[December 03, 2014] |
|
American Software Reports Preliminary Second Quarter of Fiscal Year 2015 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the second quarter of fiscal 2015. The Company has
delivered 55 consecutive quarters of profitability.
Key second quarter financial metrics:
-
Total revenues for the quarter ended October 31, 2014 were $24.6
million, a decrease of 9% over the comparable period last year.
-
Software license fee revenues for the quarter ended October 31, 2014
were $3.0 million, a decrease of 51% compared to the same period last
year.
-
Services and other revenues for the quarter ended October 31, 2014
increased 1% to $11.8 million compared to $11.7 million for the same
period last year.
-
Maintenance revenues for the quarter ended October 31, 2014 were $9.8
million compared to $9.1 million, an increase of 8% over the same
period last year.
-
Operating earnings for the quarter ended October 31, 2014 were $1.4
million, a decrease of 74% compared to the same period last year.
-
GAAP net earnings for the quarter ended October 31, 2014 were $1.2
million or $0.04 per fully diluted share, a decrease of 68% compared
the same period last year.
-
Adjusted net earnings for the quarter ended October 31, 2014, which
excludes stock-based compensation expense, amortization of
acquisition-related intangibles and the net loss of MIDRetail, were
$1.8 million or $0.06 per fully diluted share compared to $4.0 million
or $0.14 per fully diluted share for the same period last year, which
excluded stock-based compensation expense and amortization of
acquisition-related intangibles.
-
Adjusted EBITDA was $3.2 million for the quarter ended October 31,
2014 compared to $6.2 million for the quarter ended October 31, 2013.
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.
Key fiscal 2015 year to date financial highlights:
-
Total revenues for the six months ended October 31, 2014 were $49.4
million, a 2% decrease over the comparable period last year.
-
Software license fees for the six-month period were $7.4 million, a
22% decrease compared to the same period last year.
-
Services and other revenues were $22.8 million compared to $22.9
million the same period last year.
-
Maintenance revenues were $19.3 million, a 7% increase over the
comparable period last year.
-
For the six months ended October 31, 2014, the Company reported
operating earnings of approximately $3.5 million, a 54% decrease over
the same period last year.
-
GAAP net earnings were approximately $2.7 million or $0.09 per fully
diluted share for the six months ended October 31, 2014, a 49%
decrease compared to $5.3 million or $0.19 per fully diluted share for
the same period last year.
-
Adjusted net earnings for the six months ended October 31, 2014, which
excludes stock-based compensation expense, amortization of
acquisition-related intangibles and the net loss of MIDRetail, a
recent acquisition, were $3.8 million or $0.13 per fully diluted
share, compared to $5.9 million or $0.21 per fully diluted share for
the same period last year, which also excluded stock-based
compensation expenses and acquisition-related amortization of
intangibles.
-
Adjusted EBITDA was $7.2 million for the six months ended October 31,
2014 compared to $9.9 million for the six months ended October 31,
2013. 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 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 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 overall financial condition of the Company remains strong, with cash
and investments of approximately $69.5 million as of October 31, 2014.
During the second quarter of fiscal 2015, the Company repurchased 87,765
shares of its common stock for an average price of $8.89 per share for a
total of approximately $780,000 under its authorized stock repurchase
program and paid approximately $2.8 million in dividends. On November
20, 2014 we announced that our Board of Directors declared a quarterly
dividend of $.10 per share payable to the Class A and Class B Common
Shareholders of record at the close of business on February 6, 2015. The
dividend will be paid on or about February 24, 2015.
"We started the second quarter with a backlog of sales opportunities
that was expected to yield a number of new contracts and very positive
license fee revenue results. However, a number of opportunities were
delayed for a variety of reasons including extended capital approval
cycles by our customers," said Mike Edenfield, president and CEO of
American Software. "The good news is that these well-qualified
opportunities remain in our pipeline. Additionally, we have continued to
grow our pipeline with new opportunities and expect to improve our
closure rate; increasing the probability of ending our 2015 fiscal year
with improved results over fiscal year 2014."
