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Rainmaker Reports Fourth Quarter and Full Year 2010 Results

CAMPBELL, Calif. Feb. 17, 2011 December 31, 2010

$9.2 million $9.4 million $7.8 million

$42.8 million $47.8 million $34.5 million $35.0 million

See Exhibit A for a reconciliation of GAAP net revenue to adjusted net revenue.

R ecent Business Highlights

  • Signed and launched new client Ariba for online sales
  • Signed multiple new clients and expansion for telesales services including a leading global provider of backup and recovery products
  • Renewed numerous client agreements for online education sales including a fortune 500 software client
  • Deployed online sales solution for global communications client
  • Generated continued year-over-year growth for online store of Fortune 500 security client
  • Appointed new Senior Vice President, Sales and Marketing with strong software and e-commerce experience
  • Released next generation version of cloud-based B2B online sales platform

Michael Silton

Tom Venable

$629,000 $2.1 million $768,000

Gross margin in the fourth quarter of 2010 was 37%, compared to 34% in the preceding quarter and 40% in the fourth quarter of 2009. Gross margin for 2010 was 44%, compared to 45% in 2009.

$2.8 million $0.13 $4.0 million $0.20 $2.5 million $0.13 $10.0 million $0.49 $8.3 million $0.43

$797,000 $139,000 $234,000 $2.1 million $0.10 $2.9 million $0.14 $1.7 million $0.09 $2.8 million $689,000 $1.0 million $4.6 million $190,000 $740,000 $501,000 $10.9 million $0.54 $4.6 million $0.24

December 31, 2010 $3.35

$12.2 million December 31, 2010 $13.6 million September 30, 2010 $466,000 $627,000

Financial Guidance

$40 million to $42 million

Conference Call

1:30 p.m. Pacific Time (800) 762 -8779 (800) 406-7325 4402641 www.rmkr.com www.rmkr.com

Discussion of Non-GAAP Financial Measures

Rainmaker Systems’ management evaluates and makes operating decisions using various performance measures.  In addition to GAAP results, Rainmaker also considers non-GAAP net loss and non-GAAP net loss per share, EBITDA and adjusted EBITDA, which excludes non-cash stock compensation expense from EBITDA. These non-GAAP measures are derived from the revenue generated by Rainmaker’s business and the costs directly related to the generation of that revenue, such as costs of services, sales and marketing expenses, technology expenses and general and administrative expenses, that management considers in evaluating the Company’s operating performance. These non-GAAP measures exclude certain revenues and expenses that management does not consider to be related to the Company’s core operating performance.

$1.4 million $66,000 December 31, 2010 $1.1 million December 31, 2010 $139,000 December 31, 2010 $85,000 December 31, 2010 $629,000 December 31, 2010 $797,000

$2.1 million $797,000 December 31, 2010 $139,000 December 31, 2010 $234,000 December 31, 2010

Non-GAAP net loss, non-GAAP net loss per share, EBITDA and adjusted EBITDA are supplemental measures of Rainmaker’s performance that are not required by, or presented in accordance with, GAAP. Moreover, they should not be considered as an alternative to any performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of liquidity. Rainmaker presents these non-GAAP measures because management considers them to be important supplemental measures of Rainmaker’s operating performance and profitability trends, and because management believes they give investors useful information on period-to-period performance as evaluated by management. Rainmaker believes that the use of these non-GAAP measures provides consistency and comparability with Rainmaker’s past financial reports and also facilitates comparisons with other companies in Rainmaker’s industry, a number of which use similar non-GAAP financial measures to supplement their GAAP results. Management has used these non-GAAP measures when evaluating operating performance because management believes that the inclusion or exclusion of the items described above provides an additional measure of the Company’s core operating results and facilitates comparisons of the Company’s core operating performance against prior periods and the Company’s business model objectives. Rainmaker has chosen to provide this information to investors to enable them to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluation of the Company’s ongoing core operations.

