Sajan, Inc. Announces Financial Results for Fourth Quarter and Full Year 2011
21 Februar 2012 - 12:00PM
- Q4 Revenues grow 15% to $5.1 Million
- 2011 Revenues grow 31% to $20.9 Million
Sajan, Inc., (OTCBB:SAJA) a provider of global language services
and translation management software, today reported financial
results for the quarter and fiscal year ended December 31,
2011.
Revenues for the quarter ended December 31, 2011 were $5.1
million, which represented an increase of 15 percent over revenues
for the quarter ended December 31, 2010 of $4.4 million. Net income
for the fourth quarter of 2011 was approximately $226,000, or $0.01
per share, compared to net loss of approximately $420,000 or $0.03
per share for the same quarter last year. Results for the fourth
quarter of 2011 included a gain on the sale of patents of
approximately $550,000 and approximately $95,000 of non-recurring
costs associated with our acquisition and integration of New
Global. Financial results also included non-cash expense related to
stock options of approximately $58,000 or $0.00 per share in the
three months ended December 31, 2011 compared to approximately
$68,000 or $0.00 per share in the three month period ended December
31, 2010.
Revenues for the year ended December 31, 2011 were $20.9
million, which represented an increase of 31 percent over revenues
for the same period in 2010 of $16.0 million. Net income for the
year ended December 31, 2011 was approximately $67,000, or $0.00
per share, compared to net loss of approximately $3.0 million or
$0.20 per share for year ended December 31, 2010. Financial
results for the year ended December 31, 2011 included non-cash
expense related to stock options of approximately $221,000 or $0.01
per share, compared to approximately $585,000 or $0.04 per share,
in 2010. The results for the year ended December 31, 2010
included legal, accounting and investment banking fees associated
with Sajan's February 2010 merger with MathStar, Inc.
Sajan added over 100 new customers during 2011 and was
successful in accomplishing many of its strategic goals.
Demonstrating an ability to complement strong organic growth, Sajan
successfully completed its first acquisition during the year,
enhanced key technology components of its industry leading language
translation management system technology – GCMSTM, opened new
centers in Spain and Singapore to support clients globally, and
produced market leading results in areas of translation reuse and
integrated machine translation solutions. "We are in growth mode
and I am extremely pleased with our overall performance for 2011,"
noted Sajan CEO, Shannon Zimmerman. "Our relentless focus
remains on exceeding the expectations of our customers in an
innovative manner."
Conference Call Details
Sajan's investors will have an opportunity to listen to
management's discussion of its business operations, financial
results and growth strategies on a conference call at 10:30 a.m.
(Central time) on February 21, 2012. Sajan invites all those
interested to join the call by dialing 1-888-469-1336 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. CT on February 28, 2012 by dialing
1-800-937-9396.
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 desires to "think globally, but act locally." Based out
of the United States, we also have offices in Ireland, Spain,
Canada and Singapore. 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 December 31, |
Twelve months
ended December 31, |
|
2011 |
2010 |
2011 |
2010 |
Revenues |
$ 5,087,868 |
$ 4,438,829 |
$ 20,904,311 |
$ 15,990,596 |
Operating Costs: |
|
|
|
|
Cost of revenues (exclusive of depreciation
and amortization) |
3,116,819 |
2,861,710 |
12,467,302 |
9,476,046 |
Sales and marketing |
636,601 |
435,002 |
2,545,309 |
3,006,396 |
Research and development |
386,815 |
428,085 |
1,622,564 |
1,716,461 |
General and administrative |
958,576 |
832,250 |
3,849,049 |
3,826,454 |
Acquisition costs |
95,481 |
-- |
95,481 |
-- |
Depreciation and amortization |
194,719 |
215,110 |
747,672 |
897,770 |
Income (loss) from
Operations |
(301,144) |
(333,328) |
(423,065) |
(2,932,531) |
Other income (expense), net |
538,671 |
(23,907) |
502,052 |
(93,286) |
Income (loss) before income taxes |
237,527 |
(357,235) |
78,987 |
(3,025,817) |
Income tax (expense) benefit |
(12,000) |
(62,311) |
(12,000) |
-- |
Net income (loss) |
$ 225,527 |
$ (419,545) |
$ 66,987 |
$ (3,025,817) |
Income (loss) per common share – basic &
diluted |
$ 0.01 |
$ (0.03) |
$ 0.00 |
$ (0.20) |
Weighted average shares outstanding –
basic |
16,144,944 |
16,009,331 |
16,051,529 |
14,999,186 |
Weighted average shares outstanding
–diluted |
16,434,755 |
16,009,331 |
16,341,340 |
14,999,186 |
|
Sajan, Inc. and
Subsidiaries |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
|
December 31,
2011 |
December 31,
2010 |
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$1,763,249 |
$1,903,229 |
Restricted cash |
-- |
1,000,000 |
Accounts receivables, net of allowance of
$15,000 |
3,501,928 |
3,267,120 |
Other current assets |
1,293,561 |
818,821 |
Total current assets |
6,558,738 |
6,989,170 |
Property and equipment, net |
758,440 |
747,540 |
Other assets, net |
1,100,614 |
667,495 |
Total assets |
$8,417,792 |
$8,404,205 |
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Payables |
$2,507,490 |
$2,520,680 |
Notes Payable |
750,000 |
1,250,000 |
Other current liabilities |
2,116,333 |
1,149,721 |
Total current liabilities |
5,373,823 |
4,920,401 |
Long-term liabilities |
38,528 |
750,000 |
Total liabilities |
5,412,351 |
5,670,401 |
Stockholders' equity |
3,005,441 |
2,733,804 |
Total liabilities and stockholders'
equity |
$8,471,792 |
$8,404,205 |
CONTACT: Tim Clayton
Chief Financial Officer
email: tclayton@sajan.com
phone: 715-426-9505
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