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CAMPBELL, CA -- (Marketwired) -- 03/31/14 -- Rainmaker Systems, Inc. (OTCQX: RMKR) today reported financial results for its fourth quarter and year ended December 31, 2013.

Net revenue in the fourth quarter of 2013 was $4.1 million, compared to net revenue in the preceding quarter of $4.7 million and net revenue in the fourth quarter of 2012 of $5.2 million. Net revenue for 2013 was $17.7 million, compared to $25.4 million in 2012.

Net loss from continuing operations for the fourth quarter of 2013 was $11.0 million, or a net loss of $0.26 per share, compared to a net loss from continuing operations in the preceding quarter of $3.6 million, or a net loss of $0.09 per share, and a net loss from continuing operations in the fourth quarter of 2012 of $921,000, or a net loss of $0.04 per share. Net loss from continuing operations for 2013 was $21.0 million, or a net loss of $0.54 per share, compared to a net loss from continuing operations of $4.0 million, or a net loss of $0.15 per share for 2012.

The results above include a charge of $2.3 million for the impairment of long-lived assets associated with our e-commerce platform business and a charge of $5.4 million for the impairment of goodwill both recorded in the fourth quarter of 2013.

Total cash and cash equivalents were $3.6 million at December 31, 2013, compared to $4.5 million at December 31, 2012.

"Please join us for our earnings conference call scheduled for this Monday, March 31, 2014, for an update on our efforts to return the Company to sustainable growth and profitability," said Don Massaro, President and CEO.

Conference Call
Rainmaker Systems will host a conference call and webcast Monday, March 31, 2014, at 2 p.m. Pacific Daylight Time (5 p.m. Eastern Daylight Time) to discuss its fourth quarter 2013 financial results. Those wishing to participate in the live call should dial 888-397-5352 using the passcode 7231102. A replay of the call will be available for one week beginning approximately two hours after the call's conclusion by dialing 888-203-1112 and entering the passcode 7231102. To access the live webcast of the call, go to the Investors section of Rainmaker's website at www.rainmakersystems.com. A webcast replay of the conference call will be available for one year on the Conference Calls/Events page of the Investors section at www.rainmakersystems.com.

About Rainmaker Systems, Inc.
Rainmaker Systems provides sales and marketing solutions that help large enterprises increase sales to small-to-medium sized businesses. The Rainmaker Revenue Delivery Platform(SM) combines specialized sales and marketing services with proprietary renewals software and business analytics to simplify the complexities involved in multichannel sales and marketing. The ViewCentral Learning Management System transforms organizations' training centers into profit centers. Rainmaker extends the capabilities of traditional sales teams to assist companies in industries ranging from telecommunications to software and information technology services in reaching target customers and creating new revenue streams.

Rainmaker's common stock trades in the U.S. on the OTCQX under the symbol "RMKR."

NOTE: Rainmaker Systems and ViewCentral are registered with the U.S. Patent and Trademark Office. All other service marks or trademarks are the property of their respective owners.

Safe Harbor Statement
This press release may contain forward-looking statements regarding future events. These forward-looking statements are based on information available to Rainmaker Systems as of this date and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance, and actual results could differ materially from current expectations. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are our ability to raise additional capital to meet our operating requirements, our ability to refinance or restructure our debt, our ability to maintain compliance with our debt covenants, our ability to reduce our losses and achieve profitability, our client concentration, as we depend on a small number of clients for a significant percentage of our revenue, the possibility of the discontinuation and/or realignment of some client relationships, general market conditions, the high degree of uncertainty and our limited visibility due to economic conditions, our ability to execute our business strategy, our ability to integrate acquisitions without disruption to our business, the effectiveness of our sales team and approach, our ability to target, analyze and forecast the revenue to be derived from a client and the costs associated with providing services to that client, the date during the course of a calendar year that a new client is acquired, the length of the integration cycle for new clients and the timing of revenues and costs associated therewith, our ability to execute our business strategy and manage growth, potential competition in the marketplace, our ability to retain and attract employees, market acceptance of our solutions and pricing options, our ability to maintain our existing technology platform and to deploy new technology, our ability to sign new clients and control expenses, the financial condition of our clients' businesses, the protection of our intellectual property and other factors detailed in the Company's filings with the Securities and Exchange Commission ("SEC"), including our filings on Forms 10-K and 10-Q.

