Raining Data Corporation Reports Third Quarter Results.

Business Editors/High-Tech Writers

IRVINE, Calif.--(BUSINESS WIRE)--Feb. 15, 2001

Raining Data Corporation (Nasdaq:RDTA), formerly known as Omnis Technology Corporation, today reported operating results for its third quarter ended December 31, 2000.

Net revenue increased for the three-month period to $2,770,000. The Omnis-specific portion of this revenue for the entire quarter was $1,004,000. The Pick-specific revenue from the month of December, the one month following the close of the acquisition of PickAX (the parent Company of Pick Systems) was $1,766,000.

Consistent with the Company's plan to consolidate its operations following the December 1, 2000, merger of Omnis and PickAX, Inc., the Company incurred significant third quarter costs related to discontinued and redundant facilities and short-term contracts. As a result, the Company posted a net loss of $2,972,000 for the quarter. Because of the timing of the merger and the merger-related expenses, comparisons to the year-ago quarter are not meaningful.

"We accomplished a great deal during the third quarter, executing on our vision for a new technology Company that combines the best of Omnis and Pick Systems," said Bryce Burns, chairman and CEO of Raining Data. "We consolidated our workforce and facilities, significantly reducing costs while streamlining the organization. We also closed an important financing, which allowed us to reduce interest costs and improved our financial flexibility. Finally, we have placed the right people in key management positions to guide our strategy and execution going forward. The acquisition of PickAX created significant amounts of goodwill. The amortization of these non-cash goodwill charges will adversely impact the Company's results going forward. Nonetheless, due to the merger-related increased revenues, the Company expects to see increasingly positive EBITDA starting as soon as the fourth quarter."

About Raining Data

Raining Data Corporation, headquartered in Irvine, Calif., was created as a result of the December 1, 2000, merger of Omnis Technology Corporation and Pick Systems. With over 160 employees in five countries, Raining Data's pro forma combined revenue for the fiscal year ended March 31, 2000, exceeded $23 million.

The combined Company now offers a comprehensive suite of high-performance, cost-effective software infrastructure solutions that enable developers to create highly scalable, enterprise-level Web-enabled applications. With a powerful range of low-cost, quick-to-market alternatives, the new product platform is designed to meet the needs of Raining Data's large combined base of existing customers as well as new eCommerce software developers. Raining Data's flagship products are: 1) Omnis Studio(R) -- a powerful, cross-platform, object-oriented rapid application development (RAD) tool that is ideally suited for developing sophisticated thick, thin, or ultra-thin client-based applications, and 2) D3(R) -- a multidimensional database management system that is the choice of thousands of application developers worldwide.

The statements in this press release that are not historical facts are forward-looking statements, including but not limited to discussions of expense reductions, financial flexibility, integration efforts, revenues and EBITDA expectations. These forward-looking statements are inherently subject to numerous risks and uncertainties and the Company's actual results could differ materially from those in such forward-looking statements. In particular, there can be no assurance that the Company's expense reductions and integrations efforts will be successful, or that the Company's revenues or EBITDA will improve. You should consult the various reports and documents filed by Raining Data Corporation, formerly known as Omnis Technology Corporation, with the U.S. Securities and Exchange Commission, including but not limited to the Annual Report of the Company on Form 10-KSB/A for the last fiscal year of the Company. All forward-looking statements are made as of the date hereof and the Company disclaims any responsibility to update or revise any forward-looking statement provided in this news release.

Note to Editors: PICK Systems and D3 are registered trademarks of PICK Systems, Inc. Omnis is a registered trademark of Omnis Software Limited, a subsidiary of Raining Data Corporation. Omnis Studio and Omnis 7 are trademarks of Raining Data Corporation. All other products or service names mentioned herein are trademarks of their respective owners.

