[November 29, 2012] |
|
American Software Reports Preliminary Second Quarter of Fiscal Year 2013 Results
ATLANTA --(Business Wire)--
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the second quarter of fiscal 2013, delivering a 3%
increase in total revenues when compared to the same period last year.
The Company has achieved 47 consecutive quarters of profitability and
has distributed dividends to shareholders for 37 consecutive quarters.
Key second quarter financial highlights:
-
Total revenues for the quarter ended October 31, 2012 were $26.3
million, an increase of 3% over the comparable period last year.
-
Software license fee revenues for the quarter ended October 31, 2012
were $5.5 million, a decrease of 22% over the same period last year.
-
Services and other revenues for the quarter ended October 31, 2012
were $12.3 million compared to $10.5 million for the same period last
year, an increase of 17%.
-
Maintenance revenues for the quarter ended October 31, 2012 were $8.4
million compared to $8.0 million, an increase of 5% over the same
period last year.
-
Operating earnings for the quarter ended October 31, 2012 were $4.2
million, a decrease of 10% compared to the same period last year.
-
GAAP net earnings for the quarter ended October 31, 2012 were $2.8
million or $0.10 per fully diluted share, a decrease of 7% over the
same period last year.
-
Adjusted net earnings for the quarter ended October 31, 2012, which
excludes stock-based compensation expense and amortization of
acquisition-related intangibles, were $3.1 million or $0.11 per fully
diluted share, a decrease of 5% compared to $3.3 million or $0.12 per
fully diluted share for the same period last year, which also excluded
stock-based compensation expense and amortization of
acquisition-related intangibles.
-
Adjusted EBITDA decreased 7% to $5.7 million in the quarter ended
October 31, 2012, from $6.1 million in the quarter ended October 31,
2011. Adjusted EBITDA represents GAAP net earnings adjusted for
amortization of intangibles, depreciation, interest income, income tax
expense, stock-based compensation, and other significant non-routine
operating and non-operating income and expense items, if applicable.
Key fiscal 2013 year to date financial highlights:
-
Total revenues for the six months ended October 31, 2012 were $52.2
million, a 6% increase over the comparable period last year.
-
Software license fees for the six-month period were $10.6 million, a
23% decrease compared to the same period last year.
-
Services and other revenues were $24.8 million, a 25% increase
compared to the same period last year.
-
Maintenance revenues were $16.8 million, a 6% increase over the
comparable period last year.
-
For the six months ended October 31, 2012, the Company reported
operating earnings of approximately $8.0 million, a 4% decrease over
the same period last year.
-
GAAP net earnings were approximately $5.2 million or $0.19 per fully
diluted share for the six months ended October 31, 2012, a 1% decrease
compared to $5.3 million or $0.20 per fully diluted share for the same
period last year.
-
Adjusted net earnings for the six months ended October 31, 2012, which
excludes stock-based compensation expenses and acquisition-related
amortization of intangibles, were $5.8 million or $0.21 per fully
diluted share, compared to $5.8 million or $0.22 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 2% to $10.8 million for the six months ended
October 31, 2012, from $11.1 million for the six months ended October
31, 2011. Adjusted EBITDA represents GAAP net earnings adjusted for
amortization of intangibles, depreciation, interest income, 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 no
debt and with cash and investments of approximately $64.8 million as of
October 31, 2012. The Company increased cash and investments by
approximately $10.5 million when compared to October 31, 2011. During
the second quarter, the Company paid approximately $2.4 million in
dividends and repurchased 29,152 shares of its common stock at an
average cost of $8.12 per share under its authorized stock repurchase
program. The authorized stock repurchase program has a remaining balance
of 1,155,138 shares.
