Determine Announces 3rd Quarter Fiscal 2016 Financial Results
Company Delivers Strong Bookings Growth and Profitable Professional Services
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SAN MATEO, CA -- (Marketwired) -- 02/10/16 -- Determine, Inc. - (NASDAQ: DTRM), a leading global provider of SaaS enterprise contract lifecycle management, strategic sourcing, supplier management, and procure-to-pay solutions, announced its Q3 FY2016 financial results.
Q3 FY2016 GAAP Financial Highlights:
- GAAP revenue for Q3 FY2016 was $7.1 million, compared to $6.0 million in Q3 FY2015, representing 19% year-over-year growth, and compared to $6.8 million in Q2 FY2016 GAAP revenue, representing a 5% quarter-over-quarter increase.
- GAAP gross profit percentage was 52% in Q3 FY2016, compared to 48% in Q3 FY2015, and compared to 52% in Q2 FY2016.
- GAAP net loss was ($3.1) million or ($0.28) per share in Q3 FY2016, compared to ($3.8) million or ($0.49) per share in Q3 FY2015, representing a $0.21 year-over-year improvement per share; in Q2 FY2016 the GAAP net loss was ($3.4) million or ($0.32) a $0.04 quarter-over-quarter improvement per share.
(in thousands, except per share amounts)
----------------------------------------------------------------------------
GAAP Financial
Measures Q3 Q2 Q3 Change Change
FY 2016 FY 2016 FY 2015 Q/Q Y/Y
----------------------------------------------------------------------------
Revenue - total $ 7,100 $ 6,765 $ 5,984 4.9% 18.7
----------------------------------------------------------------------------
Revenue - recurring $ 5,354 $ 5,413 $ 4,664 (1.1%) 14.8
----------------------------------------------------------------------------
Revenue - non-
recurring $ 1,746 $ 1,352 $ 1,320 29.1% 32.3
----------------------------------------------------------------------------
Gross profit - total $ 3,682 $ 3,505 $ 2,901 5.0% 26.9
----------------------------------------------------------------------------
Gross profit -
recurring $ 3,538 $ 3,656 $ 3,372 (3.2%) 4.9
----------------------------------------------------------------------------
Gross profit/(loss)
- non-recurring $ 144 $ (151) $ (471) nm nm
----------------------------------------------------------------------------
Gross margin - total 51.9% 51.8% 48.5% 0.1 pts 3.4 pts
----------------------------------------------------------------------------
Gross margin -
recurring 66.1% 67.5% 72.3% (1.4 pts) (6.2 pts
----------------------------------------------------------------------------
Gross margin - non
recurring 8.2% (11.2%) (35.7%) 19.4 pts 43.9 pts
----------------------------------------------------------------------------
Net loss $ (3,115) $ (3,425) $ (3,842) (9.1%) (18.9
----------------------------------------------------------------------------
EPS $ (0.28) $ (0.32) $ (0.49) $ 0.04 $ 0.21
----------------------------------------------------------------------------
(in thousands,
except per share
amounts)
---------------------------------------------------------
GAAP Financial
Measures Nine Months
-----------------------------------
FY 2016 FY 2015 Change Y/Y
---------------------------------------------------------
Revenue - total % $ 20,080 $ 14,949 34.3%
---------------------------------------------------------
Revenue - recurring % $ 15,862 $ 11,396 39.2%
---------------------------------------------------------
Revenue - non-
recurring % $ 4,218 $ 3,553 18.7%
---------------------------------------------------------
Gross profit - total% $ 10,494 $ 5,615 86.9%
---------------------------------------------------------
Gross profit -
recurring % $ 10,859 $ 7,660 41.8%
---------------------------------------------------------
Gross profit/(loss)
- non-recurring $ (365) $ (2,045) (82.1%)
---------------------------------------------------------
Gross margin - total 52.3% 37.6% 14.7 pts
---------------------------------------------------------
Gross margin -
recurring ) 68.5% 67.2% 1.3 pts
---------------------------------------------------------
Gross margin - non
recurring (8.7%) (57.6%) 48.9 pts
---------------------------------------------------------
Net loss %) $ (9,483) $ (9,478) 0.0%
---------------------------------------------------------
EPS $ (0.93) $ (1.35) $ 0.42
---------------------------------------------------------
Q3 FY2016 Non-GAAP Financial Highlights:
- New ARR bookings were $1.44 million in Q3 FY2016, compared to $0.88 million in Q3 FY 2015, representing a 64% year-over-year increase, and compared to $1.04 million in Q2 FY 2016, representing a 39% quarter-over-quarter increase.
