PRESS
RELEASE
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Information
RAINING
DATA CORPORATION
REPORTS THIRD QUARTER RESULTS
IRVINE,
Calif., February 15, 2001 - Raining Data Corporation (Nasdaq
Small Cap: RDTA), formerly known as Omnis Technology Corporation,
today reported operating results for its third quarter ended
December 31, 2000.
Net
revenue increased for the three-month period to $2,770,000.
The Omnis-specific portion of this revenue for the entire quarter
was $1,004,000. The Pick-specific revenue from the month of
December, the one month following the close of the acquisition
of PickAX (the parent Company of Pick Systems) was $1,766,000.
Consistent
with the Company's plan to consolidate its operations following
the December 1, 2000 merger of Omnis and PickAX, Inc., the Company
incurred significant third quarter costs related to discontinued
and redundant facilities and short-term contracts. As a result,
the Company posted a net loss of $2,972,000 for the quarter.
Because of the timing of the merger and the merger-related expenses,
comparisons to the year-ago quarter are not meaningful.
"We
accomplished a great deal during the third quarter, executing
on our vision for a new technology Company that combines the
best of Omnis and Pick Systems," said Bryce Burns, chairman
and CEO of Raining Data. "We consolidated our workforce and
facilities, significantly reducing costs while streamlining
the organization. We also closed an important financing, which
allowed us to reduce interest costs and improved our financial
flexibility. Finally, we have placed the right people in key
management positions to guide our strategy and execution going
forward. The acquisition of PickAX created significant amounts
of goodwill. The amortization of these non-cash goodwill charges
will adversely impact the Company's results going forward. Nonetheless,
due to the merger-related increased revenues, the Company expects
to see increasingly positive EBITDA starting as soon as the
fourth quarter."
About
Raining Data
Raining
Data Corporation, headquartered in Irvine, California, was created
as a result of the December 1, 2000 merger of Omnis Technology
Corporation and Pick Systems. With over 160 employees in five
countries, Raining Data's pro forma combined revenue for the
fiscal year ended March 31, 2000 exceeded $23 million.
The
combined Company now offers a comprehensive suite of high-performance,
cost-effective software infrastructure solutions that enable
developers to create highly scalable, enterprise-level Web-enabled
applications. With a powerful range of low-cost, quick-to-market
alternatives, the new product platform is designed to meet the
needs of Raining Data's large combined base of existing customers
as well as new eCommerce software developers. Raining Data's
flagship products are: 1) Omnis Studio®-a powerful, cross-platform,
object-oriented rapid application development (RAD) tool that
is ideally suited for developing sophisticated thick, thin,
or ultra-thin client-based applications, and 2) D3®-a
multidimensional database management system that is the choice
of thousands of application developers worldwide.
The
statements in this press release that are not historical facts
are forward-looking statements, including but not limited to
discussions of expense reductions, financial flexibility, integration
efforts, revenues and EBITDA expectations. These forward-looking
statements are inherently subject to numerous risks and uncertainties
and the Company's actual results could differ materially from
those in such forward-looking statements. In particular, there
can be no assurance that the Company's expense reductions and
integrations efforts will be successful, or that the Company's
revenues or EBITDA will improve. You should consult the various
reports and documents filed by Raining Data Corporation, formerly
known as Omnis Technology Corporation, with the U.S. Securities
and Exchange Commission, including but not limited to the Annual
Report of the Company on Form 10-KSB/A for the last fiscal year
of the Company. 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.
©2001
Raining Data Corporation. All Rights Reserved. PICK Systems
and D3 are registered trademarks of PICK Systems,
Inc. Omnis is a registered trademark of Omnis Software Limited,
a subsidiary of Raining Data Corporation. Omnis Studio and Omnis
7 are trademarks of Raining Data Corporation. All other products
or service names mentioned herein are trademarks of their respective
owners.
(Tables
to follow)


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