"The economic headwinds which began for us this past Spring, and which
are believed to be the result of the worldwide economic slowdown,
continued during the second quarter," stated James C. Edenfield,
president and CEO of American Software. "These headwinds have slowed our
rate of growth. Hopefully, a resolution of the 'fiscal cliff' will
enable more of our prospective customers to regain their confidence so
that we can accelerate our rate of growth. In the interim, we expect to
continue to deliver strong profitability and cash flow. During the
quarter, we added 15 new customers, signed license agreements with
customers in seven countries and increased both services and maintenance
revenues."
"With the uncertainty in the current global economy, businesses are
looking to increase visibility, lower operating costs and respond
quickly to dynamic market conditions," continued Edenfield. "Leaders are
investing in supply chain technology to accelerate the sales and
operations planning (S&OP) process, streamline new product
introductions, optimize inventory investments and harness the benefits
of a global marketplace to increase profits. We firmly believe both our
Demand Solutions® and Logility Voyager Solutions™ brands
offer innovative, proven solutions to help companies address these
challenges during both prosperous and lean economic environments."
On November 14, 2012 our Board of Directors declared a regular quarterly
cash dividend on its Class A and B common shares in the amount of $.10
cents per share, which represents an 11.1 percent increase over the
previous quarterly dividend rate of $.09 cents per share. In addition,
the Board declared a special accelerated dividend of $.20 cents per
common share. The Board of Directors noted that this special accelerated
dividend was intended by the Board to be in lieu of the regular
quarterly dividends that have historically been declared in February and
May of each year. Both the regular quarterly dividend and the special
accelerated dividend (a total of $.30 cents per share) will be paid on
Dec. 21, 2012 to shareholders of record on the close of business on
December 8, 2012. "These actions evidence the Board's confidence in
future earnings and its commitment to deliver profits to the
shareholders," said American Software Chief Executive Officer James C.
Edenfield. "The Board's decision to pay these accelerated dividends
prior to December 31, 2012," he said, "was driven by the uncertainty
surrounding the tax treatment of dividends beyond 2012. In light of that
uncertainty, we accelerated into 2012 some of the dividends we would
have expected to declare and pay in 2013."
Additional highlights for the second quarter of fiscal 2013 include:
Customers
-
Notable new and existing customers placing orders with the Company in
the second quarter include: A.O. Smith, Berry Plastics Corporation,
Brightstar Corporation, Cary Francis, Elo Touch Solutions, Great
Plains Manufacturing, HSY Auto Parts, Pall Corporation, Probiotec
Limited, Quickie Manufacturing Corporation, Sagent Pharmaceuticals,
SCG-Dow Group, SECO Tools AB, and The RoomPlace.
-
During the quarter, software license agreements were signed with
customers located in the following seven countries: Australia, Canada,
Denmark, Morocco, Sweden, Thailand, and the United States.
-
Logility, a wholly-owned subsidiary of the Company, announced Caribou
Coffee, the second largest company-owned premium coffeehouse operator
in the United States based on the number of coffeehouses, has achieved
impressive results with Logility Voyager Solutions. In the first 12
months, Voyager Solutions has helped support Caribou Coffee's
aggressive growth initiatives across its three channels of business
(retail, franchise and commercial), increased inventory turns by 20
percent and increased the company's fulfillment service to above 99
percent.
-
Logility announced Nebraska Furniture Mart, a complete one-stop home
furnishings retailer, serving Nebraska, Iowa, Kansas, Missouri, and
soon Dallas-Fort Worth, selected Logility Voyager Solutions to help
the company plan for and manage its growth into new markets. To meet
its goal of 75 percent growth by 2015, Nebraska Furniture Mart
embarked on an aggressive supply chain transformation project with
Logility Voyager Solutions as the foundation.
-
Twin Disc, Inc., a designer, manufacturer and distributor of marine
and heavy-duty off-highway power transmission equipment, is live with
Logility Voyager Solutions using the advanced supply chain software to
power its global sales and operations planning (S&OP) process. Through
its use of Voyager Solutions, Twin Disc is able to more effectively
plan its global operations and manage its manufacturing schedule.