"Our software solutions continue to be widely regarded for their
industry-leading capabilities and ability to deploy quickly. And, we are
pleased to report this quarter represents our 55th
consecutive quarter of profitability which underscores the strength of
our services and maintenance revenue contributions," stated Edenfield.
"Additionally, our sustained profitability and strong balance sheet have
allowed the Company to continue to provide a tangible benefit to our
shareholders with a quarterly dividend as well as a share repurchase
program. On November 20, 2014, our Board of Directors authorized the
Company's next quarterly dividend of $0.10 per common share which is
payable on February 24, 2015 to shareholders of record at the close of
business on February 6, 2015."
"Our robust product portfolio, deep domain expertise, strong customer
base and ability to deliver results for our customers combined with our
continued financial strength provide a solid platform for growth when
manufacturers and distributors regain their confidence in economic
growth and resume their investments in applications that can deliver a
competitive advantage," continued Edenfield. "We are also gaining
traction with our expansion into the retail sector and anticipate these
effort will drive revenues and fuel incremental growth."
Additional highlights for the second quarter of fiscal 2015 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the second quarter include: Bestseller, California Innovations,
Hogla-Kimberly Marketing, Medline International Two Australia Pty,
Plews & Edelmann, Screwfix and Unifirst Corp.
-
During the quarter, software license agreements were signed with
customers located in the following nine countries: Australia, Canada,
Denmark, Israel, Mexico, Singapore, Sweden, the United Kingdom, and
the United States.
-
Logility Inc., a wholly-owned subsidiary of the Company, and the
Timken Company led the educational session, "Forecast Alignment:
Speaking a Common Language across the Organization," at the CSCMP
Annual Global Conference 2014. The well-attended session shared best
practices and discussed why a common language, the flexibility to
model financial and volumetric measures, and a comprehensive demand
plan are critical to supply chain success.
-
Caribou Coffee led the session "Supply Chain Success: More than
Counting Beans" at the 2014 S&OP Innovation Summit. Caribou shared how
its supply chain organization transformed its processes and deployed
Logility Voyager Solutions™ to drive greater accuracy, responsiveness,
and collaboration to support Caribou's sales and operations planning
(S&OP) process.
-
Logility congratulated several customers on their selection to Supply
Chain Insights' first annual "15 Supply Chains to Admire." The honor
is based on a combination of demonstrated balance sheet improvements
and the Supply Chain Insights Supply Chain Index, a methodology for
evaluating supply chain performance based on four criteria: strength,
balance, resiliency, and peer ranking.
-
NGC Software, a wholly-owned subsidiary of the Company, announced
Lucky Zone Design, a private label apparel manufacturer based in New
York, is implementing NGC's ERP XPress platform in a
Software-as-a-Service (SaaS) model. Lucky Zone Design selected NGC ERP
XPress to help manage Lucky Zone's rapidly growing business and serve
as a strategic platform for the future.
-
During the quarter NGC Software announced A+ School & Career Apparel,
a leading apparel company specializing in superior school uniforms,
career apparel and image-wear, selected NGC's fashion PLM software, as
well as modules for Costing, CPSIA and Product Testing. A+ School &
Career Apparel will deploy NGC's software to help enhance
collaboration and workflow management, and ensure the highest quality
of product and level of service.
-
Rocky Brands extended NGC Software's PLM solution to its marketing and
e-Commerce departments to provide one-stop shopping for all data
related to a product, including detailed descriptions, SEO data
elements, e-Commerce web copy, and marketing bullet points. In
addition, NGC Software announced Rocky Brands also tapped the power
and integration capabilities of NGC's PLM to create an automated,
real-time and fully integrated process for item setup and updates,
which ensures immediate data availability and integrity across all
systems.
-
NGC Software announced that Watters Designs, Inc., an internationally
acclaimed multi-label bridal apparel designer and manufacturer, has
selected NGC's PLM software. NGC's PLM platform was chosen to help the
company manage its recent product expansion and rapid growth. NGC's
PLM software will also help ensure that Watters Designs maintains its
high standards of quality and design.
-
Aalfs Uno, S.A. selected NGC Software's Shop Floor Control platform
for its denim and twill manufacturing plant in Nicaragua. The system
optimizes on-time completions, evaluates plant workload, determines
capacity needs, tracks employee performance, calculates complex
incentive payroll, and more to help Aalfs Uno, S.A. improve its
operations.
