[February 26, 2015] |
|
American Software Reports Preliminary Third Quarter of Fiscal Year 2015 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the third quarter of fiscal 2015. The Company has
delivered 56 consecutive quarters of profitability.
Key third quarter financial metrics:
-
Total revenues for the quarter ended January 31, 2015 were $25.8
million, an increase of 6% over the comparable period last year.
-
Software license fee revenues for the quarter ended January 31, 2015
were $4.3 million, a decrease of 13% compared to the same period last
year.
-
Services and other revenues for the quarter ended January 31, 2015
increased 15% to $11.7 million compared to $10.2 million for the same
period last year.
-
Maintenance revenues for the quarter ended January 31, 2015 were $9.8
million compared to $9.3 million, an increase of 6% over the same
period last year.
-
Operating earnings for the quarter ended January 31, 2015 were $2.4
million, a decrease of 33% compared to the same period last year.
-
GAAP net earnings for the quarter ended January 31, 2015 were $2.8
million or $0.10 per fully diluted share, an increase of 15% compared
the same period last year.
-
Adjusted net earnings for the quarter ended January 31, 2015, which
excludes stock-based compensation expense, amortization of
acquisition-related intangibles and discrete tax adjustments, were
$2.0 million or $0.07 per fully diluted share compared to $2.8 million
or $0.10 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 $4.2 million for the quarter ended January 31,
2015 compared to $4.4 million for the quarter ended January 31, 2014.
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 nine months ended January 31, 2015 were $75.3
million, a 1% increase over the comparable period last year.
-
Software license fees for the nine-month period were $11.7 million, a
19% decrease compared to the same period last year.
-
Services and other revenues increased 4% to $34.4 million compared to
$33.1 million the same period last year.
-
Maintenance revenues were $29.1 million, a 7% increase over the
comparable period last year.
-
For the nine months ended January 31, 2015, the Company reported
operating earnings of approximately $5.9 million, a 48% decrease over
the same period last year.
-
GAAP net earnings were approximately $5.6 million or $0.19 per fully
diluted share for the nine months ended January 31, 2015, a 29%
decrease compared to $7.8 million or $0.28 per fully diluted share for
the same period last year.
-
Adjusted net earnings for the nine months ended January 31, 2015,
which excludes stock-based compensation expense, amortization of
acquisition-related intangibles and discrete tax adjustments, were
$5.3 million or $0.19 per fully diluted share, compared to $8.7
million or $0.31 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 $11.4 million for the nine months ended January
31, 2015 compared to $14.3 million for the nine months ended January
31, 2014. 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 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 overall financial condition of the Company remains strong, with cash
and investments of approximately $71.0 million as of January 31, 2015.
During the third quarter of fiscal 2015, the Company repurchased
approximately 36,000 shares of its common stock for an average price of
$8.89 per share for a total of approximately $320,000 under its
authorized stock repurchase program and paid approximately $2.8 million
in dividends. On February 11, 2015 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 May 8, 2015. The dividend will be paid on or about May 22,
2015.
"As more customers select to leverage our solutions via Software as a
Service (SaaS), we are transitioning revenue recognition to span the
contract term compared to our traditional perpetual software licensing
model which records license fees during the period of contract
execution. During the quarter we closed two large contracts, one SaaS
and one deferred ratable license fee revenue that will require the
revenue to be spread over the life of the contract period," said Mike
Edenfield, president and CEO of American Software. "At the end of the
current quarter, we had over $1.5 million in deferred SaaS revenue
compared to approximately $100,000 of deferred SaaS revenue during the
same period last year. We also had over $2.0 million in deferred ratable
license fee revenue compared to $1.1 million during the same period last
year."
"We believe companies are beginning to invest more strategically as they
strive to better manage supply chain operations across their
increasingly complex global networks. This translates into competitive
evaluations that span a broader footprint of our software and services
solutions including cloud and managed services," continued Edenfield.
"We remain optimistic about the quarters ahead and continue to invest
aggressively in our product portfolio and employees."
