[June 23, 2016] |
|
American Software Reports Preliminary Fourth Quarter and Fiscal Year 2016 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the fourth quarter and fiscal 2016. The Company
increased license revenue by 30% and total revenues by 5% driving a 13%
increase in operating earnings for the fourth quarter when compared to
the same period last year.
Key fourth quarter financial highlights:
-
Total revenues for the quarter ended April 30, 2016 were $28.9
million, an increase of 5% over the comparable period last year.
-
Software license revenues for the quarter ended April 30, 2016 were
$6.6 million, an increase of 30% compared to the same period last year.
-
Services and other revenues for the quarter ended April 30, 2016
decreased 6% to $12.0 million compared to $12.8 million for the same
period last year.
-
Maintenance revenues for the quarter ended April 30, 2016 increased 5%
to $10.3 million compared to $9.8 million for the same period last
year.
-
Operating earnings for the quarter ended April 30, 2016 were $3.9
million, an increase of 13% compared to the same period last year.
-
GAAP net earnings for the quarter ended April 30, 2016 increased 32%
to $3.4 million or $0.12 per fully diluted share compared to $2.6
million or $0.09 per fully diluted share for the same period last year.
-
Adjusted net earnings for the quarter ended April 30, 2016, which
excludes stock-based compensation expense, amortization of
acquisition-related intangibles and discrete tax adjustments were $3.3
million or $0.11 per fully diluted share compared to $2.9 million or
$0.10 per fully diluted share for the same period last year, which
excluded stock-based compensation expense, amortization of
acquisition-related intangibles and discrete tax adjustments in the
prior year.
-
EBITDA increased 6% to $5.3 million for the quarter ended April 30,
2016 compared to $5.0 million for the quarter ended April 30, 2015.
-
Adjusted EBITDA increased 6% to $5.6 million for the quarter ended
April 30, 2016 compared to $5.3 million for the quarter ended April
30, 2015. Adjusted EBITDA represents GAAP net earnings adjusted for
amortization of intangibles, depreciation, interest income & other,
net, income tax expense, stock-based compensation, and other
significant non-routine operating and non-operating income and expense
items, if applicable.
-
Cloud Services Annual Contract Value (ACV) increased approximately 37%
to $3.8 million for the quarter ended April 30, 2016 compared to $2.8
million for the same period of the prior year. The ACV is comprised of
software-as-a-service (SaaS) ACV of $1.9 million compared to
approximately $1.4 million during the same period last year and other
cloud services ACV of $1.9 million compared to $1.4 million during the
same period last year.
Key fiscal year 2016 financial highlights:
-
Total revenues for the twelve months ended April 30, 2016 were $113.9
million, an 11% increase over the prior year.
-
Software license fees for the twelve month period were $22.0 million,
a 32% increase compared to the prior year.
-
Services and other revenues for the twelve months ended April 30, 2016
increased 8% to $51.1 million compared to $47.2 million for the prior
year.
-
Maintenance revenues for the twelve months ended April 30, 2016 were
$40.7 million, a 5% increase compared to $38.9 million for the prior
year.
-
For the twelve months ended April 30, 2016, the Company reported
operating earnings of approximately $13.5 million, a 45% increase over
the prior year.
-
GAAP net earnings were approximately $10.2 million or $0.35 per fully
diluted share for the twelve months ended April 30, 2016, a 26%
increase compared to $8.1 million or $0.28 per fully diluted share for
the prior year.
-
Adjusted net earnings for the twelve months ended April 30, 2016,
which excludes stock-based compensation expense, amortization of
acquisition-related intangibles and discrete tax adjustments increased
28% to $10.5 million or $0.36 per fully diluted share, compared to
$8.2 million or $0.29 per fully diluted share for the same period last
year, which excluded stock-based compensation expenses and
acquisition-related amortization of intangibles and discrete tax
adjustments.
