Rainmaker Systems Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment Charge for the Fourth Quarter of 2013
March 31, 2014 at 04:00 pm EDT
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Rainmaker Systems Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. Net revenue in the fourth quarter of 2013 was $4.1 million, compared to net revenue in the fourth quarter of 2012 of $5.2 million. Net loss from continuing operations for the fourth quarter of 2013 was $11.022 million, or a net loss of $0.26 per basic and diluted share, compared to a net loss from continuing operations in the fourth quarter of 2012 of $921,000, or a net loss of $0.04 per basic and diluted share. Operating loss was $11.821 million compared to $1.207 million for the same period a year ago. Net loss was $11.025 million or $0.26 per basic and diluted share compared to $4.536 million or $0.17 per basic and diluted share for the same period a year ago.
Net revenue for 2013 was $17.7 million, compared to $25.4 million in 2012. Net loss from continuing operations for 2013 was $21.0 million, or a net loss of $0.54 per basic and diluted share, compared to a net loss from continuing operations of $4.0 million, or a net loss of $0.15 per basic and diluted share for 2012. Operating loss was $21.728 million compared to $3.677 million for the same period a year ago. Net loss was $20.971 million or $0.54 per basic and diluted share compared to $10.272 million or $0.38 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $3.131 million compared to $2.060 million for the same period a year ago. Purchases of property and equipment were of $2.250 million compared to $1.146 million for the same period a year ago.
The company reported charge of $2.3 million for the impairment of long-lived assets associated with e-commerce platform business and a charge of $5.4 million for the impairment of goodwill both recorded in the fourth quarter of 2013.
Rainmaker Systems, Inc., is an enterprise solutions company. Rainmaker Systems, Inc. and its subsidiaries are focused on serving business enterprises to help increase sales to small and medium sized businesses. The Company's services include lead generation services, SMB sales and contract renewals and training. The Company has developed the Rainmaker Revenue Delivery Platform which combines sales and marketing services coupled with renewals software and business analytics. The Companyâs services include marketing strategy development, personalized renewals and subscription e-commerce and microsite creation and hosting, inbound and outbound e-mail, direct mail, chat, and call center services across the world. The Companyâs ViewCentral SaaS platform provides an end-to-end solution for the management and delivery of training programs for corporations. The ViewCentral Learning Management System platform is a SaaS, cloud based, on-demand, training management system.
Rainmaker Systems Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment Charge for the Fourth Quarter of 2013