Additional highlights for the third quarter of fiscal 2015 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the third quarter include: Apex Tool Group, Brightstar US, Lindt &
Sprungli, Productos Metalurgicos S.A. Promesa, Santa Maria AB, and The
Men's Warehouse.
-
During the quarter, software license agreements were signed with
customers located in the following eight countries: Australia, Canada,
the Dominican Republic, Ecuador, France, Sweden, the United Kingdom,
and the United States.
-
Logility, a wholly-owned subsidiary of the Company, announced
Connections 2015, its customer conference, will be held at the Hard
Rock Hotel in San Diego, CA September 15 - 17, 2015. Connections
2015: The Voice of Supply Chain Success, will bring together the
expertise of Logility customers, industry experts and supply chain
thought leaders for three days to share and leverage their best
practices.
-
NGC Software, a wholly-owned subsidiary of the Company, announced Lord
Daniel Sportswear is implementing NGC's fashion ERP solution to manage
its growing specialty apparel business. Lord Daniel Sportswear will
benefit from the many features of NGC's ERP, including flexible
reporting, easy data drill-down, improved order entry and more.
-
NGC Software announced KCARC, an organization committed to improving
the lives of individuals with disabilities in Indiana, will implement
the NGC Shop Floor Control platform to help manage its apparel
manufacturing process. NGC's Shop Floor Control will provide KCARC
real-time labor and production reporting, optimize on-time
completions, evaluate plant workload, determine capacity needs, track
employee performance, and calculate complex incentive payroll.
-
Antigua Group selected NGC Software's PLM and Supply Chain Management
solutions to help streamline the designer's workflows, enhance
collaboration, and improve its overall design and production
efficiency. The Antigua Group will deploy NGC's software to manage the
entire product lifecycle from costing and testing through to quality
management and shipment tracking.
Company & Technology
-
Logility Inc., a wholly-owned subsidiary of the Company, announced the
availability of Logility Retail Optimization V5.4 during the quarter.
The latest release extends the value of an integrated retail and
supply chain platform delivering new merchandise planning views,
extended allocation functionality and robust assortment planning
capabilities. The announcement also marks the inclusion of Logility
Voyager Solutions' advanced analytics into Retail Optimization.
-
As a sponsor of the report, Logility announced the availability of
Boston Retail Partners' 2014 Annual Merchandise Planning and
Allocation Survey results. The research found best-of-breed solutions,
such as Logility Voyager Solutions, offer a significant opportunity
for retailers to evolve and better support their omni-channel
strategies.
-
During the quarter, Logility and NGC Software announced RIS News
named each a Top 20 Retail Software Provider in its annual RIS News
Leaderboard. Logility Voyager Solutions was named number one in Ease
of Maintenance and Administration by Tier One Retailers and the
company was highlighted as a Retail Software Provider on the Rise. NGC
Software received number one rankings in several categories including
Customer Satisfaction, Quality of Support, Quality of Service, and
Overall Performance by Tier One Retailers.
-
Logility was named a Top 100 Technology Provider for the 11th
consecutive year by the editors of Food Logistics magazine.
Logility was recognized for its long-proven track record of helping
companies in the food and beverage industry reduce their supply chain
costs, drive enhanced visibility and profitably to grow their business.
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, 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 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
January 31,
|
|
|
|
January 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Pct Chg.
