Sajan, Inc. Announces Financial Results for First Quarter 2012
10 Mai 2012 - 1:00PM
Sajan, Inc., (SAJA.OB) a provider of global language services and
translation management software, today reported financial results
for the quarter ended March 31, 2012.
Revenues for the quarter ended March 31, 2012 were $4.7 million
as compared to revenues of $5.2 million for the quarter ended March
31, 2011. Net loss for the first quarter of 2012 was approximately
$790,000, or $0.05 per share, compared to a net loss of
approximately $60,000 or $0.00 per share for the same quarter last
year. Financial results also included non-cash expense related to
stock options of approximately $54,000, or $0.00 per share, in the
three months ended March 31, 2012 compared to approximately
$53,000, or $0.00 per share, in the three months ended March 31,
2011.
"We are clearly disappointed in our first quarter results,"
stated Shannon Zimmerman, CEO of Sajan. "During the first month of
the quarter, we experienced a very unusual drop in revenues;
however, our sales bookings and revenue levels gained momentum as
the quarter progressed. Provided that the late quarter revenue
momentum continues and we start to see increased revenue
contributions from recently announced new customer assignments, we
anticipate significant revenue growth in the second quarter on a
sequential basis."
Sajan also announced a number of important operational
accomplishments during the quarter, including:
- Adding a number of new clients, including two significant new
customers – a major medical device company and IBM
France;
- Consolidating product development activities by eliminating our
India development center and refocusing on improved functionality
of the GCMS system - our industry-leading translation management
system; and
- Enhancing our liquidity by entering into a $1.5 million line of
credit facility and extending the repayment terms of our related
party note payable to August 2013.
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 at 10:30 a.m.
(Central time) on May 10, 2012. The company 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 May 17, 2012 by dialing 1-800-283-0668.
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 develops tailored
solutions, which provide flexibility to any large or small business
that truly desires to "think globally, but act locally." Based out
of the United States, we also have offices in Ireland, Spain 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 Reports 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, 2011 filed with the Securities and Exchange
Commission on March 30, 2012, 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
STATEMENTS OF OPERATIONS (UNAUDITED) |
|
|
|
|
Three months
ended March 31, |
|
2012 |
2011 |
Revenues |
$ 4,663,731 |
$ 5,213,660 |
Operating Costs: |
|
|
Cost of revenues |
3,121,765 |
3,045,993 |
Sales and marketing |
602,562 |
599,868 |
Research and development |
446,726 |
419,553 |
General and administrative |
1,046,323 |
1,012,312 |
Depreciation and amortization |
220,916 |
195,427 |
Loss from
Operations |
(774,561) |
(59,493) |
Other expense, net |
(15,040) |
(852) |
Net loss |
$ (789,601) |
$ (60,345) |
Loss per common share – Basic and
diluted |
$ (.05) |
$ (.00) |
Weighted average shares outstanding – Basic
and diluted |
16,179,193 |
16,009,331 |
|
Sajan, Inc. and
Subsidiaries |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
|
|
|
March 31, 2012
(Unaudited) |
December 31,
2011 |
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 795,807 |
$ 1,763,249 |
Receivables, net |
3,256,476 |
3,501,928 |
Other current assets |
1,898,486 |
1,293,561 |
Total current assets |
5,950,769 |
6,558,738 |
Property and equipment, net |
748,706 |
758,440 |
Other assets, net |
956,962 |
1,100,614 |
Total assets |
$ 7,656,437 |
$ 8,417,792 |
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Accounts payable |
$ 2,463,273 |
$ 2,507,490 |
Other current liabilities |
2,080,160 |
2,116,333 |
Total current liabilities |
4,543,433 |
4,623,823 |
Long-term liabilities |
781,280 |
788,528 |
Total liabilities |
5,324,713 |
5,412,351 |
Stockholders' equity |
2,331,724 |
3,005,441 |
Total liabilities and
stockholders' equity |
$ 7,656,437 |
$ 8,417,792 |
CONTACT: Tim Clayton
Chief Financial Officer
email: tclayton@sajan.com
phone: 715-426-9505
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