                    RAINING DATA CORPORATION
                  CONSOLIDATED BALANCE SHEETS

                                ASSETS

                           December 31,               March 31,
                              2000                      2000
                         ---------------           ---------------
                         ---------------           ---------------
                            (Unaudited)

Current Assets
 Cash and Equivalents     $ 1,524,000               $ 1,238,000
 Trade Accounts
  Receivable-net            4,437,000                   594,000
 Inventory                     26,000                    26,000
 Other Current Assets         347,000                   397,000
                          -----------               -----------
       Total Current Assets 6,334,000                 2,255,000

Property, Furniture and
 Equipment-net              1,646,000                   923,000

Goodwill-net               84,201,000                      --
Other Assets                1,297,000                      --
                         ------------               -----------

       Total Assets      $ 93,478,000               $ 3,178,000
                           ==========                ==========

                 LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
 Note Payable                $ 42,000                  $ 56,000
 Note Payable to
  Stockholder                      --                 2,028,000
 Accounts Payable           2,090,000                   460,000
 Accrued Liabilities        6,127,000                   591,000
 Deferred Revenue           5,464,000                   206,000
 Short Term Debt              426,000                      --
                      ---------------           ---------------
       Total Current
        Liabilities        14,149,000                 3,341,000

Long Term Debt-net of
 discount                  16,378,000                      --
                      ---------------           ---------------
       Total Liabilities   30,527,000                 3,341,000

Stockholders' Equity
 (Deficit)
 Preferred Stock: $1.00
  par value; 300,000
  shares
  authorized, issued,
  and outstanding             300,000                   300,000
 Common Stock: $0.10 par
  value; 30,000,000
  shares
  authorized, 15,936,991
  issued, and outstanding
  at December 31,2000;
  10,035,238 issued and
  outstanding at
  March 31,2000             1,594,000                 1,004,000
 Paid-in Capital          118,725,000                50,374,000
 Deferred Compensation     (1,239,000)               (2,045,000)
 Accumulated Deficit      (56,449,000)              (50,082,000)
 Accumulative Other
  Comprehensive Income         20,000                   286,000
                          -----------               -----------
        Total Stockholders'
         Equity (Deficit)  62,951,000                  (163,000)
                          -----------               -----------
        Total Liabilities
         and Stockholders'
         Equity          $ 93,478,000               $ 3,178,000
                           ==========                ==========


                       RAINING DATA CORPORATION
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              (UNAUDITED)

                      Three Months Ended       Nine Months Ended
                         December 31,             December 31,
                       2000        1999         2000         1999
                    ---------   ----------   ----------   ----------

Net Revenue
 Licenses          $1,532,000  $ 2,090,000  $ 3,197,000  $ 4,142,000
 Services           1,238,000      257,000    1,645,000      760,000

 Total Net
  Revenues          2,770,000    2,347,000    4,842,000    4,902,000

Cost and Expenses
 Cost of License
  Revenues            193,000       38,000      238,000      105,000
 Cost of Service
  Revenues            328,000       46,000      706,000      144,000
 Selling and
  Marketing         1,271,000      916,000    3,800,000    2,015,000
 Research and
  Development         590,000      560,000    1,700,000    1,465,000
 General and
  Administrative    2,961,000      356,000    4,262,000    1,154,000
 Total Costs and
  Expenses          5,343,000    1,916,000   10,706,000    4,883,000
                    ---------   ----------   ----------   ----------
Operating Income
 (Loss)            (2,573,000)     431,000   (5,864,000)      19,000
                    ---------   ----------   ----------   ----------
Other Income (Expense)
  Interest
   Expense-net       (386,000)      (1,000)    (490,000)      (2,000)
  Other Expense       (13,000)      (4,000)     (13,000)      (8,000)
                    ---------   ----------   ----------   ----------
                     (399,000)      (5,000)    (503,000)     (10,000)
                    ---------   ----------   ----------   ----------
Income (Loss) Before
 Income Taxes      (2,972,000)     426,000   (6,367,000)       9,000

Income Tax Benefit       --         (5,000)        --         (1,000)
                    ---------   ----------   ----------    ---------

Net Income (Loss) $(2,972,000) $   431,000  $(6,367,000) $    10,000
                    =========   ==========   ==========   ==========

Basic and Diluted
  Net Income (Loss)
  Per Share       $     (0.27) $      0.04  $     (0.61) $      0.00

Weighted Average Number of
 Common Shares
 Outstanding       11,107,974    9,844,050   10,493,016    9,735,742