Daegis (NASDAQ:DAEG), an eDiscovery and information management company, today announced financial results for its fiscal 2014 first quarter ended July 31, 2013.
First Quarter Fiscal 2014 Financial Highlights
- First quarter total revenue of $8.0 million, a decrease of 17% year-over-year.
- First quarter GAAP net loss of $633,000 or $0.05 per share, compared to GAAP net income of $157,000 or $0.00 per share for the same period last year.
- First quarter Adjusted EBITDA of $679,000, compared to $1.1 million last year. (1)
- Non-GAAP net loss of $96,000 or $0.01 per share, compared to Non-GAAP net income of $257,000, or $0.01 per share last year. (1)
- Cash at July 31, 2013 was $5.0 million, compared to $5.5 million at April 30, 2013.
- Total debt outstanding at July 31, 2013 was $16.0 million, a decrease of $1.7 million from April 30, 2013.
Commenting on results, Daegis Inc. Chief Executive Officer Tim Bacci said, “Daegis had a challenging first quarter from a revenue standpoint across both our segments. We’re taking decisive steps to improve performance. Our strategy to align our businesses to deliver a comprehensive approach to archiving and eDiscovery is on course and we believe we have the products, the talent and the market opportunity to grow the business over the long-term.”
Business Highlights for the First Quarter Fiscal 2014
- Company announced Susan K. Conner as Chief Financial Officer
- Daegis released new version of Daegis Edge with high performance document viewer to speed the review process
- Gupta Technologies launched Team Developer 6.2
- Daegis eDiscovery achieved its fourth straight year of ISO 27001 information security certification for protection of client data
|First Quarter Comparative Financial Summary|
|$ In Millions, except per share and % data||Q1 FY 2014||Q1 FY 2013||% or $ Change (3)|
|Total eDiscovery Revenue||$3.3||$4.1||(18%)|
|Total Database, Archive, and Migration Revenue||$4.6||$5.6||(17%)|
|GAAP Net Income (Loss)||($0.6)||$0.2||($0.8)|
|GAAP Net Income (Loss) Per Share - Diluted||($0.05)||$0.00||($0.04)|
|Adjusted EBITDA (1)||$0.7||$1.1||($0.4)|
|Adjusted EBITDA Margin (1)||8.5%||11.6%||(3.1%)|
|Non-GAAP Net Income (Loss) (1)||($0.1)||$0.3||($0.4)|
|Non-GAAP Net Income (Loss) Per Share – Diluted (1)||($0.01)||$0.01||$(0.02)|
|Cash from Operations||$0.9||$0.6||$0.3|
|Total Debt Outstanding (2)||$16.0||$17.7||($1.7)|
|(1)||See reconciliation table below regarding the presentation of Adjusted EBITDA and Non-GAAP net income.|
|(2)||Results as of July 31, 2013 and 2012.|
|(3)||The calculation of percentage or dollar change is based on whole dollars.|
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