PRESS RELEASE Contact Information Raining
Data Corporation RAINING
DATA ANNOUNCES IRVINE, CA.- November 12, 2003 –
Raining Data Corporation (Nasdaq: RDTA) today announced financial results for the second quarter of fiscal year 2004. Revenues for the quarter ended September 30, 2003 were $5.4 million, resulting in a year-over-year increase of 8%. Year to date revenues were $10.8 million, representing an increase of 11% over the same six-months in the prior year. For the six-months ended September 30, 2003, the Company improved its cash flow from operations by $2.2 million recording net cash provided by operating activities of $0.3 million compared to negative $1.9 million for the same period in the prior year. Cash balances increased by $3.2 million, or 133%, to $5.6 million at September 30, 2003 from $2.4 million at September 30, 2002. Cash also increased during the current quarter by $0.6 million, or 13%, from $4.9 million at June 30, 2003. Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for both the three and six-month periods ended September 30, 2003 were 11% of revenues, or $0.6 and $1.2 million respectively. The Company computes EBITDA, as reflected in the table appearing at the end of this release, by adding depreciation, intangible and non-goodwill amortization, non-cash stock-based compensation expense, interest expense and other expense to its GAAP reported net loss. “Over the past two fiscal years, we have shown consistent year over year increases in quarterly revenues and have also shown marked improvement in our cash flow from operations. This has allowed us to continue our investments in R&D and marketing activities related to our new product initiatives, including the announced production release of the Pick Data Provider for Microsoft .Net. We have been able to launch new product lines and enhance our existing product suite while also showing improving cash balances,” stated Carlton H. Baab, President and CEO of Raining Data Corporation. About Raining Data Raining Data Corporation (Nasdaq: RDTA), headquartered in Irvine, California, has been providing reliable data management and rapid application deployment solutions for developers of database applications for more than two decades. Raining Data's flagship products include: 1) high-performance TigerLogic™ XML Data Management Server (XDMS), providing flexible, scalable and extensible storage and retrieval of critical business data across a variety of structured and unstructured information sources, delivering mid-tier scalability and transactional integrity of enterprise databases as well as dynamic extensibility and ease of use, mostly found in repositories and file systems; 2) D3®, mvEnterprise® and mvBase® family of powerful Pick® based hierarchical multi-dimensional database management systems that are the choice of more than a thousand application developers worldwide; 3) the Pick Data Provider for .NET™ allowing D3, UniData® and UniVerse® database platform users to take advantage of the .NET Framework by utilizing Microsoft Visual Studio® .NET by serving as a bridge between an application and the data source; and 4) Omnis Studio®, a powerful, cross-platform, object-oriented RAD tool for developing sophisticated thick-client, Web-client or ultra thin-client database applications. The Raining Data customer installed base includes more than 500,000 active users, representing over 20,000 customer sites worldwide with a significant base of diverse vertical applications. With 150 employees in four countries, the company has an extensive distribution channel, 24x7 customer support and a strong international presence. More information about Raining Data Corporation and its products can be found at www.rainingdata.com .
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