|
|
|
|
2015
|
|
|
2014
|
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
$
|
4,338
|
|
|
$
|
5,002
|
|
|
(13%)
|
|
|
|
$
|
11,718
|
|
|
$
|
14,412
|
|
|
(19%)
|
|
Services & other
|
|
|
|
11,662
|
|
|
|
10,167
|
|
|
15%
|
|
|
|
|
34,448
|
|
|
|
33,057
|
|
|
4%
|
|
Maintenance
|
|
|
|
9,839
|
|
|
|
9,258
|
|
|
6%
|
|
|
|
|
29,107
|
|
|
|
27,207
|
|
|
7%
|
|
|
Total Revenues
|
|
|
|
25,839
|
|
|
|
24,427
|
|
|
6%
|
|
|
|
|
75,273
|
|
|
|
74,676
|
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
1,989
|
|
|
|
727
|
|
|
174%
|
|
|
|
|
5,488
|
|
|
|
3,122
|
|
|
76%
|
|
Services & other
|
|
|
|
8,792
|
|
|
|
7,695
|
|
|
14%
|
|
|
|
|
25,130
|
|
|
|
23,916
|
|
|
5%
|
|
Maintenance
|
|
|
|
2,209
|
|
|
|
2,042
|
|
|
8%
|
|
|
|
|
6,365
|
|
|
|
5,994
|
|
|
6%
|
|
|
Total Cost of Revenues
|
|
|
|
12,990
|
|
|
|
10,464
|
|
|
24%
|
|
|
|
|
36,983
|
|
|
|
33,032
|
|
|
12%
|
Gross Margin
|
|
|
|
12,849
|
|
|
|
13,963
|
|
|
(8%)
|
|
|
|
|
38,290
|
|
|
|
41,644
|
|
|
(8%)
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
3,482
|
|
|
|
3,100
|
|
|
12%
|
|
|
|
|
10,334
|
|
|
|
8,845
|
|
|
17%
|
|
Less: capitalized development
|
|
|
|
(879)
|
|
|
|
(762)
|
|
|
15%
|
|
|
|
|
(1,725)
|
|
|
|
(2,403)
|
|
|
(28%)
|
|
Sales and marketing
|
|
|
|
4,540
|
|
|
|
5,032
|
|
|
(10%)
|
|
|
|
|
13,758
|
|
|
|
14,444
|
|
|
(5%)
|
|
General and administrative
|
|
|
|
3,153
|
|
|
|
2,882
|
|
|
9%
|
|
|
|
|
9,529
|
|
|
|
9,106
|
|
|
5%
|
|
Provision for doubtful accounts
|
|
|
|
71
|
|
|
|
47
|
|
|
51%
|
|
|
|
|
178
|
|
|
|
(37)
|
|
|
nm
|
|
Amortization of acquisition-related intangibles
|
|
|
|
107
|
|
|
|
125
|
|
|
(14%)
|
|
|
|
|
299
|
|
|
|
375
|
|
|
(20%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
|
10,474
|
|
|
|
10,424
|
|
|
0%
|
|
|
|
|
32,373
|
|
|
|
30,330
|
|
|
7%
|
Operating Earnings
|
|
|
|
2,375
|
|
|
|
3,539
|
|
|
(33%)
|
|
|
|
|
5,917
|
|
|
|
11,314
|
|
|
(48%)
|
|
Interest (Loss) Income & Other, Net
|
|
|
|
(80)
|
|
|
|
198
|
|
|
nm
|
|
|
|
|
715
|
|
|
|
659
|
|
|
8%
|
Earnings Before Income Taxes
|
|
|
|
2,295
|
|
|
|
3,737
|
|
|
(39%)
|
|
|
|
|
6,632
|
|
|
|
11,973
|
|
|
(45%)
|
Income Tax (Benefit)/Expense
|
|
|
|
(546)
|
|
|
|
1,260
|
|
|
nm
|
|
|
|
|
1,082
|
|
|
|
4,210
|
|
|
(74%)
|
Net Earnings
|
|
|
$
|
2,841
|
|
|
$
|
2,477
|
|
|
15%
|
|
|
|
$
|
5,550
|
|
|
$
|
7,763
|
|
|
(29%)
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.10
|
|
|
$
|
0.09
|
|
|
11%
|
|
|
|
$
|
0.20
|
|
|
$
|
0.28
|
|
|
(29%)
|
|
Diluted
|
|
|
$
|
0.10
|
|
|
$
|
0.09
|
|
|
11%
|
|
|
|
$
|
0.19
|
|
|
$
|
0.28
|
|
|
(32%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
28,239
|
|
|
|
27,686
|
|
|
|
|
|
|
|
28,247
|
|
|
|
27,499
|
|
|
|
|
|
Diluted
|
|
|
|
28,554
|
|
|
|
28,187
|
|
|
|
|
|
|
|
28,580
|
|
|
|
27,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm- not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
NON-GAAP MEASURES OF PERFORMANCE
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
January 31,
|
|
|
|
January 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Pct Chg.
