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Daegis Inc. Reports Fiscal 2013 Fourth Quarter And Full Year Financial Results

Stocks in this article: DAEG

Daegis (NASDAQ: DAEG), an eDiscovery and information management company, today announced financial results for its fiscal 2013 fourth quarter and full-year ended April 30, 2013.

Fourth Quarter Fiscal 2013 Financial and Business Highlights

  • Fourth quarter total revenue of $9.8 million, a decrease of 0.4% year-over-year
  • Fourth quarter GAAP net income of $188,000 or $0.01 per share, compared to a GAAP net loss of $15.7 million or $1.08 loss per share last year
  • Fourth quarter Adjusted EBITDA of $1.5 million, compared to $331,000 last year (1)
  • Non-GAAP net income of $610,000 or $0.04 per share, compared to a Non-GAAP net loss of $403,000, or $0.03 loss per share last year (1)
  • Company announced new e-discovery partner program for resellers and OEM partners
  • Company launched new trade-up program to migrate NearPoint archive customers to the AXS-One archive
  • Gupta Technologies signed an alliance partnership with Fujitsu for the Composer migration software offerings

Full-Year Fiscal 2013 Financial and Business Highlights

  • Full-year total revenue of $40.2 million, a decrease of 7.5% from the prior year
  • Full- year GAAP net income of $532,000, compared to a loss of $16.7 million last year
  • Full-year Adjusted EBITDA of $5.6 million, compared to $6.1 million last year (1)
  • Full-year Non-GAAP net income of $2.3 million, a decrease compared to $2.6 million in the prior year (1)
  • Cash and cash equivalents at April 30, 2013 totaled $5.5 million, an increase of $700,000 compared to the April 30, 2012 ending cash balance
  • Total outstanding debt was $17.7 million at April 30, 2013, a decrease of $3.6 million from April 30, 2012
  • Daegis eDiscovery, AXS-One and Gupta Technologies businesses each released major new versions of software

“Our AXS-One Archive business had a strong fourth quarter and year as a result of expansion with current customers as well as signing net new business. Our Gupta and Composer Technologies businesses had a solid year with new product releases and continued strong customer satisfaction. In the eDiscovery business, we continued to execute on our SaaS strategy and gained traction with our managed document review service. Additionally, we’re beginning to see the tangible results of aligning our cost structure with our current and expected revenue plans,” said Tim Bacci, CEO of Daegis. “While we’re not where we’d like to be from a revenue standpoint, we have the foundational elements in place and will be executing on our e-discovery and archiving integration strategy over the next several quarters to take advantage of the growth opportunities ahead of us.”

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