Rimini Street, Inc. (RMNI) Misses Q4 EPS by 9c, Revenues Beat; Offers Q1 & FY19 Revenue Guidance
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Rimini Street, Inc. (NASDAQ: RMNI) reported Q4 EPS of ($0.06), $0.09 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $67.7 million versus the consensus estimate of $63.46 million.
“We ended fiscal 2018 on a high note by signing the largest client contract in Company history and achieved record revenue and billings for the fourth quarter and fiscal year,” stated Seth A. Ravin, Rimini Street co-founder, CEO and Chairman of the Board. “Additionally, we improved our balance sheet and made significant investments in new products and services, support capabilities, geographic expansion and sales and marketing infrastructure. We continue to see growing global demand for our enterprise software support products and services, and plan to continue making significant investments in 2019 to support growth.”
“Revenue in the fourth quarter and full fiscal year 2018 exceeded the high end of our guidance range and gross margin increased while managing sales and marketing spend within our guidance range,” stated Tom Sabol, Rimini Street CFO. “In addition, we reduced our total debt obligations by $133 million to less than $3 million, reduced expected financing related costs by approximately $95 million through 2021, and eliminated all debt-related operating covenants from our prior credit facility with the closing of our Series A preferred stock transaction in July 2018, and ended the year with increased cash. In addition to our focus on revenue growth and gross margin expansion, we remain committed to the long-term goals of improving free cash flow and eventually achieving GAAP profitability.”
Rimini Street, Inc. sees Q1 2019 revenue of $64.5-66 million, versus the consensus of $64.59 million.
Rimini Street, Inc. sees FY2019 revenue of $265-280 million, versus the consensus of $273.55 million.
For earnings history and earnings-related data on Rimini Street, Inc. (RMNI) click here.
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