- Non-GAAP revenue was $7.2 million in Q3 FY2016, compared to $6.3 million in Q3 FY2015, representing a 14% year-over-year increase, and compared to $6.8 million in Q2 FY2016, representing a 5% quarter-over-quarter increase.
- Non-GAAP gross profit percentage was 58% in Q3 FY2016, compared to 56% in Q3 FY2015, and compared to 58% in Q2 FY2016.
- Non-GAAP net loss was ($1.56) million or ($0.14) per share in Q3 FY2016, compared to ($2.13) million or ($0.27) per share in Q3 FY2015, a $0.13 year-over year improvement per share, compared to ($1.56) million or ($0.15) per share in Q2 FY2016, representing a $0.01 quarter-over-quarter improvement per share.
(in thousands, except per share
amounts)
----------------------------------------------------------------------------
Non-GAAP Financial
Measures Q3 Q2 Q3 Change Change
FY 2016 FY 2016 FY 2015 Q/Q Y/Y
----------------------------------------------------------------------------
Revenue - total $ 7,187 $ 6,843 $ 6,316 5.0% 13.8
----------------------------------------------------------------------------
Revenue - recurring $ 5,400 $ 5,463 $ 4,988 (1.1%) 8.3
----------------------------------------------------------------------------
Revenue - non-
recurring $ 1,787 $ 1,380 $ 1,328 29.5% 34.6
----------------------------------------------------------------------------
Gross profit - total $ 4,135 $ 3,934 $ 3,514 5.1% 17.7
----------------------------------------------------------------------------
Gross profit -
recurring $ 3,859 $ 3,963 $ 3,877 (2.6%) (0.5
----------------------------------------------------------------------------
Gross profit/(loss)
- non-recurring $ 276 $ (29) $ (363) nm nm
----------------------------------------------------------------------------
Gross margin - total 57.5% 57.5% 55.6% 0.0 pts 1.9 pts
----------------------------------------------------------------------------
Gross margin -
recurring 71.5% 72.5% 77.7% (1.0 pts) (6.2 pts
----------------------------------------------------------------------------
Gross margin - non
recurring 15.5% (2.1%) (27.4%) 17.6 pts 42.9 pts
----------------------------------------------------------------------------
Net loss $ (1,559) $ (1,563) $ (2,130) (0.3%) (26.8
----------------------------------------------------------------------------
EPS $ (0.14) $ (0.15) $ (0.27) $ 0.01 $ 0.13
----------------------------------------------------------------------------
Billings $ 7,800 $ 6,836 $ 7,209 14.1% 8.2
----------------------------------------------------------------------------
(in thousands,
except per share
amounts)
---------------------------------------------------------
Non-GAAP Financial
Measures Nine Months
-----------------------------------
FY 2016 FY 2015 Change Y/Y
---------------------------------------------------------
Revenue - total % $ 20,309 $ 16,244 25.0%
---------------------------------------------------------
Revenue - recurring % $ 16,022 $ 12,437 28.8%
---------------------------------------------------------
Revenue - non-
recurring % $ 4,287 $ 3,807 12.6%
---------------------------------------------------------
Gross profit - total% $ 8,069 $ 7,630 5.7%
---------------------------------------------------------
Gross profit -
recurring %) $ 7,822 $ 9,084 (13.9%)
---------------------------------------------------------
Gross profit/(loss)
- non-recurring $ 247 $ (1,454) nm
---------------------------------------------------------
Gross margin - total 39.7% 47.0% (7.3 pts)
---------------------------------------------------------
Gross margin -
recurring ) 48.8% 73.0% (24.2 pts)
---------------------------------------------------------
Gross margin - non
recurring 5.8% (38.2%) 44.0 pts
---------------------------------------------------------
Net loss %) $ (4,641) $ (7,736) (40.0%)
---------------------------------------------------------
EPS $ (0.45) $ (1.10) $ 0.65
---------------------------------------------------------
Billings % $ 20,667 $ 17,335 19.2%
