Sajan, Inc. (OTCQB: SAJA), a provider of global language services
and translation management software, today reported financial
results for the quarter ended June 30, 2013.
Revenues for the quarter ended June 30, 2013 were $6.1 million,
which represented an increase of 11.3 percent over revenues for the
quarter ended June 30, 2012 of $5.5 million. The Company reported
net income for the second quarter of 2013 of approximately
$147,000, or $0.01 per share, compared to a net loss of
approximately $181,000, or $0.01 per share for the same quarter
last year. Financial results included non-cash expense related to
stock options of approximately $51,000, in the three months ended
June 30, 2013 compared to approximately $50,000, in the three
months ended June 30, 2012.
Revenues for the six months ended June 30, 2013 were $11.7
million, which represented an increase of 14.6 percent from
revenues for the same period in 2012 of $10.2 million. Net income
for the six months ended June 30, 2013 was approximately $163,000,
or $0.01 per share, compared to net loss of approximately $970,000
or $0.06 per share for the same period last year. Financial results
for the six months included non-cash expense related to stock
options of approximately $100,000 in the six months ended June 30,
2013 compared to approximately $105,000 in the six months ended
June 30, 2012.
"I am very pleased with the progress made during Q2. Not only
were improvements made in nearly every financial category, we
continue to see a positive response from the market to
Transplicity. Additionally, our business development efforts are
gaining momentum and Global Operations showed improved performance.
Sajan's innovative solution and progress such as this will serve to
better position the company for even greater future success," 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
August 12, 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 August 19, 2013 by dialing 1-888-566-0617.
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 teams of localization professionals develop
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 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 Six months ended
June 30, June 30,
------------------------ ------------------------
2013 2012 2013 2012
----------- ----------- ----------- -----------
Revenues $ 6,133,008 $ 5,512,768 $11,657,210 $10,176,499
Operating Costs:
Cost of revenues
(exclusive of
depreciation and
amortization) 3,743,441 3,522,062 7,156,187 6,643,827
Sales and marketing 833,593 640,210 1,573,674 1,242,772
Research and development 205,393 319,080 368,784 765,806
General and
administrative 943,775 984,009 1,893,526 1,950,219
Loss on subsidiary
closure - - - 80,113
Depreciation and
amortization 222,761 183,319 428,667 404,235
----------- ----------- ----------- -----------
Income (loss) from
Operations 184,045 (135,912) 236,372 (910,473)
Other income (expense),
net (30,669) (44,772) (53,976) (59,812)
----------- ----------- ----------- -----------
Income (loss) before
income taxes 153,376 (180,684) 182,396 (970,285)
Income tax (expense)
benefit (5,926) - (19,273) -
----------- ----------- ----------- -----------
Net income (loss) $ 147,450 $ (180,684) $ 163,123 $ (970,285)
=========== =========== =========== ===========
Income (loss) per common
share - basic & diluted $ 0.01 $ (0.01) $ 0.01 $ (0.06)
----------- ----------- ----------- -----------
Weighted average shares
outstanding - basic 16,268,393 16,185,804 16,268,393 16,182,426
=========== =========== =========== ===========
Weighted average shares
outstanding - diluted 16,308,220 16,185,804 16,308,220 16,182,426
=========== =========== =========== ===========
Sajan, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2013 December 31,
(Unaudited) 2012
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 945,052 $ 892,939
Accounts receivable, net of allowance of
$15,000 4,001,815 3,192,337
Unbilled services 1,137,283 1,015,429
Other current assets 685,812 492,854
------------- -------------
Total current assets 6,769,962 5,593,559
Property and equipment, net 1,022,938 805,284
Other assets, net 981,730 897,534
------------- -------------
Total assets $ 8,774,630 $ 7,296,377
============= =============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payables $ 2,547,709 $ 2,501,772
Line of credit 400,000 400,000
Other current liabilities 2,523,679 1,434,229
------------- -------------
Total current liabilities 5,471,388 4,336,001
Long-term liabilities 872,540 757,549
------------- -------------
Total liabilities 6,343,928 5,093,550
------------- -------------
Stockholders' equity 2,430,702 2,202,827
------------- -------------
Total liabilities and stockholders' equity $ 8,374,630 $ 7,296,377
============= =============
Contact: Shannon Zimmerman Chief Executive Officer/Chief
Financial Officer email: szimmerman@sajan.com phone:
715-426-9505
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