Welcome!

@CloudExpo Authors: Pat Romanski, Elizabeth White, Liz McMillan, Steven Lamb, Suresh Sambandam

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.

@CloudExpo Stories
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...