|
|
|
|
2015
|
|
|
2014
|
|
|
Pct Chg.
|
NON-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
2,841
|
|
|
$
|
2,477
|
|
|
15%
|
|
|
|
$
|
5,550
|
|
|
$
|
7,763
|
|
|
(29%)
|
|
Income tax expense
|
|
|
|
(546)
|
|
|
|
1,260
|
|
|
nm
|
|
|
|
|
1,082
|
|
|
|
4,210
|
|
|
(74%)
|
|
Interest Income & Other, Net
|
|
|
|
80
|
|
|
|
(198)
|
|
|
nm
|
|
|
|
|
(715)
|
|
|
|
(659)
|
|
|
8%
|
|
Amortization of intangibles
|
|
|
|
1,159
|
|
|
|
170
|
|
|
582%
|
|
|
|
|
3,419
|
|
|
|
1,109
|
|
|
208%
|
|
Depreciation
|
|
|
|
314
|
|
|
|
265
|
|
|
18%
|
|
|
|
|
892
|
|
|
|
788
|
|
|
13%
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
3,848
|
|
|
|
3,974
|
|
|
(3%)
|
|
|
|
|
10,228
|
|
|
|
13,211
|
|
|
(23%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
385
|
|
|
|
382
|
|
|
1%
|
|
|
|
|
1,179
|
|
|
|
1,081
|
|
|
9%
|
Adjusted EBITDA
|
|
|
$
|
4,233
|
|
|
$
|
4,356
|
|
|
(3%)
|
|
|
|
$
|
11,407
|
|
|
$
|
14,292
|
|
|
(20%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA , as a percentage of revenues
|
|
|
|
15%
|
|
|
|
16%
|
|
|
|
|
|
|
|
14%
|
|
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA , as a percentage of revenues
|
|
|
|
16%
|
|
|
|
18%
|
|
|
|
|
|
|
|
15%
|
|
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
January 31,
|
|
|
|
January 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Pct Chg.
|
|
|
|
2015
|
|
|
2014
|
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
2,841
|
|
|
$
|
2,477
|
|
|
15%
|
|
|
|
$
|
5,550
|
|
|
$
|
7,763
|
|
|
(29%)
|
|
Discrete Tax Adjustments
|
|
|
|
(1,217)
|
|
|
|
-
|
|
|
nm
|
|
|
|
|
(1,217)
|
|
|
|
-
|
|
|
nm
|
|
Amortization of acquisition-related intangibles (2)
|
|
|
|
78
|
|
|
|
83
|
|
|
(6%)
|
|
|
|
|
197
|
|
|
|
243
|
|
|
(19%)
|
|
Stock-based compensation (2)
|
|
|
|
282
|
|
|
|
253
|
|
|
11%
|
|
|
|
|
778
|
|
|
|
700
|
|
|
11%
|
Adjusted Net Earnings
|
|
|
$
|
1,984
|
|
|
$
|
2,813
|
|
|
(29%)
|
|
|
|
$
|
5,308
|
|
|
$
|
8,706
|
|
|
(39%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.07
|
|
|
$
|
0.10
|
|
|
(30%)
|
|
|
|
$
|
0.19
|
|
|
$
|
0.31
|
|
|
(39%)
|
(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 $0.10 and $0.20 for the three and nine months ended
January 31, 2015, respectively. Diluted per share for Class B
shares under the two-class method are $0.09 and $0.28 for the
three and nine months ended January 31, 2014, respectively.
|
(2) -
|
|
Tax affected using the effective tax rate (without discrete tax
items) for the three and nine months period ended January 31, 2015
and 2014.
