Sajan, Inc., (OTCQB: SAJA) (PINKSHEETS: SAJA) a provider of global
language services and translation management software, today
reported financial results for the quarter ended June 30, 2012.
Revenues for the quarter ended June 30, 2012 were $5.5 million,
which represented an increase of 2 percent over revenues for the
quarter ended June 30, 2011 of $5.4 million. The Company reported a
net loss for the second quarter of 2012 of approximately $181,000,
or $0.01 per share, compared to net income of approximately $43,000
or $0.00 per share for the same quarter last year. Financial
results included non-cash expense related to stock options of
$50,000 or $0.00 per share in the three months ended June 30, 2012
compared to $54,000 or $0.00 per share in the three month period
ended June 30, 2011.
Revenues for the six months ended June 30, 2012 were $10.2
million, which represented a decrease of 4 percent from revenues
for the same period in 2011 of $10.6 million. Net loss for the six
months ended June 30, 2012 was $970,000, or $0.06 per share,
compared to net loss of $17,000 or $0.00 per share for the same
period last year. Financial results for the six month periods
included non-cash expense related to stock options of $105,000 or
$0.01 per share in the six months ended June 30, 2012 compared to
$107,000 or $0.01 per share in the six months ended June 30,
2011.
"I am very pleased that we achieved record quarterly revenues in
the second quarter," stated Shannon Zimmerman, Chief Executive
Officer. "A variety of new clients selected Sajan to serve their
language translation needs, and we will be working hard to on-board
those clients as quickly as possible to grow our revenues further.
Through continued revenue growth and strict cost control, I am
determined to drive Sajan to quarterly profitability by the end of
the year," concluded Mr. Zimmerman.
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. CDT on August 16, 2012 by
dialing 888-325-4191.
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 -- GCMS™ -- 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
localization professionals develop 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. 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, 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 STATEMENT OF OPERATIONS (UNAUDITED)
Three months ended June 30, Six months ended June 30,
--------------------------- ---------------------------
2012 2011 2012 2011
------------ ------------ ------------ ------------
Revenues $ 5,512,768 $ 5,417,026 $ 10,176,499 $ 10,630,686
Operating Costs:
Cost of revenues
(exclusive of
depreciation and
amortization) 3,522,062 3,250,618 6,643,827 6,296,611
Sales and
marketing 640,210 661,363 1,242,772 1,261,231
Research and
development 319,080 372,587 765,806 792,141
General and
administrative 984,009 891,736 1,950,219 1,904,048
Loss on subsidiary
closure - - 80,113 -
Depreciation and
amortization 183,319 183,781 404,235 379,207
------------ ------------ ------------ ------------
Income (loss) from
Operations (135,912) 56,941 (910,473) (2,552)
Other income
(expense), net (44,772) (13,970) (59,812) (14,822)
------------ ------------ ------------ ------------
Income (loss)
before income
taxes (180,684) 42,971 (970,285) (17,374)
Income tax benefit - - - -
------------ ------------ ------------ ------------
Net income (loss) $ (180,684) $ 42,971 $ (970,285) $ (17,374)
============ ============ ============ ============
Income (loss) per
common share -
basic & diluted $ (0.01) $ 0.00 $ (0.06) $ (0.00)
------------ ------------ ------------ ------------
Weighted average
shares
outstanding -
basic 16,185,804 16,020,899 16,182,426 16,015,179
============ ============ ============ ============
Weighted average
shares
outstanding -
diluted 16,185,804 16,325,185 16,182,426 16,015,179
============ ============ ============ ============
Sajan, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
30-Jun-12
(Unaudited) 31-Dec-11
------------ ------------
Assets
Current assets
Cash and cash equivalents $ 237,330 $ 1,763,249
Accounts receivables, net of allowance of
$15,000 3,802,677 3,501,898
Other current assets 1,789,258 1,293,591
------------ ------------
Total current assets 5,829,265 6,558,738
Property and equipment, net 856,418 758,440
Other assets, net 864,565 1,100,614
------------ ------------
Total assets $ 7,550,248 $ 8,417,792
============ ============
Liabilities and Stockholders' Equity
Current liabilities
Payables $ 2,710,330 $ 2,507,490
Other current liabilities 1,914,477 2,116,333
------------ ------------
Total current liabilities 4,624,807 4,623,823
Long-term liabilities 773,711 788,528
------------ ------------
Total liabilities 5,398,518 5,412,351
------------ ------------
Stockholders' equity 2,151,730 3,005,441
------------ ------------
Total liabilities and stockholders' equity $ 7,550,248 $ 8,417,792
============ ============
Contact: Tim Clayton Chief Financial Officer email:
tclayton@sajan.com phone: 715-426-9505
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