Sajan, Inc. (OTCQB: SAJA), a provider of global language services
and translation management software, today reported financial
results for the quarter ended March 31, 2013.
Revenues for the quarter ended March 31, 2013 were $5.5 million,
which represented an increase of 18.5 percent over revenues for the
quarter ended March 31, 2012 of $4.7 million. The Company reported
net income for the first quarter of 2013 of approximately $16,000,
compared to a net loss of approximately $790,000, for the same
quarter last year. Financial results included non-cash expense
related to stock options of approximately $49,000, in the three
months ended March 31, 2013 compared to approximately $55,000, in
the three months ended March 31, 2012.
"The first quarter saw both revenue and new client additions
rise. Response to our technology release of Transplicity is quite
favorable. The business has solid momentum and will remain focused
on continual improvement," noted Sajan CEO, Shannon 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 at 10:30 a.m. (Central time) on May
14, 2013. 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 11:59 p.m. CT on May 21,
2013 by dialing 1-888-566-0673.
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 -- Transplicity -- 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 in the United States, we also have offices in Ireland, Spain
and Singapore. Sajan is publicly traded on the OTC 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, 2012 filed with the Securities and Exchange Commission on March
29, 2013, 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,
----------------------------
2013 2012
------------- -------------
Revenues $ 5,524,202 $ 4,663,731
Operating Costs:
Cost of revenues (exclusive of depreciation
and amortization) 3,412,746 3,121,765
Sales and marketing 740,081 602,562
Research and development 163,391 446,726
General and administrative 949,751 966,210
Depreciation and amortization 205,906 220,916
Loss on subsidiary closure - 80,113
------------- -------------
Income (Loss) from Operations 52,327 (774,561)
Other income (expense), net (23,307) (15,040)
------------- -------------
29,020 (789,601)
Income (loss) before income taxes
Income tax expense (13,347) -
------------- -------------
Net income (loss) $ 15,673 $ (789,601)
============= =============
Income (loss) per common share - basic &
diluted $ 0.00 $ (0.05)
------------- -------------
Weighted average shares outstanding - basic 16,268,393 16,179,193
============= =============
Weighted average shares outstanding - diluted 16,423,315 16,179,193
============= =============
Sajan, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
2013 2012
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 884,545 $ 892,939
Accounts receivables, net of allowance of
$15,000 3,568,283 3,192,337
Unbilled services 1,207,894 1,015,429
Other current assets 613,413 492,854
------------- -------------
Total current assets 6,274,135 5,593,559
Property and equipment, net 794,773 805,284
Other assets, net 974,472 897,534
------------- -------------
Total assets $ 8,043,380 $ 7,296,377
============= =============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payables $ 2,724,018 $ 2,501,772
Line of credit 400,000 400,000
Other current liabilities 1,954,485 1,434,229
------------- -------------
Total current liabilities 5,078,503 4,336,001
Long-term liabilities 750,000 757,549
------------- -------------
Total liabilities 5,828,503 5,093,550
------------- -------------
Stockholders' equity 2,214,877 2,202,827
------------- -------------
Total liabilities and stockholders' equity $ 8,043,380 $ 7,296,377
============= =============
Contact: Shannon Zimmerman Chief Executive Officer/Chief
Financial Officer email: szimmerman@sajan.com phone:
715-426-9505
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