---------------------------------------------------------
"I'm pleased to report this quarter that our fully integrated sales force, working across our key geographies, US and Europe, have delivered $1.44 million in new ARR, our highest new ARR bookings quarter of the last two years. These results represent not only meaningful year-over-year ARR growth of more than 60%, but are also composed of a well balanced mix of Contract Management, Procure-to-Pay and Sourcing as well as 'suite' solutions." said Patrick Stakenas, President and CEO of Determine. "In addition to our strong new sales results, we hit another important business objective, delivering profitable results in our professional services business. Our forth coming new platform launch of the Determine Platform will serve us well to continue this trend -- as we align our all of our new service efforts under our one platform strategy."
Q3 FY2016 Business Highlights:
- Non-Recurring Revenue Profitability: Through the continued significant efforts by the global Determine professional services delivery teams, this quarter, Non-Recurring Revenue was profitable for the first time in recent history. In the current quarter, the company reported a Non-GAAP gross profit on non-recurring revenue of a positive $276,000 and a 15.5% margin, as compared to a $363,000 gross loss and a (27.4%) margin on non-recurring revenue in Q3 FY2015. This compares to a $29,000 gross loss and a (2.1%) margin on non-recurring revenue in the prior quarter. The teams will continue to be vigilant and focused on constantly improving the quality and profitability of the company's service delivery sector.
- New Brand - "Determine": On October 19, 2015, the company launched a global rebrand effort online as well as on the floor at NASDAQ to formally combine the three legacy industry leaders and brands; Selectica, Iasta and b-pack under one new brand. Over the last three years, as the company has delivered on it's strategic plan, it has evolved significantly from a predominantly contract lifecycle management (CLM) solutions provider, to a leading 'source-to-pay' with enterprise contract lifecycle management suite -- a new brand was essential to encapsulate the new business vision. Determine integrated it's acclaimed "visionary' Gartner Magic Quadrant contract management, procurement and Procure-to-Pay solutions and four collective decades of business acumen onto one platform, one brand and one customer promise: Vision. Insight. Control.
- New Customers Expansions: In Q3 FY2016, the company closed numerous new customer accounts in the US and Europe across its suite of 'source-to-pay' and enterprise contract lifecycle management solutions. New accounts included sales in key verticals including: financial services, consumer packaged goods, pharmaceutical, energy, real estate, medical imaging systems, and manufacturing.
- 20 Most Promising Enterprise Contract Management Solution Provider: In Q3 FY2016, Determine selected by CIOReview 20 Most Promising Enterprise Contract Management Solutions Provider in their latest rankings. The CIOReview selection process looked at a vendor's ability to provide cost-effective and flexible solutions that add value to the contract management services landscape.
- Thought Leadership: During Q3 FY2016, the company continued to support its customers and prospects by providing meaningful educational resources designed to help decision-makers make more money, save more money or reduce risk by leveraging source-to-pay with Enterprise Lifecycle Contract Management suite solutions. The company held a highly effective webinar addressing How General Counsel & Procurement Are Leading the Adoption of Contract Lifecycle Management with our customer, Dan O'Connor, Corporate Counsel at Kellogg Company, and Prashant Dubey of The Sumati Group. In addition, the company published a sponsored whitepaper with Spend Matter Research on Exploring 'Total Cost' as a Productivity KPI for the P2P Process.
