[December 01, 2016] |
|
American Software Reports Preliminary Second Quarter of Fiscal Year 2017 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the second quarter of fiscal 2017.
Key second quarter financial highlights:
-
Cloud Services Annual Contract Value (ACV) increased approximately 42%
to $4.4 million for the quarter ended October 31, 2016 compared to
$3.1 million for the same period of the prior year. The ACV is
comprised of software-as-a-service (SaaS) ACV of $2.3 million compared
to approximately $1.5 million during the same period last year and
other cloud services ACV of $2.1 million compared to $1.6 million
during the same period last year.
-
Total revenues for the quarter ended October 31, 2016 were $26.1
million, a decrease of 10% over the comparable period last year.
-
Software license revenues for the quarter ended October 31, 2016 were
$3.1 million, a decrease of 44% compared to the same period last year.
-
Services and other revenues for the quarter ended October 31, 2016
decreased 8% to $12.3 million compared to $13.5 million for the same
period last year.
-
Maintenance revenues for the quarter ended October 31, 2016 increased
6% to $10.7 million compared to $10.0 million for the same period last
year.
-
Operating earnings for the quarter ended October 31, 2016 were $0.7
million compared to $3.3 million the same period last year.
-
GAAP net earnings for the quarter ended October 31, 2016 decreased 81%
to $0.4 million or $0.01 per fully diluted share compared to $2.2
million or $0.07 per fully diluted share for the same period last year.
-
Adjusted net earnings for the quarter ended October 31, 2016, which
excludes non-cash stock-based compensation expense and amortization of
acquisition-related intangibles were $0.9 million or $0.03 per fully
diluted share compared to $2.5 million or $0.08 per fully diluted
share for the same period last year, which also excluded non-cash
stock-based compensation expense and amortization of
acquisition-related intangibles.
-
EBITDA decreased by 50% to $2.3 million for the quarter ended October
31, 2016 compared to $4.7 million for the quarter ended October 31,
2015.
-
Adjusted EBITDA decreased 47% to $2.7 million for the quarter ended
October 31, 2016 compared to $5.1 million for the quarter ended
October 31, 2015. Adjusted EBITDA represents GAAP net earnings
adjusted for amortization of intangibles, depreciation, interest
income & other, net, income tax expense and non-cash stock-based
compensation expense.
Key fiscal 2017 year to date financial highlights:
-
Total revenues for the six months ended October 31, 2016 were $53.6
million compared to $57.9 million the same period last year.
-
Software license fees for the six month period ended October 31, 2016
were $7.8 million compared to $10.4 million the same period last year.
-
Services and other revenues for the six months ended October 31, 2016
decreased 10% to $24.6 million compared to $27.3 million the same
period last year.
-
Maintenance revenues for the six months ended October 31, 2016 were
$21.2 million, a 5% increase compared to $20.2 million the same period
last year.
-
For the six months ended October 31, 2016, the Company reported
operating earnings of approximately $2.4 million compared to $7.1
million for the same period last year, a 67% decrease over the same
period last year.
-
GAAP net earnings were approximately $2.1 million or $0.07 per fully
diluted share for the six months ended October 31, 2016, a 56%
decrease compared to $4.7 million or $0.16 per fully diluted share for
the same period last year.
-
Adjusted net earnings for the six months ended October 31, 2016, which
excludes stock-based compensation expense and amortization of
acquisition-related intangibles decreased 45% to $2.9 million or $0.10
per fully diluted share, compared to $5.3 million or $0.18 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 decreased 43% to $6.2 million for the six months ended
October 31, 2016 compared to $10.8 million for the six months ended
October 31, 2015. Adjusted EBITDA represents GAAP net earnings
adjusted for amortization of intangibles, depreciation, interest
income & other, net, income tax expense and non-cash stock-based
compensation.
The Company is including 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 the non-GAAP financial information
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. ACV is a forward-looking
operating measure used by management to better understand cloud services
(SaaS and other related cloud services) revenue 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. A reconciliation of these non-GAAP financial
measures to their nearest U.S. GAAP measure appears in the accompanying
financial tables.
The overall financial condition of the Company remains strong, with cash
and investments of approximately $72.3 million and no debt as of October
31, 2016. During the second quarter, the Company paid approximately $3.2
million in dividends and paid approximately $4.4 million for the
acquisition of AdapChain, Inc.
