Businessweek

Lyris, Inc. announced the appointment of Debra Durbin as vice president of sales, North America. In her role, Debra will be responsible for driving revenue for the entire Lyris solution portfolio in the North America region. Debra has led sales teams across a variety of industries, including pharmaceutical, banking, high technology and education. Most recently, Debra served as a consultant helping a variety of start-up companies develop early adopter sales for security, SaaS governance, compliance, gaming, background checks, food additives and clean engines.

Lyris, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported total revenues of $8,893,000 against $9,262,000 a year ago. Loss from operations was $272,000 against income from operations of $524,000 a year ago. Loss from operations before income taxes was $593,000 against income from operations before income taxes of $416,000 a year ago. Net loss was $568,000 compared to net income of $541,000 a year ago. Net loss attributable to the company was $568,000 or $0.06 per basic and diluted share against net income attributable to the company of $585,000 or $0.06 per basic and diluted share a year ago. Non-GAAP net income was $438,000 or $0.05 per basic and diluted share against $1,061,000 or $0.11 per basic and diluted share a year ago. Total EBITDA was $430,000 against $1,165,000 a year ago. Total adjusted EBITDA was $852,000 against $1,361,000 a year ago. For the nine months, the company reported total revenues of $27,531,000 against $29,492,000 a year ago. Loss from operations was $93,000 against $10,545,000 a year ago. Loss from operations before income taxes was $523,000 against $10,848,000 a year ago. Net loss was $622,000 against $10,909,000 a year ago. Net loss attributable to the company was $651,000 against $10,900,000 a year ago. Basic and diluted net loss per share was $0.07 against $1.25 a year ago. Non-GAAP net income was $1,664,000 or $0.17 per basic and diluted share against $856,000 or $0.10 per basic and diluted share a year ago. Total EBITDA was $2,084,000 against total LBITDA of $7,764,000 a year ago. Total adjusted EBITDA was $3,012,000 against $2,109,000 a year ago.

On May 6, 2013, Lyris, Inc., Lyris Technologies, Inc. and Commodore Resources (Nevada), Inc. entered into a Loan and Security Agreement with Silicon Valley Bank. The agreement provides the company with a revolving line of credit of up to $5,000,000. The amount available under the revolving line is limited by a borrowing base formula based on the Borrower's recurring revenue and customer retention rate. The revolving line matures on May 6, 2015. Advances under the Revolving Line will accrue interest at a per annum floating rate equal to the greater of 6.25% or the Bank's prime rate plus 3%. Interest is due monthly, and all unpaid principal and accrued but unpaid interest is due upon maturity. The Agreement contains typical negative covenants for a credit facility of this size and type, including covenants that prevent or restrict the Company's and its subsidiaries' ability to take certain actions, including, without limitation, changing their principal executive offices, entering into mergers and acquisitions, disposing of property or other assets, and incurring additional indebtedness. Under the Agreement, the Company is also required to comply with financial covenants to maintain a liquidity ratio of not less than 1.25 to 1.00, and to maintain a minimum EBITDA (maximum loss) for the trailing three month period. Payment and performance of the Borrowers' obligations with respect to the Revolving Line is secured by a security interest in substantially all of the assets of the Borrowers, including their intellectual property. The Agreement contains typical default provisions for a credit facility of this size and type, that include, among others, defaults in the event of non-payment or non-performance of covenants, material adverse change in the Borrowers, attachment of the Borrowers' assets or entry of an injunction against doing business, occurrence of certain bankruptcy and insolvency events, cross-defaults to certain other material indebtedness, entry of material judgment and inaccuracy of representations and warranties. The occurrence of an event of default could result in, among other things, acceleration of all obligations under the Revolving Line, the Bank ceasing to advance money or extending credit under the Revolving Line, and a right by the Bank to exercise all remedies available to it under the Agreement, including the disposition of any or all collateral. On May 6, 2013, in connection with entering into the Agreement, the Company paid all amounts outstanding and owed under its Amended and Restated Loan and Security Agreement with Comerica Bank, which terminated on April 30, 2013 according to its terms.

Lyris, Inc. announced that they will report Q3, 2013 results at 5:00 PM, Eastern Standard Time on May 09, 2013

Lyris, Inc., Q3 2013 Earnings Call, May 09, 2013