Sajan, Inc. Announces Third Quarter 2011 Financial Results
08 November 2011 - 1:00PM
Sajan, Inc., (OTCBB:SAJA) a provider of global language services
and translation management software, today reported financial
results for the quarter ended September 30, 2011.
Revenues for the quarter ended September 30, 2011 were $5.2
million, which represented an increase of 23% over revenues for the
quarter ended September 30, 2010 of $4.2 million. Net loss for the
third quarter of 2011 was approximately $141,000, or $0.01 per
share, compared to net loss of approximately $568,000 or $0.04 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 September 30, 2011
compared to approximately $60,000 or $0.00 per share in the three
month period ended September 30, 2010.
Revenues for the nine months ended September 30, 2011 were $15.8
million, which represented an increase of 37% over revenues for the
same period in 2010 of $11.6 million. Net loss for the nine
months ended September 30, 2011 was approximately $159,000, or
$0.01 per share, compared to net loss of approximately $2.6 million
or $0.18 per share for the same period last year. Financial
results for the nine month periods included non-cash expense
related to stock options of approximately $162,000 or $0.01 per
share in the nine months ended September 30, 2011 compared to
approximately $517,000 or $0.04 per share in the nine months ended
September 30, 2010.
The results for the nine months ended September 30, 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 5:00 p.m. CST on
November 15, 2011 by dialing 866.458.2720.
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.
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Sajan, Inc. and
Subsidiaries |
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (UNAUDITED) |
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Three months
ended September 30, |
Nine months ended
September 30, |
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2011 |
2010 |
2011 |
2010 |
Revenues |
$5,185,758 |
$4,209,245 |
$15,816,444 |
$11,551,767 |
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Operating Costs: |
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Cost of revenues (exclusive of depreciation
and amortization) |
3,053,872 |
2,563,706 |
9,350,483 |
6,614,335 |
Sales and marketing |
647,477 |
838,906 |
1,908,708 |
2,571,394 |
Research and development |
443,608 |
327,184 |
1,235,749 |
1,288,376 |
General and administrative |
986,425 |
816,533 |
2,890,473 |
2,994,117 |
Depreciation and amortization |
173,746 |
217,009 |
552,953 |
682,748 |
Income (loss) from
Operations |
(119,370) |
(554,093) |
(121,922) |
(2,599,203) |
Other income (expense), net |
(21,797) |
(13,860) |
(36,619) |
(72,099) |
Income (loss) before income taxes |
(141,167) |
(567,953) |
(158,541) |
(2,671,302) |
Income tax (benefit) |
-- |
-- |
-- |
(62,311) |
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Net income (loss) |
(141,167) |
(567,953) |
(158,541) |
(2,608,991) |
Income (loss) per common share – basic &
diluted |
(0.01) |
(0.04) |
(0.01) |
(0.18) |
Weighted average shares outstanding – basic
& diluted |
16,027,799 |
16,009,331 |
16,019,386 |
14,658,770 |
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Sajan, Inc. and
Subsidiaries |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
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|
September 30, 2011
(Unaudited) |
December 31,
2010 |
Assets |
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Current assets |
|
|
Cash and cash equivalents |
$ 1,838,819 |
$ 1,903,229 |
Restricted cash |
-- |
1,000,000 |
Accounts receivables, net of allowance of
$15,000 |
3,246,665 |
3,267,120 |
Other current assets |
1,402,217 |
818,821 |
Total current assets |
6,487,701 |
6,989,170 |
Property and equipment, net |
820,405 |
747,540 |
Other assets, net |
296,283 |
667,495 |
Total assets |
$ 7,604,389 |
$ 8,404,205 |
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Liabilities and Stockholders'
Equity |
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Current liabilities |
|
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Payables |
$ 1,941,908 |
$ 1,969,094 |
Notes Payable |
750,000 |
1,250,000 |
Other current liabilities |
2,253,503 |
1,701,307 |
Total current liabilities |
4,945,411 |
4,920,401 |
Long-term liabilities |
45,468 |
750,000 |
Total liabilities |
4,990,879 |
5,670,401 |
Stockholders' equity |
2,613,510 |
2,733,804 |
Total liabilities and stockholders'
equity |
$ 7,604,389 |
$ 8,404,205 |
CONTACT: Tim Clayton
Chief Financial Officer
email: tclayton@sajan.com
phone: 715-426-9505
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