Sajan, Inc. Announces Record Fourth Quarter Revenue and

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
73
Sajan, Inc. Announces Record Fourth Quarter Revenue and Full Financial Results for Fourth Quarter and Fiscal Year 2016

RIVER FALLS, Wis., Feb. 10, 2017 (GLOBE NEWSWIRE) -- Sajan, Inc. (NASDAQ: SAJA ), a leading provider of global language services and translation management system technology, today reported its financial results for the fourth quarter and fiscal year ended Dec. 31, 2016.

Revenues were a record $7,657,000 for the quarter ended Dec. 31, 2016, compared to $7,496,000 in the fourth quarter of 2015. The Company reported a net loss for the quarter ended Dec. 31, 2016, of ($165,000) including $259,000 of non-recurring restructuring costs, compared to net income of $263,000 for the quarter ended Dec. 31, 2015. Adjusted EBITDA was $290,000 for the quarter ended Dec. 31, 2016, compared to $515,000 for the quarter ended Dec. 31, 2015. See the section entitled “Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to net income (loss). 

Revenues for the fiscal year ended Dec. 31, 2016, were $29,219,000 compared to $29,688,000 in the same period of 2015. Net loss for the fiscal year ended Dec. 31, 2016, was ($553,000) including $259,000 of non-recurring restructuring costs, compared to net income of $142,000 for the same period of 2015. Adjusted EBITDA was $561,000 in 2016 compared to $1,386,000 in 2015. See the section entitled “Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to net income (loss).

Shannon Zimmerman, CEO of Sajan, commented on the Company’s fourth quarter results: “I am pleased with our record performance and continued revenue growth in the fourth quarter. Our largest clients were the main contributors as we saw our top 20 accounts comprise 74 percent of our fourth quarter revenue. We also took a major step in improving our profitability outlook for 2017 in November by restructuring our business. The actions taken impacted operations, sales and marketing, research and development and administrative areas of the Company. Although painful, we expect our actions to save the Company approximately $1,200,000 of annual compensation costs while not impacting our ability to achieve our long term revenue growth objectives.”

Non-GAAP Financial Measures – Adjusted EBITDA
 
  Three months ended December 31,   Years ended December 31,
EBITDA   2016       2015     2016       2015
Net (loss) income   ($165 )     $263     ($553 )     $142
Interest expense   4         3     18         49
Income taxes   -         -     7         13
Restructuring costs   259         -     259         -
Depreciation and amortization   133         175     556         887
Stock-based compensation   59         74     274         296
Adjusted EBITDA $290       $515   $561       $1,387
                       

We calculate Adjusted EBITDA by taking net income (loss) calculated in accordance with GAAP, and adding interest expense, income taxes, restructuring costs, depreciation and amortization, and stock-based compensation. We believe that this non-GAAP measure of financial results provides useful information to management 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 Feb. 10, 2017. 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 Feb. 17, 2017 by dialing (800) 925-0843.

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. Our forward-looking statements in this press release generally relate to: our expectations regarding the effects of our cost saving measures on expenses, revenue, and profitability. 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 Dec. 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.

Sajan, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) Amounts in thousands except per share data
 
  Three months ended December 31,     Years ended December 31,
    2016       2015       2016       2015
Revenues $7,657       $7,496     $29,219       $29,688
Operating Costs:                                
Cost of revenues (exclusive of depreciation and amortization)   4,847         4,671       18,603         18,269
Sales and marketing   971         884       3,969         3,664
Research and development   430         425       1,613         1,688
General and administrative   1,180         1,075       4,744         4,971
Restructuring costs   259         -       259         -
Depreciation and amortization   133         175       556         887
 (Loss) income from Operations   (163 )       266       (525 )       209
Other expense, net   2         3       21         54
(Loss) income before income taxes   (165 )       263       (546 )       155
Income tax expense   -         -       7         13
Net (loss) income      ($165 )     $263       ($553 )     $142
(Loss) income per common share – basic   ($0.03 )     $0.06       ($0.12 )     $0.03
(Loss) income per common share – diluted   ($0.03 )     $0.05       ($0.12 )     $0.03
Weighted average shares outstanding – basic   4,796         4,783       4,787         4,780
Weighted average shares outstanding – diluted   4,796         4,810       4,787         4,836
Sajan, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Amounts in thousands
           
