Welcome!

Cloud Expo Authors: Elizabeth White, Pat Romanski, Manuel Weiss, Richard Moulds, Martin Etmajer

News Feed Item

Selectica Announces Financial Results for the Third Quarter of Fiscal 2014

SAN MATEO, CA -- (Marketwired) -- 02/05/14 -- Selectica, Inc. (NASDAQ: SLTC), a leading provider of software that streamlines contract processes and accelerates sales cycles, today announced financial results for its fiscal third quarter ended December 31, 2013.

Selectica Chairman Michael Brodsky said, "Our principal efforts for the quarter were focused on significantly strengthening our service delivery organization and sales teams, which will seed our future achievements." Brodsky added, "Most importantly we added Blaine Mathieu, a seasoned enterprise SaaS executive, to the team in early December as CEO. I have tremendous confidence that his experience and expertise will position Selectica well for success."

President and CEO Blaine Mathieu commented, "While it is still early days, I've quickly come to fully appreciate the tremendous power and capabilities of Selectica's core technologies, the complex and unique needs of our industry-leading customers, and the significant market opportunity for our solutions. I look forward to working with management and the board to put the business on a strong and solid upward trajectory."

Financial Results:

Selectica delivered the following financial results for the third quarter of fiscal 2014:

  • Recurring revenue: Recurring revenue was $3.1 million in Q3 FY 2014 compared to $3.0 million in Q2 FY 2014 and $3.1 million in Q3 FY 2013.

  • Operating expenses: Operating expenses were $4.0 million in Q3 FY 2014 compared to $3.5 million in Q2 FY 2014 and $3.6 million in Q3 FY 2013. The increase in expenses from Q2 FY 2014 to Q3 FY 2014 was largely driven by increases in executive stock based compensation.

  • Billings: Billings were $3.9 million in Q3 FY 2014 compared to $3.3 million in Q2 FY 2014 and $4.2 million in Q3 FY 2013.

  • Deferred revenue: Deferred revenue was $6.1 million in Q3 FY 2014 compared to $6.1 million in Q2 FY 2014 and $5.8 million in Q3 FY 2013.

Complete financial results for Q3 FY2014 can be found in the financial tables below.

About Selectica, Inc.
Selectica, Inc. (NASDAQ: SLTC) is a leading provider of enterprise Contract Management and Configure Price Quote software solutions. Since 1996 Selectica has been helping our Global customers actively manage contracts throughout the sales, procurement and legal life cycle. Selectica's CPQ sales automation software accelerates sales opportunities with guided selling, dynamic pricing configuration and proposal quoting and approvals. Our patented technology, delivered through the cloud, helps our customers in industries like high-tech, telecommunications, manufacturing, healthcare and financial services to accelerate and streamline sales and contract management process.

For more information:

Browse the Selectica resource center to find guides and resources on how to improve sales and contracting processes (http://www.selectica.com/resources)

Non-GAAP financial measures
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.

Forward-looking statements
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, product and channel development, 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 fluctuations in demand for Selectica's products and services, risks of losing key personnel or customers, protection of the company's intellectual property and government policies and regulations, including, but not limited to those affecting the company's industry. 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, as supplemented in the company's most recent Form 10-Q, each as filed by the company with the Securities and Exchange Commission.


                              SELECTICA, INC.
              Condensed Consolidated Statements of Operations
                  (In thousands, except per share amounts)
                                (Unaudited)

                         Three Months Ended           Nine Months Ended
                     --------------------------  --------------------------
                     December 31,  December 31,  December 31,  December 31,
                         2013          2012          2013          2012
                     ------------  ------------  ------------  ------------

Revenues:
  Recurring revenues $      3,091  $      3,054  $      9,277  $      8,650
  Non-recurring
   revenues                   857         1,442         2,971         4,677
                     ------------  ------------  ------------  ------------
    Total revenues          3,948         4,496        12,248        13,327
                     ------------  ------------  ------------  ------------

