UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May
7, 2015
Sajan, Inc.
(Exact name of registrant as specified in
its charter)
Delaware |
000-51560 |
41-1881957 |
(State or other jurisdiction of
incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
|
|
|
625 Whitetail Blvd., River Falls, Wisconsin |
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54022 |
|
|
|
(Address of principal executive offices) |
|
(Zip Code) |
(715) 426-9505
(Registrant’s telephone number, including
area code)
(Former name
and former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 |
Results of Operations and Financial Condition. |
On May 7, 2015, Sajan, Inc. (“the Company”) issued
a press release in which it reported the Company’s financial results for the first quarter ended March 31, 2015. The full
text of the press release is furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01. |
Financial Statements and Exhibits. |
Exhibit No. |
|
Description |
|
|
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99.1 |
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Press Release issued on May 7, 2015 regarding the Company’s financial results for the first quarter ended March 31, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SAJAN, INC. |
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By: |
/s/ Thomas P. Skiba |
|
Thomas P. Skiba, Chief Financial Officer |
|
|
Date: May 7, 2015 |
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SAJAN, INC.
FORM 8-K CURRENT REPORT
INDEX TO EXHIBITS
Exhibit No. |
|
Description |
|
|
|
99.1 |
|
Press Release issued on May 7, 2015 regarding the Company’s financial results for the first quarter ended March 31, 2015. |
Exhibit 99.1
PRESS RELEASE |
For Immediate Release |
May 7, 2015 |
Contact: |
![](image_004.jpg) |
Tom Skiba |
Chief Financial Officer |
email: tskiba@sajan.com |
phone: 715-426-9505 |
|
|
Sajan,
Inc. Announces Financial Results for 1st Quarter 2015
Revenue
increases 22 percent over prior year period
RIVER FALLS, Wis., May 7, 2015- Sajan, Inc. (NASDAQ:
SAJA), a leading provider of global language services and translation management system technology, today reported financial results
for the first quarter ended March 31, 2015.
Revenues were $7,481,000, which represented an
increase of 22% over revenues for the quarter ended March 31, 2014 of $6,154,000. The Company reported net income of $4,000 for
the quarter ended March 31, 2015 compared to a net loss of $400,000, for the quarter ended March 31, 2014. Adjusted EBITDA was
a positive $346,000 for the quarter ended March 31, 2015 compared to a negative $52,000 for the quarter ended March 31, 2014. See
the section entitled “Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to net income (loss).
“I am extremely pleased with our continued
revenue growth and improved profitability” said Shannon Zimmerman, CEO of Sajan. Shannon continues, “This was the Company’s
9th consecutive quarter of double digit revenue growth. Our increased revenue is being driven by a combination of new
clients and higher revenue from our existing clients.”
“In order to support our expected growth and
achieve our strategic objectives during the rest of 2015, we will be making investments in additional operating personnel in the
second and third quarter of this year. We also are planning to expand our sales and marketing activities related to Site Sync,
our website translation solution, as well as enhancing its technological capabilities. We also remain focused on our acquisition
strategy.”
In closing Shannon notes, “The spirit of the company remains very high and we are aggressively fixated on our objectives.
I could not be happier with the great work our global staff is delivering.”
Non-GAAP Financial Measures – Adjusted
EBITDA
Adjusted EBITDA | |
Three months ended March 31, | |
(in thousands) | |
2015 | | |
2014 | |
Net income (loss) | |
$ | 4 | | |
$ | (400 | ) |
Interest expense | |
| 19 | | |
| 23 | |
Income taxes | |
| 10 | | |
| 20 | |
Depreciation and amortization | |
| 230 | | |
| 241 | |
Stock-based compensation | |
| 83 | | |
| 64 | |
Adjusted EBITDA | |
$ | 346 | | |
$ | (52 | ) |
We calculate Adjusted EBITDA by taking net income (loss) calculated
in accordance with GAAP, and adding interest expense, income taxes, depreciation and amortization, and stock-based compensation.