-
Logility revealed the winners of the 2012 SAILS Leadership Award,
presented at the company's customer conference in New Orleans. This
year Craft Brew Alliance, CooperVision, PartyLite, Sonoco Products,
and Stanley Black & Decker were recognized for driving excellence in
their operations through the use of supply chain software. Logility's
annual award program recognizes a select group of companies who
significantly improved their business processes, deployed an
innovative solution to address their supply chain challenges, or
demonstrated an on-going commitment and leadership role in the
expansion of supply chain improvements.
-
Continental Mills, a producer of dry bakery mix products with leading
brands such as Krusteaz and Alpine, and premium licensed brands
including Ghirardelli, Brown & Haley and Snoqualmie Falls, and
Logility presented an educational webcast highlighting supply chain
best practices including how to manage the challenges of streamlining
supply and production planning to gain capacity within an existing
network.
-
NGC Software, a wholly-owned subsidiary of the Company, announced LDLA
Clothing LLC, a rapidly growing apparel company that supplies
private-label and branded merchandise to major department stores and
specialty retailers, is live on NGC's Enterprise Resource Planning
(ERP) system. NGC's ERP solution will help drive enhanced productivity
and operational efficiency at LDLA.
-
Valley Apparel, a U.S. manufacturer of high-end outerwear for the U.S.
military, is live on NGC's ERP and Shop Floor Control software. The
latest version of NGC's software allows Valley Apparel to enhance its
reporting capabilities, handle more size scales, improve data
management, and support its future growth.
Company & Technology
-
Logility announced the availability of Logility Voyager Proportional
Profile Planning™, software that reduces demand planning effort and
complexity while driving precision at the granular sub-SKU level based
on proportional demand profiles defined by product, market and life
cycle stage attributes. This new approach to forecasting helps
companies bridge the gap between demand planning and supply, sourcing
and production planning. Supply chain planners are now able to gain
visibility of a more accurate supply, sourcing and production plans
earlier in the product life cycle, and quickly adjust product
assortments based on the stage of a product life cycle, selling season
or replenishment period.
-
For the second consecutive year, Logility was named one of the Top
Small Businesses in the Southeast and one of just 30 companies in the
Atlanta region to make the distinguished 2012 list. The award
recognizes dynamic companies that have exhibited strong historical
financial results such as one and five year revenue growth, have a
positive impact in the local economy, and are making a difference in
business and the greater community.
-
During the quarter, Demand Management, a wholly-owned subsidiary of
Logility, announced the release of its DSX Sales & Operations Planning
(S&OP) module that fully integrates sales and operations planning with
demand forecasting and requirements planning on a single technology
platform. DSX S&OP was designed to meet Stage 3 requirements outlined
in Gartner's S&OP Maturity Model.
-
Food Logistics magazine named Demand Management's Demand
Solutions software to its 2012 FL100, an annual listing of the top
technology companies serving grocery and foodservice manufacturers and
distributors.
-
NGC Software announced a strategic relationship with Threadvine
Apparel & Footwear Solutions which will extend NGC's PLM and ERP
software to fashion sales representatives. The relationship allows
sales representatives to have mobile access to NGC's ERP and PLM
solutions to view real-time inventory and delivery information and
place orders directly from their mobile devices.
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 management 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; transportation planning and
management; and warehouse management. Logility customers include Fender
Musical Instruments, Hewlett-Packard, McCain Foods, Parker Hannifin,
Sigma-Aldrich, 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
Avery Dennison Corporation, Lonely Planet and Trek Bicycle. 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, Lululemon 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,
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
Pct Chg.
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
Pct Chg.
