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FOR IMMEDIATE RELEASE
Daegis Inc. Reports Fiscal 2014 Third Quarter Results
- Company aligns business segments to reflect new organizational structure
- Sequentially increased Adjusted EBITDA margin by approximately 30%
- Launched new product: TD Mobile
IRVING, Texas Feb. 25, 2014 Daegis Inc. (NASDAQ: DAEG), a global archiving, eDiscovery and software development tools company, today announced financial results for its fiscal 2014 third quarter ended January 31, 2014.
Third Quarter Fiscal 2014 Financial Highlights
- Third quarter total revenue of $7.9 million, compared to $10.4 million year over year.
- Third quarter GAAP net loss of $878,000 or $0.05 per share, compared to GAAP net loss of $65,000 or $0.01 per share for the same period last year.
- Third quarter Adjusted EBITDA of $1.0 million, compared to $1.8 million last year. (1)
- Non-GAAP net income of $374,000 or $0.02 per share, compared to $1.1 million or $0.06 per share last year. (1)
- Cash at January 31, 2014 was $4.0 million, compared to $4.4 million at January 31, 2013.
- Total debt outstanding at January 31, 2014 was $15.3 million, a decrease of $2.9 million from January 31, 2013.
- We have combined our Archive and eDiscovery operations into one reporting segment, and our Database and Migration tools operations will be reported as a separate segment. As a result, we have restated historical results to reflect these new reporting segments.
Nine Months Ended Fiscal 2014 Financial Highlights
- Nine month total revenue of $23.6 million, compared to $30.4 million last year.
- Nine month GAAP net loss of $1.7 million or $0.11 per share, compared to GAAP net income of $344,000 or $0.00 per share for the same period last year.
- Nine month Adjusted EBITDA of $2.7 million, compared to $4.6 million last year. (1)
- Non-GAAP net income of $580,000 or $0.03 per share, compared to Non-GAAP net income of $2.3 million or $0.13 per share last year. (1)
Our third quarter results met our expectations as we reversed the declining revenue trend and improved our EBITDA margin, said Tim Bacci, CEO of Daegis Inc. With the alignment of the archive and eDiscovery business completed, the increasing market opportunity for a one solution approach for information governance and eDiscovery and the introduction of TD Mobile, we remain confident that well demonstrate growth in calendar 2014.
The following information was filed by Daegis Inc. (DAEG) on Wednesday, February 26, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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