Company & Technology
-
Logility sponsored the APICS 2014 Conference and Expo, one of the
largest supply chain conferences dedicated to the education and
development of supply chain and operations professionals. At the
conference, Logility highlighted best practices and industry leading
solutions to help companies manage the growing complexity of today's
global value chain networks.
-
Logility highlighted the "Keys to Profitable Growth" at this year's
IBF Business Planning & Forecasting: Best Practices Conference.
Attendees were provided a review of how their supply chains can help
them profitably grow and keep ahead of their competition through the
use of improved demand, inventory, and planning solutions and
processes.
-
Logility and Deloitte shared thought-leadership and proven techniques
to "Removing Barriers to Inventory Optimization Success." The webcast
event was hosted by APICS, and outlined a simple three-step approach
that helps remove the barriers to inventory optimization success and
shows how leading supply chain organizations use powerful business
process and technology enablers to achieve and sustain improved
inventory performance.
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 solutions to optimize the supply chain. Logility Voyager
Solutions™ is a complete supply chain and retail optimization solution
suite that features a performance monitoring architecture and provides
supply chain visibility; demand, inventory and replenishment planning;
Sales and Operations Planning (S&OP); supply and inventory optimization;
manufacturing planning and scheduling; retail merchandise planning and
allocation; and transportation planning and management. Logility
customers include Abercrombie & Fitch, Big Lots, Fender Musical
Instruments, Parker Hannifin, Verizon Wireless, and VF Corporation. Demand
Management, Inc., a wholly-owned subsidiary of Logility, delivers
supply chain solutions to small and midsized manufacturers, distributors
and retailers. Demand Management's Demand Solutions® suite is
widely deployed and globally recognized for forecasting, demand planning
and point-of-sale analysis. Demand Management serves customers such as
AutomationDirect.com, Campbell Hausfeld and Lonely Planet. New
Generation Computing® (NGC®),
a wholly-owned subsidiary of American Software, is a leading provider of
PLM, supply chain management, ERP and product testing software and
services for brand owners, retailers and consumer products companies.
NGC customers include A|X Armani Exchange, Aeropostale, Billabong,
Carter's, Casual Male, Hugo Boss, Jos. A. Bank, FGL Group, Athletica,
Marchon Eyewear, and Swatfame. For more information about American
Software, 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, continuing U.S. and global economic uncertainty, the
timing and degree of business recovery, unpredictability and the
irregular pattern of future revenues, dependence on particular market
segments or customers, competitive pressures, delays, product liability
and warranty claims and other risks associated with new product
development, undetected software errors, market acceptance of the
Company's products, technological complexity, the challenges and risks
associated with integration of acquired product lines, companies and
services, as well as a number of other risk factors that could affect
the Company's future performance. 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
|
October 31,
|
|
|
|
October 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Pct Chg.
