SumTotal Systems Reports 1st Quarter 2007 Results

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<p><strong>Mountain View, Calif. &mdash; May 2</strong><br />SumTotal Systems, a global provider of talent and learning management solutions, has announced its financial results for the first quarter ended March 31.</p><p>On a generally accepted accounting principles (GAAP) basis, total revenue for the first quarter of 2007 was $29.1 million, an increase of 20 percent from the $24.3 million reported in the first quarter of 2006.</p><p>GAAP net loss was $1.8 million, or 7 cents per share on a basic and diluted basis, compared with a net loss of $4.4 million, or 18 cents per share on a basic and diluted basis reported in the first quarter of 2006.<br /><br />Deferred revenue on a GAAP basis increased 17 percent year over year to end the first quarter of 2007 at $30.9 million, compared with $26.4 million for the same quarter of the previous year and $30.7 million at the end of fiscal 2006.<br /><br />Cash flow from operating activities for the quarter was $2.5 million compared with $0.9 million for the same period last year.<br /><br />Non-GAAP revenue in the first quarter increased to $29.5 million from $26.3 million reported for the first quarter of 2006. Non-GAAP net income for the first quarter was $1.9 million, or 7 cents per share<br />on a diluted basis, compared with non-GAAP net income of $0.9 million, or 4 cents per share on a diluted basis for the first quarter a year ago.<br /><br />Non-GAAP results exclude the impact of certain one-time charges primarily related to restructuring activities, as well as noncash accounting adjustments and charges primarily related to acquisition accounting,<br />stock-based compensation and any related income tax effects. </p><p>&quot;I am pleased with our progress in the first few months of the year, which includes a deal that we signed in April with a large retailer,&quot; said Don Fowler, SumTotal chief executive officer. &quot;We are seeing strong demand for our solutions and our pipeline is solid. Of particular note is the growth in our recurring subscriptions and support revenue, which in the quarter, reached approximately 50 percent of our total revenue. I believe we are well on the way to reaching our goals for 2007.&quot;</p>

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