CAMPBELL, CA — (Marketwired) — 11/18/13 — Rainmaker Systems, Inc. (OTCQX: RMKR), a provider of B2B e-Commerce solutions and services, today reported financial results for its fiscal quarter ended September 30, 2013.
Net revenue in the third quarter of 2013 was $4.2 million, compared to net revenue in the preceding quarter of $4.7 million and net revenue in the third quarter of 2012 of $6.9 million. Net revenue for the nine months ended September 30, 2013 was $13.5 million compared to $20.2 million in the 2012 comparative period.
Net loss from continuing operations for the third quarter of 2013 was $3.6 million, or a net loss of $0.09 per share, compared to a net loss from continuing operations in the preceding quarter of $3.0 million, or a net loss of $0.08 per share, and a net loss from continuing operations in the third quarter of 2012 of $0.9 million, or a net loss of $0.03 per share. Net loss from continuing operations for the nine months ended September 30, 2013 was $10.0 million, or a net loss of $0.28 per share, compared to a net loss from continuing operations of $3.0 million, or a net loss of $0.11 per share, in the 2012 comparative period.
The results above include a charge in connection with a $458,000 overstatement of credit card receivables relating to a service contract with a former customer.
Total cash and cash equivalents were $4.2 million at September 30, 2013, compared to $4.5 million at December 31, 2012.
“Please join us for our earnings conference call scheduled for this Thursday, November 21, 2013, to learn about key updates regarding our turnaround plan,” said Don Massaro, President and CEO.
Rainmaker Systems will host a conference call and webcast Thursday, November 21, 2013, at 2 p.m. Pacific Daylight Time (5 p.m. Eastern Daylight Time) to discuss its third quarter 2013 financial results. Those wishing to participate in the live call should dial using the passcode 2593666. A replay of the call will be available for one week beginning approximately two hours after the call-s conclusion by dialing and entering the passcode 2593666. To access the live webcast of the call, go to the Investors section of Rainmaker-s website at . A webcast replay of the conference call will be available for one year on the Conference Calls/Events page of the Investors section at .
Rainmaker Systems is a B2B e-Commerce company that helps organizations of all sizes, ranging from Fortune 500 enterprises to small-to-medium-sized businesses, create new revenue streams from segments of their customer base that extend beyond traditional sales team capabilities. With its unique approach, Rainmaker Systems delivers proprietary cloud-based e-Commerce technology, global and localized sales-assist agents, and best-practice sales and marketing expertise, allowing customers to discover and monetize untapped revenue opportunities.
Rainmaker Systems trades in the U.S. on the OTCQX under the symbol “RMKR.”
Rainmaker Systems and the Rainmaker logo are registered with the U.S. Patent and Trademark Office. All other service marks or trademarks are the property of their respective owners.
This press release may contain forward-looking statements regarding future events. These forward-looking statements are based on information available to Rainmaker Systems as of this date and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance, and actual results could differ materially from current expectations. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are our ability to raise additional equity or debt financing to fund our operations, our client concentration, as we depend on a small number of clients for a significant percentage of our revenue, the possibility of the discontinuation and/or realignment of some client relationships, general market conditions, our ability to maintain compliance with our debt covenants, the high degree of uncertainty and our limited visibility due to economic conditions, our ability to execute our business strategy, our ability to integrate acquisitions without disruption to our business, the effectiveness of our sales team and approach, our ability to target, analyze and forecast the revenue to be derived from a client and the costs associated with providing services to that client, the date during the course of a calendar year that a new client is acquired, the length of the integration cycle for new clients and the timing of revenues and costs associated therewith, our ability to execute our business strategy and manage growth, potential competition in the marketplace, our ability to retain and attract employees, market acceptance of our solutions and pricing options, our ability to maintain our existing technology platform and to deploy new technology, our ability to sign new clients and control expenses, the financial condition of our clients- businesses, the protection of our intellectual property and other factors detailed in the Company-s filings with the Securities and Exchange Commission (“SEC”), including our filings on Forms 10-K and 10-Q.
– Financial tables to follow –
Bradford Peppard
Chief Financial Officer
Rainmaker Systems, Inc.
408-340-2510
Jeffrey Waters
Director of Investor Relations
410-294-6802
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