|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]
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jan. 18, 2017 11:15 PM EST Reads: 4,432
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Jan. 18, 2017 09:45 PM EST Reads: 6,494
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Jan. 18, 2017 09:30 PM EST Reads: 5,729
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 18, 2017 09:30 PM EST Reads: 7,614
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
Jan. 18, 2017 08:15 PM EST Reads: 4,837
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Jan. 18, 2017 07:30 PM EST Reads: 3,141
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
Jan. 18, 2017 06:15 PM EST Reads: 4,191
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Jan. 18, 2017 05:30 PM EST Reads: 4,878
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 18, 2017 05:00 PM EST Reads: 1,164
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Jan. 18, 2017 05:00 PM EST Reads: 298
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 18, 2017 04:45 PM EST Reads: 4,885
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 18, 2017 04:45 PM EST Reads: 5,372
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Jan. 18, 2017 04:45 PM EST Reads: 4,588
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 18, 2017 04:30 PM EST Reads: 4,781
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 18, 2017 03:30 PM EST Reads: 3,685