IRVINE, Calif., Aug. 14 /PRNewswire-FirstCall/ -- Raining Data
Corporation (NASDAQ:RDTA) today announced financial results for the
first quarter of fiscal year 2008. Net revenue for the quarter
ended June 30, 2007 was $5.0 million as compared to $4.7 million
for the same period in the prior fiscal year. Net loss for the
quarter ended June 30, 2007 was $0.2 million as compared to a net
loss of $1.3 million for the same period in the prior fiscal year.
Loss per share was $0.01 for the quarter ended June 30, 2007 as
compared to a loss per share of $0.06 in the same period in the
prior fiscal year. Cash balance was $11.3 million at June 30, 2007
as compared to $10.0 million at June 30, 2006. Earnings before
interest, taxes, depreciation, and amortization ("EBITDA") for the
quarter ended June 30, 2007 was $0.2 million, or 4% of net revenue,
as compared to negative $0.8 million, or (18%) 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 research and
development 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 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 June 30, 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 June 30, March 31, 2007 2007 (in thousands, except
per share data) ASSETS Current assets Cash and cash equivalents
$11,290 $11,654 Trade accounts receivable, less allowance for
doubtful accounts of $204 and $200, respectively 1,940 1,609 Other
current assets 474 461 Total current assets 13,704 13,724 Property,
furniture and equipment-net 922 949 Goodwill 26,732 26,751 Other
assets 97 112 Total assets $41,455 $41,536 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities Accounts payable $250 $130
Accrued liabilities 1,987 2,536 Deferred revenue 4,943 4,801
Debt-net of discount 24,473 - Total current liabilities 31,653
7,467 Long-term debt, net of discount - 24,150 Total liabilities
31,653 31,617 Commitments and contingencies Stockholders' equity
Preferred stock - - Common stock 2,119 2,118 Additional paid-in
capital 101,644 101,385 Accumulated other comprehensive income
1,423 1,612 Accumulated deficit (95,384) (95,196) Total
stockholders' equity 9,802 9,919 Total liabilities and
stockholders' equity $41,455 $41,536 RAINING DATA CORPORATION AND
SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data) For the three
months ended June 30, 2007 2006 Net revenues Licenses $2,002 $1,654
Services 2,971 3,018 Total net revenues 4,973 4,672 Operating
Expenses Cost of license revenues 9 21 Cost of service revenues 485
653 Selling and marketing 1,304 1,456 Research and development
1,997 2,646 General and administrative 1,323 1,007 Total operating
expenses 5,118 5,783 Operating loss (145) (1,111) Other expense-net
Interest expense-net (202) (223) Other income-net 178 10 Total
other expense (24) (213) Loss before income taxes (169) (1,324)
Provision for (benefit from) income taxes 19 (19) Net loss $(188)
$(1,305) Basic and diluted net loss per share $(0.01) $(0.06)
Shares used in computing basic and diluted net loss per share
21,186 20,649 RAINING DATA CORPORATION AND SUBSIDIARIES UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended
June 30, 2007 2006 (In thousands) Cash flows from operating
activities: Net loss $(188) $(1,305) Adjustments to reconcile net
loss to net cash used in operating activities: Depreciation and
amortization of long-lived assets 65 75 Provision for bad debt 2 -
Debt discount amortization 21 21 Stock-based compensation expense
255 211 Income tax expense (benefit) 19 (19) Change in assets and
liabilities: Trade accounts receivable (369) 217 Other current and
non- current assets (31) (112) Accounts payable 120 (111) Accrued
liabilities (360) (140) Deferred revenue 105 351 Net cash used in
operating activities (361) (812) Cash flows from investing
activities - purchase of property, furniture and equipment (27)
(133) Cash flows from financing activities - proceeds from exercise
of stock options 5 86 Effect of exchange rate changes on cash 19 44
Net decrease in cash and cash equivalents (364) (815) Cash and cash
equivalents at beginning of period 11,654 10,789 Cash and cash
equivalents at end of period $11,290 $9,974 Non-cash financing
activities: Accrued interest added to debt $302 $288 RAINING DATA
CORPORATION AND SUBSIDIARIES RECONCILIATION OF EBITDA TO NET LOSS
(In thousands) For the three months ended June 30, 2007 2006
Reported net loss $(188) $(1,305) Depreciation and amortization 65
75 Stock-based compensation expense 255 211 Interest expense-net
202 223 Other income-net (178) (10) Provision for (benefit from)
income taxes 19 (19) EBITDA $175 $(825) 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 three months
ended June 30, 2007 2006 Net cash used in operating activities
$(361) $(812) Interest expense-net 202 223 Other income-net (178)
(10) Change in accounts receivable 369 (217) Change in other
current and non-current assets 31 112 Change in accounts payable
(120) 111 Change in accrued liabilities 360 140 Change in deferred
revenue (105) (351) Debt discount amortization (21) (21) Provision
for bad debt (2) - EBITDA $175 $(825) 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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