"The second quarter results were below our expectations. However, we
remain optimistic about our overall fiscal year 2017 performance,"
stated Mike Edenfield, president and CEO of American Software. "We
continued to see more customers leveraging our cloud services and SaaS
offerings to accelerate their deployments and enhance their operations.
And, we are pleased to report a significant 42% increase in Cloud
Services ACV when compared to the same period in the prior year."
"Logility's acquisition of AdapChain, announced on August 23, 2016,
extends our ability to deploy our portfolio of innovative solutions more
quickly and at a lower total cost of ownership than our industry peers,"
said Edenfield. "The acquisition builds on years of collaboration
between AdapChain and Logility to develop a proven solution that enables
our customers to enhance their supply chain success by transforming the
complexity of enterprise-wide application integration into a quick,
simple and repeatable process with systems such as SAP, Oracle, Infor,
Microsoft and JDA. The continued adoption of more mature business
processes such as Sales and Operations Planning (S&OP) and Integrated
Business Planning (IBP), and the ability to leverage the
Internet-of-Things (IoT) further drives the need to connect multiple
enterprise systems across a global network. The AdapChain acquisition is
expected to be accretive to Logility's earnings and cash flow within 12
months."
Additional highlights for the second quarter of fiscal 2017 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the second quarter include: American Nutrition, Antipodes New Zealand,
Antera S.A. de C.V., Crown Bolt, Husqvarna, Infineum USA, Kingston
Technology Company, Jordan's Furniture, Moderna Alimentos S.A.,
Nature's Way Foods, and Sandvik.
-
During the quarter, software license agreements were signed with
customers located in the following 10 countries: Canada, Denmark,
Ecuador, Finland, Ireland, Mexico, New Zealand, Sweden, the United
Kingdom and the United States.
-
Logility, Inc., a wholly-owned subsidiary of the Company, hosted the
APICS webcast, "The Sweetest Comeback in Supply Chain History," which
featured David M. Hovey, Hostess Brands, LLC, and Karin Bursa,
Logility. This live event discussed how Hostess Brands reinvented
their supply chain network and planning through the use of Logility
Voyager Solutions™.
-
Logility and Husqvarna presented the session, Husqvarna Drives
Customer Value with Supply Chain Strategy and Segmentation, at the
Gartner Supply Chain Executive Conference in London. Husqvarna
discussed how they have turned to Logility Voyager Solutions to
develop and execute a segmentation strategy that has helped streamline
operations, increase visibility and responsiveness across the
business, and achieve greater service levels.
-
The CSCMP's 2016 Annual Conference included four sessions which
featuring Logility customers including Ferguson, L'Oreal, Red Wing
Shoe Company, and SnapAV. The four-day global event was held at the
Gaylord Palms Resort and Convention Center in Orlando, FL, September
25 - 28, 2016.
-
Logility congratulated the recipients of Apparel Magazine's The
Apparel Top 50 for 2016. Many of the companies highlighted in this
annual report have turned to Logility Voyager Solutions to achieve
greater forecast accuracy, improve service levels, reduce markdowns,
and boost omni-channel performance.
Company & Technology
-
Logility announced the acquisition of privately-held AdapChain, a
US-based developer of advanced integration solutions. AdapChain's
AdapLink (now Logility Voyager AdapLink™) simplifies and accelerates
the complex integration of supply chain planning with enterprise
resourcing planning (ERP) solutions through a proven template-based
approach.
-
Logility announced the availability of Logility Voyager Integrated
Business Planning™. The solution revolutionizes sales and operations
planning (S&OP) and long-range strategic business planning by
combining volumetric and financial analysis in one comprehensive
planning platform. The native in-memory SaaS solution delivers greater
global visibility, more powerful multi-scenario analysis over longer
planning horizons, tighter collaborative workflow, and a wider
spectrum of analytics.
-
Logility announced the company was positioned in Gartner's 2016 Magic
Quadrant for Merchandise Assortment Management Applications. The
report is an annual review of the market for Merchandise Assortment
Management applications.
-
Demand Management, a wholly-owned subsidiary of Logility, announced
during the quarter it had been named a 2016 Top 100 Logistics IT
Provider by the editors of Inbound Logistics. The award recognizes
leading technology providers for helping companies solve their complex
supply chain challenges and fast-changing transportation needs.
About American Software, Inc.