|
|
|
|
2014
|
|
|
2013
|
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
$
|
3,012
|
|
|
|
$
|
6,192
|
|
|
|
(51
|
%)
|
|
|
|
$
|
7,380
|
|
|
|
$
|
9,410
|
|
|
|
(22
|
%)
|
|
Services & other
|
|
|
|
11,794
|
|
|
|
|
11,662
|
|
|
|
1
|
%
|
|
|
|
|
22,786
|
|
|
|
|
22,890
|
|
|
|
0
|
%
|
|
Maintenance
|
|
|
|
9,771
|
|
|
|
|
9,077
|
|
|
|
8
|
%
|
|
|
|
|
19,268
|
|
|
|
|
17,949
|
|
|
|
7
|
%
|
|
|
Total Revenues
|
|
|
|
24,577
|
|
|
|
|
26,931
|
|
|
|
(9
|
%)
|
|
|
|
|
49,434
|
|
|
|
|
50,249
|
|
|
|
(2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
1,763
|
|
|
|
|
1,234
|
|
|
|
43
|
%
|
|
|
|
|
3,499
|
|
|
|
|
2,395
|
|
|
|
46
|
%
|
|
Services & other
|
|
|
|
8,543
|
|
|
|
|
8,181
|
|
|
|
4
|
%
|
|
|
|
|
16,338
|
|
|
|
|
16,221
|
|
|
|
1
|
%
|
|
Maintenance
|
|
|
|
2,175
|
|
|
|
|
1,990
|
|
|
|
9
|
%
|
|
|
|
|
4,156
|
|
|
|
|
3,952
|
|
|
|
5
|
%
|
|
|
Total Cost of Revenues
|
|
|
|
12,481
|
|
|
|
|
11,405
|
|
|
|
9
|
%
|
|
|
|
|
23,993
|
|
|
|
|
22,568
|
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
|
|
|
12,096
|
|
|
|
|
15,526
|
|
|
|
(22
|
%)
|
|
|
|
|
25,441
|
|
|
|
|
27,681
|
|
|
|
(8
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
3,478
|
|
|
|
|
2,928
|
|
|
|
19
|
%
|
|
|
|
|
6,852
|
|
|
|
|
5,745
|
|
|
|
19
|
%
|
|
Less: capitalized development
|
|
|
|
(668
|
)
|
|
|
|
(924
|
)
|
|
|
(28
|
%)
|
|
|
|
|
(846
|
)
|
|
|
|
(1,641
|
)
|
|
|
(48
|
%)
|
|
Sales and marketing
|
|
|
|
4,574
|
|
|
|
|
5,018
|
|
|
|
(9
|
%)
|
|
|
|
|
9,218
|
|
|
|
|
9,412
|
|
|
|
(2
|
%)
|
|
General and administrative
|
|
|
|
3,161
|
|
|
|
|
3,071
|
|
|
|
3
|
%
|
|
|
|
|
6,376
|
|
|
|
|
6,224
|
|
|
|
2
|
%
|
|
Provision for doubtful accounts
|
|
|
|
65
|
|
|
|
|
(84
|
)
|
|
|
nm
|
|
|
|
|
|
107
|
|
|
|
|
(84
|
)
|
|
|
nm
|
|
|
Amortization of acquisition-related intangibles
|
|
|
|
107
|
|
|
|
|
125
|
|
|
|
(14
|
%)
|
|
|
|
|
192
|
|
|
|
|
250
|
|
|
|
(23
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
|
10,717
|
|
|
|
|
10,134
|
|
|
|
6
|
%
|
|
|
|
|
21,899
|
|
|
|
|
19,906
|
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
|
|
|
|
1,379
|
|
|
|
|
5,392
|
|
|
|
(74
|
%)
|
|
|
|
|
3,542
|
|
|
|
|
7,775
|
|
|
|
(54
|
%)
|
|
Interest Income & Other, Net
|
|
|
|
489
|
|
|
|
|
417
|
|
|
|
17
|
%
|
|
|
|
|
795
|
|
|
|
|
461
|
|
|
|
72
|
%
|
Earnings Before Income Taxes
|
|
|
|
1,868
|
|
|
|
|
5,809
|
|
|
|
(68
|
%)
|
|
|
|
|
4,337
|
|
|
|
|
8,236
|
|
|
|
(47
|
%)
|
Income Tax Expense
|
|
|
|
693
|
|
|
|
|
2,116
|
|
|
|
(67
|
%)
|
|
|
|
|
1,628
|
|
|
|
|
2,950
|
|
|
|
(45
|
%)
|
Net Earnings
|
|
|
$
|
1,175
|
|
|
|
$
|
3,693
|
|
|
|
(68
|
%)
|
|
|
|
$
|
2,709
|
|
|
|
$
|
5,286
|
|
|
|
(49
|
%)
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.04
|
|
|
|
$
|
0.13
|
|
|
|
(69
|
%)
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.19
|
|
|
|
(47
|
%)
|
|
Diluted
|
|
|
$
|
0.04
|
|
|
|
$
|
0.13
|
|
|
|
(69
|
%)
|
|
|
|
$
|
0.09
|
|
|
|
$
|
0.19
|
|
|
|
(53
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
28,270
|
|
|
|
|
27,448
|
|
|
|
|
|
|
|
|
|
28,252
|
|
|
|
|
27,406
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
28,586
|
|
|
|
|
27,874
|
|
|
|
|
|
|
|
|
|
28,595
|
|
|
|
|
27,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm- not meaningful
|
|
AMERICAN SOFTWARE, INC.
