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SUNNYVALE, CA -- (Marketwired) -- 08/28/13 -- eGain (NASDAQ: EGAN)

• Total quarterly revenue of $18.0 million, up 16% sequentially and 69% year-over-year
• Total fiscal 2013 revenue of $58.9 million, up 36% over fiscal 2012
• Quarterly cloud software revenue up 8% sequentially and 73% year-over-year
• Fiscal 2013 cloud software revenue up 70% year-over-year
• Fourth quarter operating income of $2.1 million, compared to an operating loss of $2.2 million in the fourth quarter of fiscal 2012
• Fiscal 2013 operating income of $1.2 million, compared to an operating loss of $2.0 million in fiscal 2012
• eGain expects fiscal 2014 total annual cloud revenue growth of between 40% and 45% year-over-year
• eGain expects fiscal 2014 total annual revenue growth of between 20% and 25% year-over-year

eGain (NASDAQ: EGAN), a leading provider of cloud customer engagement solutions, today announced results for its fiscal 2013 fourth quarter and full year ended June 30, 2013.

"We executed well in fiscal 2013 as our investments in sales coverage, customer success, and product innovation are beginning to pay off," said Ashu Roy, eGain's CEO. "We are particularly pleased with our top rating in the Gartner Web Customer Service Magic Quadrant this year."

"In fiscal 2014, we will continue to expand our sales team, even as we build out a meaningful partner ecosystem. With our market-leading platform and deep innovation pipeline, we look forward to capitalizing on the strategic market opportunity in enterprise customer engagement that we see ahead."

Fiscal 2013 Fourth Quarter and Full Year Results:

Revenue: Total revenue for the fiscal fourth quarter was $18.0 million, an increase of 69% on a year-over-year basis. Subscription and support revenue for the fiscal fourth quarter was $9.0 million, an increase of 42% on a year-over-year basis. The cloud portion of the subscription and support revenue was $5.6 million, an increase of 73% on a year-over-year basis. License revenue for the fiscal fourth quarter was $4.6 million, an increase of 101% on a year-over-year basis. Professional services revenue for the fiscal fourth quarter was $4.4 million, an increase of 116% on a year-over-year basis

For the full fiscal year 2013, total revenue was $58.9 million, an increase of 36% over fiscal 2012. Subscription and support revenue was $32.3 million, an increase of 37% over fiscal 2012. The cloud portion of the subscription and support revenue was $19.1 million, an increase of 70% over fiscal 2012. License revenue was $12.9 million, an increase of 16% over fiscal 2012. Professional services revenue was $13.8 million, an increase of 58% over fiscal 2012.

Gross Profit: Gross profit for the fiscal fourth quarter was $13.1 million, compared to $6.7 million for the fourth quarter of fiscal 2012. Gross margin for the fiscal fourth quarter was 73%, compared to 63% in the fourth quarter last year. The subscription and support revenue gross margin for the fiscal fourth quarter increased to 83%, compared to 77% in the fourth quarter last year.

For the full fiscal year 2013, gross profit was $40.9 million, compared to $29.9 million for fiscal 2012. Gross margin was 69% in fiscal years 2013 and 2012. The subscription and support revenue gross margin increased to 83%, compared to 77% in fiscal 2012.

Earnings per Share: Net income for the fiscal fourth quarter was $1.9 million, or $0.08 per share on a basic basis and $0.07 per share on a diluted basis, compared to an adjusted net loss of $2.9 million, or a loss of $0.12 per share on a basic and diluted basis, for the fourth quarter of last year. Net income for the fiscal fourth quarter includes stock-based compensation expense of $271,000 and interest and tax expense of $246,000, compared to stock-based compensation expense of $336,000 and interest and tax expense of $392,000 in the fourth quarter last year.

For the full fiscal year 2013, net income was $684,000, or $0.03 per share on a basic and diluted basis, compared to an adjusted net loss of $3.8 million, or a loss of $0.16 per share on a basic and diluted basis, for fiscal 2012. Net income for fiscal 2013 includes stock-based compensation expense of $1.1 million and interest and tax expense of $862,000, compared to stock-based compensation expense of $856,000 and interest and tax expense of $1.1 million in fiscal 2012.