Cost of revenues:
  Cost of recurring
   revenues                   634           489         2,000         1,227
  Cost of non-
   recurring
   revenues                 1,497         1,485         3,989         4,059
                     ------------  ------------  ------------  ------------
    Total cost of
     revenues               2,131         1,974         5,989         5,286
                     ------------  ------------  ------------  ------------

Gross profit:
  Recurring gross
   profit                   2,457         2,565         7,277         7,423
  Non-recurring
   gross profit              (640)          (43)       (1,018)          618
                     ------------  ------------  ------------  ------------
    Total gross
     profit                 1,817         2,522         6,259         8,041
                     ------------  ------------  ------------  ------------

Operating expenses:
  Research and
   development                586           950         2,139         2,742
  Sales and
   marketing                2,051         1,642         6,254         4,887
  General and
   administrative           1,349           985         3,636         2,554
  Restructuring
   costs                        -             -           227             -
  Fees related to
   comprehensive
   settlement
   agreement                    -             -             -           500
                     ------------  ------------  ------------  ------------
    Total operating
     expenses               3,986         3,577        12,256        10,683
                     ------------  ------------  ------------  ------------
Loss from operations       (2,169)       (1,055)       (5,997)       (2,642)

Decrease in fair
 value of warrant
 liability                      -             -           982             -
Interest and other
 income (expense),
 net                           45            (3)            4           (14)
                     ------------  ------------  ------------  ------------
Net loss                   (2,124)       (1,058)       (5,011)       (2,656)
Series C redeemable
 preferred stock
 accretion                                    -         1,621             -
                     ------------  ------------  ------------  ------------
Net loss applicable
 to common
 stockholders        $     (2,124) $     (1,058) $     (6,632) $     (2,656)
                     ============  ============  ============  ============

Basic and diluted
 net loss per common
 share applicable to
 common stockholders $      (0.55) $      (0.37) $      (1.88) $      (0.94)
                     ============  ============  ============  ============

Reconciliation to
 non-GAAP net loss:
Net loss             $     (2,124) $     (1,058) $     (5,011) $     (2,656)
Decrease in fair
 value of warrant
 liability                      -             -          (982)            -
Stock-based
 compensation
 expense                      466           338           921           699
Restructuring costs             -             -           227             -
Fees related to
 comprehensive
 settlement
 agreement                      -             -             -           500
                     ------------  ------------  ------------  ------------
Non-GAAP net loss    $     (1,658) $       (720) $     (4,845) $     (1,457)
                     ============  ============  ============  ============

Non-GAAP basic and
 diluted net loss
 per share           $      (0.43) $      (0.25) $      (1.38) $      (0.52)
                     ============  ============  ============  ============

Weighted average
 shares outstanding
 for basic and
 diluted net loss
 per share
 applicable to
 common stockholders        3,877         2,830         3,522         2,818
                     ============  ============  ============  ============



                               SELECTICA, INC.
                    Condensed Consolidated Balance Sheets
                               (In thousands)

                                                   December 31,   March 31,
                                                       2013         2013
                                                   ------------ ------------
                                                    (unaudited)
ASSETS
Current assets
  Cash and cash equivalents                        $      9,721 $     12,098
  Accounts receivable, net                                4,040        3,455
  Prepaid expenses and other current assets                 538          853
                                                   ------------ ------------
    Total current assets                                 14,299       16,406

Property and equipment, net                                 317          407
Capitalized software                                        661            -
Other assets                                                 40           39
                                                   ------------ ------------
    Total assets                                   $     15,317 $     16,852
                                                   ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Credit facility                                  $      6,234 $      6,000
  Accounts payable                                        1,002        1,010
  Accrued payroll and related liabilities                   413          982
  Accrued restructuring costs                                49          232
  Other accrued liabilities                                 291          163
  Deferred revenue                                        5,275        6,153
                                                   ------------ ------------
    Total current liabilities                            13,264       14,540
                                                   ------------ ------------
  Long-term deferred revenue                                816        1,772
  Other long-term liabilities                                 -           20
                                                   ------------ ------------
    Total liabilities                                    14,080       16,332
                                                   ------------ ------------