|
NON-GAAP MEASURES OF PERFORMANCE
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
|
October 31,
|
|
|
|
October 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Pct Chg.
|
|
|
|
2014
|
|
|
2013
|
|
|
Pct Chg.
|
NON-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
1,175
|
|
|
|
$
|
3,693
|
|
|
|
(68
|
%)
|
|
|
|
$
|
2,709
|
|
|
|
$
|
5,286
|
|
|
|
(49
|
%)
|
|
Income tax expense
|
|
|
|
693
|
|
|
|
|
2,116
|
|
|
|
(67
|
%)
|
|
|
|
|
1,628
|
|
|
|
|
2,950
|
|
|
|
(45
|
%)
|
|
Interest Income & Other, Net
|
|
|
|
(489
|
)
|
|
|
|
(417
|
)
|
|
|
17
|
%
|
|
|
|
|
(795
|
)
|
|
|
|
(461
|
)
|
|
|
72
|
%
|
|
Amortization of intangibles
|
|
|
|
1,161
|
|
|
|
|
171
|
|
|
|
579
|
%
|
|
|
|
|
2,260
|
|
|
|
|
939
|
|
|
|
141
|
%
|
|
Depreciation
|
|
|
|
295
|
|
|
|
|
262
|
|
|
|
13
|
%
|
|
|
|
|
579
|
|
|
|
|
523
|
|
|
|
11
|
%
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
2,835
|
|
|
|
|
5,825
|
|
|
|
(51
|
%)
|
|
|
|
|
6,381
|
|
|
|
|
9,237
|
|
|
|
(31
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
390
|
|
|
|
|
362
|
|
|
|
8
|
%
|
|
|
|
|
794
|
|
|
|
|
700
|
|
|
|
13
|
%
|
Adjusted EBITDA
|
|
|
$
|
3,225
|
|
|
|
$
|
6,187
|
|
|
|
(48
|
%)
|
|
|
|
$
|
7,175
|
|
|
|
$
|
9,937
|
|
|
|
(28
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA , as a percentage of revenues
|
|
|
|
12
|
%
|
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
13
|
%
|
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA , as a percentage of revenues
|
|
|
|
13
|
%
|
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
15
|
%
|
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
|
October 31,
|
|
|
|
October 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Pct Chg.
|
|
|
|
2014
|
|
|
2013
|
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
1,175
|
|
|
|
$
|
3,693
|
|
|
|
(68
|
%)
|
|
|
|
$
|
2,709
|
|
|
|
$
|
5,286
|
|
|
|
(49
|
%)
|
|
Mid Retail Loss (2)
|
|
|
|
377
|
|
|
|
|
-
|
|
|
|
nm
|
|
|
|
|
|
562
|
|
|
|
|
-
|
|
|
|
nm
|
|
|
Amortization of TMS and Optiant acquisition-related intangibles (2)
|
|
|
|
25
|
|
|
|
|
79
|
|
|
|
(68
|
%)
|
|
|
|
|
50
|
|
|
|
|
161
|
|
|
|
(69
|
%)
|
|
Stock-based compensation (2)
|
|
|
|
245
|
|
|
|
|
230
|
|
|
|
7
|
%
|
|
|
|
|
496
|
|
|
|
|
449
|
|
|
|
10
|
%
|
Adjusted Net Earnings
|
|
|
$
|
1,822
|
|
|
|
$
|
4,002
|
|
|
|
(54
|
%)
|
|
|
|
$
|
3,817
|
|
|
|
$
|
5,896
|
|
|
|
(35
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.06
|
|
|
|
$
|
0.14
|
|
|
|
(57
|
%)
|
|
|
|
$
|
0.13
|
|
|
|
$
|
0.21
|
|
|
|
(38
|
%)
|
(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 $0.04 and $0.10 for the three and six months ended
October 31, 2014, respectively. Diluted per share for Class B shares
under the two-class method are $0.13 and $0.19 for the three and six
months ended October 31, 2013, respectively.