We believe that this non-GAAP measure of financial results provides useful information to management and investors regarding certain
financial and business trends relating to our financial condition and results of operations. Our management uses this non-GAAP
measure to compare our performance to that of prior periods for trend analyses and for budgeting and planning purposes. This measure
is also used in financial reports prepared for management and our board of directors. We believe that the use of this non-GAAP
financial measure provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing
our financial measures with other companies, many of which present similar non-GAAP financial measures to investors.
Our management does not consider this non-GAAP measure in isolation
or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of this non-GAAP financial
measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our consolidated financial
statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgments by management about which
expenses and income are excluded or included in determining this non-GAAP financial measure. In order to compensate for these limitations,
management presents this non-GAAP financial measure in connection with GAAP results. We urge investors to review the reconciliation
of our non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to
evaluate our business.
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 7, 2015. 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 11:59 p.m. CT on May 15, 2015 by dialing (800) 234-5713.
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 Sajan’s solution is its
industry-leading language translation management system technology, Sajan Transplicity, which provides process automation and
innovative multilingual content reuse to ensure schedule predictability, higher quality and cost efficiencies for its
clients. By working closely with its clients, Sajan’s experienced team of localization professionals develops tailored
solutions that lend flexibility to any large or small business that truly desires to “think globally but act
locally.” Based in the United States, Sajan also has offices in Ireland, Spain and Singapore. Visit Sajan online 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, 2014 filed with
the Securities and Exchange Commission on March 23, 2015, 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)
Amounts in thousands except per share data
| |
Three months ended March 31, | |
| |
2015 | | |
2014 | |
Revenues | |
$ | 7,481 | | |
$ | 6,154 | |
Operating Expenses: | |
| | | |
| | |
Cost of revenues (exclusive of depreciation and amortization) | |
| 4,411 | | |
| 3,939 | |
Sales and marketing | |
| 920 | | |
| 774 | |
Research and development | |
| 433 | | |
| 460 | |
General and administrative | |
| 1,448 | | |
| 1,098 | |
Depreciation and amortization | |
| 230 | | |
| 241 | |
Income (loss) from Operations | |
| 39 | | |
| (358 | ) |
Other expense, net | |
| 25 | | |
| 22 | |
Income (loss) before income taxes | |
| 14 | | |
| (380 | ) |
Income tax expense | |
| 10 | | |
| 20 | |
Net income (loss) | |
$ | 4 | | |
$ | (400 | ) |
Income (loss) per common share – basic & diluted | |
$ | 0.00 | | |
$ | (0.10 | ) |
Weighted average shares outstanding – basic | |
| 4,775 | | |
| 4,067 | |
Weighted average shares outstanding – diluted | |
| 4,869 | | |
| 4,067 | |
Sajan, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Amounts in thousands
| |
March 31, 2015 | | |
December
31, 2014 | |
Assets | |
| | |
| |
Current assets | |
| | |
| |
Cash and cash equivalents | |
$ | 4,621 | | |
$ | 4,662 | |
Accounts receivable, net of allowance | |
| 4,261 | | |
| 3,999 | |
Unbilled services | |
| 1,390 | | |
| 1,024 | |
Other current assets | |
| 581 | | |
| 550 | |
Total current assets | |
| 10,853 | | |
| 10,235 | |
Property and equipment, net | |
| 704 | | |
| 711 | |
Other assets, net | |
| 401 | | |
| 491 | |
Total Assets | |
$ | 11,958 | | |
$ | 11,437 | |
Liabilities and Stockholders' Equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payables | |
$ | 3,263 | | |
$ | 3,076 | |
Other current liabilities | |
| 3,066 | | |
| 2,807 | |
Total current liabilities | |
| 6,329 | | |
| 5,883 | |
| |
| | | |
| | |
Stockholders' equity | |
| 5,629 | | |
| 5,554 | |
Total Liabilities and Stockholders' Equity | |
$ | 11,958 | | |
$ | 11,437 | |
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