Click here to close now.

Welcome!

News Feed Item

Selectica Announces Financial Results for the Third Quarter of Fiscal 2014

SAN MATEO, CA -- (Marketwired) -- 02/05/14 -- Selectica, Inc. (NASDAQ: SLTC), a leading provider of software that streamlines contract processes and accelerates sales cycles, today announced financial results for its fiscal third quarter ended December 31, 2013.

Selectica Chairman Michael Brodsky said, "Our principal efforts for the quarter were focused on significantly strengthening our service delivery organization and sales teams, which will seed our future achievements." Brodsky added, "Most importantly we added Blaine Mathieu, a seasoned enterprise SaaS executive, to the team in early December as CEO. I have tremendous confidence that his experience and expertise will position Selectica well for success."

President and CEO Blaine Mathieu commented, "While it is still early days, I've quickly come to fully appreciate the tremendous power and capabilities of Selectica's core technologies, the complex and unique needs of our industry-leading customers, and the significant market opportunity for our solutions. I look forward to working with management and the board to put the business on a strong and solid upward trajectory."

Financial Results:

Selectica delivered the following financial results for the third quarter of fiscal 2014:

  • Recurring revenue: Recurring revenue was $3.1 million in Q3 FY 2014 compared to $3.0 million in Q2 FY 2014 and $3.1 million in Q3 FY 2013.

  • Operating expenses: Operating expenses were $4.0 million in Q3 FY 2014 compared to $3.5 million in Q2 FY 2014 and $3.6 million in Q3 FY 2013. The increase in expenses from Q2 FY 2014 to Q3 FY 2014 was largely driven by increases in executive stock based compensation.

  • Billings: Billings were $3.9 million in Q3 FY 2014 compared to $3.3 million in Q2 FY 2014 and $4.2 million in Q3 FY 2013.

  • Deferred revenue: Deferred revenue was $6.1 million in Q3 FY 2014 compared to $6.1 million in Q2 FY 2014 and $5.8 million in Q3 FY 2013.

Complete financial results for Q3 FY2014 can be found in the financial tables below.

About Selectica, Inc.
Selectica, Inc. (NASDAQ: SLTC) is a leading provider of enterprise Contract Management and Configure Price Quote software solutions. Since 1996 Selectica has been helping our Global customers actively manage contracts throughout the sales, procurement and legal life cycle. Selectica's CPQ sales automation software accelerates sales opportunities with guided selling, dynamic pricing configuration and proposal quoting and approvals. Our patented technology, delivered through the cloud, helps our customers in industries like high-tech, telecommunications, manufacturing, healthcare and financial services to accelerate and streamline sales and contract management process.

For more information:

Browse the Selectica resource center to find guides and resources on how to improve sales and contracting processes (http://www.selectica.com/resources)

Non-GAAP financial measures
Selectica provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). To help understand the company's past financial performance and future results, the company is providing non-GAAP financial measures to supplement the financial results that it provides in accordance with GAAP. The method the company uses to produce non-GAAP financial results is not computed according to GAAP and may differ from the methods used by other companies.

Forward-looking statements
Certain statements in this release and elsewhere by Selectica are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, product and channel development, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to fluctuations in demand for Selectica's products and services, risks of losing key personnel or customers, protection of the company's intellectual property and government policies and regulations, including, but not limited to those affecting the company's industry. Selectica undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company's most recent Form 10-K, as supplemented in the company's most recent Form 10-Q, each as filed by the company with the Securities and Exchange Commission.


                              SELECTICA, INC.
              Condensed Consolidated Statements of Operations
                  (In thousands, except per share amounts)
                                (Unaudited)

                         Three Months Ended           Nine Months Ended
                     --------------------------  --------------------------
                     December 31,  December 31,  December 31,  December 31,
                         2013          2012          2013          2012
                     ------------  ------------  ------------  ------------

Revenues:
  Recurring revenues $      3,091  $      3,054  $      9,277  $      8,650
  Non-recurring
   revenues                   857         1,442         2,971         4,677
                     ------------  ------------  ------------  ------------
    Total revenues          3,948         4,496        12,248        13,327
                     ------------  ------------  ------------  ------------