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
$
|
5,504
|
|
|
|
|
$
|
7,048
|
|
|
|
|
(22
|
%)
|
|
|
|
$
|
10,586
|
|
|
|
|
$
|
13,736
|
|
|
|
|
(23
|
%)
|
|
|
Services & other
|
|
|
12,312
|
|
|
|
|
|
10,535
|
|
|
|
|
17
|
%
|
|
|
|
|
24,807
|
|
|
|
|
|
19,802
|
|
|
|
|
25
|
%
|
|
|
Maintenance
|
|
|
8,447
|
|
|
|
|
|
8,015
|
|
|
|
|
5
|
%
|
|
|
|
|
16,784
|
|
|
|
|
|
15,769
|
|
|
|
|
6
|
%
|
|
|
|
Total Revenues
|
|
|
26,263
|
|
|
|
|
|
25,598
|
|
|
|
|
3
|
%
|
|
|
|
|
52,177
|
|
|
|
|
|
49,307
|
|
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
1,443
|
|
|
|
|
|
1,487
|
|
|
|
|
(3
|
%)
|
|
|
|
|
2,812
|
|
|
|
|
|
3,322
|
|
|
|
|
(15
|
%)
|
|
|
Services & other
|
|
|
8,142
|
|
|
|
|
|
7,589
|
|
|
|
|
7
|
%
|
|
|
|
|
16,765
|
|
|
|
|
|
14,506
|
|
|
|
|
16
|
%
|
|
|
Maintenance
|
|
|
1,998
|
|
|
|
|
|
1,888
|
|
|
|
|
6
|
%
|
|
|
|
|
3,910
|
|
|
|
|
|
3,653
|
|
|
|
|
7
|
%
|
|
|
|
Total Cost of Revenues
|
|
|
11,583
|
|
|
|
|
|
10,964
|
|
|
|
|
6
|
%
|
|
|
|
|
23,487
|
|
|
|
|
|
21,481
|
|
|
|
|
9
|
%
|
|
Gross Margin
|
|
|
14,680
|
|
|
|
|
|
14,634
|
|
|
|
|
0
|
%
|
|
|
|
|
28,690
|
|
|
|
|
|
27,826
|
|
|
|
|
3
|
%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
3,251
|
|
|
|
|
|
2,610
|
|
|
|
|
25
|
%
|
|
|
|
|
6,220
|
|
|
|
|
|
5,164
|
|
|
|
|
20
|
%
|
|
|
Less: capitalized development
|
|
|
(948
|
)
|
|
|
|
|
(661
|
)
|
|
|
|
43
|
%
|
|
|
|
|
(1,811
|
)
|
|
|
|
|
(1,265
|
)
|
|
|
|
43
|
%
|
|
|
Sales and marketing
|
|
|
4,937
|
|
|
|
|
|
4,795
|
|
|
|
|
3
|
%
|
|
|
|
|
9,758
|
|
|
|
|
|
9,101
|
|
|
|
|
7
|
%
|
|
|
General and administrative
|
|
|
2,939
|
|
|
|
|
|
3,010
|
|
|
|
|
(2
|
%)
|
|
|
|
|
6,049
|
|
|
|
|
|
6,126
|
|
|
|
|
(1
|
%)
|
|
|
Provision for doubtful accounts
|
|
|
140
|
|
|
|
|
|
29
|
|
|
|
|
383
|
%
|
|
|
|
|
267
|
|
|
|
|
|
120
|
|
|
|
|
123
|
%
|
|
|
Amortization of acquisition-related intangibles
|
|
|
125
|
|
|
|
|
|
135
|
|
|
|
|
(7
|
%)
|
|
|
|
|
250
|
|
|
|
|
|
270
|
|
|
|
|
(7
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
10,444
|
|
|
|
|
|
9,918
|
|
|
|
|
5
|
%
|
|
|
|
|
20,733
|
|
|
|
|
|
19,516
|
|
|
|
|
6
|
%
|
|
Operating Earnings
|
|
|
4,236
|
|
|
|
|
|
4,716
|
|
|
|
|
(10
|
%)
|
|
|
|
|
7,957
|
|
|
|
|
|
8,310
|
|
|
|
|
(4
|
%)
|
|
|
Interest Income (loss) & Other, Net
|
|
|
309
|
|
|
|
|
|
103
|
|
|
|
|
200
|
%
|
|
|
|
|
582
|
|
|
|
|
|
90
|
|
|
|
|
547
|
%
|
|
Earnings Before Income Taxes
|
|
|
4,545
|
|
|
|
|
|
4,819
|
|
|
|
|
(6
|
%)
|
|
|
|
|
8,539
|
|
|
|
|
