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Sajan Inc (SAJA) SEC Filing 8-K Material Event for the period ending Thursday, November 3, 2016

Sajan Inc

CIK: 1118037 Ticker: SAJA

Exhibit 99.1

 

PRESS RELEASE
November 3, 2016

 

For Immediate Release
Contact:

Tom Skiba

Chief Financial Officer

email: tskiba@sajan.com

phone: 715-426-950

 

 

Sajan, Inc. Announces Financial Results for

3rd Quarter and First Nine Months of 2016

 

RIVER FALLS, Wis., November 3, 2016 - Sajan, Inc. (NASDAQ: SAJA), a leading provider of global language services and translation management system technology, today reported its financial results for the third quarter and nine months ended September 30, 2016.

 

Revenues were $7,522,000 for the quarter ended September 30, 2016 compared to revenues of $7,333,000 for the quarter ended September 30, 2015. The Company reported net income of $108,000 for the quarter ended September 30, 2016 compared to a net loss of $(127,000) for the quarter ended September 30, 2015. Adjusted EBITDA was $330,000 for the quarter ended September 30, 2016 compared to $212,000 for the quarter ended September 30, 2015. See the section entitled “Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to net income (loss).

 

Revenues for the nine months ended September 30, 2016 were $21,563,000 compared to $22,192,000 in the same period of 2015. Net loss for the first nine months of 2016 was $(388,000) compared to a net loss of $(121,000) in the same period of 2015. Adjusted EBITDA was $271,000 in the first nine months of 2016 compared to $873,000 in the same period of 2015.

 

Shannon Zimmerman, CEO of Sajan, commented on the Company’s 3rd quarter results: “We are excited to hit our goals of improved revenue growth and Adjusted EBITDA during the quarter. Our largest clients led the way as we saw aggregate revenue growth of 15% in this quarter’s top 10 accounts. Further, we continue to expand our reach and customer base as we experienced healthy new client additions during the quarter. Technology improvements and good supply chain management resulted in lower translator costs during the quarter and are the main reasons for our improved earnings. We expect these trends to continue in the future as we focus on driving higher profitability.”

 

 

 

 

 

Non-GAAP Financial Measures – Adjusted EBITDA

 

   Three months ended September 30,   Nine months ended September 30, 
EBITDA  2016   2015   2016   2015 
Net income (loss)  $108   $(127)  $(388)  $(121)
Interest expense   4    11    14    47 
Income taxes   3    3    7    12 
Depreciation and amortization   135    250    423    712 
Stock-based compensation   80    75    215    223 
Adjusted EBITDA  $330   $212   $271   $873 

 

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

Sajan'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 November 3, 2016. Sajan 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 November 10, 2016 by dialing (866) 481-5006.

 

 -2-

 

 

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. Sajan’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission, its press releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect Sajan’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 Sajan’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on March 16, 2016 under the heading “Item 1A. Risk Factors.” Sajan 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.

 

 

 -3-

 

 

Sajan, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

Amounts in thousands except per share data

 

 

   Three months ended September 30,   Nine months ended September 30, 
   2016   2015   2016   2015 
Revenues  $7,522   $7,333   $21,563   $22,192 
Operating Costs:                    
Cost of revenues (exclusive of depreciation and amortization)   4,729    4,706    13,755    13,598 
Sales and marketing   1,010    974    2,998    2,780 
Research and development   345    354    1,184    1,262 
General and administrative   1,186    1,163    3,564    3,897 
Depreciation and amortization   135    250    423    712 
 Income (loss) from Operations   117    (114)   (361)   (57)
Other expense, net   6    10    20    52 
Income (loss) before income taxes   111    (124)   (381)   (109)
Income tax expense   3    3    7    12 
Net income (loss)   $108   $(127)  $(388)  $(121)
Income (loss) per common share – basic & diluted  $0.02   $(0.03)  $(0.08)  $(0.03)
Weighted average shares outstanding – basic   4,785    4,781    4,783    4,780 
Weighted average shares outstanding – diluted   4,799    4,781    4,783    4,780 

 

 -4-

 

 

Sajan, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Amounts in thousands

 

 

   September 30, 2016   December 31, 2015 
Assets        
Current assets          
Cash and cash equivalents  $3,477   $3,727 
Accounts receivable, net of allowance   4,179    5,032 
Unbilled services   1,296    646 
Other current assets   794    684 
Total current assets   9,745    10,089 
Property and equipment, net   815    642 
Other assets, net   183    181 
Total Assets  $10,743   $10,912 
Liabilities and Stockholders' Equity          
Current liabilities          
Accounts payables  $3,605   $3,297 
Other current liabilities   1,352    1,666 
Total current liabilities   4,957    4,963 
           
Stockholders' equity   5,786    5,949 
Total Liabilities and Stockholders' Equity  $10,743   $10,912 

 

 -5-

 

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Ticker: SAJA
CIK: 1118037
Form Type: 8-K Corporate News
Accession Number: 0001144204-16-131258
Submitted to the SEC: Thu Nov 03 2016 9:01:13 AM EST
Accepted by the SEC: Thu Nov 03 2016
Period: Thursday, November 3, 2016
Industry: Business Services
Events:
  1. Earnings Release
  2. Event for Officers
  3. Financial Exhibit

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