Welcome!

@CloudExpo Authors: Pat Romanski, Carmen Gonzalez, Liz McMillan, Rajesh Ramchandani, Elizabeth White

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
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
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...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...