[June 24, 2015] |
|
American Software Reports Preliminary Fourth Quarter and Fiscal Year 2015 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the fourth quarter and fiscal 2015. The Company
increased Cloud Service Annual Contract Value (ACV) by approximately
226% and increased total revenues by six percent driving a 26% increase
in EBITDA for the fourth quarter.
Key fourth quarter financial metrics:
-
Total revenues for the quarter ended April 30, 2015 were $27.6
million, an increase of 6% over the comparable period last year.
-
Software license fee revenues for the quarter ended April 30, 2015
were $5.0 million, a decrease of 10% compared to the same period last
year.
-
Services and other revenues for the quarter ended April 30, 2015
increased 13% to $12.8 million compared to $11.3 million for the same
period last year.
-
Maintenance revenues for the quarter ended April 30, 2015 were $9.8
million compared to $9.0 million, an increase of 9% over the same
period last year.
-
Operating earnings for the quarter ended April 30, 2015 were $3.4
million, an increase of 7% compared to the same period last year.
-
GAAP net earnings for the quarter ended April 30, 2015 were $2.6
million or $0.09 per fully diluted share compared to $2.6 million or
$0.09 per fully diluted share in the same period last year.
-
Adjusted net earnings for the quarter ended April 30, 2015, which
excludes stock-based compensation expense and amortization of
acquisition-related intangibles, were $2.9 million or $0.10 per fully
diluted share compared to $2.9 million or $0.10 per fully diluted
share for the same period last year, which excluded stock-based
compensation expense and amortization of acquisition-related
intangibles.
-
EBITDA increased 26% to $4.9 million for the quarter ended April 30,
2015 compared to $3.9 million for the quarter ended April 30, 2014.
-
Adjusted EBITDA increased 22% to $5.3 million for the quarter ended
April 30, 2015 compared to $4.3 million for the quarter ended April
30, 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.
-
Cloud Services Annual Contract Value (ACV) increased approximately
226% to $2.8 million compared to $0.9 million in the same period of
the prior year. The ACV is comprised of software-as-a-service (SaaS)
ACV of $1.5 million compared to approximately $210,000 during the same
period last year and other cloud services ACV of $1.3 million compared
to $652,000 during the same period last year. Additionally, the
Company had an 118% increase to $2.4 million in deferred ratable
license fee revenue compared to $1.1 million for the same period last
year.
Key fiscal 2015 year to date financial highlights:
-
Total revenues for the twelve months ended April 30, 2015 were $102.9
million, a 2% increase over the comparable period last year.
-
Software license fees for the twelve-month period were $16.7 million,
a 16% decrease compared to the same period last year.
-
Services and other revenues increased 6% to $47.2 million compared to
$44.4 million the same period last year.
-
Maintenance revenues were $38.9 million, a 7% increase over the
comparable period last year.
-
For the twelve months ended April 30, 2015, the Company reported
operating earnings of approximately $9.3 million, a 36% decrease over
the same period last year.
-
GAAP net earnings were approximately $8.1 million or $0.28 per fully
diluted share for the twelve months ended April 30, 2015, a 24%
decrease compared to $10.3 million or $0.37 per fully diluted share
for the same period last year.
-
Adjusted net earnings for the twelve months ended April 30, 2015,
which excludes stock-based compensation expense, amortization of
acquisition-related intangibles and discrete tax adjustments, were
$8.2 million or $0.29 per fully diluted share, compared to $11.6
million or $0.41 per fully diluted share for the same period last
year, which also excluded stock-based compensation expenses and
acquisition-related amortization of intangibles.
-
EBITDA was $15.2 million for the twelve months ended April 30, 2015
compared to $17.1 million for the twelve months ended April 30, 2014.
-
Adjusted EBITDA was $16.7 million for the twelve months ended April
30, 2015 compared to $18.6 million for the twelve months ended April
30, 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 Annual Contract Value (ACV), EBITDA, adjusted
EBITDA, adjusted net earnings and adjusted net earnings per share in the
summary financial information provided with this press release as
supplemental information relating to its operating results. This
financial information is not in accordance with, or an alternative for,
GAAP-compliant financial information and may be different from non-GAAP
net earnings and non-GAAP per share measures used by other companies.
The Company believes that this presentation of Annual Contract Value
(ACV), EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net
earnings per share provides useful information to investors regarding
certain additional financial and business trends relating to its
financial condition and results of operations. The Annual Contract Value
(ACV) is a forward-looking operating measure used by management to
better understand cloud services (SaaS) revenue growth trends within the
Company's business as it reflects the Company's current estimate of
revenue to be generated under the existing client contracts in the
forward 12-month period.
