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Daegis (NASDAQ:DAEG), an eDiscovery and information management company, today announced financial results for its fiscal 2013 first quarter, ended July 31, 2012.
First quarter total revenue was $9.6 million, compared to $11.5 million in the first quarter last year. Electronic discovery revenue was $4.1 million, compared to $6.0 million in the comparable period last year. Revenue for the Company’s database, archive and migration business segment was $5.6 million, compared to $5.5 million in the first quarter of fiscal 2012. Adjusted EBITDA for the quarter was $1.1 million, or 12% of revenue, compared to $1.9 million, or 16% of revenue, in the comparable quarter last year (see reconciliation table below regarding the presentation of Adjusted EBITDA and Non-GAAP net income).
First quarter GAAP net income was $157,000, or $0.00 per share, including the impact of the sale of the trade name for $1.0 million. This compared to a net loss of $1.8 million, or $0.12 loss per share, in the first quarter of fiscal 2012. Non-GAAP net income was $257,000, or $0.02 per share, compared to $779,000, or $0.05 per share last year (see reconciliation table). The Company generated cash from operations of $581,000 during the first quarter.
Cash and cash equivalents at July 31, 2012 were $4.3 million, compared to $4.8 million reported at April 30, 2012. Total outstanding debt decreased approximately $1.8 million to $19.5 million, compared to $21.3 million at April 30, 2012.
Commenting on results, Chief Executive Officer Todd Wille said, “Our database, archive and migration business segment performed as expected, growing 1.4% during the quarter. We saw traction with our Composer migration solutions, closing several deals that created a $2.3 million revenue backlog as of July 31, 2012. In our eDiscovery business under Deborah Jillson’s leadership, we attracted renowned eDiscovery sales veteran, Chuck Pindell as our new vice president of sales and marketing. Together they bring a proven track record in sales execution and revenue growth. We believe the strengthening of the Daegis eDiscovery leadership team and the strong differentiation of the Daegis eDiscovery Platform will serve as the foundation for the long-term success of the eDiscovery business.”