February 10, 2016 Conference Call & Webcast A conference call and webcast will be held today at 5:00 p.m. EST to review these results. Interested parties may participate via conference call and webcast:
Participant Conference Call Numbers:
Toll-Free: 1-877-407-0789 Toll/International: 1-201-689-8562 Participant Webcast Link: http://public.viavid.com/index.php?id=118163 Replay Dial-in Info: Toll-Free: 1-877-870-5176 Toll/International: 1-858-384-5517 From: 02/10/16 @ 8:00 pm Eastern Time To: 02/24/16 @ 11:59 pm Eastern Time
Replay Pin Number: 13629734 Related: http://www.determine.com/investors Supporting Resources Determine blog Determine on LinkedIn Determine on Twitter Determine guides & misc. resources
About Determine, Inc.
Determine (NASDAQ: DTRM) is a provider of leading enterprise cloud software solutions with over four decades of collective technical and process knowledge in the areas of strategic sourcing, enterprise contract lifecycle management, and procure-to-pay solutions. We provide the next generation of agile, enterprise cloud solutions for managing the needs of modern business. Using our intuitive applications, organizations can effectively manage the full scope of source-to-pay and enterprise contract lifecycle management requirements using the Determine platform.
The Determine platform is an open technology infrastructure based on smart process application models. The goal of our platform is to establish awareness of relevant data, manage business documents, embed analytical tools, create a means for collaboration, and provide advanced process management tools for fully integrating business processes through an open API infrastructure. Built on a unified and highly scalable platform, we deliver deep and innovative capabilities in strategic sourcing, supplier management, enterprise contract lifecycle management, e-procurement, invoicing, and other business operation areas.
In addition to our source-to-pay and enterprise contract lifecycle management solutions suite, we also provide a powerful, patented configuration engine solution, which Global 1000 companies use to increase revenue by facilitating the right combination of products, services, and price. For more information, please visit: www.determine.com.
Non-GAAP Financial Measures To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including non-GAAP revenue, non-GAAP gross profit, non-GAAP net income, and non-GAAP earnings per share, which we believe are helpful in understanding our past financial performance and future results. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "GAAP to Non-GAAP Reconciliations". Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.
The difference between GAAP and non-GAAP revenue is due to the impact of revaluing the deferred revenue balances acquired from primarily b-pack as required by GAAP purchase accounting.
The difference between GAAP and non-GAAP gross profit is the difference in GAAP versus non-GAAP revenues as well as the elimination of the amortization of acquisition related intangibles, stock based compensation and severance expense from the costs of revenue. Non-GAAP net loss excludes the non-GAAP gross profit items as well as acquisition related costs. Our management regularly uses our supplemental non-GAAP financial measures internally to understand and manage our business and forecast future periods; as such, we believe it is useful for investors to understand the effects of these items on our total operations. Further, please note that our non-GAAP revenue is intended to reflect the full amount of revenues that would have been otherwise recorded by the acquired entities of Iasta and b-pack, while our non-GAAP gross profit also excludes the amortization of intangibles that occurred due to the acquisition of the entities of Iasta and b-pack.
Bookings are an operating measure not derived from the Company's revenues or any other amounts presented in accordance with GAAP in the Company's statement of income, balance sheet or statement of cash flows or other equivalent statements.
Forward-looking Statements Certain statements in this release and elsewhere by Determine are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, product and channel development, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to fluctuations in demand for Determine's products and services, risks of losing key personnel or customers, protection of the company's intellectual property and government policies and regulations, including, but not limited to those affecting the company's industry. Determine undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company's most recent Form 10-K as filed by the company with the Securities and Exchange Commission.
