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 2003 THIRD QUARTER RESULTS
IRVINE,
CA.- February 12, 2003
- Third
Quarter Year over Year Revenue Increase of 7%
-
Second Consecutive Quarter of Positive Operating Income
-
EBITDA Improvement to 19% of Revenue to $1.0 Million
Raining
Data Corporation (Nasdaq: RDTA) today announced financial results
for the third quarter of fiscal year 2003. Revenue for the quarter
ended December 31, 2002 increased 7% to $5.3 million from $4.9
million for the quarter ended December 31, 2001. Revenue for
the nine-month period ended December 31, 2002 increased 4% to
$15.0 million from $14.4 million for the same period in the
prior fiscal year.
The
Company recorded an operating profit of $0.2 million for the
quarter ended December 31, 2002 as compared to an operating
loss of $3.6 million for the same period in the prior year.
Operating loss for the nine-month period ended December 31,
2002 was $0.4 million compared to a loss of $12.8 million for
the same period in the prior fiscal year. Results for the three
and nine-month periods ended December 31, 2001 include goodwill
amortization of $2.5 million and $7.6 million, respectively.
No goodwill amortization was recorded for the three and nine-month
periods ended December 31, 2002.
For
the quarter ended December 31, 2002, net loss was $0.6 million
compared to a net loss of $4.6 million for the same period in
the prior fiscal year. Net loss for the nine-month period ended
December 31, 2002 was $3.3 million compared to a net loss of
$15.7 million for the same period in the prior fiscal year.
Net
loss per share was $0.04 and $0.19 for the three and nine months
ended December 31, 2002 compared to a net loss per share of
$0.29 and $0.96 for the three and nine months ended December
31, 2001.
Earnings
before interest, taxes, depreciation, and amortization (“EBITDA”)
for the quarter ended December 31, 2002 improved by $0.9 million
to positive $1.0 million, or 19% percent of revenue compared
to $0.1 million, or 3% of revenue, for the quarter ended December
31, 2001. EBITDA for the nine-month period ended December 31,
2002 improved by $3.9 million to a positive $2.2 million, or
15% of revenue, from a negative $1.7 million for the same period
in the prior fiscal year. The Company computes EBITDA, as reflected
in the following table, by adding depreciation, goodwill and
non-goodwill amortization and non-cash stock-based compensation
expense to its GAAP reported operating income (loss).
“This quarter the Company experienced a continuation of the
positive trend in revenue, operating income and EBITDA, while
maintaining the focus on its product development efforts,” said
Carlton H. Baab, President and CEO. “During the quarter, our
development efforts culminated in the release of TigerLogic
XDMS 1.0, our first XML product, as well as new releases of
the Company’s core products. Following the improvements in the
financial results and the new product releases, we have also
taken the steps to strengthen the balance sheet with the recently
announced debt restructuring. We feel that the combination of
these factors demonstrates the commitment of our employees,
management and stockholders to the growth and future of Raining
Data,” added Baab.
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), which provides flexible, scaleable and extensible
storage and retrieval of critical business data across a variety
of structured and unstructured information sources, delivering
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)
mvDesigner®, an object-oriented rapid application development
(RAD) tool developed for use with multi-dimensional database
applications; 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
over 140 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 December 31, 2002
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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