                          RAINMAKER SYSTEMS, INC.
                        CONSOLIDATED BALANCE SHEETS
                 (In thousands, except for per share data)
                                (Unaudited)


                                                     December     December
                                                     31, 2013     31, 2012
                                                   -----------  -----------
                      ASSETS
Current assets:
  Cash and cash equivalents                        $     3,633  $     4,494
  Restricted cash                                            3           52
  Accounts receivable, net                               3,554        3,720
  Prepaid expenses and other current assets              1,618        1,292
                                                   -----------  -----------
    Total current assets                                 8,808        9,558
Property and equipment, net                                691        2,455
Goodwill                                                    --        5,337
Other non-current assets                                   840          416
                                                   -----------  -----------
    Total assets                                   $    10,339  $    17,766
                                                   ===========  ===========

       LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
  Accounts payable                                 $    13,042  $     7,159
  Accrued compensation and benefits                      1,001          425
  Other accrued liabilities                              3,665        3,142
  Deferred revenue                                       1,965        2,311
  Notes payable                                          3,641        2,727
                                                   -----------  -----------
    Total current liabilities                           23,314       15,764
Deferred tax liability                                      26          567
Deferred revenue, less current portion                   1,629           44
Common stock warrant liability                              93          348
Other non-current liabilities                              172           --
Notes payable, less current portion                         --        1,800
                                                   -----------  -----------
    Total liabilities                                   25,234       18,523
                                                   -----------  -----------
Stockholders' deficit:
  Preferred stock, $0.001 par value; 5,000 shares
   authorized, none issued and outstanding                  --           --
  Common stock, $0.001 par value; 50,000 shares
   authorized, 43,795 shares issued and 41,495
   shares outstanding at December 31, 2013 and
   30,454 shares issued and 28,428 shares
   outstanding at December 31, 2012                         41           27
  Additional paid-in capital                           137,445      130,402
  Accumulated deficit                                 (149,169)    (128,198)
  Accumulated other comprehensive loss                    (336)        (261)
  Treasury stock, at cost; 2,300 shares at
   December 31, 2013 and 2,026 shares at December
   31, 2012                                             (2,876)      (2,727)
                                                   -----------  -----------
    Total stockholders' deficit                        (14,895)        (757)
                                                   -----------  -----------
    Total liabilities and stockholders' deficit    $    10,339  $    17,766
                                                   ===========  ===========



                          RAINMAKER SYSTEMS, INC.
               CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
                  (In thousands, except per share amounts)
                                (Unaudited)


                                  Three Months Ended        Year Ended
                                     December 31,          December 31,
                                 --------------------  --------------------
                                    2013       2012       2013       2012
                                 ---------  ---------  ---------  ---------
Net revenue                      $   4,135  $   5,164  $  17,681  $  25,360
Cost of services                     3,280      3,082     12,290     14,397
                                 ---------  ---------  ---------  ---------
Gross profit                           855      2,082      5,391     10,963
                                 ---------  ---------  ---------  ---------
Operating expenses:
    Sales and marketing                987        409      3,409      1,978
    Technology and development       1,599      1,239      5,526      5,557
    General and administrative       1,936      1,225      8,789      5,463
    Depreciation and
     amortization                      456        416      1,697      1,642
    Impairment of long-lived
     assets                          2,330         --      2,330         --
    Impairment of goodwill           5,368         --      5,368         --
                                 ---------  ---------  ---------  ---------
Total operating expenses            12,676      3,289     27,119     14,640
                                 ---------  ---------  ---------  ---------
Operating loss                     (11,821)    (1,207)   (21,728)    (3,677)
Loss (gain) due to change in
 fair value of warrant liability      (196)      (484)      (344)      (169)
Interest and other expense, net         89         82        294        216
                                 ---------  ---------  ---------  ---------
Loss before income tax (benefit)
 expense                           (11,714)      (805)   (21,678)    (3,724)
Income tax (benefit) expense          (692)       116       (657)       241
                                 ---------  ---------  ---------  ---------
Net loss from continuing
 operations                        (11,022)      (921)   (21,021)    (3,965)
Net income (loss) from
 discontinued operations                (3)    (3,615)        50     (6,307)
                                 ---------  ---------  ---------  ---------
Net loss                         $ (11,025) $  (4,536) $ (20,971) $ (10,272)
                                 =========  =========  =========  =========

