Sajan, Inc. Announces Financial Results for Third Quarter and First Nine Months of 2016
2016年11月3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 third quarter and nine
months ended September 30, 2016.
Revenues were $7,522,000 for the quarter ended September 30,
2016 compared to revenues of $7,333,000 for the quarter ended
September 30, 2015. The Company reported a net income of $108,000
for the quarter ended September 30, 2016 compared to a net loss of
($127,000) for the quarter ended September 30, 2015. Adjusted
EBITDA was $330,000 for the quarter ended September 30, 2016
compared to $212,000 for the quarter ended September 30, 2015. See
the section entitled “Non-GAAP Financial Measures” below for a
reconciliation of Adjusted EBITDA to net income (loss).
Revenues for the nine months ended September 30, 2016 were
$21,563,000 compared to $22,192,000 in the same period of 2015. Net
loss for the first nine months of 2016 was ($388,000) compared to a
net loss of ($121,000) in the same period of 2015. Adjusted EBITDA
was $271,000 in the first nine months of 2016 compared to $873,000
in the same period of 2015.
Shannon Zimmerman, CEO of Sajan, commented on the Company’s
third quarter results: “We are excited to hit our goals of improved
revenue growth and Adjusted EBITDA during the quarter. Our largest
clients led the way as we saw aggregate revenue growth of 15
percent in this quarter’s top 10 accounts. Further, we continue to
expand our reach and customer base as we experienced healthy new
client additions during the quarter. Technology improvements and
good supply chain management resulted in lower translator costs
during the quarter and are the main reasons for our improved
earnings. We expect these trends to continue in the future as we
focus on driving higher profitability.”
Non-GAAP Financial Measures – Adjusted
EBITDA
|
Three months ended September 30, |
|
Nine months ended September 30, |
EBITDA |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Net income (loss) |
$ |
108 |
|
|
|
($ |
127 |
) |
|
($ |
388 |
) |
|
|
($ |
121 |
) |
Interest expense |
|
4 |
|
|
|
|
11 |
|
|
|
14 |
|
|
|
|
47 |
|
Income taxes |
|
3 |
|
|
|
|
3 |
|
|
|
7 |
|
|
|
|
12 |
|
Depreciation and amortization |
|
135 |
|
|
|
|
250 |
|
|
|
423 |
|
|
|
|
712 |
|
Stock-based compensation |
|
80 |
|
|
|
|
75 |
|
|
|
215 |
|
|
|
|
223 |
|
Adjusted EBITDA |
$ |
330 |
|
|
|
$ |
212 |
|
|
$ |
271 |
|
|
|
$ |
873 |
|
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 November 3, 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 November 10, 2016
by dialing (866) 481-5006.
About Sajan
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.
Forward-Looking Statements
The 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 Reports 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 September 30, |
|
Nine months ended September 30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Revenues |
$ |
7,522 |
|
|
$ |
7,333 |
|
|
$ |
21,563 |
|
|
$ |
22,192 |
|
Operating Costs: |
|
|
|
|
|
|
|
Cost of revenues (exclusive of depreciation and
amortization) |
|
4,729 |
|
|
|
4,706 |
|
|
|
13,755 |
|
|
|
13,598 |
|
Sales and marketing |
|
1,010 |
|
|
|
974 |
|
|
|
2,998 |
|
|
|
2,780 |
|
Research and development |
|
345 |
|
|
|
354 |
|
|
|
1,184 |
|
|
|
1,262 |
|
General and administrative |
|
1,186 |
|
|
|
1,163 |
|
|
|
3,564 |
|
|
|
3,897 |
|
Depreciation and amortization |
|
135 |
|
|
|
250 |
|
|
|
423 |
|
|
|
712 |
|
Income (loss) from
Operations |
|
117 |
|
|
|
(114 |
) |
|
|
(361 |
) |
|
|
(57 |
) |
Other expense, net |
|
6 |
|
|
|
10 |
|
|
|
20 |
|
|
|
52 |
|
Income (loss) before income taxes |
|
111 |
|
|
|
(124 |
) |
|
|
(381 |
) |
|
|
(109 |
) |
Income tax expense |
|
3 |
|
|
|
3 |
|
|
|
7 |
|
|
|
12 |
|
Net income (loss) |
$ |
108 |
|
|
($ |
127 |
) |
|
($ |
388 |
) |
|
($ |
121 |
) |
Income (loss) per common share – basic &
diluted |
$ |
0.02 |
|
|
($ |
0.03 |
) |
|
($ |
0.08 |
) |
|
($ |
0.03 |
) |
Weighted average shares outstanding – basic |
|
4,785 |
|
|
|
4,781 |
|
|
|
4,783 |
|
|
|
4,780 |
|
Weighted average shares outstanding –
diluted |
|
4,799 |
|
|
|
|
4,781 |
|
|
|
4,783 |
|
|
|
|
4,780 |
|
Sajan, Inc. and Subsidiaries |
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
Amounts in thousands |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
3,477 |
|
|
$ |
3,727 |
|
Accounts receivable, net of
allowance |
|
|
4,179 |
|
|
|
5,032 |
|
Unbilled services |
|
|
1,296 |
|
|
|
646 |
|
Other current assets |
|
|
794 |
|
|
|
684 |
|
Total current assets |
|
|
9,745 |
|
|
|
10,089 |
|
Property and equipment, net |
|
|
815 |
|
|
|
642 |
|
Other assets, net |
|
|
183 |
|
|
|
181 |
|
Total Assets |
|
$ |
10,743 |
|
|
$ |
10,912 |
|
Liabilities and Stockholders'
Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payables |
|
$ |
3,605 |
|
|
$ |
3,297 |
|
Other current liabilities |
|
|
1,352 |
|
|
|
1,666 |
|
Total current liabilities |
|
|
4,957 |
|
|
|
4,963 |
|
|
|
|
|
|
Stockholders' equity |
|
|
5,786 |
|
|
|
5,949 |
|
Total Liabilities and
Stockholders' Equity |
|
$ |
10,743 |
|
|
$ |
10,912 |
|
Contact:
Tom Skiba
Chief Financial Officer
email: tskiba@sajan.com
phone: 715-426-9505
Sajan, Inc. (NASDAQ:SAJA)
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