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American Software Q2 FY'14 sales up 3%
04
Dec '13
American Software, Inc. reported preliminary financial results for the second quarter of fiscal 2014. The Company has delivered 51 consecutive quarters of profitability.

“With the continued volatility in the global economy, businesses are looking to increase visibility, lower operating costs and respond quickly to dynamic market conditions”

Key second quarter financial metrics:

Total revenues for the quarter ended October 31, 2013 were $26.9 million, an increase of 3% over the comparable period last year. The Company booked an additional $3.0 million in revenues that will be recognized over an approximately three-year period.

Software license fee revenues for the quarter ended October 31, 2013 were $6.2 million, an increase of 13% over the same period last year. The Company booked an additional $1.1 million that will be recognized over an approximately three-year period.

Services and other revenues for the quarter ended October 31, 2013 were $11.7 million compared to $12.3 million for the same period last year, a decrease of 5%.

Maintenance revenues for the quarter ended October 31, 2013 were $9.1 million compared to $8.4 million, an increase of 7% over the same period last year.

Operating earnings for the quarter ended October 31, 2013 were $5.4 million, an increase of 27% compared to the same period last year.

GAAP net earnings for the quarter ended October 31, 2013 were $3.7 million or $0.13 per fully diluted share, an increase of 30% over the same period last year.

Adjusted net earnings for the quarter ended October 31, 2013, which excludes stock-based compensation expense and amortization of acquisition-related intangibles, were $4.0 million or $0.14 per fully diluted share compared to $3.1 million or $0.11 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 $6.2 million for the quarter ended October 31, 2013 compared to $5.7 million for the quarter ended October 31, 2012. 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 2014 year to date financial highlights:

Total revenues for the six months ended October 31, 2013 were $50.2 million, a 4% decrease over the comparable period last year. The Company booked an additional $3.2 million in revenues that will be recognized over an approximately three-year period.

Software license fees for the six-month period were $9.4 million, an 11% decrease compared to the same period last year. The Company booked an additional $1.1 million that will be recognized over an approximately three-year period.

Services and other revenues were $22.9 million, an 8% decrease compared to the same period last year.

Maintenance revenues were $17.9 million, a 7% increase over the comparable period last year.

For the six months ended October 31, 2013, the Company reported operating earnings of approximately $7.8 million, a 2% decrease over the same period last year.

Click here to read full results

American Software

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