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 ANNOUNCES
FISCAL 2004 FIRST QUARTER RESULTS
IRVINE,
CA.- August 13, 2003 –
-
Increased First Quarter Year over Year Revenue by 15%
-
Increased Year over Year Investment in Research & Development
and Sales & Marketing by 30%
-
Improved Year over Year Cash Used for Operating Activities
by $1.0 million
-
First Quarter EBITDA of 11% of Revenue
Raining
Data Corporation (Nasdaq: RDTA) today announced financial results
for the first quarter of fiscal year 2004. Revenue for the quarter
ended June 30, 2003 increased 15% to $5.4 million from $4.7
million for the quarter ended June 30, 2002.
Gross
profit for the quarter was $4.8 million or 89% as compared to
$4.1 million or 88% for the same period in the prior year.
Total
operating expenses for the quarter were $5.1 million, up 6%
from $4.8 million for the quarter ended June 30, 2002. As a
result of increased expenditures related to new product initiatives,
research and development expenses for the quarter were up $0.5
million, or 34%, to $2.0 million from $1.5 million for the same
period in the prior year. Also, sales and marketing expenses
were up $0.3 million, or 30%, to $1.5 million from $1.1 million
for the quarter ended June 30, 2002. For the quarter, general
and administrative expenses, including depreciation, were down
$0.4 million, or 32%, to $0.9 million from $1.3 million for
the same period in the prior year. Stock-based compensation
was also down to less than $0.1 million from $0.2 million for
the same period in the prior year. Amortization of intangibles
remained the same at $0.7 million.
The
Company recorded an improved operating loss of $0.2 million
for the quarter ended June 30, 2003 as compared to an operating
loss of $0.6 million for the same period in the prior year.
For the quarter ended June 30, 2003, net interest expense was
down $0.8 million to $0.3 million from $1.1 million for the
same period in the prior year, primarily as a result of the
restructuring of the company’s debt at the end of fiscal 2003.
For
the quarter ended June 30, 2003, net loss was $0.5 million,
or $0.03 per share, compared to a net loss of $1.7 million,
or $0.10 per share, for the same period in the prior year.
Net cash used for operating activities improved $1.0 million
to $0.4 million for the quarter ended June 30, 2003 from $1.4
million for the same period in the prior year. Cash balances
increased by $1.8 million, or 58%, to $4.9 million at June 30,
2003 from $3.1 million at June 30, 2002. As the result of certain
non-operating cash payments, cash decreased during the current
quarter to $4.9 million from $5.3 million at March 31, 2003.
Earnings
before interest, taxes, depreciation, and amortization (“EBITDA”)
for the quarter ended June 30, 2003 improved by $0.3 million
to $0.6 million, or 11% of revenue, compared to $0.3 million,
or 6% of revenue, for the quarter ended June 30, 2002. The Company
computes EBITDA, as reflected in the table appearing at the
end of this press release, by adding depreciation, intangible
and non-goodwill amortization and non-cash stock-based compensation
expense to its GAAP reported operating income (loss).
During
the quarter, Raining Data announced the production releases
of TigerLogic XDMS and the Pick Data Provider for .NET.
“This
quarter, we were able to strategically re-invest additional
funds into our development efforts as we continue to add features
and functionality to our various products. We also began to
ramp up our sales and marketing efforts to coincide with the
production releases of TigerLogic XDMS version 1.1 and the launch
of the Pick Data Provider for .NET,” 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 .
###
Except for the historical statements contained herein, the foregoing
release contains forward-looking statements, including statements
regarding the Company’s future financial performance. 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, 2003 are
not necessarily indicative of the Company’s operating results
for any future periods.
Raining Data, Pick, mvDesigner, D3, mvEnterprise,
mvBase, Omnis and Omnis Studio are registered trademarks and
TigerLogic is a trademark of Raining Data Corporation. All other
trademarks and registered trademarks are properties of their
respective owners.
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