|By Marketwired .||
|May 6, 2014 07:00 AM EDT||
RIVER FALLS, WI -- (Marketwired) -- 05/06/14 -- Sajan, Inc. (OTCQB: SAJA), a leading provider of global language services and translation management system technology, today reported financial results for the first quarter ended March 31, 2014.
Revenues were $6,154,000, which represented an increase of 11% over revenues for the quarter ended March 31, 2013 of $5,524,000. This was the Company's 5th consecutive quarter of double digit revenue growth. The Company reported a net loss of $400,000, or $0.02 per share, for the quarter ended March 31, 2014 compared to net income of $16,000, or $0.00 per share for the quarter ended March 31, 2013. Adjusted EBITDA was a loss of $52,000 for the quarter ended March 31, 2014 compared to earnings of $295,000 for the quarter ended March 31, 2013. See the section entitled "Non-GAAP Financial Measures" below for a reconciliation of Adjusted EBITDA to net income (loss).
During the quarter the Company made investments in operations and research and development activities which are reflected in its operating expenses. These included adding project coordinators and other operating personnel to support anticipated revenue growth, especially from new customers attained in late 2013, and resulted in an increase in the Company's cost of sales both in dollars and as a percentage of revenue. The Company also added new research and development engineers early in the quarter. These were added to accelerate enhancements to Transplicity, Sajan's proprietary industry-leading translation management system technology.
"The quarter's results were in line with our expectations," said Shannon Zimmerman, CEO of Sajan. "Our 5th consecutive quarter of double digit revenue growth reflects our success in expanding our customer base."
"In order to support our expected growth in business from several of our new customers, we made investments in additional operating personnel in the quarter. We are excited about the opportunity these newer customers provide us. We also continue to invest in our Transplicity Translation Management Platform that is used by both our clients and our operations teams. Our R & D efforts are designed to both further differentiate us from our competitors and improve efficiency for our service teams. Transplicity has and continues to be a key factor in our new client wins over the last several quarters."
Non-GAAP Financial Measures - Adjusted EBITDA Adjusted EBITDA Three months ended March 31, ---------------------------- (in thousands) 2014 2013 ------------- ------------- Net income (loss) $ (400) $ 16 Interest expense 23 29 Income taxes 20 13 Depreciation and amortization 241 188 Stock-based compensation 64 49 ------------- ------------- Adjusted EBITDA $ (52) $ 295 ============= =============
We calculate Adjusted EBITDA by taking net income (loss) calculated in accordance with GAAP, and adding interest expense, income taxes, depreciation and amortization, and stock-based compensation. We believe that this non-GAAP measure of financial results provides useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. Our management uses this non-GAAP measure to compare our performance to that of prior periods for trend analyses and for budgeting and planning purposes. This measure is also used in financial reports prepared for management and our board of directors. We believe that the use of this non-GAAP financial measure provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other companies, many of which present similar non-GAAP financial measures to investors.
Our management does not consider this non-GAAP measure in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of this non-GAAP financial measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgments by management about which expenses and income are excluded or included in determining this non-GAAP financial measure. In order to compensate for these limitations, management presents this non-GAAP financial measure in connection with GAAP results. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate our business.
Conference Call Details
The Company's investors will have the opportunity to listen to management's discussion of its business operations, financial results and growth strategies on a conference call at 10:30 a.m. (Central time) on May 6, 2014. The Company invites all those interested to join the call by dialing (888) 469-1336 and entering access code 7540313. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and until 11:59 p.m. CT on May 13, 2014 by dialing (866) 509-6763.
Sajan is a leading provider of global language translation and localization services, helping clients around the world expand seamlessly into any global market. The foundation of Sajan's solution is its industry-leading language translation management system technology, Sajan Transplicity, which provides process automation and innovative multilingual content reuse to ensure schedule predictability, higher quality and cost efficiencies for its clients. By working closely with its clients, Sajan's experienced team of localization professionals develops tailored solutions that lend flexibility to any large or small business that truly desires to "think globally but act locally." Based in the United States, Sajan also has offices in Ireland, Spain and Singapore. Visit Sajan online at www.sajan.com.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. The Company's Annual Report on Form 10-K, its Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission, the Company's press releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. The words "aim," "believe," "expect," "anticipate," "intend," "estimate" and other expressions that indicate future events and trends identify forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to those set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 21, 2014, under the heading "Item 1A. Risk Factors". The Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Sajan, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) Amounts in thousands except per share data Three months ended March 31, ----------------------------- 2014 2013 ------------- ------------- Revenues $ 6,154 $ 5,524 Operating Expenses: Cost of revenues (exclusive of depreciation and amortization) 3,939 3,413 Sales and marketing 774 745 Research and development 460 172 General and administrative 1,098 949 Depreciation and amortization 241 188 ------------- ------------- Income (loss) from Operations (358) 57 Other income (expense), net (22) (28) ------------- ------------- Income (loss) before income taxes (380) 29 Income tax expense 20 13 ------------- ------------- Net income (loss) $ (400) $ 16 ============= ============= Income (loss) per common share - basic $ (0.02) $ 0.00 ------------- ------------- Weighted average shares outstanding - basic 16,268 16,268 Weighted average shares outstanding - diluted 16,268 16,423 Sajan, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS Amounts in thousands March 31, 2014 December 31, 2013 (unaudited) ----------------- ----------------- Assets Current assets Cash and cash equivalents $ 1,205 $ 1,364 Accounts receivable, net of allowance 3,926 3,810 Unbilled services 1,203 1,197 Other current assets 522 431 ----------------- ----------------- Total current assets 6,856 6,802 Property and equipment, net 969 1,000 Other assets, net 757 856 ----------------- ----------------- Total Assets $ 8,582 $ 8,658 ================= ================= Liabilities and Stockholders' Equity Current liabilities Accounts payables $ 2,988 $ 2,555 Other current liabilities 2,642 2,762 ----------------- ----------------- Total current liabilities 5,630 5,317 Long-term liabilities 796 843 ----------------- ----------------- Total liabilities 6,426 6,160 Stockholders' equity 2,156 2,498 ----------------- ----------------- Total Liabilities and Stockholders' Equity $ 8,582 $ 8,658 ================= =================
Chief Financial Officer
email: [email protected]
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Dec. 4, 2016 08:30 PM EST Reads: 1,795
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Dec. 4, 2016 07:00 PM EST Reads: 4,899
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 06:30 PM EST Reads: 546
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Dec. 4, 2016 06:30 PM EST Reads: 2,161
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Dec. 4, 2016 06:30 PM EST Reads: 2,024
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 4, 2016 06:00 PM EST Reads: 1,534
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 4, 2016 05:45 PM EST Reads: 1,515
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Dec. 4, 2016 04:45 PM EST Reads: 1,638
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 04:15 PM EST Reads: 4,158
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 04:15 PM EST Reads: 604
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Dec. 4, 2016 03:00 PM EST Reads: 3,250
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Dec. 4, 2016 03:00 PM EST Reads: 2,524
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 4, 2016 02:15 PM EST Reads: 2,000
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Dec. 4, 2016 02:00 PM EST Reads: 1,903
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 4, 2016 02:00 PM EST Reads: 588