Atlanta-based American Software, Inc. (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, Billabong, Carter's, Destination XL, Hugo Boss, Jos. A. Bank,
Marchon Eyewear, Spanx, Swatfame 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
October 31,
|
|
|
October 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
$
|
3,140
|
|
|
|
$
|
5,563
|
|
|
|
(44
|
%)
|
|
|
$
|
7,767
|
|
|
|
$
|
10,439
|
|
|
|
(26
|
%)
|
Services & other
|
|
|
|
12,349
|
|
|
|
|
13,463
|
|
|
|
(8
|
%)
|
|
|
|
24,570
|
|
|
|
|
27,308
|
|
|
|
(10
|
%)
|
Maintenance
|
|
|
|
10,657
|
|
|
|
|
10,044
|
|
|
|
6
|
%
|
|
|
|
21,242
|
|
|
|
|
20,181
|
|
|
|
5
|
%
|
Total Revenues
|
|
|
|
26,146
|
|
|
|
|
29,070
|
|
|
|
(10
|
%)
|
|
|
|
53,579
|
|
|
|
|
57,928
|
|
|
|
(8
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
1,606
|
|
|
|
|
2,002
|
|
|
|
(20
|
%)
|
|
|
|
3,429
|
|
|
|
|
3,929
|
|
|
|
(13
|
%)
|
Services & other
|
|
|
|
9,048
|
|
|
|
|
9,923
|
|
|
|
(9
|
%)
|
|
|
|
18,101
|
|
|
|
|
19,374
|
|
|
|
(7
|
%)
|
Maintenance
|
|
|
|
2,478
|
|
|
|
|
2,248
|
|
|
|
10
|
%
|
|
|
|
5,239
|
|
|
|
|
4,411
|
|
|
|
19
|
%
|
Total Cost of Revenues
|
|
|
|
13,132
|
|
|
|
|
14,173
|
|
|
|
(7
|
%)
|
|
|
|
26,769
|
|
|
|
|
27,714
|
|
|
|
(3
|
%)
|
Gross Margin
|
|
|
|
13,014
|
|
|
|
|
14,897
|
|
|
|
(13
|
%)
|
|
|
|
26,810
|
|
|
|
|
30,214
|
|
|
|
(11
|
%)
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
4,138
|
|
|
|
|
3,589
|
|
|
|
15
|
%
|
|
|
|
7,874
|
|
|
|
|
7,155
|
|
|
|
10
|
%
|
Less: capitalized development
|
|
|
|
(969
|
)
|
|
|
|
(1,173
|
)
|
|
|
(17
|
%)
|
|
|
|
(1,605
|
)
|
|
|
|
(1,990
|
)
|
|
|
(19
|
%)
|
Sales and marketing
|
|
|
|
5,202
|
|
|
|
|
5,465
|
|
|
|
(5
|
%)
|
|
|
|
10,673
|
|
|
|
|
10,698
|
|
|
|
0
|
%
|
General and administrative
|
|
|
|
3,667
|
|
|
|
|
3,620
|
|
|
|
1
|
%
|
|
|
|
7,178
|
|
|
|
|
7,067
|
|
|
|
2
|
%
|
Provision for doubtful accounts
|
|
|
|
19
|
|
|
|
|
-
|
|
|
|
0
|
%
|
|
|
|
19
|
|
|
|
|
-
|
|
|
|
0
|
%
|
Amortization of acquisition-related intangibles
|
|
|
|
249
|
|
|
|
|
68
|
|
|
|
266
|
%
|
|
|
|
317
|
|
|
|
|
136
|
|
|
|
133
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
|
12,306
|
|
|
|
|
11,569
|
|
|
|
6
|
%
|
|
|
|
24,456
|
|
|
|
|
23,066
|
|
|
|
6
|
%
|
Operating Earnings
|
|
|
|
708
|
|
|
|
|
3,328
|
|
|
|
(79
|
%)
|
|
|
|
2,354
|
|
|
|
|
7,148
|
|
|
|
(67
|
%)
|
Interest Income & Other, Net
|
|
|
|
(167
|
)
|
|
|
|
133
|
|
|
|
nm
|
|
|
|
493
|
|
|
|
|
436
|
|
|
|
13
|
%
|
Earnings Before Income Taxes
|
|
|
|
541
|
|
|
|
|
3,461
|
|
|
|
(84
|
%)
|
|
|
|
2,847
|
|
|
|
|
7,584
|
|
|
|
(62
|
%)
|
Income Tax Expense
|
|
|
|
129
|
|
|
|
|
1,308
|
|
|
|
(90
|
%)
|
|
|
|
747
|
|
|
|
|
2,859
|
|
|
|
(74
|
%)
|
Net Earnings
|
|
|
$
|
412
|
|
|
|
$
|
2,153
|
|
|
|
(81
|
%)
|
|
|
$
|
2,100
|
|
|
|
$
|
4,725
|
|
|
|
(56
|
%)