The overall financial condition of the Company remains strong, with cash
and investments of approximately $75.4 million as of April 30, 2015.
During the fourth quarter and fiscal 2015, the Company paid
approximately $2.8 million and $11.3 million in dividends, respectively.
On May 13, 2015, we announced that our Board of Directors declared a
quarterly dividend of $0.10 per share payable to the Class A and Class B
Common Shareholders of record at the close of business on August 7,
2015. The dividend will be paid on or about August 21, 2015.
"Fiscal year 2015 has been a pivotal year for the Company as we
transition from a perpetual license model and offer our customers the
flexibility to choose the deployment method that best suits their
current business needs while selecting a solution platform for the long
term. With more customers leveraging cloud services and
software-as-a-service (SaaS) offerings, we are transitioning revenue
recognition to span the contract term compared to recording license fees
during the period of contract execution," said Mike Edenfield, president
and CEO of American Software. "Two metrics that reflect this transition
are the Company's increase of approximately 226% in Cloud Services
Annual Contract Value (ACV) along with a 118% increase in deferred
ratable license fee revenue for the quarter."
"Research studies show a growing shortage of supply chain talent
combined with increasing complexity across global supply chain
operations. We believe, these business drivers are fueling growth in our
cloud services revenue as we help customers harness the powerful
optimization capabilities our solutions provide to efficiently manage
their businesses today and quickly adapt to changing market needs for
tomorrow," continued Edenfield. "Additionally, our portfolio of
industry-leading software solutions, cloud services and flexible
implementation options complement any IT strategy and remove IT
obstacles to enable customers to prioritize supply chain investments
that will drive their businesses forward."
Additional highlights for the fourth quarter of fiscal 2015 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the fourth quarter include: GHD (Good Hair Day), Griffith Laboratories
Worldwide, Leupold & Stevens, Pfizer Consumer Healthcare South Africa,
Premier Farnell, Southern Mills, The Central Bottling Company Group,
Town & Country Linen Corporation, Viva Energy Australia, and
Weber-Stephens.
-
During the quarter, software license agreements were signed with
customers located in the following 10 countries: Australia, Canada,
Finland, Germany, Israel, Mexico, South Africa, Sweden, the United
Kingdom, and the United States.
-
Logility Inc., a wholly-owned subsidiary of the Company, announced
Sandvik Mining and Construction has realized significant benefits with
Logility Voyager Solutions™ including a 300 percent increase in
forecast accuracy. Sandvik has turned to Logility to help optimize its
distribution network and support the company's objectives to deliver
unsurpassed customer service and improve lead times.
-
During the quarter, Logility announced Celeste Aarons-Jenkins, vice
president of Demand Planning at Tiffany & Co. was selected as a Supply
& Demand Chain Executive 2015 Pros to Know and named one of
four 2015 Pro of the Year finalists. Ms. Aarons-Jenkins was selected
from more than 350 nominations and recognized for leading Tiffany &
Co.'s initiative to improve forecast accuracy, increase SKU
productivity, and maximize sales through improved product availability
and service levels.
-
Red Wing Shoe Company, a Logility customer, received the Manufacturing
Executive 2015 Manufacturing Leadership 100 Award. Red Wing Shoe
Company was recognized for its outstanding achievements in the Supply
Chain Leadership category. Winners in this category have undertaken
efforts to revamp and optimize their supply chain and related
processes, with a focus on accelerating new product introductions and
delivering maximum value to customers.
-
Two Logility customers led educational sessions at the SCOPE Spring
Conference. In "McCormick's Fresh Approach to VMI", McCormick
shared how the company leverages supply chain industry best-practices
to drive customer satisfaction and better align its demand plan,
sales, promotional activity, new product introductions, inventory
goals, and inventory velocity at the store level. Stanley Black &
Decker's session, "Exploring the Inventory Optimization Journey,"
included key highlights such as the evolution of multi-echelon
inventory optimization (MEIO) within the company, and the benefits
achieved including better inventory alignment with market demand,
reduced finished goods inventory and decreased projected on-hand
inventory for raw materials and components all while maintaining
service levels.
-
NGC Software, a wholly-owned subsidiary of the Company, announced
International Uniforms, Inc. has selected NGC's software-as-a-service
(SaaS) fashion ERP solution, NGC ERP XPress. NGC ERP XPress will
provide International Uniforms the functions of a fully featured
fashion ERP system with all the ease and convenience of a SaaS
solution.