Cash: Total cash, cash equivalents and restricted cash increased to $17.2 million at June 30, 2013, up from $10.9 million at June 30, 2012. Net cash provided by operations was $10.2 million for fiscal 2013, compared to adjusted net cash provided by operations of $1.0 million for fiscal 2012.

Deferred Revenue: Total deferred revenue (which includes both deferred revenue on the balance sheet of $19.7 million and unbilled deferred revenue that remains off balance sheet of $24.8 million, collectively representing contractual commitments that have not been recognized as revenue) was $44.5 million at June 30, 2013, compared to $28.8 million at June 30, 2012.

Fiscal 2014 Guidance: eGain is estimating fiscal 2014 annual total revenue growth to be between 20% and 25% and annual cloud revenue growth to be between 40% and 45%.

Quarterly Conference Call
eGain will discuss its quarterly results today via teleconference at 5:00 p.m. Eastern Daylight Time. To access the live call, please dial (866) 206-6509, or outside the U.S. (703) 639-1108, at least five minutes prior to the start time. A live webcast of the call can be accessed from the investors section at www.egain.com. An audio replay of the conference call can be accessed at (888) 266-2081 (U.S. toll-free) or (703) 925-2533 (international). The replay will be available starting two hours after the call and remain in effect for one week. The required pass code is #1621215. An archive of the webcast will also be available on the investors section at www.egain.com.

About eGain
eGain's customer engagement solutions power digital transformation strategies for leading brands. Our top-rated cloud applications for social, mobile, web, and contact centers help clients deliver connected customer journeys in a multichannel world. To find out more about eGain investor relations, visit http://www.egain.com/company/investors/

Headquartered in Sunnyvale, California, eGain has operating presence in North America, EMEA, and APAC. To learn more about us, visit www.eGain.com or call the company's offices: +1-800-821-4358 (US), +44-(0)-1753-464646 (EMEA), or +91-(0)-20-6608-9200 (APAC).

Cautionary Note Regarding Forward-Looking Statements. This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other matters, statements about the Company's market opportunities, statements about the Company's expected financial results for the fiscal fourth quarter ended June 30, 2013 and for the full 2013 fiscal year with respect to total revenue, cloud revenue and business mix, and statements regarding our fiscal 2014 guidance, including sources of revenue and business mix. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the company's results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties referred to above include -- but are not limited to -- risks that our hybrid revenue model and lengthy sales cycles may negatively affect our operating results; risks related to our reliance on a relatively small number of customers for a substantial portion of our revenue; our ability to compete successfully and manage growth; our ability to develop and expand strategic and third party distribution channels; risks related to our international operations; our ability to invest resources to improve our products and continue to innovate; and other risks detailed from time to time in eGain's filings with the Securities and Exchange Commission, including eGain's annual report on Form 10-K filed on September 25, 2012, and eGain's quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's Web site at www.sec.gov. These forward-looking statements are based on current expectations and speak only as of the date hereof. The Company assumes no obligation to update these forward-looking statements.

Note: eGain is a registered trademark, and the other eGain product and service names appearing in this release are trademarks or service marks, of eGain. All other company names and products are trademarks or registered trademarks of their respective companies.

                             eGain Corporation
              Condensed Consolidated Statements of Operations
                  (in thousands, except per share amounts)
                                (unaudited)

