Sajan, Inc. Announces Fourth Quarter and Year 2010 Financial Results
24 Februar 2011 - 2:00PM
Sajan, Inc., (OTCBB:SAJA) a provider of global language services
and cloud-based translation management software, today reported
financial results for the quarter and year ended December 31, 2010.
Revenues for the quarter ended December 31, 2010 were $4.4
million, which represented an increase of 14% over revenues for the
quarter ended December 31, 2009 of $3.9 million. The net loss for
the fourth quarter of 2010 was approximately $420,000, or $0.03 per
share, compared to net loss of approximately $222,000 or $0.04 per
share for the same quarter last year. Financial results included
non-cash expense related to stock options of approximately $68,000
or $0.00 per share in the three months ended December 31, 2010
compared to approximately $16,000 or $0.00 per share in the three
month period ended December 31, 2009. The results for the quarter
ended December 31, 2010 also included a $62,000 non-cash expense
related to adjustment of deferred tax accounts.
For the year ended December 31, 2010, revenues were $16.0
million which represented a 26% increase over revenues for the same
period in 2009 of $12.7 million. The net loss for the year
ended December 31, 2010 was approximately $3.0 million or $0.20 per
share, compared to net loss of $1.1 million or $0.19 per share for
the twelve month period ended December 31, 2009.
Financial results for the year ended December 31, 2010 included
non-cash expenses related to stock option expenses of approximately
$585,000 or $0.04 per share compared to approximately $112,000 or
$0.02 per share, in the prior year. In addition, the results for
the year ended December 31, 2010 include approximately $540,000, or
$0.04 per share of legal, accounting and investment banking fees,
associated with the February merger with MathStar, Inc.
Conference Call Details
The Company's investors will have the opportunity to listen to
management's discussion of its business operations, financial
results and growth strategies on a conference call today at 10:30
a.m. CT. The Company invites all those interested to join the call
by dialing 800-369-2186 and entering access code 5020713. For those
who cannot listen to the live broadcast, a replay will be available
shortly after the call and until 6:00 p.m. CT on March 3, 2011 by
dialing 800-839-2313.
About Sajan
Sajan is a leading provider of global language translation and
localization services, helping clients around the world expand
seamlessly into any global market. The foundation of our
solution is our industry leading language translation management
system technology – GCMSTM – which provides process automation
and innovative multilingual content reuse to provide schedule
predictability, higher quality and cost efficiencies to our
clients. By working closely with our clients, Sajan's experienced
team of localization professionals develop tailored solutions which
provide flexibility to any large or small business who truly desire
to "think globally, but act locally." Based out of the United
States, we also have offices in Ireland, Spain and India. Sajan is
publicly traded on the OTC Bulletin Board under the
symbol SAJA.OB. Learn more about Sajan at www.sajan.com.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for certain forward-looking statements. The Company's
Annual Report on Form 10-K, its Quarterly Report on
Form 10-Q and other filings with the Securities and Exchange
Commission, the Company's press releases and oral statements made
with the approval of an authorized executive officer, contain
forward-looking statements that reflect the Company's current views
with respect to future events and financial performance. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from historical results or those anticipated. The words "aim,"
"believe," "expect," "anticipate," "intend," "estimate" and other
expressions that indicate future events and trends identify
forward-looking statements. Actual future results and trends may
differ materially from historical results or those anticipated
depending on a variety of factors, including, but not limited to
those set forth in the Company's Current Report on Form 8-K and
Annual Report on Form 10-K for the year ended
December 31, 2009 filed with the Securities and Exchange
Commission on February 24, 2010 and March 31, 2010,
respectively, under the heading "Item 1A. Risk Factors". The
Company does not undertake any obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Sajan, Inc.,
Subsidiaries, and Affiliate |
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (UNAUDITED) |
|
|
|
|
|
|
Three
months ended |
Twelve months
ended |
|
|
|
December
31, |
December
31, |
|
2010 |
2009 |
2010 |
2009 |
Revenues |
$ 4,438,829 |
$ 3,895,749 |
$ 15,990,596 |
$ 12,726,202 |
Cost of revenues |
2,861,710 |
2,201,952 |
9,476,046 |
7,001,531 |
Gross profit |
1,577,119 |
1,693,797 |
6,514,550 |
5,724,671 |
Sales and marketing |
435,002 |
723,964 |
3,006,396 |
3,173,870 |
Research and development |
428,085 |
248,866 |
1,716,461 |
760,472 |
General and administrative |
832,250 |
653,013 |
3,826,454 |
2,007,559 |
Depreciation and amortization |
215,110 |
267,340 |
897,770 |
943,318 |
Loss from Operations |
(333,328) |
(199,386) |
(2,932,531) |
(1,160,548) |
Other expense, net |
(23,907) |
(81,920) |
(93,286) |
(234,554) |
Loss before income taxes |
(357,235) |
(281,306) |
(3,025,817) |
(1,395,102) |
Income tax expense (benefit) |
62,311 |
(59,556) |
-- |
308,113 |
Net loss attributable to Sajan, Inc. |
$ (419,545) |
$ (221,750) |
$ (3,025,817) |
$ (1,086,989) |
Loss per common share – Basic and
diluted |
$ (0.03) |
$ (0.04) |
$ (0.20) |
$ (0.19) |
Weighted average shares outstanding – Basic
and diluted |
16,009,331 |
5,686,250 |
14,999,186 |
5,686,250 |
Sajan, Inc.,
Subsidiaries, and Affiliate |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
December 31, 2010 |
December 31, 2009 |
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 1,903,229 |
$ 120,493 |
Restricted cash |
1,000,000 |
-- |
Receivables, net |
3,267,120 |
2,871,005 |
Other current assets |
818,821 |
955,401 |
Total current assets |
6,989,170 |
3,946,899 |
Property and equipment, net |
747,540 |
3,349,556 |
Other assets, net |
667,495 |
1,238,394 |
Total assets |
$ 8,404,205 |
$ 8,534,849 |
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Payables |
$ 1,969,094 |
$ 901,213 |
Notes Payable |
1,250,000 |
1,292,973 |
Other current liabilities |
1,701,307 |
1,841,349 |
Total current liabilities |
4,920,401 |
4,035,535 |
Long-term liabilities |
750,000 |
3,037,378 |
Total liabilities |
5,670,401 |
7,072,913 |
Stockholders' equity |
2,733,804 |
1,243,735 |
Non-controlling interest in subsidiary and
affiliate |
-- |
218,201 |
Total equity |
2,733,804 |
1,461,936 |
Total liabilities and stockholders'
equity |
$ 8,404,205 |
$ 8,534,849 |
|
|
|
(1) MathStar and Sajan
consolidated as of February 24, 2010, River Valley Business Center,
LLC deconsolidated as of February 23, 2010, and Sajan India
Software Private Limited consolidated as of June 1, 2009. |
CONTACT: Tim Clayton
Chief Financial Officer
email: tclayton@sajan.com
phone: 715-426-9505
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