SAN MATEO, CA — (Marketwired) — 08/08/13 — Selectica, Inc. (NASDAQ: SLTC), provider of software that and , today announced financial results for its fiscal first quarter ended June 30, 2013.
Selectica Chairman Michael Brodsky said, “Our first quarter was overall weaker than anticipated. However, I remain fully confident in our potential to continue to grow our top-tier client base and seize the opportunity to supply best-in-class CPQ and contract management solutions to a growing, global market.”
“We-re pleased to have completed a capital raise earlier in the quarter resulting in net proceeds of approximately $5.2 million through the sale of stock and warrants,” said Todd Spartz, Selectica Chief Financial Officer. “We did, however, recognize increased bad debt, resulting in a quarter-over-quarter increase of $415,000 within general administrative expense.”
Selectica delivered the following financial results for the first quarter of fiscal 2014:
Selectica grew recurring revenue from $2.6 million in Q1 FY 2013 to $3.2 million in Q1 FY2014, a year-over-year increase of 20%.
Billings for Q1 FY2014 were $3.3 million, compared to $4.1 million in Q1 FY2013, a 21% decrease year-over-year. Billings were $6.7 million in Q4 FY2013. The company defines billings, a non-GAAP financial measure, as revenue recognized during the period plus the change in deferred revenue from the beginning to the end of the period. Please refer to the financial tables below for a reconciliation of this non-GAAP measure to GAAP.
As of Q1 FY2014, the company had deferred revenue of $6.8 million, a 2% year-over-year increase from Q1 FY2013, when deferred revenue was $6.7 million. As of Q4 FY2013, deferred revenue was $7.9 million.
Business highlights from Q1 FY2014 include:
In May, Selectica secured equity financing to be delivered over the course of two quarters and to be used to fuel additional sales presence both in North America and EMEA. The total value of the raise was $6.4 million with the first installment being $5.7 million (net $5.2 million).
Selectica-s summer release, announced in June, introduced a series of significant enhancements to its core configure price quote solution, including a comprehensive analytics dashboard, workflows that can be configured according to user needs, and an out-of-the-box integration with Selectica Contract Lifecycle Management for a seamless path from configuration, pricing, and quoting through to contract management.
At NetSuite-s annual user conference, SuiteWorld 2013, Selectica launched its Selectica CPQ for NetSuite offering, giving NetSuite users the opportunity to expand the value of their investment, and configure, price, and quote accurate deals from their NetSuite environment.
Selectica announced the release of Selectica Contract Lifecycle Management (CLM) 6.0 which features an integration with DocuSign, improved contract approvals visibility, and a revamped composer UI to simplify approvals rule modeling.
Selectica expanded its global operations into EMEA territory, adding two sales representatives local to the area dedicated to nurturing overseas pipeline.
Total revenues for Q1 FY2014 were $4.4 million, compared to $4.2 million for Q1 FY2013, a year-over-year increase of 5. Total revenues were $4.2 million in Q4 FY2013.
Net loss applicable to common stockholders for Q1 FY2014 was $2.9 million, or $(0.97) per share, compared to a net loss applicable to common stockholders of $709,000, or $(0.25) per share in Q1 FY2013, and a net loss applicable to common stockholders of $2.1 million, or $(0.73) per share, in Q4 FY2013. On a non-GAAP basis, excluding the non-cash accounting effects of our warrants, preferred stock, and stock-based compensation, the company lost $1.8 million or $(0.60) per share, compared to a loss of $501,000 or $(.18) per share in Q1 FY2013 and $1.3 million or $(0.47) per share in Q4 FY 2013.
Complete financial results for Q1 FY2014 can be found in the attached financial tables.
Selectica, Inc. (NASDAQ: SLTC) develops innovative software that the world-s most successful companies rely on to improve the effectiveness of their sales and contracting processes. Our guided selling, sales configuration, and contract lifecycle management solutions support the Global 2000 and growing mid-size firms in closing billions of dollars- worth of business each year. Our patented technology, delivered through the cloud, makes it easy for customers in industries like high-tech, telecommunications, manufacturing, healthcare, financial services, and government contracting to overcome product and
channel complexity, increase deal value, and accelerate time to revenue.
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Selectica provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). To help understand the company-s past financial performance and future results, the company is providing non-GAAP financial measures to supplement the financial results that it provides in accordance with GAAP. The method the company uses to produce non-GAAP financial results is not computed according to GAAP and may differ from the methods used by other companies.
Certain statements in this release and elsewhere by Selectica are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to the on-going global recession; fluctuations in demand for Selectica-s products and services; government policies and regulations, including, but not limited to those affecting the company-s industry; and risks related to the company-s past stock granting policies and related restatement of financial statements. Selectica undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company-s most recent Form 10-K, filed by the company with the Securities and Exchange Commission.
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