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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
FOURTH QUARTER AND FISCAL YEAR END
MARCH 31, 2004 RESULTS
IRVINE,
CA.- June 22, 2004 –
- Fiscal
Year over Year Revenue Increase of 6%
- Operating
Cash Flow Improvement of $1.4 million Year over Year
- Cash
Balance increased by 47% Year over Year to $7.8 million
- Fourth
Quarter EBITDA of 17% of Revenue
Raining
Data Corporation (Nasdaq: RDTA) today announced financial results
for the fourth quarter and full fiscal year ended March 31,
2004. Revenue for the fourth quarter was $5.7 million and for
the fiscal year was $22.3 million, representing a 6% year over
year increase from $21.0 million for the prior fiscal year.
Loss per share for the year improved to $0.07 for the year ended
March 31, 2004 as compared to a loss per share of $0.19 in the
prior year.
Cash
balances increased $2.5 million or 47% to $7.8 million at March
31, 2004 from $5.3 million at March 31, 2003 and increased during
the quarter by $2.1 million from $5.7 million at December 31,
2003. Cash flow from operating activities improved to $2.3 million
for the year ended March 31, 2004 from $0.9 million in the prior
fiscal year.
Earnings
before interest, taxes, depreciation, and amortization (“EBITDA”)
for the quarter and fiscal year ended March 31, 2004 was $1.0
million and $3.0 million, or 17% and 13% of revenue, respectively,
as compared to $1.1 million and $3.2 million, or 18% and 15%
of revenue, respectively, 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,
intangible and non-goodwill amortization and non-cash stock-based
compensation expense to its GAAP reported operating income (loss).
“Once again the results for the fourth quarter show the consistency
of our operations as demonstrated throughout the fiscal year,”
said Carlton H. Baab, President and CEO. “Through a focus on
efficient operations and spending, the Company has continued
to strengthen its cash position and balance sheet each quarter
while continuing our strategic investments in R&D and market
development. We remain focused on meeting our existing customer’s
needs and developing markets for our products,” 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, 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 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.
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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 and year ended March 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 Omnis Studio are registered trademarks and TigerLogic
is a trademark of Raining Data Corporation. Microsoft and Visual
Studio are registered trademarks and .NET is a trademark of
the Microsoft Corporation. UniData and UniVerse are registered
trademarks of International Business Machines Corporation. All
other trademarks and registered trademarks are properties of
their respective owners.
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