Stockholders' equity                                      1,237          520
                                                   ------------ ------------
    Total liabilities and stockholders' equity     $     15,317 $     16,852
                                                   ============ ============



                              SELECTICA, INC.
              Condensed Consolidated Statements of Cash Flows
                               (In thousands)
                                (Unaudited)


                                                      Nine Months Ended
                                                 --------------------------
                                                 December 31,  December 31,
                                                     2013          2012
                                                 ------------  ------------

Operating activities
Net loss                                         $     (5,011) $     (2,656)
Adjustments to reconcile net loss to net cash
 used in operating activities:
Depreciation                                              146           156
Loss on disposition of property and equipment              23             -
Stock-based compensation expense                          902           699
Decrease in warrant liability                            (982)            -
Changes in assets and liabilities:
  Accounts receivable (net)                              (585)       (2,145)
  Prepaid expenses and other current assets                35           (91)
  Other assets                                             (1)            -
  Accounts payable                                        (10)          356
  Restructuring liability                                (183)            -
  Accrued payroll and related liabilities                (569)         (951)
  Other accrued liabilities and long term
   liabilities                                            108           (12)
  Deferred revenue                                     (1,835)       (1,216)
                                                 ------------  ------------
Net cash used in operating activities                  (7,962)       (5,860)

Investing activities
  Purchase of property and equipment                      (79)         (193)
  Capitalized software                                   (382)            -
  Proceeds from maturities of short-term
   investments                                              -           199
                                                 ------------  ------------
Net cash (used in) provided by investing
 activities                                              (461)            6

Financing activities
  Credit facility borrowings, net                         234          (106)
  Employee taxes paid in exchange for stock
   awards forfeited                                      (232)            -
  Issuance of common stock under employee stock
   plan                                                   207             -
  Proceeds from sale of common stock, preferred
   stock and warrants, net of issuance costs            5,837             -
  Repurchase of common stock, net of issuance
   cost                                                     -          (111)
                                                 ------------  ------------
Net cash provided by (used in) financing
 activities                                             6,046          (217)

Net decrease in cash and cash equivalents              (2,377)       (6,071)
Cash and cash equivalents at beginning of the
 period                                                12,098        15,877
                                                 ------------  ------------
Cash and cash equivalents at end of the period   $      9,721  $      9,806
                                                 ============  ============



                              SELECTICA, INC.
                          Billings Reconciliation
                               (In thousands)
                                (Unaudited)

                         Three Months Ended           Nine Months Ended
                     --------------------------  --------------------------
                     December 31,  December 31,  December 31,  December 31,
                         2013          2012          2013          2012
                     ------------  ------------  ------------  ------------

Total revenues       $      3,948  $      4,496  $     12,248  $     13,327
Deferred revenue:
End of period               6,090         5,504         6,090         5,504
Beginning of period         6,133         5,775         7,925         6,721
                     ------------  ------------  ------------  ------------
Change in deferred
 revenue                      (43)         (271)       (1,835)       (1,217)
                     ------------  ------------  ------------  ------------
Total billings
 (total revenues
 plus the change in
 deferred revenue)   $      3,905  $      4,225  $     10,413  $     12,110
                     ============  ============  ============  ============


