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/
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