About Rainmaker

www.rmkr.com

NOTE: Rainmaker Systems, the Rainmaker logo, and Sunset Direct are registered with the U.S. Patent and Trademark Office. All other service marks or trademarks are the property of their respective owners.

This press release contains forward-looking statements regarding future events. These forward-looking statements are based on information available to Rainmaker as of this date and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance, and actual results could differ materially from current expectations . Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are our client concentration, as we depend on a small number of clients for a significant percentage of our revenue, the possibility of the discontinuation and/or realignment of some client relationships, general market conditions, the current difficult macro-economic environment and its impact on our business, as our clients are reducing their overall marketing spending and our clients’ customers are reducing their purchase of services contracts, the high degree of uncertainty and our limited visibility due to economic conditions, our ability to execute our business strategy, our ability to integrate acquisitions without disruption to our business, the effectiveness of our sales team and approach, our ability to target, analyze and forecast the revenue to be derived from a client and the costs associated with providing services to that client, the date during the course of a calendar year that a new client is acquired, the length of the integration cycle for new clients and the timing of revenues and costs associated therewith, our ability to expand our channel hosted contract solution and drive adoption of this solution by resellers, potential competition in the marketplace, the ability to retain and attract employees, market acceptance of our service programs and pricing options, our ability to maintain our existing technology platform and to deploy new technology, our ability to sign new clients and control expenses, and the financial condition of our clients’ businesses, and other factors detailed in the Company’s filings with the Securities and Exchange Commission, including our filings on Forms 10-K and 10-Q

– Financial tables to follow –

RAINMAKER SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

December 31,

December 31,

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$          12,171

$          15,129

Restricted cash

88

13

Accounts receivable, less allowance for doubtful accounts of $102 at December 31, 2010 and $58 at December 31, 2009

6,889

7,604

Prepaid expenses and other current assets

1,087

1,895

       Total current assets

20,235

24,641

Property and equipment, net

6,140

6,952

Intangible assets, net

432

890

Goodwill

5,269

3,777

Other noncurrent assets

833

2,409

       Total assets

$          32,909

$          38,669

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$            6,706

$            8,290

Accrued compensation and benefits

1,168

1,079

Other accrued liabilities

2,792

2,221

Deferred revenue

2,820

2,656

Current portion of capital lease obligations

240

Current portion of notes payable

2,520

1,350

       Total current liabilities

16,006

15,836

Deferred tax liability

384

281

Long term deferred revenue

244

229

Other long-term liabilities

182

Notes payable, less current portion

1,834

1,257

       Total liabilities

18,650

17,603

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value; 5,000,000 shares authorized, none issued and outstanding

Common stock, $0.001 par value; 50,000,000 shares authorized; 24,750,009 shares issued and 23,275,199 shares outstanding at December 31, 2010, and 23,034,645 shares issued and 21,996,003 shares outstanding at December 31, 2009

22

20

Additional paid-in capital

124,836

121,138

Accumulated deficit

(106,947)

(96,997)

Accumulated other comprehensive loss

(1,385)

(1,381)

Treasury stock, at cost, 1,474,810 shares at December 31, 2010 and 1,038,642 shares at December 31, 2009

(2,267)

(1,714)

       Total stockholders’ equity

14,259

21,066

       Total liabilities and stockholders’ equity

$          32,909

$          38,669

RAINMAKER SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

Year Ended

December 31,

December 31,

2010

2009

2010

2009

Net revenue

$  9,193

$ 10,779

$ 42,768

$ 47,794

Cost of services

5,753

6,504

23,871

26,383

       Gross margin

3,440

4,275

18,897

21,411

Operating expenses:

       Sales and marketing

668

975

3,713

4,376

       Technology and development

2,093

2,532

9,159

10,371

       General and administrative

2,105

2,174

10,075

9,096

       Depreciation and amortization

1,191

1,178

4,816

5,593

       Gain on fair value remeasurement

(190)

       Total operating expenses

6,057

6,859

27,573

29,436

       Operating loss

(2,617)

(2,584)

(8,676)

(8,025)

Interest and other income (expense), net

(85)

28

(995)

(86)

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