New SaaS Bookings Grew 24% Year-Over-Year
Company Anticipates Regaining SEC Compliance During Fourth Calendar Quarter of 2014
Munich, Germany — 7 April 2014 — Saba (OTC Pink: SABA), a global leader in next-generation cloud solutions for talent management, today provided an update on its business momentum and its progress on the restatement of historical financial results.
„Fundamental to our efforts on the restatement and the determination of timing of revenue recognition, we have established project completion dates for substantially all of our consulting projects over the last seven years and identified related product and project linkages,“ said Mark Robinson, CFO, Saba. „With this data intensive work substantially finished, our efforts are now focused on completing the required financial audits with the goal of regaining SEC compliance during the fourth calendar quarter of 2014.“
While the Company is not yet in a position to report detailed financial results for its third quarter of fiscal year 2014, ended February 28, 2014, as a result of its pending restatement of certain historical financial results, the Company is providing the following selected financial metrics that are not expected to be impacted by the restatement:
New SaaS bookings (annual contract value) grew 24% in the third quarter of fiscal year 2014 over the third quarter of fiscal year 2013
40 new customers were added in third quarter of fiscal year 2014, including Polycom, Toshiba, Great Eastern Life Assurance, Bank of Investment and Development in Vietnam, Polish Ministry of Labor and Social Party, ALS Global,The Guardian Life Insurance Company of America, Siemens Mexico and Lowe’s Mexico
SaaS renewal rates were 88% for the first nine months of fiscal year 2014
Cash and cash equivalents were $23 million (after payments in the third quarter of fiscal year 2014 of approximately $3 million associated with the accounting review and restatement and approximately $2 million associated with non-recurring and specified items) and total debt was $63 million at February 28, 2014
Cash flow from operations was $5 million for the third quarter of fiscal year 2014 (excluding approximately $3 million associated with the accounting review and restatement and approximately $2 million associated with non-recurring and specified items)
With over 20 issued or pending patents, Saba continues to strengthen its leadership as one of the world’s most innovative and unified talent management providers. Saba introduced its Spring 2014 Release, during the third quarter of fiscal year 2014, making Saba Cloud more engaging, intelligent, and extensible. Key innovations across the Saba Cloud Platform include:
—Learning@Work — improved gamification support to increase engagement
—Performance@Work — granting users the ability to set and manage their goals directly from any mobile device running apple or android OS
—Collaboration@Work — introducing real-time web based peer-to-peer video conferencing
—Recruiting@Work — adding behavioral assessments and introducing the TIM Fit Score to give hiring managers better ways of identifying and ranking their best candidates
—Architecture and Foundation — making the platform more extensible and engaging by introducing drag and drop integrations to various job boards, talent searches, enterprise applications (Workday, Salesforce.com, etc.), and content providers and providing these services as a turn-key solution
Safe Harbor
This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, the Company’s current progress and timing objectives regarding completion of its accounting restatement and becoming current in its required filings with the SEC, the potential impact of the restatement on the Company’s financial performance and financial statements, the Company’s guidance concerning preliminary financial results and certain other financial and operating metrics for interim periods of fiscal years 2014 and 2013 and the expectation that the financial and operating metrics reported in the press release will not be impacted by the restatement. The actual outcome of such matters could differ materially from those expressed in any forward-looking statements due to, among other things, the Company’s ability to complete the work required for the pending restatement of its financial statements in a timely manner, any additional required adjustments to the Company’s financial statements and/or other factors arising in the restatement process that are not currently known or identified or where the scope of work required or impact of the restatement may be greater than what is currently known or anticipated by the Company and the impact of the restatement on the Company’s sales, operations and financial performance. In addition, Saba faces risks and uncertainties that could affect timing of the completion of its restatement and becoming current with respect to its delayed filings with the SEC including material weaknesses that exist with respect to its internal controls over financial reporting or additional deficiencies in its internal controls over financial reporting that may be identified. Readers should refer to the section entitled „Risk Factors“ in the Form 10-K for the fiscal year ended May 31, 2011, and similar disclosures in subsequent reports filed with the SEC. The forward-looking statements and risks stated in this press release are based on information available to Saba today. Saba assumes no obligation to update them. Bildquelle:
Informationen zu Saba
Saba (OTC Pink: SABA) ist ein weltweit führender Anbieter von zukunftsweisenden Cloud-Lösungen für das Talentmanagement. Das Unternehmen hilft Organisationen, ihre Arbeitsweise von Grund auf zu verändern, indem es kontinuierliches Lernen sowie die Einbeziehung und Weiterentwicklung aller Beteiligten (Mitarbeiter, Partner und Kunden) über ein gemeinsames Netzwerk fördert. Saba unterstützt die neue Arbeitswelt durch Lösungen für Schulungen, Leistungsübersichten, Nachfolgeplanung, berufliche Entwicklung, Personalplanung und Vergütung unter Einsatz moderner Technologien wie Social Media, Collaboration, Mobilangebote und Gamifizierung. Die Lösungen von Saba basieren auf der Saba Cloud-Plattform, einer hochgradig skalierbaren Architektur, die alle Skalierbarkeits-, Leistungs- und Sicherheitsstandards der Branche übertrifft. Das Unternehmen unterstützt derzeit mehr als 31 Millionen Benutzer bei 2.200 Kunden in 195 Ländern und in 37 Sprachen. Weitere Informationen erhalten Sie auf der Website www.saba.com.
Saba Software
Christian Förg
Nymphenburger Strasse 4,
80335 München
+49 (0)89 208 027 380
cfoerg@saba.com
http://www.saba.com/de
Saba Software
Christian Foerg
Saba Software GmbH, Nymphenburger Strasse 4,
80335 München
+49 (0)89 208 027 380
cfoerg@saba.com
http://www.saba.com/de
