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 2004 THIRD QUARTER RESULTS
IRVINE,
CA.- February 12, 2004 –
- Increased
Third Quarter Year over Year Revenues by 9%
-
Improved Year over Year Operating Cash Flow by $2.1 million
-
Increased Year over Year Cash Balance by 107%
-
Established Credit Facility with Silicon Valley Bank
Raining
Data Corporation (Nasdaq: RDTA) today announced financial results
for the third quarter of fiscal year 2004. Revenues for the
quarter ended December 31, 2003 were $5.8 million, resulting
in a year-over-year increase of 9%. Year to date revenues were
$16.6 million, representing an increase of 11% over the same
nine-month period in the prior year.
For
the nine-months ended December 31, 2003, the Company improved
its cash flow from operations by $2.1 million recording net
cash provided by operating activities of $0.4 million compared
to negative $1.6 million for the same period in the prior year.
Cash balances increased by $3.0 million, or 107%, to $5.7 million
at December 31, 2003 from $2.8 million at December 31, 2002.
Earnings
before interest, taxes, depreciation, and amortization (“EBITDA”)
for the three and nine-month periods ended December 31, 2003
was 15% and 12% of revenues, or $0.9 and $2.0 million respectively.
The Company computes EBITDA, as reflected in the table appearing
at the end of this release, by adding depreciation, intangible
and non-goodwill amortization, non-cash stock-based compensation
expense, interest expense and other expense to its GAAP reported
net loss.
“This
quarter continued the trend of consistent operating results
for the Company. Our focus on cost control and strategic investment
has allowed us to maintain our product development activities
while further strengthening the balance sheet,” stated Carlton
H. Baab, President and CEO of Raining Data Corporation.
The
Company also announced that it has secured a $1.5 million credit
facility with Silicon Valley Bank, the primary banking subsidiary
of Silicon Valley Bancshares (Nasdaq: SIVB). “We are pleased
to have reached a point in the financial turn around of the
Company that has allowed us to establish the credit facility
and to do so with a leading technology focused partner like
Silicon Valley Bank,” stated Brian C. Bezdek, Chief Financial
Officer of Raining Data Corporation. “The facility will allow
for additional flexibility and liquidity as we move forward
with our product development and marketing efforts,” added Bezdek.
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
approximately 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 and expectations
about the Silicon Valley Bank credit facility. 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, 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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