended September 30, 2006 and 2005. Cash
balance was $10.6 million at September 30, 2006 as compared to
$10.1 million at September 30, 2005. Working capital was $5.3
million at September 30, 2006, an increase of $1.0 million from
$4.3 million at September 30, 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 six-month periods ended September 30, 2006 were
negative $0.3 million, or 6% of net revenue, and negative $0.9
million, or 9% of net revenue. EBITDA for the three and six-month
periods ended September 30, 2005 were negative $0.5 million, or 10%
of net revenue, and negative $0.3 million, or 3% of net revenue.
The increase in EBITDA in the quarter ended September 30, 2006 was
primarily due to efforts to reduce 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 September
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 September 30, March 31, 2006 2006 (In
thousands) ASSETS Current assets Cash and cash equivalents $10,589
$10,789 Trade accounts receivable, less allowance for doubtful
accounts of $223 and $182 1,868 2,019 Other current assets 458 355
Total current assets 12,915 13,163 Property, furniture and
equipment-net 1,082 1,055 Goodwill 26,805 26,845 Other assets 99 96
Total assets $40,901 $41,159 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities Accounts payable $273 $399 Accrued liabilities
2,305 2,885 Deferred revenue 5,000 4,886 Total current liabilities
7,578 8,170 Long-term debt-net of discount 23,516 22,893 Total
liabilities 31,094 31,063 Commitments and contingencies
Stockholders' equity Preferred stock -- -- Common stock 2,113 2,064
Additional paid-in-capital 100,842 99,341 Accumulated other
comprehensive income 1,318 1,234 Accumulated deficit (94,466)
(92,543) Total stockholders' equity 9,807 10,096 Total liabilities
and stockholders' equity $40,901 $41,159 RAINING DATA CORPORATION
AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands except per share data) Three Months Ended
Six Months Ended September 30, September 30, 2006 2005 2006 2005
Net revenues Licenses $1,686 $1,626 $3,340 $3,937 Services 2,910
2,983 5,928 5,965 Total net revenues 4,596 4,609 9,268 9,902
Operating expenses Cost of license revenues 19 37 40 101 Cost of
service revenues 488 583 1,141 1,203 Selling and marketing 1,361
1,257 2,817 2,586 Research and development 2,231 2,389 4,877 4,633
General and administrative 1,075 885 1,881 1,786 Total operating
expenses 5,174 5,151 10,756 10,309 Operating loss (578) (542)
(1,488) (407) Other expense Interest expense-net (208) (242) (431)
(489) Other (expense) income-net 14 (21) 36 (72) Total other
expense (194) (263) (395) (561) Loss before income taxes (772)
(805) (1,883) (968) Provision for income taxes 59 -- 40 -- Net loss
$(831) $(805) $(1,923) $(968) Basic and diluted net loss per share
$(0.04) $(0.04) $(0.09) $(0.05) Shares used in computing basic and
diluted net loss per share 20,989 19,945 20,820 19,854 RAINING DATA
CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS Six Months Ended September 30, 2006 2005
(In thousands) Cash flows from operating activities: Net loss
$(1,923) $(968) Adjustments to reconcile net loss to net cash used
in operating activities: Depreciation and amortization of
long-lived assets 154 147 Note payable discount amortization 41 41
Stock-based compensation expense 457 10 Income tax expense 40 --
Change in assets and liabilities: Trade accounts receivable 391 408
Other current and non-current assets (95) (61) Accounts payable
(133) (149) Accrued liabilities (10) 418 Deferred revenue (120)
(254) Net cash used in operating activities (1,198) (408) Cash
flows used in investing activities-purchase of property, furniture
and equipment (140) (290) Cash flows from financing activities:
Proceeds from exercise of stock options and warrants 981 120
Proceeds from issuance of common stock 112 65 Net cash provided by
financing activities 1,093 185 Effect of exchange rate changes on
cash 45 (53) Net decrease in cash and equivalents (200) (566) Cash
and equivalents at beginning of period 10,789 10,625 Cash and
equivalents at end of period $10,589 $10,059 Non-cash financing
activities: Issuance of payment-in-kind notes for accrued interest
$568 $540 Conversion of preferred stock to common stock $300
RAINING DATA CORPORATION AND SUBSIDIARIES RECONCILIATION OF EBITDA
TO NET LOSS (In thousands) Three Months Ended Six Months Ended
September 30, September 30, 2006 2005 2006 2005 Reported net loss
$(831) $(805) $(1,923) $(968) Depreciation and amortization 79 65
154 147 Stock-based compensation 246 4 457 10 Interest expense-net
208 242 431 489 Other expense (income)-net (14) 21 (36) 72
Provision for income tax 59 -- 40 -- EBITDA $(253) $(473) $(877)
$(250) 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) Six Months Ended September 30, 2006 2005 Net cash
used in operating activities $(1,198) $(408) Interest expense-net
431 489 Other expense (income)-net (36) 72 Change in accounts
receivable (391) (408) Change in other assets 95 61 Change in
accounts payable 133 149 Change in accrued liabilities 10 (418)
Change in deferred revenue 120 254 Note payable discount
amortization (41) (41) EBITDA $(877) $(250) 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/
Copyright
Raining Data (NASDAQ:RDTA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Raining Data (NASDAQ:RDTA)
Historical Stock Chart
From Sep 2023 to Sep 2024