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Mountain View, CA, United States, 2006/10/17 - For the third quarter, SumTotal expects GAAP revenue to be in the range of $26.8 to $27.0 million, and net loss in the range of $2.8 to $2.6 million or $0.11 to $0.10 per share. NASDAQ: SUMT
SumTotal® Systems, the largest provider of talent and learning solutions, today announced preliminary financial results for the third quarter ended September 30, 2006.
For the third quarter, SumTotal expects GAAP revenue to be in the range of $26.8 to $27.0 million, and net loss in the range of $2.8 to $2.6 million or $0.11 to $0.10 per share.
Non-GAAP revenue is expected to be in the range of $27.3 to $27.5 million, and non-GAAP net income in the range of $0.9 to $1.1 million or $0.03 to $0.04 per share.
Non-GAAP results exclude the impact of certain non-cash accounting adjustments and one-time charges primarily related to acquisition accounting. A reconciliation to the GAAP results is provided below.
Chief Executive Officer Don Fowler stated, "We are pleased with the revenue which is a record for any quarter in our history and continues our success -- both in winning new business and in selling incremental solutions into our installed base. However, we are disappointed with the net income, which is estimated to be below our prior expectations. This results from higher than expected costs, predominantly in our services business. We are implementing actions to correct the situation and will discuss these in our quarterly conference call.”
A conference call to discuss the final third quarter results will be held on Tuesday, October 31, 2006 at 5:00 p.m. ET/ 2:00 p.m. PT. SumTotal plans to make a live, audio webcast available to investors and the public at the website. Along with the webcast, SumTotal plans to make available a telephone replay of the call on Tuesday, October 31, 2006, beginning at approximately 5:00 p.m. Pacific Time through the close of business on Tuesday, November 7, 2006. Interested parties can access the replay by dialing 877-519-4471 within the US or 973-341-3080 outside the US and entering the access code 7930097.
The time or manner of the webcast may change for technical and/or administrative reasons.