|
8,400
|
|
|
|
|
2
|
%
|
|
Income Tax Expense
|
|
|
1,774
|
|
|
|
|
|
1,838
|
|
|
|
|
(3
|
%)
|
|
|
|
|
3,346
|
|
|
|
|
|
3,131
|
|
|
|
|
7
|
%
|
|
Net Earnings
|
|
$
|
2,771
|
|
|
|
|
$
|
2,981
|
|
|
|
|
(7
|
%)
|
|
|
|
$
|
5,193
|
|
|
|
|
$
|
5,269
|
|
|
|
|
(1
|
%)
|
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.10
|
|
|
|
|
$
|
0.11
|
|
|
|
|
(9
|
%)
|
|
|
|
$
|
0.19
|
|
|
|
|
$
|
0.20
|
|
|
|
|
(5
|
%)
|
|
|
Diluted
|
|
$
|
0.10
|
|
|
|
|
$
|
0.11
|
|
|
|
|
(9
|
%)
|
|
|
|
$
|
0.19
|
|
|
|
|
$
|
0.20
|
|
|
|
|
(5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
27,151
|
|
|
|
|
|
26,263
|
|
|
|
|
|
|
|
|
|
27,112
|
|
|
|
|
|
26,197
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
27,627
|
|
|
|
|
|
26,825
|
|
|
|
|
|
|
|
|
|
27,596
|
|
|
|
|
|
26,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
Pct Chg.
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
Pct Chg.
|
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
$
|
2,771
|
|
|
|
|
$
|
2,981
|
|
|
|
|
(7
|
%)
|
|
|
|
$
|
5,193
|
|
|
|
|
$
|
5,269
|
|
|
|
|
(1
|
%)
|
|
|
Income tax expense
|
|
|
1,774
|
|
|
|
|
|
1,838
|
|
|
|
|
(3
|
%)
|
|
|
|
|
3,346
|
|
|
|
|
|
3,131
|
|
|
|
|
7
|
%
|
|
|
Interest Income & Other, Net
|
|
|
(309
|
)
|
|
|
|
|
(103
|
)
|
|
|
|
200
|
%
|
|
|
|
|
(582
|
)
|
|
|
|
|
(90
|
)
|
|
|
|
547
|
%
|
|
|
Amortization of intangibles
|
|
|
769
|
|
|
|
|
|
779
|
|
|
|
|
(1
|
%)
|
|
|
|
|
1,539
|
|
|
|
|
|
1,565
|
|
|
|
|
(2
|
%)
|
|
|
Depreciation
|
|
|
272
|
|
|
|
|
|
302
|
|
|
|
|
(10
|
%)
|
|
|
|
|
546
|
|
|
|
|
|
611
|
|
|
|
|
(11
|
%)
|
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
5,277
|
|
|
|
|
|
5,797
|
|
|
|
|
(9
|
%)
|
|
|
|
|
10,042
|
|
|
|
|
|
10,486
|
|
|
|
|
(4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
384
|
|
|
|
|
|
302
|
|
|
|
|
27
|
%
|
|
|
|
|
775
|
|
|
|
|
|
586
|
|
|
|
|
32
|
%
|
|
Adjusted EBITDA
|
|
$
|
5,661
|
|
|
|
|
$
|
6,099
|
|
|
|
|
(7
|
%)
|
|
|
|
$
|
10,817
|
|
|
|
|
$
|
11,072
|
|
|
|
|
(2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA , as a percentage of revenue
|
|
|
20
|
%
|
|
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
19
|
%
|
|
|
|
|
21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA , as a percentage of revenue
|
|
|
22
|
%
|
|
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
21
|
%
|
|
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
|
October 31,
|
|
|
|
October 31,
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
Pct Chg.