                                  Three Months Ended        Years Ended
                                       June 30,              June 30,
                                 --------------------  --------------------
                                    2013       2012       2013       2012
                                 ---------  ---------  ---------  ---------
                                                As                    As
                                             Adjusted              Adjusted
Revenue:
  Subscription and support       $   8,955  $   6,302  $  32,281  $  23,594
  License                            4,616      2,300     12,853     11,067
  Professional services              4,398      2,034     13,755      8,703
                                 ---------  ---------  ---------  ---------
    Total revenue                   17,969     10,636     58,889     43,364
                                 ---------  ---------  ---------  ---------
  Cost of subscription and
   support                           1,536      1,467      5,495      5,363
  Cost of license                       26        (38)       151        (39)
  Cost of professional services      3,265      2,486     12,360      8,112
                                 ---------  ---------  ---------  ---------
  Total cost of revenue              4,827      3,915     18,006     13,436
                                 ---------  ---------  ---------  ---------
    Gross profit                    13,142      6,721     40,883     29,928
Operating expenses:
  Research and development           2,226      1,760      8,419      6,132
  Sales and marketing                6,912      5,669     24,434     20,086
  General and administrative         1,858      1,457      6,787      5,743
                                 ---------  ---------  ---------  ---------
    Total operating expenses        10,996      8,886     39,640     31,961
                                 ---------  ---------  ---------  ---------
Income/(loss) from operations        2,146     (2,165)     1,243     (2,033)
Interest expense, net                 (107)      (134)      (483)      (722)
Other income (expense), net             (3)      (371)       303       (677)
                                 ---------  ---------  ---------  ---------
Income /(loss) before income tax
 provision                           2,036     (2,670)     1,063     (3,432)
Income tax provision                  (139)      (258)      (379)      (390)
                                 ---------  ---------  ---------  ---------
Net income/(loss)                $   1,897  $  (2,928) $     684  $  (3,822)
                                 =========  =========  =========  =========

Per share information:
  Basic net income/(loss) per
   common share                  $    0.08  $   (0.12) $    0.03  $   (0.16)
  Diluted net income/(loss) per
   common share                  $    0.07  $   (0.12) $    0.03  $   (0.16)
  Weighted average shares used
   in computing basic net
   income/(loss) per common
   share                            25,050     24,450     24,780     24,329
  Weighted average shares used
   in computing diluted net
   income/(loss) per common
   share                            26,504     24,450     26,089     24,329

Summary of stock-based compensation included in the
 costs and expenses above:
Cost of revenue                  $      34  $      24  $     121  $      77
Research and development         $      49  $      75  $     261  $     180
Sales and marketing              $     104  $      93  $     360  $     274
General and administrative       $      84  $     144  $     339  $     325


                             eGain Corporation
                   Condensed Consolidated Balance Sheets
                               (in thousands)
                                (unaudited)

                                                        June 30,   June 30,
                                                          2013       2012
                                                       ---------  ---------
                                                                      As
                                                                   Adjusted
ASSETS
Current assets:
  Cash and cash equivalents                            $  16,206  $   9,911
  Restricted cash                                             29         35
  Accounts receivable, net                                12,307      6,535
  Deferred commissions                                     1,745        955
  Prepaid and other current assets                         2,377        795
                                                       ---------  ---------
    Total current assets                                  32,664     18,231
Property and equipment, net                                3,544      2,295
Deferred commissions, net of current portion                 776        643
Goodwill                                                   4,880      4,880
Restricted cash, net of current portion                    1,000      1,000
Other assets                                                 672        894
                                                       ---------  ---------
    Total assets                                       $  43,536  $  27,943
                                                       =========  =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                     $   2,583  $   1,875
  Accrued compensation                                     4,339      3,385
  Accrued liabilities                                      2,478      1,549
  Deferred revenue                                        15,679      6,896
  Bank borrowings                                          2,667      1,666
  Related party notes payable                              2,897         --
                                                       ---------  ---------
    Total current liabilities                             30,643     15,371
Deferred revenue, net of current portion                   4,057      1,187
Bank borrowings, net of current portion                    2,000      1,667
Related party notes payable                                   --      5,563
Other long term liabilities                                  848        242
                                                       ---------  ---------
    Total liabilities                                     37,548     24,030
                                                       ---------  ---------
Stockholders' equity:
  Common stock                                                25         24
  Additional paid-in capital                             328,552    326,742
  Notes receivable from stockholders                         (87)       (85)
  Accumulated other comprehensive loss                    (1,168)      (750)
  Accumulated deficit                                   (321,334)  (322,018)
                                                       ---------  ---------
    Total stockholders' equity                             5,988      3,913
                                                       ---------  ---------
    Total liabilities and stockholders' equity         $  43,536  $  27,943
                                                       =========  =========