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 SECOND QUARTER RESULTS
IRVINE,
CA. - November 10, 2004 –
Raining
Data Corporation (Nasdaq: RDTA) today announced financial results
for the second quarter of fiscal year 2005. Net revenues for
the three and six-month periods ended September 30, 2004 were
$5.1 million and $10.3 million as compared to $5.4 million and
$10.8 million for the same three and six-month periods in the
prior year. The Company’s quarter and year-to-date operating
loss was $0.3 million and $0.4 million for the three and six-month
periods ended September 30, 2004 and $0.2 million and $0.4 million
for the three and six-month periods ended September 30, 2003,
respectively. Loss per share was $0.03 for the current and prior
year quarter and improved to $0.05 for the six months ended
September 30, 2004 as compared to $0.06 for the same period
in the prior year.
Cash
balances increased 11% to $8.6 million at September 30, 2004
from $7.8 million at March 31, 2004. Cash flow from operating
activities improved by $0.4 million to $0.8 million for the
six months ended September 30, 2004 as compared to $0.3 million
for the same period in the prior fiscal year.
Working
capital improved by $1.2 million, or 47%, to $3.7 million at
September 30, 2004 from $2.5 million at March 31, 2004. The
Company computes working capital as total current assets less
current liabilities.
Earnings
before interest, taxes, depreciation, and amortization (“EBITDA”)
for the quarter was $0.5 Million or 9% of revenue and for the
six months ended September 30, 2004 was $1.1 million or 11%
of revenue as compared to $0.6 Million or 11% of revenue and
$1.2 million or 11% 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,
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
System (XDMS), which provides 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™ which allows
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
approximately 145 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 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 six-month period ended
September 30, 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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