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 THIRD QUARTER RESULTS
IRVINE, CA. - February 9, 2005
Raining Data Corporation (Nasdaq: RDTA) today announced financial results for the third quarter of fiscal year 2005. Net revenues for the three and nine-month periods ended December 31, 2004 were $5.7 million and $16.0 million as compared to $5.8 million and $16.6 million for the same three and nine-month periods in the prior year. The Company's operating loss was $40,000 and $0.4 million for the three and nine-month periods ended December 31, 2004 and a profit of $0.1 million and a loss of $0.4 million for the three and nine-month periods ended December 31, 2003, respectively. Loss per share was $0.01 for the current and prior year quarter and $0.07 for the nine-month periods ended December 31, 2004 and 2003. Cash increased 16% to $9.0 million at December 31, 2004 from $7.8 million at March 31, 2004. Cash flow from operating activities improved by $0.7 million to $1.1 million for the nine months ended December 31, 2004 as compared to $0.4 million for the same period in the prior fiscal year.
Working capital improved by $1.8 million, or 70%, to $4.2 million at December 31, 2004 from $2.5 million at March 31, 2004. The Company computes working capital as total current assets less total current liabilities.
Earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the quarter ended December 31, 2004 was $0.5 million or 8% of revenue and for the nine months ended December 31, 2004 was $1.6 million or 10% of revenue as compared to $0.9 million or 15% of revenue and $2.0 million or 12% 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, offers enterprise-grade XML database management and information aggregation software solutions and has been providing reliable data management and rapid application deployment solutions for ISVs and developers of database applications for more than three decades. Raining Data's flagship products include: 1) The High-performance TigerLogic™ XML Data Management Server (XDMS), which provides flexible, scalable and extensible XML data storage as well as query and retrieval of critical business data across a variety of structured and unstructured information sources, delivering mid-tier scalability and transactional integrity across heterogeneous enterprise databases as well as dynamic extensibility and ease of use, mostly found in repositories and file systems; 2) The D3®, mvEnterprise® and mvBase® family of powerful Pick® Universal Data Model (Pick UDM) based database management systems that are the choice of more than a thousand application developers worldwide; 3) .NET Integration solutions which allow Pick D3, IBM UniData® and IBM UniVerse® database platform users to take advantage of the Microsoft .NET Framework and Microsoft SQL Server Reporting Services by providing a bridge between Reporting Services or a .NET application and the Pick 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.
Raining Data's installed customer base includes more than 500,000 active users representing over 20,000 customer sites worldwide, with a significant base of diverse vertical applications. With more than 150 employees in five countries, Raining Data offers 24x7 customer support and maintains 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 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 nine-month period ended December 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 TigerLogic are trademarks of Raining Data Corporation. All other trademarks and registered trademarks are properties of their respective owners.
Raining
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