|
|
(2) - Tax affected using the effective tax rate for the three and
six months period ended October 31, 2014 and 2013.
|
|
nm- not meaningful
|
|
AMERICAN SOFTWARE, INC.
|
Consolidated Balance Sheet Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
October 31,
|
|
|
April 30,
|
|
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
|
|
|
Cash and Short-term Investments
|
|
$
|
56,181
|
|
|
$
|
70,599
|
Accounts Receivable:
|
|
|
|
|
|
|
Billed
|
|
|
13,555
|
|
|
|
15,422
|
|
Unbilled
|
|
|
2,923
|
|
|
|
3,234
|
Total Accounts Receivable, net
|
|
|
16,478
|
|
|
|
18,656
|
Prepaids & Other
|
|
|
4,068
|
|
|
|
2,953
|
Income Tax Receivable
|
|
|
852
|
|
|
|
1,139
|
Current Assets
|
|
|
77,579
|
|
|
|
93,347
|
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
13,301
|
|
|
|
8,975
|
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
3,366
|
|
|
|
3,681
|
Capitalized Software, net
|
|
|
9,785
|
|
|
|
10,732
|
Goodwill
|
|
|
18,749
|
|
|
|
13,819
|
Other Intangibles, net
|
|
|
3,259
|
|
|
|
534
|
Other Non-current Assets
|
|
|
622
|
|
|
|
132
|
Total Assets
|
|
$
|
126,661
|
|
|
$
|
131,220
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
$
|
602
|
|
|
$
|
1,382
|
Accrued Compensation and Related costs
|
|
|
2,291
|
|
|
|
3,532
|
Dividend Payable
|
|
|
2,825
|
|
|
|
2,822
|
Other Current Liabilities
|
|
|
2,329
|
|
|
|
2,735
|
Deferred Tax Liability - Current
|
|
|
559
|
|
|
|
418
|
Deferred Revenues - Current
|
|
|
23,993
|
|
|
|
23,638
|
Current Liabilities
|
|
|
32,599
|
|
|
|
34,527
|
|
|
|
|
|
|
|
|
Deferred Revenues - Non-current
|
|
|
480
|
|
|
|
670
|
Deferred Tax Liability - Non-current
|
|
|
1,437
|
|
|
|
1,936
|
Other Long-term Liabilities
|
|
|
1,835
|
|
|
|
1,527
|
Long-term Liabilities
|
|
|
3,752
|
|
|
|
4,133
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
36,351
|
|
|
|
38,660
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
90,310
|
|
|
|
92,560
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
$
|
126,661
|
|
|
$
|
131,220
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Condensed Consolidated Cashflow Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended,
|
|
|
|
|
October 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities
|
|
$
|
(262
|
)
|
|
|
$
|
9,636
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized computer software development costs
|
|
|
(846
|
)
|
|
|
|
(1,641
|
)
|
|
|
Purchases of property and equipment, net of disposals
|
|
|
(232
|
)
|
|
|
|
(155
|
)
|
|
|
Proceeds from maturities of investments
|
|
|
-
|
|
|
|
|
225
|
|
|
|
Purchase of business, net of cash acquired
|
|
|
(7,909
|
)
|
|
|
|
(1,191
|
)
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(8,987
|
)
|
|
|
|
(2,762
|
)
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
(5,648
|
)
|
|
|
|
-
|
|
|
|
Repurchase of common stock
|
|
|
(780
|
)
|
|
|
|
-
|
|
|
|
Payment for accrued acquisition consideration
|
|
|
(200
|
)
|
|
|
|
-
|
|
|
|
Excess tax benefits from stock based compensation
|
|
|
78
|
|
|
|
|
68
|
|
|
|
Proceeds from exercise of stock options
|
|
|
597
|
|
|
|
|
1,120
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities
|
|
|
(5,953
|
)
|
|
|
|
1,188
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
(15,202
|
)
|
|
|
|
8,062
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
55,803
|
|
|
|
|
41,164
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
40,601
|
|
|
|
$
|
49,226
|
|
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|