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PRESS
RELEASE
Contact
Information
Raining
Data Corporation
25A Technology Drive
Irvine, CA 92618
Thomas G. Lim, Chief Financial Officer
Phone: (949) 442-4400
Fax: (949) 250-8187
thomas.lim@rainingdata.com
RAINING
DATA CORPORATION ANNOUNCES
FISCAL 2007 SECOND QUARTER RESULTS
IRVINE,
CA. – November 14, 2006
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® 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® Universal Data Model
(Pick UDM) based database management systems and components,
including D3®, mvEnterprise® and
mvBase® 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®, 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 www.rainingdata.com.
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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.
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