-
Adjusted EBITDA increased 24% to $20.7 million for the twelve months
ended April 30, 2016 compared to $16.7 million for the twelve months
ended April 30, 2015. Adjusted EBITDA represents GAAP net earnings
adjusted for amortization of intangibles, depreciation, interest
income & other, net, income tax expense, stock-based compensation, and
other significant non-routine operating and non-operating income and
expense items, if applicable.
The Company is including Annual Contract Value (ACV), EBITDA, adjusted
EBITDA, adjusted net earnings and adjusted net earnings per share in the
summary financial information provided with this press release as
supplemental information relating to its operating results. This
financial information is not in accordance with, or an alternative for,
GAAP-compliant financial information and may be different from non-GAAP
net earnings and non-GAAP per share measures used by other companies.
The Company believes that this presentation of ACV, EBITDA, adjusted
EBITDA, adjusted net earnings and adjusted net earnings per share
provides useful information to investors regarding certain additional
financial and business trends relating to its financial condition and
results of operations. The ACV is a forward-looking operating measure
used by management to better understand cloud services (SaaS and other
related cloud services) revenue growth trends within the Company's
business as it reflects the Company's current estimate of revenue to be
generated under the existing client contracts in the forward 12-month
period.
The overall financial condition of the Company remains strong, with cash
and investments of approximately $77.9 million and no debt as of April
30, 2016. During the fourth quarter and fiscal 2016, the Company paid
approximately $2.9 million and $11.5 million in dividends, respectively.
On May 12, 2016, we announced that its Board of Directors declared a
quarterly dividend of $0.11 per share, which represents a 10 percent
increase over the previous quarterly dividend rate of $0.10 per share.
The dividend is payable to the Class A and Class B Common Shareholders
of record at the close of business on August 5, 2016. The dividend will
be paid on or about August 19, 2016.
"Fiscal year 2016 achieved growth across all revenue streams. During the
fourth quarter of fiscal 2016, we grew license revenue by 30% and total
revenues by 5% which increased operating earnings by 13% compared to the
same period of the prior year," said Mike Edenfield, president and CEO
of American Software. "With more customers leveraging our cloud services
and software-as-a-service (SaaS) offerings to accelerate their
deployments and enhance their operations, we are pleased to report
significant 37% quarter-over-quarter increase in Cloud Services Annual
Contract Value (ACV).
"During fiscal year 2016, we welcomed 54 new customers, signed license
agreements with customers in 16 countries, continued our aggressive
investment in research and development, and continued expanding our
global presence," said Edenfield. "During fiscal year 2016, we grew
license revenue by 32% and total revenues by 11% which increased
operating earnings by 45% compared to the prior year."
Additional highlights for the fourth quarter of fiscal 2016 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the fourth quarter include: Ashley Furniture, Blu Dot, Dreamwear, Elan
International, Gerald Lighting, J.A. Cosmetics, Jenny Yoo Collections,
Le Creuset, Mount Franklin Foods, Outdoor Voices, and Zevia.
-
During the quarter, software license agreements were signed with
customers located in the following nine countries: Australia, Canada,
Finland, Japan, Mexico, Sweden, Switzerland, the United Kingdom, and
the United States.
-
Logility Inc., a wholly-owned subsidiary of the Company, announced
Shelley Kiley, vice president global supply chain and global
distribution and logistics at Moen, North America's #1 faucet brand,
was named a Supply & Demand Chain Executive 2016 Pros to Know. Ms.
Kiley was selected from more than 350 nominations submitted for the
16th annual listing and is recognized for helping Moen improve its
supply chain planning capabilities, ensure product availability and
service commitments, and improve working capital efficiency through
the use of Logility Voyager Solutions™.
-
NGC Software, a wholly-owned subsidiary of the Company, announced
Brian Brothers, developers of the popular urban menswear brand Jordan
Craig, is implementing NGC's fashion PLM and Supply Chain Management
(SCM) system. Brian Brothers turned to NGC Software to help improve
their speed to market and communication with partners.
-
During the quarter, NGC Software announced Canada Goose Inc., a
rapidly growing manufacturer of luxury apparel, is implementing NGC's
Extended PLM, which combines fashion PLM and Supply Chain Management
(SCM) into a fully integrated, end-to-end solution.
