Bracknell, UK-- (Marketwired) -- 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
Conference Call replay
Saba hosted a conference call to discuss its business momentum and its progress on the restatement of historical financial results. A replay of the conference call is available. The replay dial-in number is +1.800.475.6701 or +1.320.365.3844. The access code for the conference call replay is 321490. The replay can also be accessed from the Investor Relations page of the Saba web site at http://investor.saba.com and will be available through May 2, 2014.