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COPYRIGHT 2005 PR Newswire Association LLC
Total Revenues Grow 46% and License Revenue Grows 35% Over Same Quarter Last Year
REDWOOD SHORES, Calif., Sept. 29 /PRNewswire-FirstCall/ -- Saba , a leading provider of human capital management (HCM) solutions, today reported financial results for its first quarter ended August 31, 2005.
First Quarter Results * Total revenues in the first quarter of fiscal 2006 were $13.6 million, representing a 46% increase compared to $9.3 million in the same quarter last year. * License revenue was $3.4 million, representing a 35% increase compared to $2.5 million in the first quarter of fiscal year 2005. * Maintenance and support revenue was $4.4 million, reflecting over a 98% renewal rate for the quarter and a 30% increase compared to $3.4 million in the first quarter of fiscal year 2005. * Professional services revenue was $5.9 million, representing a 71% increase compared to $3.4 million in the first quarter of fiscal year 2005. * Gross margins were 61% in the quarter compared to 67% in the same quarter of the prior fiscal year. The decrease in margins reflect the impact of costs incurred to deliver professional services and maintenance and support pursuant to contracts assumed in the Thinq acquisition for which, as the result of purchase accounting, Saba is unable to recognize the full amount of revenue that would have been recorded by Thinq, and Saba's use of third party contractors to satisfy increased demand for consulting services. * The net loss on a GAAP basis was $0.09 per share, or a loss of $1.5 million, compared to a loss of $0.12 per share, or $1.7 million, in the first quarter of fiscal year 2005. Saba increased spending in the first quarter to include $700,000 of third party consultants used to deliver consulting services in the quarter and $500,000 of recruiting fees to support Saba's growth. Saba hired 49 employees in the quarter. * Deferred revenue was $11.7 million compared to $12.5 million at the...
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