-
C&A Mexico, a fast-fashion retailer, selected NGC Software's fashion
PLM system. NGC's software will allow C&A Mexico to improve speed to
market and overall productivity, enabling C&A to quickly deliver the
newest styles to its customers.
-
NGC Software announced Jenny Yoo Collection selected the company's
fashion PLM and apparel ERP solutions. Jenny Yoo will use NGC's
apparel software to manage its popular bridal and bridal party designs
found in leading department stores, including Nordstrom and BHLDN, and
specialty stores around the world.
-
Xcel Brands, a leader and innovator in the acquisition, design,
production, licensing, marketing, and retail sales of consumer brands
such as Isaac Mizrahi, Judith Ripka, H Halston, and C. Wonder,
selected NGC Software's Global Enterprise Suite, a fully integrated
suite including fashion PLM, apparel ERP and supply chain management.
Company & Technology
-
During the quarter, Logility announced the company was positioned the
highest for Ability to Execute in Gartner's Magic Quadrant for Supply
Chain Planning System of Record. This Magic Quadrant report analyzed
the market for the foundational planning layer of supply chain
planning that supports the integrate maturity stage (Stage three out
of five stages) of demand and supply planning processes today and in
the future.
-
Nucleus Research positioned Logility a Leader in its Inventory
Optimization Value Matrix 2016. The distinction is based on Nucleus
Research's usability and functionality evaluation of Logility Voyager
Solutions. The report highlights several key differentiators and
Logility was praised for its advanced functionality, mathematical
openness and extensive built-in analytics.
-
Logility announced the opening of offices in Dusseldorf, Germany,
Malmo, Sweden, Sao Paulo, Brazil, and Sydney, Australia. The expansion
is the company's response to increasing worldwide demand for Logility
Voyager Solutions and supply chain optimization services, and allows
Logility to provide additional localized support and service to help
companies around the world improve their supply chain performance.
-
Bill Harrison, president of Demand Management, a wholly-owned
subsidiary, presented at the Gartner Supply Chain Executive Conference
on "Moving Supply Chain to the Cloud: Preparing Now for Supply
Chain's Next Big Shift."
-
During the quarter, Microsoft certified Demand Solutions DSX as SQL
Server 2014 Certified. Additionally, Demand Management continues as a
Microsoft Gold Application Developer.
-
Logility was named by Consumer Goods Technology magazine as a 2016
Readers' Choice recipient. The award is based on a survey of consumer
goods executives who were asked at the end of 2015 to identify and
rank their satisfaction with the solutions or services they currently
use. This marked the 16th consecutive year Logility has been
recognized as a leading provider of supply chain solutions to the
consumer goods industry.
-
Logility announced Food Logistics magazine selected the company for
the 12th consecutive year for inclusion in its annual
FL100, a recognition of the top 100 technology providers for the food
and beverage industry. Logility was recognized for its proven track
record of helping companies reduce their supply chain costs, drive
enhanced visibility and profitably grow their business.
-
During the quarter, Logility and Demand Management were selected by
industry publication Inbound Logistics as a Top 100 Logistics IT
Provider for 2016. This is the 19th consecutive year for
Logility and the sixth year for Demand Management to recognized by
Inbound Logistics for helping companies solve their complex supply
chain challenges and fast-changing transportation needs.
-
Allan Dow, president of Logility and Mark Burstein, president of
sales, marketing and R&D of NGC Software were named 2016 Pros to Know
by industry publication Supply & Demand Chain Executive. The Pros to
Know award recognizes an elite group of professionals, chosen from
more than 350 applicants, who have helped shape the supply chain
industry and elevate the role of supply chain within the enterprise.
About American Software, Inc.
