This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Daegis Reports Fourth Quarter And Fiscal 2012 Year-End Financial Results

Daegis (NASDAQ:DAEG), an eDiscovery and information management company, today announced financial results for its fiscal 2012 fourth quarter and year ended April 30, 2012.

Fourth quarter total revenue was $9.8 million, compared to $11.8 million in the fourth quarter last year. Electronic discovery revenue was $4.3 million, compared to $6.5 million in the comparable period last year. Revenue for the Company’s database, archive and migration business segment was $5.5 million, compared to $5.3 million in the fourth quarter of fiscal 2011. Adjusted EBITDA for the quarter was $331,000, or 3% of revenue, compared to $2.0 million, or 17% of revenue, in the comparable quarter last year (see reconciliation table below regarding the presentation of Adjusted EBITDA and Non-GAAP net income).

Fourth quarter GAAP net loss was $15.7 million or $1.08 loss per share, compared to GAAP net loss of $15.9 million or $1.09 loss per share in the same quarter last year. The net losses included a non-cash impairment charge of $15.0 million and $16.0 million respectively, resulting from the write off of goodwill and intangible assets related to acquisitions made by the Company in calendar 2010 and 2009, respectively. Fourth quarter Non-GAAP net loss was $403,000 or $0.03 loss per share, compared to Non-GAAP net income of $1.2 million or $0.08 per share in the fourth quarter last year (see reconciliation table).

Cash and cash equivalents at April 30, 2012 were $4.8 million, compared to $4.6 million reported at April 30, 2011. Total outstanding debt decreased to $21.3 million, compared to $27.5 million at April 30, 2011.

Commenting on results, Chief Executive Officer Todd Wille said, “The Company’s financial position improved throughout fiscal 2012 as a result of repaying $6.8 million of long-term debt, refinancing the Company’s remaining debt with Wells Fargo, and generating $6.1 million of Adjusted EBITDA, a 14 percent margin. The database, archive and migration segment grew revenues four percent in the fourth quarter and contributed approximately $9 million in cash for the fiscal year. The eDiscovery business did not generate the revenue or profitability expected for the year. However, with the hiring of our new eDiscovery Division President coupled with significant enhancements to our cloud platform and implementation of operational improvements, we expect to improve both our top-line and bottom-line performance for fiscal 2013.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,157.13 +76.99 0.43%
S&P 500 2,124.25 +6.56 0.31%
NASDAQ 5,116.1860 +24.1010 0.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs