SumTotal Systems Reports Second Quarter 2008 Results

NewswireToday - /newswire/ - Mountain View, CA, United States, 07/30/2008 - Subscriptions revenue grows 23% year-over-year; Recurring revenue increases to 54% of total revenue. SumTotal® Systems (Nasdaq: SUMT), the market leader and a global provider of talent development solutions, today announced its financial results for the second quarter ended June 30, 2008. Second Quarter 2008 Results On a Generally Accepted Accounting Principles (GAAP) basis, total revenue for the second quarter 2008 increased to $31.9 million from $30.2 million in the second quarter 2007. GAAP net loss was $1.0 million, or $0.03 per share on a basic and diluted basis, compared to a net loss of $1.5 million, or $0.05 per share in the second quarter 2007. Non-GAAP revenue for the second quarter 2008 increased to $32.0 million from $30.5 million in the... [read full story]