-
NGC Software announced that insulated product manufacturer California
Innovations chose NGC's Global Enterprise Suite. With NGC's solutions,
California Innovation will be able to continue to design and produce
market-leading products that meet the highest standards of quality and
excellence.
-
During the quarter, NGC Software announced Dynasty Apparel, a
manufacturer of licensed fashion apparel for some of the world's most
iconic brands, selected NGC's fashion ERP system to manage its growing
apparel manufacturing business. NGC's software will help Dynasty
Apparel streamline its workflows, reduce costs and improve
profitability, increase inventory turns, and continue to deliver a
high level of customer service.
-
NGC Software announced PEDS® Legwear, one of the world's leading and
fastest-growing suppliers of hosiery and socks, is implementing NGC's
fashion PLM platform. NGC's fashion PLM platform will bring new
efficiency and productivity as PEDS Legwear continues to grow.
Company & Technology
-
During the quarter, the Company was named by Forbes Magazine as one of
the 100 Most Trustworthy Companies in America. The list is based on a
screening of more than 5,500 publicly traded companies.
-
Logility announced during the quarter that it was issued Patent No. US
8,768,790 B2 entitled "Product-Family Inventory Replenishment System
Using a Composite Product Mix Framework" by the United States Patent
and Trademark Office. With this patent, Logility Voyager Solutions is
unique in its ability to develop composite curves that integrate
demand, customer orders and inventory.
-
Logility was voted the Customer Satisfaction Leader in supply chain
planning by the readers of industry publication Consumer Goods
Technology and named a Consumer Goods Readers' Choice for supply
chain planning and supply chain execution for the 15th
consecutive year. The honor is based on a survey of consumer goods
executives at the end of 2014 in which they identify and rank their
satisfaction with the solutions and services they utilize.
-
According to research conducted by Consumer Goods Technology and
Logility, inventory optimization is a top priority for nearly 85
percent of consumer goods companies. The research findings also show
69 percent of companies rely on static spreadsheets or their ERP / APS
systems to manage inventory optimization initiatives; highlighting a
significant opportunity for companies to improve their inventory
investments with Logility Voyager Solutions.
-
During the quarter, Mike Edenfield, president and CEO, Logility; Bill
Harrison, president, Demand Management Inc., a wholly-owned subsidiary
of Logility; and Mark Burstein, president of sales, marketing and R&D,
New Generation Computing, were all named by Supply & Demand Chain
Executive magazine as 2015 Provider Pros to Know. The 2015
Provider Pros to Know award recognizes individuals from software firms
and service providers, consultancies or academia, who have helped
their supply chain clients or the supply chain community at large
prepare to meet the significant challenges of today's business
environment.
-
Logility was named one of Atlanta's Top Workplaces for the fourth
year. The award is based on an Atlanta Journal-Constitution survey
completed by employees of Atlanta area organizations.
-
During the quarter, NGC Software held its 2015 Panorama User
Conference in Ft. Lauderdale, FL May 18 - 21, 2015. The conference
featured keynote presentations from Paula Rosenblum, managing partner
of Retail Systems Research, Dr. Martin A. Regalia, senior VP and chief
economist for the U.S. Chamber of Commerce, and Jerry Inman, Chief
Marketing Officer and Paula Levy, Chief Strategy Officer for Demand
Worldwide.
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, named one of the 100 Most Trustworthy Companies in America by
Forbes Magazine, please visit www.amsoftware.com,
call (800) 726-2946 or email:[email protected].
Forward-Looking Statements
This press release contains forward-looking statements that are subject
to substantial risks and uncertainties. There are a number of factors
that could cause actual results to differ materially from those
anticipated by statements made herein. These factors include, but are
not limited to, changes in general economic conditions, technology and
the market for the Company's products and services, including economic
conditions within the e-commerce markets; the timely availability and
market acceptance of these products and services; the Company's ability
to satisfy in a timely manner all SEC required filings and the
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the
rules and regulations adopted under that Section; the challenges and
risks associated with integration of acquired product lines and
companies; the effect of competitive products and pricing; the
uncertainty of the viability and effectiveness of strategic alliances;
and the irregular pattern of the Company's revenues. For further
information about risks the Company could experience as well as other
information, please refer to the Company's current Form 10-K and other
reports and documents subsequently filed with the Securities and
Exchange Commission. For more information, contact: Vincent C. Klinges,
Chief Financial Officer, American Software, Inc., (404) 264-5477 or fax:
(404) 237-8868.