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
Pct Chg.
|
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
$
|
2,771
|
|
|
|
|
$
|
2,981
|
|
|
|
|
(7
|
%)
|
|
|
|
$
|
5,193
|
|
|
|
|
$
|
5,269
|
|
|
|
|
(1
|
%)
|
|
|
Amortization of acquisition-related intangibles (2)
|
|
|
76
|
|
|
|
|
|
84
|
|
|
|
|
(10
|
%)
|
|
|
|
|
152
|
|
|
|
|
|
169
|
|
|
|
|
(10
|
%)
|
|
|
Stock-based compensation (2)
|
|
|
234
|
|
|
|
|
|
187
|
|
|
|
|
25
|
%
|
|
|
|
|
471
|
|
|
|
|
|
368
|
|
|
|
|
28
|
%
|
|
Adjusted Net Earnings
|
|
$
|
3,081
|
|
|
|
|
$
|
3,252
|
|
|
|
|
(5
|
%)
|
|
|
|
$
|
5,816
|
|
|
|
|
$
|
5,806
|
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
$
|
0.11
|
|
|
|
|
$
|
0.12
|
|
|
|
|
(8
|
%)
|
|
|
|
$
|
0.21
|
|
|
|
|
$
|
0.22
|
|
|
|
|
(5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.19 for the three and six months ended
October 31, 2012, respectively. Diluted per share for Class B shares
under the two-class method are $0.11 and $0.20 for the three and six
months ended October 31, 2011, respectively.
|
|
(2) - Tax affected using the effective tax rate for the three months
period ended October 31, 2012 and 2011.
|
|
nm- not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American SOFTWARE, INC.
|
Consolidated Balance Sheet Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
October 31,
|
|
|
April 30,
|
|
|
|
|
2012
|
|
|
2012
|
|
|
|
|
|
|
|
|
Cash and Short-term Investments
|
|
$
|
58,225
|
|
|
$
|
59,362
|
Accounts Receivable:
|
|
|
|
|
|
|
Billed
|
|
|
12,526
|
|
|
|
15,205
|
|
Unbilled
|
|
|
5,850
|
|
|
|
4,607
|
Total Accounts Receivable, net
|
|
|
18,376
|
|
|
|
19,812
|
Prepaids & Other
|
|
|
3,275
|
|
|
|
3,184
|
Deferred Tax Asset
|
|
|
34
|
|
|
|
34
|
Current Assets
|
|
|
79,910
|
|
|
|
82,392
|
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
6,546
|
|
|
|
7,508
|
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
4,872
|
|
|
|
4,912
|
Capitalized Software, net
|
|
|
8,351
|
|
|
|
7,791
|
Goodwill
|
|
|
12,601
|
|
|
|
12,601
|
Other Intangibles, net
|
|
|
974
|
|
|
|
1,263
|
Other Non-current Assets
|
|
|
86
|
|
|
|
86
|
Total Assets
|
|
$
|
113,340
|
|
|
$
|
116,553
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
$
|
1,149
|
|
|
$
|
1,042
|
Accrued Compensation and Related costs
|
|
|
2,774
|
|
|
|
5,169
|
Dividend Payable
|
|
|
2,446
|
|
|
|
2,433
|
Other Current Liabilities
|
|
|
3,204
|
|
|
|
4,198
|
Deferred Revenues
|
|
|
17,967
|
|
|
|
19,441
|
|
|
Current Liabilities
|
|
|
27,540
|
|
|
|
32,283
|
|
|
|
|
|
|
|
|
Deferred Tax Liability - Long term
|
|
|
946
|
|
|
|
1,240
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
84,854
|
|
|
|
83,030
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
$
|
113,340
|
|
|
$
|
116,553
|
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|