Business delivering both revenue and gross profit improvements
SAN MATEO, CA – August 12, 2015– Selectica, Inc. (NASDAQ: SLTC), a global provider of SaaS contract management and end-to-end source-to-pay supply management software solutions, including eSourcing, eProcurement, spend analysis, and procure-to-pay software, announced its Q1 FY2016 financial results.
Q1 FY2016 GAAP Financial Highlights
- GAAP revenue was $6.2 million in Q1 FY2016, compared to $5.9 million in Q4 FY2015, representing a 5% quarter over quarter increase.
- GAAP gross profit percentage was 53.2% in Q1 FY2016, compared to 49.9% in Q4 FY2015, representing a 3-percentage point improvement.
- GAAP net loss was ($2.9) million or ($0.32) per share in Q1 FY2016, compared to ($4.3) million or ($0.53) per share in Q4 FY2015, representing an improvement of $0.21 per share.
|Q1’16 GAAP Financial Measures|
(in thousands, except
per share amounts)
|Revenue||$ 6,215||$ 5,929||$ 3,762||5%||65%|
|Gross profit||$ 3,308||$ 2,959||$ 1,363||12%||143%|
|Gross profit percentage||53.2%||49.9%||36.2%||3 pts||17 pts|
|Net loss||$ (2,942)||$ (4,266)||$ (2,948)||(31%)||(0%)|
|EPS||$ (0.32)||$ (0.53)||$ (0.55)||$ 0.21||$ 0.23|
Q1 FY2016 Non-GAAP Financial Highlights
- Non-GAAP revenue was $6.3 million in Q1 FY2016, compared to $6.1 million in Q4 FY2015, representing a 3% quarter over quarter increase.
- Non-GAAP gross profit percentage was 56.2% in Q1 FY2016, compared to 53.8% in Q4 FY2015, representing a 2-percentage point improvement.
- Non-GAAP net loss was ($1.7) million or ($0.19) per share in Q1 FY2016, compared to ($1.8) million or ($0.23) per share in Q4 FY2015, representing an improvement of $0.04 per share.
(in thousands, except
per share amounts)
|Revenue||$ 6,278||$ 6,085||$ 3,762||3%||67%|
|Gross profit||$ 3,529||$ 3,273||$ 1,363||11%||159%|
|Gross profit percentage||56.2%||53.8%||36.2%||2 pts||20 pts|
|Net Loss||$ (1,715)||$ (1,803)||$ (2,146)||(5%)||(20%)|
|EPS||$ (0.19)||$ (0.23)||$ (0.40)||$ 0.04||$ 0.21|
|Billings||$ 6,031||$ 6,227||$ 3,002||(3%)||101%|
“I am very pleased to see the significant growth in both Q1 FY2016 new business volume and customer expansion as well as the diversity of new solutions across industry verticals. This was a very strong sales quarter for the company – the pipeline and deal flow were very robust in Q1 and we anticipate seeing continued incremental growth as we move throughout the fiscal year,” said Patrick Stakenas, President and CEO of Selectica. “As we look forward to integrating our new procure-to-pay capabilities, obtained through the b-pack acquisition, I anticipate both the volume and size of the deal flow to benefit from these new capabilities.”
Q1 FY2016 Business Highlights:
- New Customers and Customer Expansions: In Q1 FY2016, the company closed the greatest number of new customer accounts in recent history and expanded the value of current customers across a variety of business verticals domestically and internationally. New accounts included sales in key verticals: real estate, aerospace, media, automotive manufacturing, pharmaceuticals / medical devices, higher education and supply chain software. With respect to expanding existing customer relationships, the team deepened, broadened and grew customer relationships to over 10% of our customer base across the following verticals: retail, non-profit, government contractor, entertainment, business consulting, pharmaceutical, and medical services.
- New Partnerships: Selectica’s Global Alliance team successfully expanded its indirect sales channel by signing three new global partners and alliances: Beroe Inc., Partners in Performance, and Xoomworks Consulting and Outsourcing. Through these new partnerships, Selectica contract management and strategic sourcing solutions will be poised to penetrate areas of the globe not currently served by the direct sales team, including India, Australia, New Zealand, and expanded areas of the United Kingdom.
- Industry Recognition and Awards:
- Selectica executives, Patrick Stakenas, President and CEO, and Constantine Limberakis, Director Product Marketing, were among the 2015 recipients of the Pros to Know Awards presented by Supply & Demand Executive magazine.
- In addition, Supply & Demand Executive magazine named the following Selectica clients “Practitioner Pros to Know” as exceptional corporate executives: Nancy Jorgensen while at Brunswick, Joanna Martinez from Cushman & Wakefield, Lou Galczynski from Endo, James Gavin McCarthy from Equifax, Jason East from YP, and Michael Morris from Owens Corning 2015.
- Thought Leadership: In Q1 FY2016, the company held three educational and highly attended customer and prospective client webinars addressing relevant trends and business challenges –importance of contract workflow, how technologies impact procurement organizations and holistic end-to-end approach in source-to-pay. In addition to the three webinars, Andrew Bartolini, Chief Research Officer of Ardent, interviewed Patrick Stakenas, discussing how CLM technology provides holistic buy and sell-side benefits.
- Growing Organization: Selectica promoted Patrick Stakenas to President and CEO and a Director. Mr. Stakenas joined the Company as Chief Strategy Officer at the beginning of 2014, from Gartner, after driving ForceLogix Technologies through its IPO and sale to CallidusCloud.
August 12, 2015 Conference Call & Webcast
A conference call and webcast will be held today at 5:00 p.m. EDT to review these results. Interested parties may participate via conference call and webcast; more details:
Live Participant Conference Call Numbers:
• Toll-Free: 1-877-407-0789
• Toll/International: 1-201-689-8562
Live Webcast Link: http://public.viavid.com/index.php?id=115782
About Determine, Inc.
Determine (NASDAQ: DTRM) is a provider of leading enterprise cloud software solutions with over four decades of collective technical and process knowledge in the areas of strategic sourcing, enterprise contract lifecycle management, and procure to pay solutions. We provide the next generation of agile, enterprise cloud solutions for managing the needs of modern business. Using our intuitive applications, organizations can effectively manage the full scope of source to pay and enterprise contract lifecycle management requirements using the Determine platform.
The Determine platform is an open technology infrastructure based on smart process application models. The goal of our platform is to establish awareness of relevant data, manage business documents, embed analytical tools, create a means for collaboration, and provide advanced process management tools for fully integrating business processes through an open API infrastructure. Built on a unified and highly scalable platform, we deliver deep and innovative capabilities in strategic sourcing, supplier management, enterprise contract lifecycle management, e-procurement, invoicing, and other business operation areas.
In addition to our source to pay and enterprise contract lifecycle management solutions suite, we also provide a powerful, patented configuration engine solution, which Global 1000 companies use to increase revenue by facilitating the right combination of products, services, and price.
For more information, please visit: www.determine.com.