PRESS
RELEASE
Contact
Information
Raining
Data Corporation
17500 Cartwright Rd.
Irvine, CA 92614-5846
Brian C. Bezdek, Chief Financial Officer
Phone: (949) 442-4400
Fax: (949) 250-8187
brian.bezdek@rainingdata.com
RAINING
DATA CORPORATION ANNOUNCES
FISCAL 2005 THIRD QUARTER RESULTS
IRVINE,
CA. - February 9, 2005 –
Raining
Data Corporation (Nasdaq: RDTA) today announced financial results
for the third quarter of fiscal year 2005. Net revenues for
the three and nine-month periods ended December 31, 2004 were
$5.7 million and $16.0 million as compared to $5.8 million and
$16.6 million for the same three and nine-month periods in the
prior year. The Company’s operating loss was $40,000 and $0.4
million for the three and nine-month periods ended December
31, 2004 and a profit of $0.1 million and a loss of $0.4 million
for the three and nine-month periods ended December 31, 2003,
respectively. Loss per share was $0.01 for the current and prior
year quarter and $0.07 for the nine-month periods ended December
31, 2004 and 2003. Cash increased 16% to $9.0 million at December
31, 2004 from $7.8 million at March 31, 2004. Cash flow from
operating activities improved by $0.7 million to $1.1 million
for the nine months ended December 31, 2004 as compared to $0.4
million for the same period in the prior fiscal year.
Working
capital improved by $1.8 million, or 70%, to $4.2 million at
December 31, 2004 from $2.5 million at March 31, 2004. The Company
computes working capital as total current assets less total
current liabilities.
Earnings
before interest, taxes, depreciation, and amortization (“EBITDA”)
for the quarter ended December 31, 2004 was $0.5 million or
8% of revenue and for the nine months ended December 31, 2004
was $1.6 million or 10% of revenue as compared to $0.9 million
or 15% of revenue and $2.0 million or 12% of revenue for the
same periods in the prior year. The Company computes EBITDA,
as reflected in the table appearing at the end of this press
release, by adding depreciation, amortization of intangible
assets, non-cash stock-based compensation expense, interest
expense and other income/expense to its GAAP reported net loss.
The Company also reconciles EBITDA to the GAAP disclosure of
net cash provided by operating activities.
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) The
D3®, mvEnterprise® and mvBase® family
of powerful Pick® Universal Data Model (Pick UDM) based
database management systems that are the choice of more than
a thousand application developers worldwide; 3) .NET Integration
solutions which allow Pick D3, IBM UniData® and
IBM UniVerse® database platform users to take advantage
of the Microsoft .NET Framework and Microsoft SQL Server Reporting
Services by providing a bridge between Reporting Services or
a .NET application and the Pick 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.
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 150 employees 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 and nine-month period
ended December 31, 2004 are not necessarily indicative of the
Company’s operating results for any future periods.
Raining
Data, Pick, mvDesigner, D3, mvEnterprise, mvBase,
Omnis and TigerLogic are trademarks of Raining Data Corporation.
All other trademarks and registered trademarks are properties
of their respective owners.
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