Foreign currency translation
 adjustments                            12        407        (75)       329
                                 ---------  ---------  ---------  ---------
Comprehensive loss               $ (11,013) $  (4,129) $ (21,046) $  (9,943)
                                 =========  =========  =========  =========

Basic and diluted net income
 (loss) per per share:
  Net loss from continuing
   operations                    $   (0.26) $   (0.04) $   (0.54) $   (0.15)
  Net income (loss) from
   discontinued operations              --      (0.13)        --      (0.23)
                                 ---------  ---------  ---------  ---------
  Net loss                       $   (0.26) $   (0.17) $   (0.54) $   (0.38)
                                 =========  =========  =========  =========

Weighted average common shares:
  Basic and diluted                 41,968     27,477     38,639     27,123
                                 =========  =========  =========  =========



                          RAINMAKER SYSTEMS, INC.
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In thousands)
                                (Unaudited)


                                                    Year Ended December 31,
                                                   ------------------------
                                                       2013         2012
                                                   -----------  -----------
Operating activities:
  Net loss                                         $   (20,971) $   (10,272)
  Adjustment for (income) loss from discontinued
   operations, net of tax                                  (50)       6,307
  Adjustments to reconcile net loss to net cash
   used in operating activities:
    Depreciation and amortization of property and
     equipment                                           1,697        1,555
    Amortization of intangible assets                       --           87
    Amortization of debt discount                           20           --
    Loss (gain) due to change in fair value of
     warrant liability                                    (344)        (169)
    Stock-based compensation expense                     1,510          810
    Provision (credit) for allowances for doubtful
     accounts                                               (4)         (38)
    Impairment of credit card receivables                  420           --
    Impairment of other assets                             280           --
    Provision for impairment of long-lived assets        2,330           --
    Provision for impairment of goodwill                 5,368           --
    Changes in operating assets and liabilities:
      Accounts receivable                                 (365)         908
      Prepaid expenses and other assets                   (902)        (397)
      Accounts payable                                   5,947        1,900
      Accrued compensation and benefits                    508         (202)
      Other accrued liabilities                            677         (214)
      Deferred tax liability                              (541)          93
      Deferred revenue                                   1,239         (378)
                                                   -----------  -----------
        Net cash used in continuing operations          (3,181)         (10)
        Net cash provided by (used in)
         discontinued operations                            50       (2,050)
                                                   -----------  -----------
        Net cash used in operating activities           (3,131)      (2,060)
                                                   ===========  ===========

Investing activities:
  Purchases of property and equipment                   (2,250)      (1,146)
  Change in restricted cash, net                            49          (34)
  Consideration received in disposal of
   discontinued operations                                  --          845
                                                   -----------  -----------
        Net cash used in continuing operations          (2,201)        (335)
        Net cash used in discontinued operations            --         (842)
                                                   -----------  -----------
        Net cash used in investing activities           (2,201)      (1,177)
                                                   ===========  ===========

Financing activities:
  Proceeds from issuance of common stock                 5,534           22
  Proceeds from issuance of common stock from
   option exercises                                          4           --
  Proceeds from borrowings                                 911        4,555
  Repayment of borrowings                               (1,727)      (3,954)
  Repayment of acquisition earnout                          --         (113)
  Net proceeds from overdraft facility                      --         (381)
  Tax payments in connection with treasury stock
   surrendered                                            (149)        (237)
                                                   -----------  -----------
        Net cash provided by (used in) continuing
         operations                                      4,573         (108)
        Net cash provided by (used in)
         discontinued operations                            --         (738)
                                                   -----------  -----------
        Net cash provided by (used in) financing
         activities                                      4,573         (846)
                                                   ===========  ===========

Effect of exchange rate changes on cash                   (102)          87
                                                   -----------  -----------

Net decrease in cash and cash equivalents                 (861)      (3,996)
Cash and cash equivalents at beginning of year           4,494        8,490
                                                   -----------  -----------
Cash and cash equivalents at end of year           $     3,633  $     4,494
                                                   ===========  ===========