IRVINE, Calif., July 2 /PRNewswire-FirstCall/ -- Raining Data
Corporation (NASDAQ:RDTA) today announced financial results for the
fourth quarter and full fiscal year ended March 31, 2007. Net
revenue for the fourth quarter was $4.7 million and for the full
fiscal year was $18.7 million, as compared to $5.1 million and
$20.3 million for the same respective periods in the prior fiscal
year. Loss per share was $0.14 for the year ended March 31, 2007 as
compared to a loss per share of $0.08 in the prior fiscal year. Net
loss was $0.6 million for the fourth quarter ended March 31, 2007
compared to $0.3 million for the same period in the prior fiscal
year. Net loss for the year ended March 31, 2007 was $3.0 million
compared to a net loss of $1.6 million in the prior fiscal year.
Net loss for the fourth quarter and full fiscal year ended March
31, 2007 included stock-based compensation charges of $0.2 million
and $0.9 million, respectively. The Company adopted SFAS 123(R),
"Share-Based Payment," effective April 1, 2006. Cash balance was
$11.7 million at March 31, 2007 as compared to $10.8 million at
March 31, 2006. Cash balance increased during the fourth quarter by
$1.2 million from $10.5 million at December 31, 2006. Working
capital was $6.3 million at March 31, 2007, an increase of $1.3
million or 26% from $5.0 million at March 31, 2006. The Company
computes working capital as total current assets less current
liabilities. Earnings before interest, taxes, depreciation, and
amortization ("EBITDA") for the quarter and fiscal year ended March
31, 2007 was negative $0.1 million and negative $0.9 million, or
(2%) and (5%) 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
reductions in EBITDA were primarily due to decreased revenues and
increased spending for research and development. 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
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 and fiscal year
ended March 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
CONSOLIDATED BALANCE SHEETS March 31, March 31, 2007 2006 (in
thousands, except per share data) ASSETS Current assets Cash and
cash equivalents $11,654 $10,789 Trade accounts receivable, less
allowance for doubtful accounts of $200 in 2007 and $182 in 2006
1,609 2,019 Other current assets 461 355 Total current assets
13,724 13,163 Property, furniture and equipment-net 949 1,055
Goodwill 26,751 26,845 Other assets 112 96 Total assets $41,536
$41,159 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities
Accounts payable $130 $399 Accrued liabilities 2,536 2,885 Deferred
revenue 4,801 4,886 Total current liabilities 7,467 8,170 Long-term
debt, net of discount 24,150 22,893 Total liabilities 31,617 31,063
Commitments and contingencies Stockholders' equity Series A
convertible preferred stock: $1.00 par value; 5,000,000 shares
authorized; none issued and outstanding at March 31, 2007 and 2006
- - Common stock: $0.10 par value; 100,000,000 shares authorized;
21,184,402 and 20,644,576 issued and outstanding as of March 31,
2007 and 2006, respectively 2,118 2,064 Additional paid-in capital
101,385 99,341 Accumulated other comprehensive income 1,612 1,234
Accumulated deficit (95,196) (92,543) Total stockholders' equity
9,919 10,096 Total liabilities and stockholders' equity $41,536
$41,159 RAINING DATA CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share data) For
the three months ended For the years March 31, ended March 31, 2007
2006 2007 2006 Net revenues Licenses $1,726 $2,133 $6,859 $8,404
Services 2,974 2,960 11,885 11,890 Total net revenues 4,700 5,093
18,744 20,294 Operating Expenses Cost of license revenues 31 33 99
207 Cost of service revenues 534 529 2,117 2,274 Selling and
marketing 1,262 1,296 5,466 5,219 Research and development 2,243
2,576 9,295 9,638 General and administrative 1,023 750 3,866 3,477
Total operating expenses 5,093 5,184 20,843 20,815 Operating loss
(393) (91) (2,099) (521) Other income (expense) Interest
expense-net (201) (224) (837) (952) Other income (expense)-net 17 4
72 (75) Loss before taxes (577) (311) (2,864) (1,548) Provision for
income taxes 37 15 94 76 Net loss $(614) $(326) $(2,958) $(1,624)
Basic and diluted net loss per share $(0.03) $(0.02) $(0.14)
$(0.08) Shares used in computing basic and diluted loss per share
21,166 20,623 20,986 20,203 Departmental allocation of stock-based
compensation expense (1): Selling and marketing $96 $371 Research
and development 40 253 General and administrative 80 287 Total
stock-based compensation expense $216 $911 (1) The Company adopted
SFAS 123(R), "Share-Based Payment," effective April 1, 2006.
RAINING DATA CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF CASH FLOWS For the Years Ended March 31, 2007 and 2006 2007 2006
(In thousands) Cash flows from operating activities: Net loss
$(2,958) $(1,624) Adjustments to reconcile net loss to net cash
used in operating activities: Depreciation and amortization 318 276
Provision for bad debt 1 - Note payable discount amortization 83 83
Stock-based compensation expense 911 10 Income tax expense 94 76
Change in assets and liabilities: Trade accounts receivable 375
(110) Other current and non-current assets (68) 133 Accounts
payable (279) (134) Accrued liabilities 1,145 1,482 Deferred
revenue 98 (355) Net cash used in operating activities (280) (163)
Cash flows from investing activities - purchase of property,
furniture and equipment (87) (483) Cash flows from financing
activities: Proceeds from exercise of stock options and warrants
1,007 730 Proceeds from issuance of common stock 179 133 Net cash
provided by financing activities 1,186 863 Effect of exchange rate
changes on cash 46 (53) Net increase in cash and cash equivalents
865 164 Cash and cash equivalents at beginning of period 10,789
10,625 Cash and cash equivalents at end of period $11,654 $10,789
Non-cash financing activities: Accrued interest added to long-term
debt $1,161 $1,105 Conversion of preferred stock to common stock $-
$300 RAINING DATA CORPORATION AND SUBSIDIARIES RECONCILIATION OF
EBITDA TO NET LOSS (In thousands) For the three months For the
years ended March 31, ended March 31, 2007 2006 2007 2006 Reported
net loss $(614) $(326) $(2,958) $(1,624) Depreciation and
amortization 86 69 318 276 Stock-based compensation expense 216 -
911 10 Interest expense-net 201 224 837 952 Other (income)
expense-net (17) (4) (72) 75 Provision for income taxes 37 15 94 76
EBITDA $(91) $(22) $(870) $(235) 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) For the years ended
March 31, 2007 2006 Net cash used in operating activities $(280)
$(163) Interest expense-net 837 952 Other (income) expense-net (72)
75 Change in accounts receivable (375) 110 Change in other assets
68 (133) Change in accounts payable 279 134 Change in accrued
liabilities (1,145) (1,482) Change in deferred revenue (98) 355
Note payable discount amortization (83) (83) Provision for bad debt
(1) - EBITDA $(870) $(235) 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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