Atlanta-based American Software (NASDAQ: AMSWA) provides demand-driven
supply chain management and enterprise software solutions, backed by
more than 40 years of industry experience, that drive value for
companies regardless of market conditions. Logility, Inc., a
wholly-owned subsidiary of American Software, is a leading provider of
collaborative supply chain optimization and advanced retail planning
solutions that help medium, large, and Fortune 500 companies realize
substantial bottom-line results in record time. Logility Voyager
Solutions™ is a complete supply chain and retail optimization solution
suite that features an advanced analytics architecture and provides
supply chain visibility; demand, inventory and replenishment planning;
Sales and Operations Planning (S&OP); Integrated Business Planning
(IBP), supply and inventory optimization; manufacturing planning and
scheduling; retail merchandise and assortment planning and allocation;
and transportation planning and management. Logility customers include
Abercrombie & Fitch, Big Lots, Parker Hannifin, Verizon Wireless, and VF
Corporation. Demand Management, Inc., a wholly-owned subsidiary
of Logility, delivers affordable, easy-to-use software-as-a-service
(SaaS) supply chain solutions for manufacturers and distributors
designed to increase forecast accuracy, improve customer service levels,
and reduce overall inventory to maximize profits and lower costs. Demand
Solutions DSX offers demand planning, collaborative forecasting,
inventory planning, production planning and scheduling, S&OP and IBP.
Demand Management serves customers such as Siemens Healthcare,
AutomationDirect.com, and Newfoundland Labrador Liquor Corporation. New
Generation Computing® (NGC®), a wholly-owned subsidiary of American
Software, is a leading provider of PLM, supply chain management, ERP,
and shop floor control software and services for brand owners, retailers
and consumer products companies. NGC customers include A|X Armani
Exchange, Aeropostale, Billabong, Carter's, Destination XL, Hugo Boss,
Jos. A. Bank, Marchon Eyewear, Spanx, Swatfame, VF Corporation, and many
others. For more information about American Software, named one of the
100 Most Trustworthy Companies in America by Forbes Magazine, please
visit www.amsoftware.com, call
(800) 726-2946 or email: [email protected].
Forward-Looking Statements
This press release contains forward-looking statements that are subject
to substantial risks and uncertainties. There are a number of factors
that could cause actual results to differ materially from those
anticipated by statements made herein. These factors include, but are
not limited to, changes in general economic conditions, technology and
the market for the Company's products and services, including economic
conditions within the e-commerce markets; the timely availability and
market acceptance of these products and services; the Company's ability
to satisfy in a timely manner all SEC required filings and the
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the
rules and regulations adopted under that Section; the challenges and
risks associated with integration of acquired product lines and
companies; the effect of competitive products and pricing; the
uncertainty of the viability and effectiveness of strategic alliances;
and the irregular pattern of the Company's revenues. For further
information about risks the Company could experience as well as other
information, please refer to the Company's current Form 10-K and other
reports and documents subsequently filed with the Securities and
Exchange Commission. For more information, contact: Vincent C. Klinges,
Chief Financial Officer, American Software, Inc., (404) 264-5477 or fax:
(404) 237-8868.
Logility is a registered trademark and Logility Voyager Solutions is
a trademark of Logility, Inc.; Demand Solutions is a registered
trademark of Demand Management, Inc.; and NGC and New Generation
Computing are registered trademarks of New Generation Computing, Inc.
Other products mentioned in this document are registered, trademarked or
service marked by their respective owners.
AMERICAN SOFTWARE, INC.
