Sajan, Inc. Announces First Quarter 2011 Financial Results
10 Mai 2011 - 2:00PM
Sajan, Inc. (OTCBB:SAJA), a provider of global language services
and translation management software, today reported financial
results for the quarter ended March 31, 2011.
Revenues for the quarter ended March 31, 2011 were $5.2 million,
which represented an increase of 66% over revenues for the quarter
ended March 31, 2010 of $3.1 million. The net loss for the first
quarter of 2011 was approximately $60,000, or $0.00 per share,
compared to net loss of approximately $1,495,000 or $0.13 per share
for the same quarter last year. Financial results included non-cash
expense related to stock options of approximately $54,000 or $0.00
per share in the three months ended March 31, 2011 compared to
approximately $371,000 or $0.03 per share in the three month period
ended March 31, 2010.
EBITDA, which adds back non-cash charges related to depreciation
and amortization, was approximately $135,000 in the first quarter
of 2011, as compared with negative EBITDA of approximately $1.250
million in the first quarter last year.
The results for the quarter ended March 31, 2010 included legal,
accounting and investment banking fees, associated with the
February, 2010 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 888-469-1336 and entering access code 7540313. 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 May 17, 2011 by
dialing 800-455-0163.
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 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 Annual Report on Form 10-K for the year ended December
31, 2010 filed with the Securities and Exchange Commission on
March 30, 2011, 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. and
Subsidiaries |
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS |
(UNAUDITED) |
|
|
|
|
|
|
|
Three months
ended March 31, |
|
2011 |
2010 |
Revenues |
$ 5,213,660 |
$ 3,140,202 |
Operating Costs: |
|
|
Cost of revenues |
3,045,993 |
1,761,503 |
Sales and marketing |
599,868 |
810,944 |
Research and development |
419,553 |
568,586 |
General and administrative |
1,012,312 |
1,249,776 |
Depreciation and amortization |
195,427 |
244,956 |
|
|
|
Loss from Operations |
(59,493) |
(1,495,563) |
Other expense, net |
(852) |
(61,957) |
|
|
|
Loss before income taxes |
(60,345) |
(1,577,520) |
|
|
|
Income tax expense (benefit) |
-- |
(62,311) |
Net loss |
$ (60,345) |
$ (1,495,209) |
Loss per common share – Basic and
diluted |
$ (.00) |
$ (0.13) |
Weighted average shares outstanding – Basic
and diluted |
16,009,331 |
11,912,631 |
|
|
Sajan, Inc. and
Subsidiaries |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
|
|
|
March 31, 2011
(Unaudited) |
December 31,
2010 |
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 1,633,393 |
$ 1,903,229 |
Restricted cash |
-- |
1,000,000 |
Receivables, net |
3,739,144 |
3,267,120 |
Other current assets |
1,199,777 |
818,821 |
Total current assets |
6,572,314 |
6,989,170 |
Property and equipment, net |
711,922 |
747,540 |
Other assets, net |
535,053 |
667,495 |
Total assets |
$ 7,819,289 |
$ 8,404,205 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Payables |
$ 2,355,967 |
$ 1,969,094 |
Notes Payable |
-- |
1,250,000 |
Other current liabilities |
1,954,532 |
1,701,307 |
Total current liabilities |
4,310,499 |
4,920,401 |
Long-term liabilities |
750,000 |
750,000 |
Total liabilities |
5,060,499 |
5,670,401 |
Stockholders' equity |
2,758,790 |
2,733,804 |
Total liabilities and
stockholders' equity |
$ 7,819,289 |
$ 8,404,205 |
CONTACT: Tim Clayton
Chief Financial Officer
email: tclayton@sajan.com
phone: 715-426-9505
Sajan, Inc. (NASDAQ:SAJA)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Sajan, Inc. (NASDAQ:SAJA)
Historical Stock Chart
Von Jul 2023 bis Jul 2024