Cost of revenues:
  Cost of recurring
   revenues                   634           489         2,000         1,227
  Cost of non-
   recurring
   revenues                 1,497         1,485         3,989         4,059
                     ------------  ------------  ------------  ------------
    Total cost of
     revenues               2,131         1,974         5,989         5,286
                     ------------  ------------  ------------  ------------

Gross profit:
  Recurring gross
   profit                   2,457         2,565         7,277         7,423
  Non-recurring
   gross profit              (640)          (43)       (1,018)          618
                     ------------  ------------  ------------  ------------
    Total gross
     profit                 1,817         2,522         6,259         8,041
                     ------------  ------------  ------------  ------------

Operating expenses:
  Research and
   development                586           950         2,139         2,742
  Sales and
   marketing                2,051         1,642         6,254         4,887
  General and
   administrative           1,349           985         3,636         2,554
  Restructuring
   costs                        -             -           227             -
  Fees related to
   comprehensive
   settlement
   agreement                    -             -             -           500
                     ------------  ------------  ------------  ------------
    Total operating
     expenses               3,986         3,577        12,256        10,683
                     ------------  ------------  ------------  ------------
Loss from operations       (2,169)       (1,055)       (5,997)       (2,642)

Decrease in fair
 value of warrant
 liability                      -             -           982             -
Interest and other
 income (expense),
 net                           45            (3)            4           (14)
                     ------------  ------------  ------------  ------------
Net loss                   (2,124)       (1,058)       (5,011)       (2,656)
Series C redeemable
 preferred stock
 accretion                                    -         1,621             -
                     ------------  ------------  ------------  ------------
Net loss applicable
 to common
 stockholders        $     (2,124) $     (1,058) $     (6,632) $     (2,656)
                     ============  ============  ============  ============

Basic and diluted
 net loss per common
 share applicable to
 common stockholders $      (0.55) $      (0.37) $      (1.88) $      (0.94)
                     ============  ============  ============  ============

Reconciliation to
 non-GAAP net loss:
Net loss             $     (2,124) $     (1,058) $     (5,011) $     (2,656)
Decrease in fair
 value of warrant
 liability                      -             -          (982)            -
Stock-based
 compensation
 expense                      466           338           921           699
Restructuring costs             -             -           227             -
Fees related to
 comprehensive
 settlement
 agreement                      -             -             -           500
                     ------------  ------------  ------------  ------------
Non-GAAP net loss    $     (1,658) $       (720) $     (4,845) $     (1,457)
                     ============  ============  ============  ============

Non-GAAP basic and
 diluted net loss
 per share           $      (0.43) $      (0.25) $      (1.38) $      (0.52)
                     ============  ============  ============  ============

Weighted average
 shares outstanding
 for basic and
 diluted net loss
 per share
 applicable to
 common stockholders        3,877         2,830         3,522         2,818
                     ============  ============  ============  ============



                               SELECTICA, INC.
                    Condensed Consolidated Balance Sheets
                               (In thousands)

                                                   December 31,   March 31,
                                                       2013         2013
                                                   ------------ ------------
                                                    (unaudited)
ASSETS
Current assets
  Cash and cash equivalents                        $      9,721 $     12,098
  Accounts receivable, net                                4,040        3,455
  Prepaid expenses and other current assets                 538          853
                                                   ------------ ------------
    Total current assets                                 14,299       16,406

Property and equipment, net                                 317          407
Capitalized software                                        661            -
Other assets                                                 40           39
                                                   ------------ ------------
    Total assets                                   $     15,317 $     16,852
                                                   ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Credit facility                                  $      6,234 $      6,000
  Accounts payable                                        1,002        1,010
  Accrued payroll and related liabilities                   413          982
  Accrued restructuring costs                                49          232
  Other accrued liabilities                                 291          163
  Deferred revenue                                        5,275        6,153
                                                   ------------ ------------
    Total current liabilities                            13,264       14,540
                                                   ------------ ------------
  Long-term deferred revenue                                816        1,772
  Other long-term liabilities                                 -           20
                                                   ------------ ------------
    Total liabilities                                    14,080       16,332
                                                   ------------ ------------

Stockholders' equity                                      1,237          520
                                                   ------------ ------------
    Total liabilities and stockholders' equity     $     15,317 $     16,852
                                                   ============ ============



