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FOR IMMEDIATE RELEASE
Daegis Inc. Reports Fiscal 2015 First Quarter Results
Company Announces Extension of Credit Agreement to 2017
IRVING, Texas August 26, 2014 Daegis Inc. (NASDAQ: DAEG), a global archiving, eDiscovery, mobile application development and migration tools company, today announced financial results for its fiscal 2015 first quarter ended July 31, 2014.
First Quarter Fiscal 2015 Financial Highlights
- Total revenue of $6.7 million, compared to $8.0 million year over year.
- GAAP net loss of $247,000 or $0.02 per share, compared to GAAP net loss of $633,000 or $0.05 per share for the same period last year.
- Adjusted EBITDA of $823,000, compared to $828,000 last year. (1)
- Non-GAAP net income of $240,000 or $0.01 per share, compared to $53,000 or $0.00 per share last year. (1)
- Cash at July 31, 2014 was $5.1 million, compared to $7.2 million at April 30, 2014 and $5.0 million at July 31, 2013.
- Total debt outstanding at July 31, 2014 was $12.7 million, a decrease of $2.3 million from April 30, 2014.
- Credit Agreement with Wells Fargo extended to June 2017, Term Note B eliminated and interest rates reduced by 150 basis points.
Commenting on the results, Daegis CEO Tim Bacci said, We had a challenging quarter with our top line revenue as the strategic transformation of our business takes shape. That said, we’re seeing increasing interest in our combined archive and eDiscovery offering as well as in our Composer migration, email migration and mobile application development products. The Company is operationally efficient as a result of the changes made over the past twelve months, and our debt refinancing will not only save us interest costs, but also gives us the extension we need to achieve our growth in cash flow. As the market continues to evolve its encouraging to see growth potential across all of our major product lines in addition to increasing interest in our cloud based offerings. The net of all of this will be a more predictable revenue stream going forward.
The following information was filed by Daegis Inc. (DAEG) on Tuesday, August 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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