Determine, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
------------------ ------------------
December 31, December 31,
------------------ ------------------
2015 2014 2015 2014
-------- -------- -------- --------
Revenues:
Recurring revenues $ 5,354 $ 4,664 $ 15,862 $ 11,396
Non-recurring revenues 1,746 1,320 4,218 3,553
-------- -------- -------- --------
Total revenues 7,100 5,984 20,080 14,949
-------- -------- -------- --------
Cost of revenues:
Cost of recurring revenues 1,816 1,292 5,003 3,736
Cost of non-recurring revenues 1,602 1,791 4,583 5,598
-------- -------- -------- --------
Total cost of revenues 3,418 3,083 9,586 9,334
-------- -------- -------- --------
Gross profit:
Recurring gross profit 3,538 3,372 10,859 7,660
Non-recurring profit/(loss) 144 (471) (365) (2,045)
-------- -------- -------- --------
Total gross profit 3,682 2,901 10,494 5,615
-------- -------- -------- --------
Operating expenses:
Research and development 1,232 1,131 2,854 2,570
Sales and marketing 3,310 3,354 10,313 9,191
General and administrative 1,933 2,006 5,298 5,642
Acquisition related costs 138 320 912 682
-------- -------- -------- --------
Total operating expenses 6,613 6,811 19,377 18,084
-------- -------- -------- --------
Loss from operations (2,931) (3,910) (8,883) (12,469)
Interest and other income (expense),
net (149) 68 (548) 41
Net loss before Income Tax (3,080) (3,842) (9,431) (12,428)
-------- -------- -------- --------
Benefit (provision) for income taxes (36) - (56) 2,950
Net loss $ (3,116) $ (3,842) $ (9,487) $ (9,478)
======== ======== ======== ========
Net income attributed to non-
controlling interest 1 - 4 -
Net loss attributed to Determine,
Inc (3,115) (3,842) (9,483) (9,478)
======== ======== ======== ========
Redeemable preferred stock accretion - - 1,000 2,645
-------- -------- -------- --------
Net loss applicable to common
stockholders $ (3,115) $ (3,842) $(10,483) $(12,123)
======== ======== ======== ========
Basic and diluted net loss per share $ (0.28) $ (0.49) $ (0.93) $ (1.35)
======== ======== ======== ========
GAAP to Non-GAAP Reconciliations:
Reconciliation of Total revenue:
U.S. GAAP as reported $ 7,100 $ 5,984 $ 20,080 $ 14,949
Adjustments:
Deferred revenue adjustment 88 332 229 1,295
-------- -------- -------- --------
Non-GAAP Revenue $ 7,188 $ 6,316 $ 20,309 $ 16,244
======== ======== ======== ========
Reconciliation to non-GAAP net loss:
Net loss $ (3,115) $ (3,842) $ (9,483) $ (9,478)
Stock-based compensation expense 658 665 1,872 1,953
Deferred revenue adjustment 88 332 229 1,295
Acquisition related costs 138 320 912 682
Amortization on Intangibles 543 349 1,374 698
Benefit for income taxes - - - (2,950)
Severance costs 129 46 455 64
-------- -------- -------- --------
Non-GAAP net loss $ (1,559) $ (2,130) $ (4,641) $ (7,736)
======== ======== ======== ========
-------- -------- -------- --------
Non-GAAP basic and diluted net loss
per share $ (0.14) $ (0.27) $ (0.45) $ (1.10)
======== ======== ======== ========
Weighted average shares outstanding
for basic and diluted net loss per
share 11,241 7,896 10,211 7,045
======== ======== ======== ========
Determine, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
------------------ ------------------
December 31, December 31,
------------------ ------------------
2015 2014 2015 2014
-------- -------- -------- --------
Net loss $ (3,115) $ (3,842) $ (9,483) $ (9,478)
Other comprehensive income (loss):
Foreign currency translation
adjustments (11) - (68) -
-------- -------- -------- --------
Other comprehensive income (loss) (11) - (68) 0
-------- -------- -------- --------
Comprehensive income (loss) $ (3,126) $ (3,842) $ (9,551) $ (9,478)
======== ======== ======== ========
Determine, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
December 31, March 31,
2015 2015
------------ -----------
(Unaudited) (Audited)
ASSETS
Current assets
Cash and cash equivalents $ 9,840 $ 13,178
Accounts receivable 6,728 5,203