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.01
|
|
|
|
$
|
0.08
|
|
|
|
(88
|
%)
|
|
|
$
|
0.07
|
|
|
|
$
|
0.16
|
|
|
|
(56
|
%)
|
Diluted
|
|
|
$
|
0.01
|
|
|
|
$
|
0.07
|
|
|
|
(86
|
%)
|
|
|
$
|
0.07
|
|
|
|
$
|
0.16
|
|
|
|
(56
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
29,135
|
|
|
|
|
28,660
|
|
|
|
|
|
|
|
29,037
|
|
|
|
|
28,637
|
|
|
|
|
Diluted
|
|
|
|
29,548
|
|
|
|
|
28,941
|
|
|
|
|
|
|
|
29,398
|
|
|
|
|
28,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
NON-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
412
|
|
|
|
$
|
2,153
|
|
|
|
(81
|
%)
|
|
|
$
|
2,100
|
|
|
|
$
|
4,725
|
|
|
|
(56
|
%)
|
Income Tax Expense
|
|
|
|
129
|
|
|
|
|
1,308
|
|
|
|
(90
|
%)
|
|
|
|
747
|
|
|
|
|
2,859
|
|
|
|
(74
|
%)
|
Interest Income & Other, Net
|
|
|
|
167
|
|
|
|
|
(133
|
)
|
|
|
nm
|
|
|
|
(493
|
)
|
|
|
|
(436
|
)
|
|
|
13
|
%
|
Amortization of intangibles
|
|
|
|
1,393
|
|
|
|
|
1,202
|
|
|
|
16
|
%
|
|
|
|
2,605
|
|
|
|
|
2,397
|
|
|
|
9
|
%
|
Depreciation
|
|
|
|
244
|
|
|
|
|
205
|
|
|
|
19
|
%
|
|
|
|
439
|
|
|
|
|
421
|
|
|
|
4
|
%
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
2,345
|
|
|
|
|
4,735
|
|
|
|
(50
|
%)
|
|
|
|
5,398
|
|
|
|
|
9,966
|
|
|
|
(46
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
381
|
|
|
|
|
410
|
|
|
|
(7
|
%)
|
|
|
|
778
|
|
|
|
|
808
|
|
|
|
(4
|
%)
|
Adjusted EBITDA
|
|
|
$
|
2,726
|
|
|
|
$
|
5,145
|
|
|
|
(47
|
%)
|
|
|
$
|
6,176
|
|
|
|
$
|
10,774
|
|
|
|
(43
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as a percentage of revenues
|
|
|
|
9
|
%
|
|
|
|
16
|
%
|
|
|
|
|
|
|
10
|
%
|
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA , as a percentage of revenues
|
|
|
|
10
|
%
|
|
|
|
18
|
%
|
|
|
|
|
|
|
12
|
%
|
|
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
October 31,
|
|
|
October 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
|
|
2016
|
|
|
2015
|
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
412
|
|
|
|
$
|
2,153
|
|
|
|
(81
|
%)
|
|
|
$
|
2,100
|
|
|
|
$
|
4,725
|
|
|
|
(56
|
%)
|
Amortization of acquisition-related intangibles (2)
|
|
|
|
190
|
|
|
|
|
42
|
|
|
|
352
|
%
|
|
|
|
234
|
|
|
|
|
85
|
|
|
|
175
|
%
|
Stock-based compensation (2)
|
|
|
|
290
|
|
|
|
|
255
|
|
|
|
14
|
%
|
|
|
|
574
|
|
|
|
|
503
|
|
|
|
14
|
%
|
Adjusted Net Earnings
|
|
|
$
|
892
|
|
|
|
$
|
2,450
|
|
|
|
(64
|
%)
|
|
|
$
|
2,908
|
|
|
|
$
|
5,313
|
|
|
|
(45
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.03
|
|
|
|
$
|
0.08
|
|
|
|
(63
|
%)
|
|
|
$
|
0.10
|
|
|
|
$
|
0.18
|
|
|
|
(44
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.01 and $0.07 for the three and six months ended
October 31, 2016, respectively. Diluted per share for Class B shares
under the two-class method are $0.08 and $0.16 for the three and six
months ended October 31, 2015, respectively.