 
    December 31, 2016  December 31, 2015  
Assets          
Current assets          
Cash and cash equivalents   $3,136   $3,727  
Accounts receivable, net of allowance     5,198     5,032  
Unbilled services     1,022     646  
Other current assets     645     684  
Total current assets     10,001     10,089  
Property and equipment, net     720     642  
Other assets, net     181     181  
Total Assets   $ 10,902   $ 10,912  
Liabilities and Stockholders' Equity          
Current liabilities          
Accounts payables   $3,712   $3,297  
Other current liabilities     1,534     1,666  
Total current liabilities     5,246     4,963  
           
Stockholders' equity     5,656     5,949  
Total Liabilities and Stockholders' Equity   $ 10,902   $ 10,912  

 

Contact: Tom Skiba Chief Financial Officer email: tskiba@sajan.com phone: 715-426-9505

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Servier's Data on Tovorafenib Shows Promise in pLGG

Updated Category News Views 538

New Light on a Critical Challenge Talk about a fight in the dark. Pediatric low-grade glioma (pLGG) is a menace that families dread, an uphill battle with odds that feel relentless. Enter Servier and its four-year updated data on OJEMDA® (tovorafenib), a beacon of hope for kids battling these tricky brain tumors. Results, presented at the SNO meeting, are fresh off the...

Continue Reading
Layne's Chicken Fingers Expands with Brownsville Opening

Updated Category News Views 395

Fried Delights Rise in Brownsville Never thought I'd see the day when chicken fingers felt like the main character in an epic expansion saga, but here we are. Ricki Oberoi, a veteran in the fast-food game, is pushing onward with Layne's Chicken Fingers in Brownsville, Texas. I tell you, some folks are as keen on expanding their palates as they are their portfolios....

Continue Reading
YSTUDIO's Pens: A Nod to the Power of Writing

Updated Category News Views 557

Slow Down, Write On: A New Era for Stationery In a world where sentiments zip around with a swipe, here we find YSTUDIO tapping into something analog and profound. Their latest offerings—a 'Brand Day Gift Box' and the 'Inner Universe' pen series—are more than just high-end stationery. They’re an invitation to reconnect with the written word, a gesture to slow our...

Continue Reading
HONGQI's EHS4 Launch in Europe: Bridging East and West

Updated Category News Views 265

Revving Up a New Chapter: HONGQI in Venice There's a new player in the European automotive scene, and it's rolling in with more style than a Venetian gondola. HONGQI, a name that's been turning gears in China since '58, is packing its suitcases full of Eastern elegance and landing straight in Venice with the all-electric EHS4. On November 16, the brand is set to unveil...

Continue Reading
Championing Change: USTA Mid-Atlantic Gala's Impact

Updated Category News Views 14

A Night to Remember: USTA Mid-Atlantic's Gala Who would've thought tennis could wield such transformative power? This ain't your average sport gala. Last Saturday, a crowd of over 300 gathered at the Ritz-Carlton Tysons Corner for the USTA Mid-Atlantic Foundation's 2026 Tennis Creates Gala. Hosted by the formidable Malika Andrews, this event wasn't just a fancy...

Continue Reading
Novo's CagriSema Trial Shows Promising Obesity Results

Updated Category News Views 432

Novo's Latest Weight Loss Gamble Well, look what we have here. Novo Nordisk is shaking up the obesity treatment scene with some bold numbers from their REDEFINE 9 trial. The investigational CagriSema combo of amylin analog and GLP-1 receptor agonist has churned out an eyeball-popping near 21% weight loss. For context, we're staring down the barrel of numbers far meatier...

