Lyris Announced Q3 Financial Result 2015

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Lyris announced financial results for the third quarter of fiscal 2015 ended March 31, 2015.

Highlights

  • Fiscal third quarter revenues were $6.8 million, down from $7.3 million in the prior quarter and down from $7.6 million in the same period last year.
  • Fiscal third quarter gross margin was 65% compared to 64% for the same period last year.
  • Fiscal third quarter loss from operations was $831,000, compared to loss from operations of $45,000 in the same period last year.
  • Fiscal third quarter net loss was $908,000, or $0.09 per diluted share, compared to net income of $16,000, or $0.00 per share, in the same period last year.
  • Fiscal third quarter non-GAAP net loss was $51,000, or $0.01 per diluted share, compared to a non-GAAP net income of $564,000, or $0.05 per share, in the same period last year.
  • Fiscal third quarter adjusted EBITDA was $273,000, compared to adjusted EBITDA of $882,000 in the same period last year.
  • At March 31, 2015, the Company had $1.3 million in cash.
  • On May 4, 2015, the Company announced that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) with LY Acquisition Corp. and upon the consummation of the merger, Lyris will become a subsidiary of Aurea Software, Inc.

“Earlier this month, we announced that we will be acquired by Aurea, a technology solutions provider that enables companies to deliver
transformative customer experiences,” stated John Philpin, president
and CEO of Lyris. “When merged with Aurea, Lyris will form part of a
larger well-capitalized company with a broad portfolio of enterprise
solutions that will significantly amplify our ability to deliver
successful customer experiences. This is a significant step forward in
the realization of our vision, and a strong validation of our company
and strategy.”

Third Quarter Fiscal 2015 Financial Results

Total revenues for the third quarter of fiscal 2015 were $6.8 million,
down 11.0% from $7.6 million in the same period in fiscal 2014. Total
subscription revenues were $5.4 million, or 78% of total revenues, in
the third quarter of fiscal 2015, compared to $6.0 million, or 79% of
total revenues, in the same period in fiscal 2014.

Gross profit was $4.4 million, or 65% of total revenues, in the third
quarter of fiscal 2015, compared to $4.9 million, or 64% of total
revenues, in the same period in fiscal 2014.

Third quarter loss from operations was $831,000, compared to loss from operations of $45,000 in the same period in fiscal 2014. Third quarter net loss was $908,000, or $0.09 per diluted share, compared to net income of $16,000, or $0.00 per share, in the same period last year.

Merger Agreement

Under the terms of the Merger Agreement, each outstanding share of
common stock of Lyris will be exchanged for $0.89, payable in cash, and each outstanding share of preferred stock of Lyris will be exchanged for $2.50, payable in cash, in accordance with Lyris’ charter. The completion of the merger is subject to the satisfaction or waiver of a number of closing conditions, including, among others, adoption of the Merger Agreement by the affirmative vote of the holders of a majority of the outstanding shares of preferred stock and the holders of a majority of the outstanding shares of preferred stock and common stock voting together as a single class on an as-converted basis, and the accuracy of the other party’s representations and warranties, subject to materiality qualifiers, and other customary closing conditions. The parties expect the transaction to be completed in the second half of 2015. Following completion of the transaction, Lyris’ common stock will be delisted from the OTCBB and deregistered under the Securities Exchange Act of 1934. Nely Bonar
06/12/2015

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