|
Consolidated Statements of Operations Information
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
|
April 30,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
$
|
6,556
|
|
|
$
|
5,030
|
|
|
30%
|
|
|
$
|
22,043
|
|
|
$
|
16,748
|
|
|
32%
|
|
Services & other
|
|
|
|
11,990
|
|
|
|
12,767
|
|
|
(6%)
|
|
|
|
51,099
|
|
|
|
47,215
|
|
|
8%
|
|
Maintenance
|
|
|
|
10,320
|
|
|
|
9,803
|
|
|
5%
|
|
|
|
40,747
|
|
|
|
38,910
|
|
|
5%
|
|
|
Total Revenues
|
|
|
|
28,866
|
|
|
|
27,600
|
|
|
5%
|
|
|
|
113,889
|
|
|
|
102,873
|
|
|
11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
1,914
|
|
|
|
2,187
|
|
|
(12%)
|
|
|
|
7,688
|
|
|
|
7,675
|
|
|
0%
|
|
Services & other
|
|
|
|
8,545
|
|
|
|
9,074
|
|
|
(6%)
|
|
|
|
37,100
|
|
|
|
34,204
|
|
|
8%
|
|
Maintenance
|
|
|
|
2,568
|
|
|
|
2,215
|
|
|
16%
|
|
|
|
9,441
|
|
|
|
8,580
|
|
|
10%
|
|
|
Total Cost of Revenues
|
|
|
|
13,027
|
|
|
|
13,476
|
|
|
(3%)
|
|
|
|
54,229
|
|
|
|
50,459
|
|
|
7%
|
Gross Margin
|
|
|
|
15,839
|
|
|
|
14,124
|
|
|
12%
|
|
|
|
59,660
|
|
|
|
52,414
|
|
|
14%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
3,636
|
|
|
|
3,501
|
|
|
4%
|
|
|
|
14,494
|
|
|
|
13,835
|
|
|
5%
|
|
Less: capitalized development
|
|
|
|
(565)
|
|
|
|
(1,022)
|
|
|
(45%)
|
|
|
|
(3,246)
|
|
|
|
(2,747)
|
|
|
18%
|
|
Sales and marketing
|
|
|
|
6,197
|
|
|
|
4,909
|
|
|
26%
|
|
|
|
22,164
|
|
|
|
18,667
|
|
|
19%
|
|
General and administrative
|
|
|
|
2,642
|
|
|
|
3,216
|
|
|
(18%)
|
|
|
|
12,449
|
|
|
|
12,745
|
|
|
(2%)
|
|
Provision for doubtful accounts
|
|
|
|
-
|
|
|
|
-
|
|
|
0%
|
|
|
|
-
|
|
|
|
178
|
|
|
nm
|
|
Amortization of acquisition-related intangibles
|
|
|
|
68
|
|
|
|
95
|
|
|
(28%)
|
|
|
|
272
|
|
|
|
394
|
|
|
(31%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
|
11,978
|
|
|
|
10,699
|
|
|
12%
|
|
|
|
46,133
|
|
|
|
43,072
|
|
|
7%
|
Operating Earnings
|
|
|
|
3,861
|
|
|
|
3,425
|
|
|
13%
|
|
|
|
13,527
|
|
|
|
9,342
|
|
|
45%
|
|
Interest Income & Other, Net
|
|
|
|
931
|
|
|
|
345
|
|
|
170%
|
|
|
|
1,173
|
|
|
|
1,060
|
|
|
11%
|
Earnings Before Income Taxes
|
|
|
|
4,792
|
|
|
|
3,770
|
|
|
27%
|
|
|
|
14,700
|
|
|
|
10,402
|
|
|
41%
|
Income Tax Expense
|
|
|
|
1,386
|
|
|
|
1,192
|
|
|
16%
|
|
|
|
4,458
|
|
|
|
2,274
|
|
|
96%
|
Net Earnings
|
|
|
$
|
3,406
|
|
|
$
|
2,578
|
|
|
32%
|
|
|
$
|
10,242
|
|
|
$
|
8,128
|
|
|
26%
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.12
|
|
|
$
|
0.09
|
|
|
33%
|
|
|
$
|
0.36
|
|
|
$
|
0.29
|
|
|
24%
|
|
Diluted
|
|
|
$
|
0.12
|
|
|
$
|
0.09
|
|
|
33%
|
|
|
$
|
0.35
|
|
|
$
|
0.28
|
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
28,858
|
|
|
|
28,395
|
|
|
|
|
|
|
28,727
|
|
|
|
28,283
|
|
|
|
|
|
Diluted
|
|
|
|
29,063
|
|
|
|
28,746
|
|
|
|
|
|
|
29,005
|
|
|
|
28,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm- not meaningful
|
|
|
AMERICAN SOFTWARE, INC.