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Cloud Expo Breaking News
Cloud Computing is evolving into a Big Three of Amazon Web Services, Google Cloud, and Microsoft Azure. Cloud 360: Multi-Cloud Bootcamp, being held Nov 4–5, 2014, in conjunction with 15th Cloud Expo in Santa Clara, CA, delivers a real-world demonstration of how to deploy and configure a scalable and available web application on all three platforms. The Cloud 360 Bootcamp, led by Janakiram MSV, an analyst with Gigaom Research, is the first bootcamp that introduces the core concepts of Infrastructure as a Service (IaaS) based on the workings of the Big Three platforms – Amazon EC2, Google Compute Engine, and Azure VMs. Bootcamp attendees will get to see the big picture and also receive the knowledge needed to make the best cloud decisions for their business applications and entire enterprise IT organization.
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
The Internet of Things is a natural complement to the cloud and related technologies such as Big Data, analytics, and mobility. In his session at Internet of @ThingsExpo, Joe Weinman will lay out four generic strategies – digital disciplines – to exploit emerging digital technologies for strategic advantage. Joe Weinman has held executive leadership positions at Bell Labs, AT&T, Hewlett-Packard, and Telx, in areas such as corporate strategy, business development, product management, operations, and R&D.
SYS-CON Events announced today that DevOps.com has been named “Media Sponsor” of SYS-CON's “DevOps Summit at Cloud Expo,” which will take place on June 10–12, 2014, at the Javits Center in New York City, New York. DevOps.com is where the world meets DevOps. It is the largest collection of original content relating to DevOps on the web today Featuring up-to-the-minute news, feature stories, blogs, bylined articles and more, DevOps.com is where the thought leaders of the DevOps movement make their ideas known.
There are 182 billion emails sent every day, generating a lot of data about how recipients and ISPs respond. Many marketers take a more-is-better approach to stats, preferring to have the ability to slice and dice their email lists based numerous arbitrary stats. However, fundamentally what really matters is whether or not sending an email to a particular recipient will generate value. Data Scientists can design high-level insights such as engagement prediction models and content clusters that allow marketers to cut through the noise and design their campaigns around strong, predictive signals, rather than arbitrary statistics. SendGrid sends up to half a billion emails a day for customers such as Pinterest and GitHub. All this email adds up to more text than produced in the entire twitterverse. We track events like clicks, opens and deliveries to help improve deliverability for our customers – adding up to over 50 billion useful events every month. While SendGrid data covers only abo...
SYS-CON Events announced today that the Web Host Industry Review has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Since 2000, The Web Host Industry Review has made a name for itself as the foremost authority of the Web hosting industry providing reliable, insightful and comprehensive news, reviews and resources to the hosting community. TheWHIR Blogs provides a community of expert industry perspectives. The Web Host Industry Review Magazine also offers a business-minded, issue-driven perspective of interest to executives and decision-makers. WHIR TV offers on demand web hosting video interviews and web hosting video features of the key persons and events of the web hosting industry. WHIR Events brings together like-minded hosting industry professionals and decision-makers in local communities. TheWHIR is an iNET Interactive property.
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An active participant in the technology community, the company has a long history of advocacy, meme-making, and evangelism.
SYS-CON Events announced today that Verizon has been named “Gold Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic networking and advanced communications platforms, Verizon Enterprise Solutions helps open new opportunities around the world for innovation, investment and business transformation. Visit verizonenterprise.com to learn more.
SYS-CON Events announced today that TMCnet has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business to business and integrated marketing media company, servicing niche markets within the communications and technology industries.
"In my session I spoke about enterprise cloud analytics and how we can leverage analytics as a service," explained Ajay Budhraja, CTO at the Department of Justice, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
“We are starting to see people move beyond the commodity cloud and enterprises need to start focusing on additional value added services in order to really drive their adoption," explained Jason Mondanaro, Director of Product Management at MetraTech, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
"We are automated capacity control software, which basically looks at all the supply and demand and running a virtual cloud environment and does a deep analysis of that and says where should things go," explained Andrew Hillier, Co-founder & CTO of CiRBA, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity. In his session at Internet of @ThingsExpo, Mac Devine, Distinguished Engineer at IBM, will discuss bringing these three elements together via Systems of Discover.
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at 15th Internet of @ThingsExpo, Chad Jones, Vice President, Product Strategy of LogMeIn's Xively IoT Platform, will show you how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
All too many discussions about DevOps conclude that the solution is an all-purpose player: developer and operations guru, complete with pager for round-the-clock duty. For most organizations that is not the way forward. In his session at DevOps Summit, Bernard Golden, Vice President of Strategy at ActiveState, will discuss how to achieve the agility and speed of end-to-end automation without requiring an organization stocked with Supermen and Superwomen.