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Daegis Inc. Reports Fiscal 2014 First Quarter Results

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 Revenue $8.0 $9.6 (17%)
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
Cash (2) $5.0 $5.5 ($0.4)
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.
 

Investor Conference Call

Management will host a conference call today, August 27, 2013, at 2:00 p.m. PT (5:00 p.m. ET) to review the first quarter financial results. The call can be accessed by dialing (877) 941-1427 or (480) 629-9664 for international callers. Additionally, the conference call will be broadcast live on Daegis’ website at www.daegisinc.com. A replay of the call will be available through Sept. 6, 2013 by dialing (800) 406-7325 or (303) 590-3030 for international callers and using the following passcode: 4634828#.

About Daegis Inc.

Daegis Inc. (NASDAQ: DAEG) is an eDiscovery and information management company, delivering eDiscovery, archiving software, data management tools, and migration solutions. Daegis delivers leading-edge eDiscovery and archiving software through  Daegis Edge, an end-to-end platform for managing the eDiscovery life cycle, Daegis Acumen technology assisted review and AXS-One enterprise information archiving. Daegis also offers specialized services including data collection, analytics consulting, project management and managed document review. The  Gupta Technologies and  Composer Technologies businesses serve customers around the globe with development tools, databases and application migration software. Visit our websites to learn more.

Use of Non-GAAP Financial Information

To supplement the Company's unaudited condensed consolidated financial statements presented in accordance with GAAP, Daegis uses certain Non-GAAP measures of financial performance. The presentation of these Non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. For more information on these Non-GAAP financial measures including how they are calculated, please see the tables in this release captioned “Reconciliation of GAAP to Non-GAAP Net Income” and “Reconciliation of GAAP Operating Income to Adjusted EBITDA” which includes a reconciliation of the GAAP results to Non-GAAP and Adjusted EBITDA results.

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