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SumTotal Systems Reports Record Third Quarter Revenue - On a Generally Accepted Accounting Principles (GAAP) basis, total revenue for the third quarter 2006 was $27.0 million, an increase of 46% from the $18.4 million reported in the third quarter of 2005
SumTotal Systems Reports Record Third Quarter Revenue

 

PRZOOM - /newswire/ - Mountain View, CA, United States, 2006/11/02 - On a Generally Accepted Accounting Principles (GAAP) basis, total revenue for the third quarter 2006 was $27.0 million, an increase of 46% from the $18.4 million reported in the third quarter of 2005. NASDAQ: SUMT

   
 
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License revenue was $7.2 million, compared to $6.6 million a year ago. GAAP net loss was $2.7 million, or $0.11 per share fully diluted, compared to net income of $0.1 million, or $0.01 per share fully diluted, reported in the third quarter of 2005.

Deferred revenue on a GAAP basis at the end of the third quarter increased 59% year over year to end the quarter at $25.4 million, compared to $16.0 million for the same quarter of the previous year.

Non-GAAP revenue in the third quarter of 2006 increased by 49% to $27.5 million from revenue of $18.5 million as reported for the third quarter of 2005. License revenue was $7.5 million, compared to $6.7 million a year ago. Non-GAAP net income for the third quarter was $1.1 million, or $0.04 per share fully diluted, compared to non-GAAP net income of $1.3 million, or $0.06 per share fully diluted, for the third quarter a year ago.

Non-GAAP results exclude the impact of certain one-time charges primarily related to restructuring activities, and non-cash accounting adjustments and charges primarily related to acquisition accounting and stock-based compensation. A reconciliation to the GAAP results is provided in the attached statements.

"Our record revenue for the third quarter was driven by continued strong demand for our LMS solutions from both new and existing customers," said Don Fowler, SumTotal's chief executive officer. "We experienced particular strength in sales in the healthcare and financial services segments, demonstrating our continued traction in our target market segments. While I am disappointed with our higher-than-anticipated service expenses, I expect to see improvement this quarter in our service margins."

Recent Highlights

For the public sector, SumTotal Systems:

- Received a $1.5 million subcontract for continued support of the U.S. Army's Defense Ammunition Center's (DAC) current and future global training initiatives. SumTotal serves as a subcontractor to SI International (Nasdaq: SINT) of Reston, Va., a provider of information technology and network solutions, on this award.

- Added new customers such as City of Roseville, California, and Oklahoma Bureau of Narcotics and Dangerous Drugs.

- Earned the Military Training Technology magazine's Top 100 award as a software maker that has made a significant contribution to the military training industry in 2006.

For the private sector, SumTotal Systems:

- Added new customers in North America such as Vancouver-based Provincial Health Services Authority, BDO Seidman, The Children's Hospital of Philadelphia, Stanford Hospital & Clinics, Wisconsin-based Mercy Health System, Aruba Networks and Manpower Inc.

- Won additional business outside North America with Bertelsmann AG and PepsiCo - Latin America.

- Was named a KMWorld Trend-Setting Product of 2006. KMWorld magazine designated SumTotal Enterprise Suite 7.2 as software that "enhances the performance management process."

SumTotal Systems also:

- Was honored as one of Silicon Valley's fastest-growing software and information technology companies in Deloitte's Technology Fast 50 program.

- Received notification from the Securities and Exchange Commission that its Form S-3 shelf registration statement was declared effective for an aggregate maximum of $75 million.

- Continued SumTotal Enterprise Version 7 upgrades with more than 230 customers who have purchased or upgraded to SumTotal 7.

- Re-launched Results-on-Demand, its Software-as-a-Serviceoffering that targets small businesses as well as departments within large enterprises.

Guidance
For the fourth quarter of 2006, SumTotal Systems estimates its GAAP revenue will be between $27.7 million and $29.2 million. On a non-GAAP basis, revenue is estimated to be between $28.0 million and $29.5 million. GAAP net loss is estimated between $2.0 million, or $0.07 per share fully diluted, and $1.0 million, or $0.04 per share fully diluted. On a non-GAAP basis, net income is estimated to be between $1.5 million, or $0.06 per share fully diluted, and $2.5 million, or $0.09 per share fully diluted. The reconciling items between GAAP and non-GAAP income (loss) are estimated to be a $0.3 million adjustment to revenue, $2.1 million for amortization of intangibles and $1.1 million for stock-based compensation.

Conference Call
SumTotal will host an investor conference call and webcast on Tuesday, October 31, 2006, at 2:00 p.m. (Pacific Time) / 5:00 p.m. (Eastern Time) to discuss the financial results for the third quarter ended September 30, 2006. A live audio webcast is available to investors and the public at the website under the Investor Relations section.

In addition to the webcast, a telephone replay will be available on Tuesday, October 31, 2006, beginning at approximately 5:00 p.m. (Pacific Time) through the close of business (Pacific Time) on Tuesday, November 7, 2006. Investors and other interested parties can access the replay by dialing the U.S. toll-free number: 877-519-4471, access code: 7930097. The international dial-in number is 973-341-3080 access code: 7930097.

 
 
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SumTotal Systems Reports Record Third Quarter Revenue

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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any SumTotal Systems securities in any jurisdiction including any other companies listed or named in this release.

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