Logility is a registered trademark and Logility Voyager Solutions is
a trademark of Logility, Inc.; Demand Solutions is a registered
trademark of Demand Management, Inc.; and NGC and New Generation
Computing are registered trademarks of New Generation Computing, Inc.
Other products mentioned in this document are registered, trademarked or
service marked by their respective owners.
AMERICAN SOFTWARE, INC.
|
Consolidated Statements of Operations Information
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
|
|
April 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
Pct Chg.
|
|
|
2015
|
|
2014
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
$
|
5,030
|
|
|
$
|
5,599
|
|
|
(10
|
%)
|
|
|
$
|
16,748
|
|
|
$
|
20,011
|
|
|
(16
|
%)
|
|
Services & other
|
|
|
12,767
|
|
|
|
11,320
|
|
|
13
|
%
|
|
|
|
47,215
|
|
|
|
44,377
|
|
|
6
|
%
|
|
Maintenance
|
|
|
9,803
|
|
|
|
9,006
|
|
|
9
|
%
|
|
|
|
38,910
|
|
|
|
36,213
|
|
|
7
|
%
|
|
|
Total Revenues
|
|
|
27,600
|
|
|
|
25,925
|
|
|
6
|
%
|
|
|
|
102,873
|
|
|
|
100,601
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
2,187
|
|
|
|
921
|
|
|
137
|
%
|
|
|
|
7,675
|
|
|
|
4,043
|
|
|
90
|
%
|
|
Services & other
|
|
|
9,074
|
|
|
|
7,729
|
|
|
17
|
%
|
|
|
|
34,204
|
|
|
|
31,645
|
|
|
8
|
%
|
|
Maintenance
|
|
|
2,215
|
|
|
|
2,033
|
|
|
9
|
%
|
|
|
|
8,580
|
|
|
|
8,027
|
|
|
7
|
%
|
|
|
Total Cost of Revenues
|
|
|
13,476
|
|
|
|
10,683
|
|
|
26
|
%
|
|
|
|
50,459
|
|
|
|
43,715
|
|
|
15
|
%
|
Gross Margin
|
|
|
14,124
|
|
|
|
15,242
|
|
|
(7
|
%)
|
|
|
|
52,414
|
|
|
|
56,886
|
|
|
(8
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
3,501
|
|
|
|
3,179
|
|
|
10
|
%
|
|
|
|
13,835
|
|
|
|
12,024
|
|
|
15
|
%
|
|
Less: capitalized development
|
|
|
(1,022
|
)
|
|
|
(547
|
)
|
|
87
|
%
|
|
|
|
(2,747
|
)
|
|
|
(2,950
|
)
|
|
(7
|
%)
|
|
Sales and marketing
|
|
|
4,909
|
|
|
|
5,970
|
|
|
(18
|
%)
|
|
|
|
18,667
|
|
|
|
20,414
|
|
|
(9
|
%)
|
|
General and administrative
|
|
|
3,216
|
|
|
|
3,351
|
|
|
(4
|
%)
|
|
|
|
12,745
|
|
|
|
12,457
|
|
|
2
|
%
|
|
Provision (Recovery) for doubtful accounts
|
|
|
-
|
|
|
|
(19
|
)
|
|
nm
|
|
|
|
178
|
|
|
|
(56
|
)
|
|
nm
|
|
Amortization of acquisition-related intangibles
|
|
|
95
|
|
|
|
97
|
|
|
(2
|
%)
|
|
|
|
394
|
|
|
|
472
|
|
|
(17
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
10,699
|
|
|
|
12,031
|
|
|
(11
|
%)
|
|
|
|
43,072
|
|
|
|
42,361
|
|
|
2
|
%
|
Operating Earnings
|
|
|
3,425
|
|
|
|
3,211
|
|
|
7
|
%
|
|
|
|
9,342
|
|
|
|
14,525
|
|
|
(36
|
%)
|
|
Interest Income & Other, Net
|
|
|
344
|
|
|
|
713
|
|
|
(52
|
%)
|
|
|
|
1,059
|
|
|
|
1,372
|
|
|
(23
|
%)
|
Earnings Before Income Taxes
|
|
|
3,769
|
|
|
|
3,924
|
|
|
(4
|
%)
|
|
|
|
10,401
|
|
|
|
15,897
|
|
|
(35
|
%)
|
Income Tax Expense
|
|
|
1,191
|
|
|
|
1,356
|
|
|
(12
|
%)
|
|
|
|
2,273
|
|
|
|
5,566
|
|
|
(59
|
%)
|
Net Earnings
|
|
$
|
2,578
|
|
|
$
|
2,568
|
|
|
0
|
%
|
|
|
$
|
8,128
|
|
|
$
|
10,331
|
|
|
(21
|
%)
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
0
|
%
|
|
|
$
|
0.29
|
|
|
$
|
0.37
|
|
|
(22
|
%)
|
|
Diluted
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
0
|
%
|
|
|
$
|
0.28
|
|
|
$
|
0.37
|
|
|
(24
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
28,395
|
|
|
|
28,059
|
|
|
|
|
|
|
|
28,283
|
|
|
|
27,636
|
|
|
|
|
|
|
Diluted
|
|
|
28,746
|
|
|
|
28,515
|
|
|
|
|
|
|
|
28,614
|
|
|
|
28,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm- not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
NON-GAAP MEASURES OF PERFORMANCE
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
|
|
April 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
Pct Chg.
