Sajan, Inc. Announces Financial Results for Second Quarter and First Half of 2016
2016年8月4日 - 8:03PM
Sajan, Inc. (NASDAQ:SAJA), a leading provider of global language
services and translation management system technology, today
reported its financial results for the second quarter and six
months ended June 30, 2016.
Revenues were $7,264,000 for the quarter ended June 30, 2016,
compared to revenues of $7,377,000 for the quarter ended June 30,
2015. The Company reported a net loss of ($296,000) for the
quarter ended June 30, 2016 compared to net income of $3,000 for
the quarter ended June 30, 2015. Adjusted EBITDA was
($85,000) for the quarter ended June 30, 2016, compared to $317,000
for the quarter ended June 30, 2015. See the section entitled
“Non-GAAP Financial Measures” below for a reconciliation of
Adjusted EBITDA to net income (loss).
Revenues for the six months ended June 30, 2016 were $14,040,000
compared to $14,858,000 in the same period of 2015. Net loss for
the first six months of 2016 was ($496,000) compared to net income
of $7,000 in the same period in 2015. Adjusted EBITDA was ($57,000)
in the first six months of 2016 compared to $663,000 in the same
period of 2015.
Shannon Zimmerman, CEO of Sajan, commented on the Company’s
second quarter results: “The translation business has always been
project-oriented and subject to the timing and nature of the
translation needs of our customers. During 2016, we have
devoted substantial sales and marketing activities directed towards
obtaining new customers and increased business from our current
customers. These efforts have included adding a channel partner
program, changing the focus of our VP of Life Sciences from
operational towards winning new international Life Science
customers, and the establishment of a Global Solutions Architect
program ('GSA') within the company. The GSA is a dedicated team
that will promote the customer experience and is designed to win
more business. Although these initiatives resulted in higher costs
during the second quarter of 2016 compared to 2015, we believe that
along with continued technological improvements to Transplicity,
our translation technology platform, the actions and investments
will result in future revenue growth.”
Non-GAAP Financial Measures – Adjusted
EBITDA
|
Three months ended June 30, |
|
Six months ended June 30, |
EBITDA |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Net (loss) income |
$ |
(296 |
) |
|
|
$ |
3 |
|
|
$ |
(496 |
) |
|
|
$ |
7 |
|
Interest expense |
|
4 |
|
|
|
|
17 |
|
|
|
11 |
|
|
|
|
36 |
|
Income taxes |
|
- |
|
|
|
|
- |
|
|
|
4 |
|
|
|
|
10 |
|
Depreciation and amortization |
|
145 |
|
|
|
|
232 |
|
|
|
288 |
|
|
|
|
462 |
|
Stock-based compensation |
|
62 |
|
|
|
|
65 |
|
|
|
136 |
|
|
|
|
148 |
|
Adjusted EBITDA |
$ |
(85 |
) |
|
|
$ |
317 |
|
|
$ |
(57 |
) |
|
|
$ |
663 |
|
|
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 DetailsSajan'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 August 4, 2016.
Sajan 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 August 11, 2016
by dialing (866) 498-5464.
About SajanSajan 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.
Forward-Looking StatementsThe Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
certain forward-looking statements. Sajan’s Annual Report on
Form 10-K, its Quarterly Report on Form 10-Q and other
filings with the Securities and Exchange Commission, its press
releases and oral statements made with the approval of an
authorized executive officer, contain forward-looking statements
that reflect Sajan’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 Sajan’s Annual
Report on Form 10-K for the year ended December 31, 2015
filed with the Securities and Exchange Commission on March 16,
2016 under the heading “Item 1A. Risk Factors.” Sajan 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 June 30, |
|
Six months ended June 30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Revenues |
$ |
7,264 |
|
|
$ |
7,377 |
|
|
$ |
14,040 |
|
|
$ |
14,858 |
|
Operating Costs: |
|
|
|
|
|
|
|
Cost of revenues (exclusive of depreciation and
amortization) |
|
4,736 |
|
|
|
4,481 |
|
|
|
9,047 |
|
|
|
8,892 |
|
Sales and marketing |
|
1,079 |
|
|
|
886 |
|
|
|
1,966 |
|
|
|
1,806 |
|
Research and development |
|
435 |
|
|
|
475 |
|
|
|
838 |
|
|
|
908 |
|
General and administrative |
|
1,161 |
|
|
|
1,284 |
|
|
|
2,378 |
|
|
|
2,732 |
|
Depreciation and amortization |
|
145 |
|
|
|
232 |
|
|
|
288 |
|
|
|
462 |
|
(Loss) income from
Operations |
|
(292 |
) |
|
|
19 |
|
|
|
(477 |
) |
|
|
58 |
|
Other expense, net |
|
4 |
|
|
|
16 |
|
|
|
15 |
|
|
|
41 |
|
(Loss) Income before income taxes |
|
(296 |
) |
|
|
3 |
|
|
|
(492 |
) |
|
|
17 |
|
Income tax expense |
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
10 |
|
Net (loss) income |
$ |
(296 |
) |
|
$ |
3 |
|
|
$ |
(496 |
) |
|
$ |
7 |
|
(Loss) income per common share – basic &
diluted |
$ |
(0.06 |
) |
|
$ |
0.00 |
|
|
$ |
(0.10 |
) |
|
$ |
0.00 |
|
Weighted average shares outstanding – basic |
|
4,783 |
|
|
|
4,779 |
|
|
|
4,783 |
|
|
|
4,779 |
|
Weighted average shares outstanding –
diluted |
|
4,783 |
|
|
|
|
4,867 |
|
|
|
4,783 |
|
|
|
|
4,833 |
|
Sajan, Inc. and Subsidiaries |
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
Amounts in thousands |
|
|
|
|
|
|
|
|
|
June 30, 2016 |
December 31, 2015 |
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,005 |
|
|
$ |
3,727 |
|
|
Accounts receivable, net of
allowance |
|
|
4,318 |
|
|
|
5,032 |
|
|
Unbilled services |
|
|
1,052 |
|
|
|
646 |
|
|
Other current assets |
|
|
627 |
|
|
|
684 |
|
|
Total current assets |
|
|
9,002 |
|
|
|
10,089 |
|
|
Property and equipment, net |
|
|
889 |
|
|
|
642 |
|
|
Other assets, net |
|
|
162 |
|
|
|
181 |
|
|
Total Assets |
|
$ |
10,053 |
|
|
$ |
10,912 |
|
|
Liabilities and Stockholders'
Equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payables |
|
$ |
3,022 |
|
|
$ |
3,297 |
|
|
Other current liabilities |
|
|
1,449 |
|
|
|
1,666 |
|
|
Total current liabilities |
|
|
4,471 |
|
|
|
4,963 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
5,582 |
|
|
|
5,949 |
|
|
Total Liabilities and
Stockholders' Equity |
|
$ |
10,053 |
|
|
$ |
10,912 |
|
|
Contact:
Tom Skiba
Chief Financial Officer
email: tskiba@sajan.com
phone: 715-426-9505
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