Restricted cash 34 34
Prepaid expenses and other current assets 1,452 1,647
------------ -----------
Total current assets 18,054 20,062
Property and equipment, net 146 290
Capitalized software 2,974 2,258
Goodwill 14,628 7,702
Other intangibles, net 8,589 6,453
Other assets 965 521
------------ -----------
Total assets $ 45,356 $ 37,286
============ ===========
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities
Credit facility $ 7,996 $ 7,447
Accounts payable 1,938 1,535
Accrued payroll and related liabilities 2,219 910
Other accrued liabilities 2,052 1,877
Deferred revenue 8,870 8,410
COFACE loan 426 -
Deferred tax liability 1,186 -
------------ -----------
Total current liabilities 24,687 20,179
------------ -----------
Long-term deferred revenue 149 22
Convertible note, net of debt discount 5,415 2,900
Other long-term liabilities 153 167
------------ -----------
Total liabilities 30,404 23,268
------------ -----------
Redeemable convertible preferred stock - 4,895
Total Determine, Inc. stockholders' equity
controlling interest 14,838 9,123
Non-controlling interest 114 -
------------ -----------
Total stockholders' equity 14,952 14,018
------------ -----------
Total liabilities, redeemable convertible
preferred stock and stockholders' equity $ 45,356 $ 37,286
============ ===========
Determine, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unudited)
Nine Months Ended
------------------
December December
31, 31,
2015 2014
-------- --------
Operating activities
Net loss $ (9,487) $ (9,478)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and Amortization 1,868 1,039
Loss on disposition of property and equipment 14 -
Stock-based compensation expense 1,870 1,953
Non-controlling interest 4 -
Changes in assets and liabilities:
Accounts receivable (net) 149 919
Prepaid expenses and other current assets 300 (205)
Other assets 12 81
Accounts payable 113 152
Accrued payroll and related liabilities 278 (512)
Other accrued liabilities and long term liabilities (543) 604
Deferred tax liability 70 (2,989)
Deferred revenue (281) 353
-------- --------
Net cash used in operating activities (5,633) (8,083)
Investing activities
Purchase of property and equipment (6) (52)
Capitalized Software (1,077) (1,589)
Purchase of business, net of cash (402) (5,103)
-------- --------
Net cash used in investing activities (1,485) (6,744)
Financing activities
Proceeds from sale of common stock, preferred stock
and warrants, net of issuance costs 310 7,194
Employee taxes paid in exchange for restricted stock
awards forefeited 263 -
Issuance of common stock under employee stock plan 87 93
Credit facility borrowing, net 538 40
Credit facility payment - (655)
Repayment of a loan (25) (277)
Conversion of Preferred Stock to Common Stock (17) -
Repayment of minority shareholder (133) -
Issuance of debt, net of costs 2,743 -
-------- --------
Net cash provided by financing activities 3,766 6,395
Effect of exchange rate changes on cash 14 -
Net decrease in cash and cash equivalents (3,338) (8,432)
Cash and cash equivalents at beginning of the period 13,178 16,907
-------- --------
Cash and cash equivalents at end of the period $ 9,840 $ 8,475
======== ========
Determine, Inc.
Billings Reconciliation
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
December December December December
31, 31, 31, 31,
2015 2014 2015 2014
-------- --------- -------- --------
Total revenues $ 7,100 $ 5,984 $ 20,080 $ 14,949
Deferred revenue:
End of period 9,019 8,134 9,019 8,134
Beginning of period 8,319 6,909 8,432 5,748
-------- --------- -------- --------
Change in deferred revenue 700 1,225 587 2,386
-------- --------- -------- --------
Total billings (total revenues plus the
change in deferred revenue) $ 7,800 $ 7,209 $ 20,667 $ 17,335
======== ========= ======== ========
Contacts: Media Relations: Rose Lee Determine +1.650.532.1590 [email protected]
Source: Determine, Inc.
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