|
|
|
2015
|
|
2014
|
|
Pct Chg.
|
NON-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
2,578
|
|
|
$
|
2,568
|
|
|
0
|
%
|
|
|
$
|
8,128
|
|
|
$
|
10,331
|
|
|
(21
|
%)
|
|
Income tax expense
|
|
|
|
1,191
|
|
|
|
1,356
|
|
|
(12
|
%)
|
|
|
|
2,273
|
|
|
|
5,566
|
|
|
(59
|
%)
|
|
Interest Income & Other, Net
|
|
|
|
(344
|
)
|
|
|
(713
|
)
|
|
(52
|
%)
|
|
|
|
(1,059
|
)
|
|
|
(1,372
|
)
|
|
(23
|
%)
|
|
Amortization of intangibles
|
|
|
|
1,222
|
|
|
|
439
|
|
|
178
|
%
|
|
|
|
4,641
|
|
|
|
1,548
|
|
|
200
|
%
|
|
Depreciation
|
|
|
|
300
|
|
|
|
268
|
|
|
12
|
%
|
|
|
|
1,193
|
|
|
|
1,056
|
|
|
13
|
%
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
4,947
|
|
|
|
3,918
|
|
|
26
|
%
|
|
|
|
15,176
|
|
|
|
17,129
|
|
|
(11
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
351
|
|
|
|
428
|
|
|
(18
|
%)
|
|
|
|
1,530
|
|
|
|
1,509
|
|
|
1
|
%
|
Adjusted EBITDA
|
|
|
$
|
5,298
|
|
|
$
|
4,346
|
|
|
22
|
%
|
|
|
$
|
16,706
|
|
|
$
|
18,638
|
|
|
(10
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as a percentage of revenues
|
|
|
|
18
|
%
|
|
|
15
|
%
|
|
|
|
|
|
|
15
|
%
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA, as a percentage of revenues
|
|
|
|
19
|
%
|
|
|
17
|
%
|
|
|
|
|
|
|
16
|
%
|
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
|
|
April 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
Pct Chg.
|
|
|
2015
|
|
2014
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
2,578
|
|
|
$
|
2,568
|
|
|
0
|
%
|
|
|
$
|
8,128
|
|
|
$
|
10,331
|
|
|
(21
|
%)
|
|
Discrete Tax Adjustments
|
|
|
|
-
|
|
|
|
-
|
|
|
nm
|
|
|
|
(1,217
|
)
|
|
|
-
|
|
|
nm
|
|
Amortization of acquisition-related intangibles (2)
|
|
|
|
65
|
|
|
|
64
|
|
|
2
|
%
|
|
|
|
264
|
|
|
|
307
|
|
|
(14
|
%)
|
|
Stock-based compensation (2)
|
|
|
|
239
|
|
|
|
280
|
|
|
(15
|
%)
|
|
|
|
1,025
|
|
|
|
981
|
|
|
4
|
%
|
Adjusted Net Earnings
|
|
|
$
|
2,882
|
|
|
$
|
2,912
|
|
|
(1
|
%)
|
|
|
$
|
8,200
|
|
|
$
|
11,619
|
|
|
(29
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
0
|
%
|
|
|
$
|
0.29
|
|
|
$
|
0.41
|
|
|
(29
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.09 and $0.29 for the three and twelve months ended
April 30, 2015, respectively. Diluted per share for Class B shares
under the two-class method are $0.09 and $0.37 for the three and
twelve months ended April 30, 2014, respectively.
