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SumTotal Systems Announces Preliminary Results for the Third Quarter 2006 - For the third quarter, SumTotal expects GAAP revenue to be in the range of $26.8 to $27.0 million, and net loss in the range of $2.8 to $2.6 million or $0.11 to $0.10 per share
SumTotal Systems Announces Preliminary Results for the Third Quarter 2006

 

PRZOOM - /newswire/ - Mountain View, CA, United States, 2006/10/17 - For the third quarter, SumTotal expects GAAP revenue to be in the range of $26.8 to $27.0 million, and net loss in the range of $2.8 to $2.6 million or $0.11 to $0.10 per share. NASDAQ: SUMT

   
 
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SumTotal® Systems, the largest provider of talent and learning solutions, today announced preliminary financial results for the third quarter ended September 30, 2006.

For the third quarter, SumTotal expects GAAP revenue to be in the range of $26.8 to $27.0 million, and net loss in the range of $2.8 to $2.6 million or $0.11 to $0.10 per share.

Non-GAAP revenue is expected to be in the range of $27.3 to $27.5 million, and non-GAAP net income in the range of $0.9 to $1.1 million or $0.03 to $0.04 per share.

Non-GAAP results exclude the impact of certain non-cash accounting adjustments and one-time charges primarily related to acquisition accounting. A reconciliation to the GAAP results is provided below.

Chief Executive Officer Don Fowler stated, "We are pleased with the revenue which is a record for any quarter in our history and continues our success -- both in winning new business and in selling incremental solutions into our installed base. However, we are disappointed with the net income, which is estimated to be below our prior expectations. This results from higher than expected costs, predominantly in our services business. We are implementing actions to correct the situation and will discuss these in our quarterly conference call.”

A conference call to discuss the final third quarter results will be held on Tuesday, October 31, 2006 at 5:00 p.m. ET/ 2:00 p.m. PT. SumTotal plans to make a live, audio webcast available to investors and the public at the website. Along with the webcast, SumTotal plans to make available a telephone replay of the call on Tuesday, October 31, 2006, beginning at approximately 5:00 p.m. Pacific Time through the close of business on Tuesday, November 7, 2006. Interested parties can access the replay by dialing 877-519-4471 within the US or 973-341-3080 outside the US and entering the access code 7930097.

The time or manner of the webcast may change for technical and/or administrative reasons.

 
 
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SumTotal Systems Announces Preliminary Results for the Third Quarter 2006

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Contact: SumTotalSystems.com 
650-934-9500 web-marketing[.]sumtotalsystems.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
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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