|
|
NON-GAAP MEASURES OF PERFORMANCE
|
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
April 30,
|
|
|
April 30,
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
|
NON-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
3,406
|
|
|
|
$
|
2,578
|
|
|
|
32
|
%
|
|
|
$
|
10,242
|
|
|
|
$
|
8,128
|
|
|
|
26
|
%
|
|
Income Tax Expense
|
|
|
|
1,386
|
|
|
|
|
1,192
|
|
|
|
16
|
%
|
|
|
|
4,458
|
|
|
|
|
2,274
|
|
|
|
96
|
%
|
|
Interest Income & Other, Net
|
|
|
|
(931
|
)
|
|
|
|
(345
|
)
|
|
|
170
|
%
|
|
|
|
(1,173
|
)
|
|
|
|
(1,060
|
)
|
|
|
11
|
%
|
|
Amortization of intangibles
|
|
|
|
1,207
|
|
|
|
|
1,222
|
|
|
|
(1
|
%)
|
|
|
|
4,811
|
|
|
|
|
4,641
|
|
|
|
4
|
%
|
|
Depreciation
|
|
|
|
193
|
|
|
|
|
300
|
|
|
|
(36
|
%)
|
|
|
|
807
|
|
|
|
|
1,193
|
|
|
|
(32
|
%)
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
5,261
|
|
|
|
|
4,947
|
|
|
|
6
|
%
|
|
|
|
19,145
|
|
|
|
|
15,176
|
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
381
|
|
|
|
|
351
|
|
|
|
9
|
%
|
|
|
|
1,593
|
|
|
|
|
1,530
|
|
|
|
4
|
%
|
Adjusted EBITDA
|
|
|
$
|
5,642
|
|
|
|
$
|
5,298
|
|
|
|
6
|
%
|
|
|
$
|
20,738
|
|
|
|
$
|
16,706
|
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA , as a percentage of revenues
|
|
|
|
18
|
%
|
|
|
|
18
|
%
|
|
|
|
|
|
|
17
|
%
|
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA , as a percentage of revenues
|
|
|
|
20
|
%
|
|
|
|
19
|
%
|
|
|
|
|
|
|
18
|
%
|
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
April 30,
|
|
|
April 30,
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
3,406
|
|
|
|
$
|
2,578
|
|
|
|
32
|
%
|
|
|
$
|
10,242
|
|
|
|
$
|
8,128
|
|
|
|
26
|
%
|
|
Discrete Tax Adjustments
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
nm
|
|
|
|
(182
|
)
|
|
|
|
(1,217
|
)
|
|
|
(85
|
%)
|
|
GA R&D Tax Credit (2)(3)
|
|
|
|
(436
|
)
|
|
|
|
-
|
|
|
|
nm
|
|
|
|
(871
|
)
|
|
|
|
-
|
|
|
|
nm
|
|
|
Amortization of acquisition-related intangibles (2)
|
|
|
|
48
|
|
|
|
|
65
|
|
|
|
(26
|
%)
|
|
|
|
190
|
|
|
|
|
264
|
|
|
|
(28
|
%)
|
|
Stock-based compensation (2)
|
|
|
|
271
|
|
|
|
|
240
|
|
|
|
13
|
%
|
|
|
|
1,110
|
|
|
|
|
1,025
|
|
|
|
8
|
%
|
Adjusted Net Earnings
|
|
|
$
|
3,289
|
|
|
|
$
|
2,883
|
|
|
|
14
|
%
|
|
|
$
|
10,489
|
|
|
|
$
|
8,200
|
|
|
|
28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.11
|
|
|
|
$
|
0.10
|
|
|
|
10
|
%
|
|
|
$
|
0.36
|
|
|
|
$
|
0.29
|
|
|
|
24
|
%
|
(1) - Basic per share amounts are the same for Class A and Class B
shares. Diluted per share amounts for Class A shares are shown
above. Diluted per share for Class B shares under the two-class
method are $0.12 and $0.35 for the three and twelve months ended
April 30, 2016, respectively. Diluted per share for Class B shares
under the two-class method are $0.09 and $0.29 for the three and
twelve months ended April 30, 2015, respectively.