|
|
|
(2) - Tax affected using the effective tax rate (without discrete
tax items) for the three and twelve months period ended April 30,
2015 and 2014.
|
|
|
|
nm- not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Consolidated Balance Sheet Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
April 30,
|
|
|
|
|
April 30,
|
|
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
|
$
|
44,655
|
|
|
|
|
$
|
55,803
|
Short-term Investments
|
|
|
|
|
17,584
|
|
|
|
|
|
14,796
|
Accounts Receivable:
|
|
|
|
|
|
|
|
|
|
|
Billed
|
|
|
|
|
16,018
|
|
|
|
|
|
15,422
|
|
Unbilled
|
|
|
|
|
3,585
|
|
|
|
|
|
3,234
|
Total Accounts Receivable, net
|
|
|
|
|
19,603
|
|
|
|
|
|
18,656
|
Prepaids & Other
|
|
|
|
|
3,748
|
|
|
|
|
|
2,953
|
Income Tax Receivable
|
|
|
|
|
-
|
|
|
|
|
|
1,139
|
Current Assets
|
|
|
|
|
85,590
|
|
|
|
|
|
93,347
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
|
|
13,156
|
|
|
|
|
|
8,975
|
|
|
|
|
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
|
|
3,548
|
|
|
|
|
|
3,681
|
Capitalized Software, net
|
|
|
|
|
9,815
|
|
|
|
|
|
10,732
|
Goodwill
|
|
|
|
|
18,749
|
|
|
|
|
|
13,819
|
Other Intangibles, net
|
|
|
|
|
2,748
|
|
|
|
|
|
534
|
Other Non-current Assets
|
|
|
|
|
660
|
|
|
|
|
|
132
|
Total Assets
|
|
|
|
$
|
134,266
|
|
|
|
|
$
|
131,220
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
|
$
|
920
|
|
|
|
|
$
|
1,382
|
Accrued Compensation and Related costs
|
|
|
|
|
3,048
|
|
|
|
|
|
3,532
|
Dividend Payable
|
|
|
|
|
2,861
|
|
|
|
|
|
2,822
|
Other Current Liabilities
|
|
|
|
|
3,274
|
|
|
|
|
|
2,735
|
Deferred Tax Liability - Current
|
|
|
|
|
636
|
|
|
|
|
|
418
|
Deferred Revenues - Current
|
|
|
|
|
28,511
|
|
|
|
|
|
23,638
|
Current Liabilities
|
|
|
|
|
39,250
|
|
|
|
|
|
34,527
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Revenues - Non-current
|
|
|
|
|
290
|
|
|
|
|
|
670
|
Deferred Tax Liability - Non-current
|
|
|
|
|
995
|
|
|
|
|
|
1,936
|
Other Long-term Liabilities
|
|
|
|
|
805
|
|
|
|
|
|
1,527
|
Long-term Liabilities
|
|
|
|
|
2,090
|
|
|
|
|
|
4,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
|
|
41,340
|
|
|
|
|
|
38,660
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
92,926
|
|
|
|
|
|
92,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
|
|
$
|
134,266
|
|
|
|
|
$
|
131,220
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Condensed Consolidated Cashflow Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
10,024
|
|
|
$
|
18,311
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized computer software development costs
|
|
|
|
(2,747
|
)
|
|
|
(2,949
|
)
|
|
|
Purchases of property and equipment, net of disposals
|
|
|
|
(1,028
|
)
|
|
|
(255
|
)
|
|
|
Proceeds from maturities of investments
|
|
|
|
-
|
|
|
|
225
|
|
|
|
Purchase of business, net of cash acquired
|
|
|
|
(7,909
|
)
|
|
|
(1,241
|
)
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(11,684
|
)
|
|
|
(4,220
|
)
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
|
(11,297
|
)
|
|
|
(5,539
|
)
|
|
|
Repurchase of common stock
|
|
|
|
(1,100
|
)
|
|
|
-
|
|
|
|
Payment for accrued acquisition consideration
|
|
|
|
(200
|
)
|
|
|
-
|
|
|
|
Excess tax benefits from stock based compensation
|
|
|
|
384
|
|
|
|
611
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
2,725
|
|
|
|
5,476
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities
|
|
|
|
(9,488
|
)
|
|
|
548
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
(11,148
|
)
|
|
|
14,639
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
55,803
|
|
|
|
41,164
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
44,655
|
|
|
$
|
55,803
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150624006395/en/
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