|
|
(2) - Tax affected using the effective tax rate for the three and
six months period ended October 31, 2016 and 2015.
|
|
nm- not meaningful
|
|
|
AMERICAN SOFTWARE, INC.
|
Consolidated Balance Sheet Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
October 31,
|
|
|
April 30,
|
|
|
|
2016
|
|
|
2016
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
$
|
48,169
|
|
|
$
|
49,004
|
Short-term Investments
|
|
|
|
20,268
|
|
|
|
20,957
|
Accounts Receivable:
|
|
|
|
|
|
|
Billed
|
|
|
|
11,996
|
|
|
|
17,104
|
Unbilled
|
|
|
|
3,369
|
|
|
|
3,444
|
Total Accounts Receivable, net
|
|
|
|
15,365
|
|
|
|
20,548
|
Prepaids & Other
|
|
|
|
5,053
|
|
|
|
3,586
|
Current Assets
|
|
|
|
88,855
|
|
|
|
94,095
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
|
3,863
|
|
|
|
7,924
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
|
3,303
|
|
|
|
3,396
|
Capitalized Software, net
|
|
|
|
8,766
|
|
|
|
9,140
|
Goodwill
|
|
|
|
19,549
|
|
|
|
18,749
|
Other Intangibles, net
|
|
|
|
4,432
|
|
|
|
1,858
|
Other Non-current Assets
|
|
|
|
1,394
|
|
|
|
1,562
|
Total Assets
|
|
|
$
|
130,162
|
|
|
$
|
136,724
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
$
|
1,322
|
|
|
$
|
1,280
|
Accrued Compensation and Related costs
|
|
|
|
2,557
|
|
|
|
4,349
|
Dividend Payable
|
|
|
|
3,210
|
|
|
|
2,887
|
Other Current Liabilities
|
|
|
|
2,696
|
|
|
|
2,779
|
Deferred Revenues - Current
|
|
|
|
25,269
|
|
|
|
27,999
|
Current Liabilities
|
|
|
|
35,054
|
|
|
|
39,294
|
|
|
|
|
|
|
|
Deferred Revenues - Non-current
|
|
|
|
413
|
|
|
|
612
|
Deferred Tax Liability - Non-current
|
|
|
|
1,057
|
|
|
|
1,319
|
Other Long-term Liabilities
|
|
|
|
75
|
|
|
|
605
|
Long-term Liabilities
|
|
|
|
1,545
|
|
|
|
2,536
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
|
36,599
|
|
|
|
41,830
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
93,563
|
|
|
|
94,894
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
|
$
|
130,162
|
|
|
$
|
136,724
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Condensed Consolidated Cashflow Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
October 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
9,635
|
|
|
|
$
|
4,362
|
|
|
|
|
|
|
|
|
Capitalized computer software development costs
|
|
|
|
(1,606
|
)
|
|
|
|
(1,990
|
)
|
Purchases of property and equipment, net of disposals
|
|
|
|
(329
|
)
|
|
|
|
(241
|
)
|
Purchase of business, net of cash acquired
|
|
|
|
(4,441
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(6,376
|
)
|
|
|
|
(2,231
|
)
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
|
(6,097
|
)
|
|
|
|
(5,724
|
)
|
Payment for accrued acquisition consideration
|
|
|
|
(200
|
)
|
|
|
|
(200
|
)
|
Repurchase of common stock
|
|
|
|
-
|
|
|
|
|
(70
|
)
|
Excess tax benefits from stock-based compensation
|
|
|
|
-
|
|
|
|
|
21
|
|
Proceeds from exercise of stock options
|
|
|
|
2,203
|
|
|
|
|
709
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
(4,094
|
)
|
|
|
|
(5,264
|
)
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
(835
|
)
|
|
|
|
(3,133
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
49,004
|
|
|
|
|
44,655
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
48,169
|
|
|
|
$
|
41,522
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161201006193/en/
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