|
|
nm- not meaningful
|
AMERICAN SOFTWARE, INC.
|
Consolidated Balance Sheet Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
January 31,
|
|
|
April 30,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
$
|
41,023
|
|
|
$
|
55,803
|
Short-term Investments
|
|
|
|
16,269
|
|
|
|
14,796
|
Accounts Receivable:
|
|
|
|
|
|
|
|
Billed
|
|
|
|
14,826
|
|
|
|
15,422
|
|
Unbilled
|
|
|
|
2,639
|
|
|
|
3,234
|
Total Accounts Receivable, net
|
|
|
|
17,465
|
|
|
|
18,656
|
Prepaids & Other
|
|
|
|
3,588
|
|
|
|
2,953
|
Income Tax Receivable
|
|
|
|
397
|
|
|
|
1,139
|
Current Assets
|
|
|
|
78,742
|
|
|
|
93,347
|
|
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
|
13,704
|
|
|
|
8,975
|
|
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
|
3,793
|
|
|
|
3,681
|
Capitalized Software, net
|
|
|
|
9,767
|
|
|
|
10,732
|
Goodwill
|
|
|
|
18,749
|
|
|
|
13,819
|
Other Intangibles, net
|
|
|
|
2,997
|
|
|
|
534
|
Other Non-current Assets
|
|
|
|
618
|
|
|
|
132
|
Total Assets
|
|
|
$
|
128,370
|
|
|
$
|
131,220
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
$
|
578
|
|
|
$
|
1,382
|
Accrued Compensation and Related costs
|
|
|
|
2,512
|
|
|
|
3,532
|
Dividend Payable
|
|
|
|
2,825
|
|
|
|
2,822
|
Other Current Liabilities
|
|
|
|
3,030
|
|
|
|
2,735
|
Deferred Tax Liability - Current
|
|
|
|
586
|
|
|
|
418
|
Deferred Revenues - Current
|
|
|
|
25,784
|
|
|
|
23,638
|
Current Liabilities
|
|
|
|
35,315
|
|
|
|
34,527
|
|
|
|
|
|
|
|
|
|
Deferred Revenues - Non-current
|
|
|
|
385
|
|
|
|
670
|
Deferred Tax Liability - Non-current
|
|
|
|
1,190
|
|
|
|
1,936
|
Other Long-term Liabilities
|
|
|
|
868
|
|
|
|
1,527
|
Long-term Liabilities
|
|
|
|
2,443
|
|
|
|
4,133
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
|
37,758
|
|
|
|
38,660
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
90,612
|
|
|
|
92,560
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
|
$
|
128,370
|
|
|
$
|
131,220
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Condensed Consolidated Cashflow Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended,
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
4,714
|
|
|
|
$
|
14,431
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized computer software development costs
|
|
|
|
(1,725
|
)
|
|
|
|
(2,402
|
)
|
|
|
Purchases of property and equipment, net of disposals
|
|
|
|
(972
|
)
|
|
|
|
(205
|
)
|
|
|
Proceeds from maturities of investments
|
|
|
|
-
|
|
|
|
|
225
|
|
|
|
Purchase of business, net of cash acquired
|
|
|
|
(7,909
|
)
|
|
|
|
(1,241
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(10,606
|
)
|
|
|
|
(3,623
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
|
(8,472
|
)
|
|
|
|
(2,751
|
)
|
|
|
Repurchase of common stock
|
|
|
|
(1,100
|
)
|
|
|
|
-
|
|
|
|
Payment for accrued acquisition consideration
|
|
|
|
(200
|
)
|
|
|
|
-
|
|
|
|
Excess tax benefits from stock based compensation
|
|
|
|
87
|
|
|
|
|
349
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
797
|
|
|
|
|
3,352
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities
|
|
|
|
(8,888
|
)
|
|
|
|
950
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
(14,780
|
)
|
|
|
|
11,758
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
55,803
|
|
|
|
|
41,164
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
41,023
|
|
|
|
$
|
52,922
|
|
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|