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American Software sales fall 10% in Q4FY'13
21
Jun '13
American Software, Inc. reported preliminary financial results for the fourth quarter of fiscal 2013 and the fiscal year ended April 30, 2013. The Company has delivered 49 consecutive quarters of profitability.

Key fourth quarter financial metrics:

Total revenues for the quarter ended April 30, 2013 were $25.2 million, a decrease of 10% over the comparable period last year.

Software license fee revenues for the quarter ended April 30, 2013 were $5.7 million, a decrease of 22% over the same period last year.

Services and other revenues for the quarter ended April 30, 2013 were $11.0 million compared to $12.3 million for the same period last year, a decrease of 11%.

Maintenance revenues for the quarter ended April 30, 2013 were $8.6 million compared to $8.4 million, an increase of 3% over the same period last year.

Operating earnings for the quarter ended April 30, 2013 were $3.5 million, a decrease of 23% compared to the same period last year.

GAAP net earnings for the quarter ended April 30, 2013 were $3.1 million or $0.11 per fully diluted share, a decrease of 12% over the same period last year.

Adjusted net earnings for the quarter ended April 30, 2013, which excludes stock-based compensation expense and amortization of acquisition-related intangibles, were $3.4 million or $0.12 per fully diluted share compared to $3.8 million or $0.14 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 was $4.9 million for the quarter ended April 30, 2013 compared to $6.0 million for the quarter ended April 30, 2012. 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 year 2013 financial metrics:

Total revenues for the twelve months ended April 30, 2013 were $100.5 million, a 2% decrease over the comparable period last year.

Software license fees for the twelve-month period were $21.2 million, a 24% decrease compared to the same period last year.

Services and other revenues were $45.3 million, a 7% increase compared to the same period last year.

Maintenance revenues were $34.0 million, a 5% increase over the comparable period last year.

For the twelve months ended April 30, 2013, the Company reported operating earnings of approximately $13.8 million, a 15% decrease over the same period last year.

GAAP net earnings were approximately $10.4 million or $0.38 per fully diluted share for the twelve months ended April 30, 2013, a 8% decrease compared to $11.3 million or $0.42 per fully diluted share for the same period last year.

Adjusted net earnings for the twelve months ended April 30, 2013, which excludes stock-based compensation expenses and acquisition-related amortization of intangibles, were $11.7 million or $0.42 per fully diluted share, compared to $12.5 million or $0.46 per fully diluted share for the same period last year, which also excluded stock-based compensation expenses and acquisition-related amortization of intangibles.

American Software

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