Continue Reading
KINGRVER Boosts RV Comfort with New Water Heater Lineup

Updated Category News Views 43

An Upgrade for the Open Road In the land of RV living, comfort is king—or in this case, KINGRVER. Dropping affordable upgrades for water heaters into the world of RVs, KINGRVER's CT6 lineup is like a warm hug on a chilly campsite morning. Whether you've pulled up to a wooded retreat or parked under the vast desert sky, having dependable hot water shouldn't be a gamble....

Continue Reading
D-Wave Quantum Hit with Securities Fraud Lawsuit

Updated Category News Views 0

A Legal Quagmire for D-Wave Quantum Investors Securities fraud lawsuits are like light in a dark alley—you need them when the truth's been stashed out of sight, but they illuminate the dirty and damp parts of investment strategies nobody wants to talk about. Right now, D-Wave Quantum Inc. is smack dab in the middle of such litigious action. If you had the misfortune of...

Continue Reading
Beef 'O' Brady's Expands Into Tuscaloosa Market

Updated Category News Views 50

A New Player in Town: Beef 'O' Brady's Lands in Tuscaloosa Listen up, sports fans and pub grub lovers of Tuscaloosa! Beef 'O' Brady's just kicked down the doors and expanded its reach, opening a location smack on McFarland Boulevard. The place threw open its doors on October 26 and is set to make waves in the local scene, driven by the dedicated hands of Mitul Patel and...

Continue Reading
WHO and RCSI Bahrain Join Forces on Health Initiatives

Updated Category News Views 305

Forging a Healthier Pathway In a world where healthcare challenges rise faster than my blood pressure during a stock market crash, the World Health Organization (WHO) and the Royal College of Surgeons in Ireland (RCSI) – Medical University of Bahrain have inked a deal to tackle these issues head-on. The memorandum of understanding (MoU) signed on November 15, 2026,...

Continue Reading

Top 5 Most Recently Viewed Articles

ASE Advises Car Checkups Amid Rising Gas Prices

Updated Category News Views 18

Cars, Gas, and Good Old-Fashioned Maintenance If you've been hitting the road lately, you might've noticed gas prices biting a bit deeper into your wallet. The National Institute for Automotive Service Excellence (ASE) has something to say about that. They're dropping some knowledge on how an ASE Certified automotive service professional can help your vehicle run more...

Continue Reading
Impact of US Surgeon General's Cancer Warning on Spirits Stocks

Updated Category News Views 195

Market Reactions to Health Alerts in Alcohol Industry Recent comments from health officials can significantly sway market sentiments, especially in industries tied closely to public health. After the U.S. Surgeon General raised concerns about the impact of alcoholic beverages on health, European spirits manufacturers and brewers experienced a noticeable drop in their...

Continue Reading
Exploring Enterprise Products Partners: A Comprehensive Guide

Updated Category News Views 221

Enterprise Products Partners made waves as a midstream master limited partnership (MLP), catching the eye of specific investor types. This ain’t your usual stock; it’s got some quirks that make it unique, particularly its impressive 7.1% distribution yield, which can sound tempting but also rings alarm bells for those hunting growth. Distribution Yield: A Double-Edged...

Continue Reading
Gentoo Media Shareholders Decide on Euronext Delisting Move

Updated Category News Views 201

Gentoo Media's Special Meeting of Shareholders Overview A Special Meeting of Shareholders in Gentoo Media Inc. was conducted recently, attracting a considerable presence of shareholders. Those attending either in person or through proxy accounted for a noteworthy 51.18% of the shares with voting rights. Key Resolutions Made The primary resolution passed during this...

Continue Reading
Municipality Finance Successfully Issues USD 25 Million Tranche

Updated Category News Views 168

Municipality Finance Successfully Issues USD 25 Million Tranche Municipality Finance Plc has recently made headlines with the issuance of a new USD 25 million tranche under its Medium Term Note (MTN) program. This strategic move continues to bolster the company’s existing benchmark, which was initially introduced earlier this year. As of now, the cumulative nominal...

Continue Reading