                              SELECTICA, INC.
              Condensed Consolidated Statements of Cash Flows
                               (In thousands)
                                (Unaudited)


                                                      Nine Months Ended
                                                 --------------------------
                                                 December 31,  December 31,
                                                     2013          2012
                                                 ------------  ------------

Operating activities
Net loss                                         $     (5,011) $     (2,656)
Adjustments to reconcile net loss to net cash
 used in operating activities:
Depreciation                                              146           156
Loss on disposition of property and equipment              23             -
Stock-based compensation expense                          902           699
Decrease in warrant liability                            (982)            -
Changes in assets and liabilities:
  Accounts receivable (net)                              (585)       (2,145)
  Prepaid expenses and other current assets                35           (91)
  Other assets                                             (1)            -
  Accounts payable                                        (10)          356
  Restructuring liability                                (183)            -
  Accrued payroll and related liabilities                (569)         (951)
  Other accrued liabilities and long term
   liabilities                                            108           (12)
  Deferred revenue                                     (1,835)       (1,216)
                                                 ------------  ------------
Net cash used in operating activities                  (7,962)       (5,860)

Investing activities
  Purchase of property and equipment                      (79)         (193)
  Capitalized software                                   (382)            -
  Proceeds from maturities of short-term
   investments                                              -           199
                                                 ------------  ------------
Net cash (used in) provided by investing
 activities                                              (461)            6

Financing activities
  Credit facility borrowings, net                         234          (106)
  Employee taxes paid in exchange for stock
   awards forfeited                                      (232)            -
  Issuance of common stock under employee stock
   plan                                                   207             -
  Proceeds from sale of common stock, preferred
   stock and warrants, net of issuance costs            5,837             -
  Repurchase of common stock, net of issuance
   cost                                                     -          (111)
                                                 ------------  ------------
Net cash provided by (used in) financing
 activities                                             6,046          (217)

Net decrease in cash and cash equivalents              (2,377)       (6,071)
Cash and cash equivalents at beginning of the
 period                                                12,098        15,877
                                                 ------------  ------------
Cash and cash equivalents at end of the period   $      9,721  $      9,806
                                                 ============  ============



                              SELECTICA, INC.
                          Billings Reconciliation
                               (In thousands)
                                (Unaudited)

                         Three Months Ended           Nine Months Ended
                     --------------------------  --------------------------
                     December 31,  December 31,  December 31,  December 31,
                         2013          2012          2013          2012
                     ------------  ------------  ------------  ------------

Total revenues       $      3,948  $      4,496  $     12,248  $     13,327
Deferred revenue:
End of period               6,090         5,504         6,090         5,504
Beginning of period         6,133         5,775         7,925         6,721
                     ------------  ------------  ------------  ------------
Change in deferred
 revenue                      (43)         (271)       (1,835)       (1,217)
                     ------------  ------------  ------------  ------------
Total billings
 (total revenues
 plus the change in
 deferred revenue)   $      3,905  $      4,225  $     10,413  $     12,110
                     ============  ============  ============  ============


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Enterprises are turning to the hybrid cloud to drive greater scalability and cost-effectiveness. But enterprises should beware as the definition of “policy” varies wildly. Some say it’s the ability to control the resources apps’ use or where the apps run. Others view policy as governing the permissions and delivering security. Policy is all of that and more. In his session at 16th Cloud Expo, Derek Collison, founder and CEO of Apcera, explained what policy is, he showed how policy should be arch...
"We have seen the evolution of WebRTC right from the starting point to what it has become today, that people are using in real applications," noted Dr. Natasha Tamaskar, Vice President and Head of Cloud and Mobile Strategy and Ecosystem at GENBAND, in this SYS-CON.tv interview at WebRTC Summit, held June 9-11, 2015, at the Javits Center in New York City.
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Countless business models have spawned from the IaaS industry. Resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his General Session at 16th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, broke down what we've got to work with and discuss the benefits and pitfalls to discover how we can best use them to d...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"CenturyLink brings a full suite of services to the table and that enables us to be an IT service provider," explained Jeff Katzen, Director of the Cloud Practice at CenturyLink, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.