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TheStreet Open House

Daegis Inc. Reports Fiscal 2013 Third Quarter Financial Results

Daegis (NASDAQ:DAEG), an eDiscovery and information management company, today announced financial results for its fiscal 2013 third quarter, ended January 31, 2013.

Third quarter total revenue was $10.4 million, compared to $11.1 million in the third quarter of fiscal 2012. Electronic discovery revenue was $4.1 million, compared to $4.2 million in the comparable period last year. Revenue for the Company’s database, archive and migration business segment was $6.4 million, compared to $6.9 million in the comparable quarter last year.

Operating income for the third quarter was $367,000, compared to $604,000 in the third quarter of fiscal 2012. Adjusted EBITDA was $1.2 million, or 11% of revenue, compared to $1.6 million, or 15% of revenue, in the comparable quarter last year (see reconciliation table below regarding the presentation of Adjusted EBITDA and Non-GAAP net income).

Third quarter GAAP net loss was $65,000 or $0.01 loss per share, compared to GAAP net income of $53,000, or $0.00 per share, in the third quarter of fiscal 2012. Non-GAAP net income was $449,000, or $0.03 per share, compared to Non-GAAP net income of $757,000, or $0.05 per share, in the third quarter last year (see reconciliation table). The Company generated cash from operations of $771,000 during the third quarter.

Cash and cash equivalents at January 31, 2013 were $4.4 million, compared to $4.8 million reported at April 30, 2012. Total outstanding debt at January 31, 2013 was $18.2 million, compared to $21.3 million at April 30, 2012.

Commenting on results, Interim Chief Executive Officer Tim Bacci said, “As a result of optimizing the eDiscovery business coupled with a focus on developing leading-edge technology, we’re now positioned to meet or exceed our growth expectations. We’re seeing increased sales traction in our eDiscovery business with new client wins and an expanding sales pipeline. We unveiled a new brand for our eDiscovery platform, now known as Daegis Edge, and we delivered new functionality including integrated iterative search and analytics, access through mobile devices and support for big data environments. Our AXS-One archive business had an exceptionally strong quarter with new client and product wins and our latest product release has been well-received by customers. We executed consistent performance in the Gupta database and tools business, delivering a new version of our database and holding successful developer conferences. We are now focused on execution and are excited about the future potential of the business.”

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