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Daegis Reports Fiscal 2012 Third Quarter Financial Results

Stocks in this article: DAEG

Daegis (NASDAQ: DAEG), an eDiscovery company, today announced financial results for its fiscal 2012 third quarter, ended Jan. 31, 2012.

Third quarter total revenue was $11.1 million, compared to $12.4 million in the third quarter last year. Electronic discovery revenue was $4.2 million, compared to $6.5 million in the comparable period last year. Revenue for the Company’s database, archive and migration business segment was $6.9 million, compared to $5.9 million in the third quarter of fiscal 2011.

Operating income for the third quarter was $604,000, compared to $1.1 million in the same quarter last year. Adjusted EBITDA was $1.6 million, or 15% of revenue, compared to $2.4 million, or 19% of revenue, in the comparable quarter last year (see reconciliation table).

Third quarter GAAP net income was $53,000, or $0.00 per share, compared to GAAP net loss of $206,000, or $0.01 loss per share, in the third quarter of fiscal 2011. Non-GAAP net income was $757,000, or $0.05 per share, compared to Non-GAAP net income of $1.1 million, or $0.07 per share, last year (see reconciliation table). The Company generated cash from operations of $2.8 million during the third quarter.

Cash and cash equivalents at Jan. 31, 2012 were $6.5 million, compared to $4.6 million reported at April 30, 2011. Total outstanding debt decreased to $21.9 million, compared to $27.5 million at April 30, 2011.

Commenting on results, Chief Executive Officer Todd Wille said, “Our third quarter and nine months ended eDiscovery revenue decreased primarily as a result of fewer new project wins from three of our larger customers. While we made significant investments on the sales, marketing and product fronts this year, we were unable to fully offset the revenue gap associated with the reduction of business from these customers. Our database, archive and migration segment had a strong quarter increasing its revenue by 17 percent. This segment continued to perform well during the quarter including a significant product win, new migration and archive consulting project wins and strong maintenance renewals, reflecting a satisfied customer base. Additionally, we achieved net income and solid cash flow for the quarter.”

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