|
|
(2) - Tax affected using the effective tax rate for the three and
twelve months period ended April 30, 2016 and 2015.
|
|
(3) - The GA R&D tax credit is recorded to General & Administration
expense.
|
|
nm- not meaningful
|
|
|
AMERICAN SOFTWARE, INC.
|
Consolidated Balance Sheet Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
April 30,
|
|
|
April 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
$
|
49,004
|
|
|
$
|
44,655
|
Short-term Investments
|
|
|
20,957
|
|
|
|
17,584
|
Accounts Receivable:
|
|
|
|
|
|
|
Billed
|
|
|
17,104
|
|
|
|
16,018
|
|
Unbilled
|
|
|
3,444
|
|
|
|
3,585
|
Total Accounts Receivable, net
|
|
|
20,548
|
|
|
|
19,603
|
Prepaids & Other
|
|
|
3,586
|
|
|
|
3,748
|
Current Assets
|
|
|
94,095
|
|
|
|
85,590
|
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
7,924
|
|
|
|
13,156
|
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
3,396
|
|
|
|
3,548
|
Capitalized Software, net
|
|
|
9,140
|
|
|
|
9,815
|
Goodwill
|
|
|
18,749
|
|
|
|
18,749
|
Other Intangibles, net
|
|
|
1,858
|
|
|
|
2,748
|
Other Non-current Assets
|
|
|
1,562
|
|
|
|
660
|
Total Assets
|
|
$
|
136,724
|
|
|
$
|
134,266
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
$
|
1,280
|
|
|
$
|
920
|
Accrued Compensation and Related costs
|
|
|
4,349
|
|
|
|
3,048
|
Dividend Payable
|
|
|
2,887
|
|
|
|
2,861
|
Other Current Liabilities
|
|
|
2,779
|
|
|
|
3,274
|
Deferred Tax Liability - Current
|
|
|
-
|
|
|
|
636
|
Deferred Revenues - Current
|
|
|
27,999
|
|
|
|
28,511
|
Current Liabilities
|
|
|
39,294
|
|
|
|
39,250
|
|
|
|
|
|
|
|
|
Deferred Revenues - Non-current
|
|
|
612
|
|
|
|
290
|
Deferred Tax Liability - Non-current
|
|
|
1,319
|
|
|
|
995
|
Other Long-term Liabilities
|
|
|
605
|
|
|
|
805
|
Long-term Liabilities
|
|
|
2,536
|
|
|
|
2,090
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
41,830
|
|
|
|
41,340
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
94,894
|
|
|
|
92,926
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
$
|
136,724
|
|
|
$
|
134,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Condensed Consolidated Cashflow Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
18,291
|
|
|
|
$
|
10,024
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized computer software development costs
|
|
|
|
(3,246
|
)
|
|
|
|
(2,747
|
)
|
|
|
Purchases of property and equipment, net of disposals
|
|
|
|
(655
|
)
|
|
|
|
(1,028
|
)
|
|
|
Purchase of business, net of cash acquired
|
|
|
|
-
|
|
|
|
|
(7,909
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(3,901
|
)
|
|
|
|
(11,684
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
|
(11,478
|
)
|
|
|
|
(11,297
|
)
|
|
|
Payment for accrued acquisition consideration
|
|
|
|
(200
|
)
|
|
|
|
(200
|
)
|
|
|
Repurchase of common stock
|
|
|
|
(181
|
)
|
|
|
|
(1,100
|
)
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
|
-
|
|
|
|
|
384
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
1,818
|
|
|
|
|
2,725
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
(10,041
|
)
|
|
|
|
(9,488
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
4,349
|
|
|
|
|
(11,148
|
)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
44,655
|
|
|
|
|
55,803
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
49,004
|
|
|
|
$
|
44,655
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160623006134/en/
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