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American Software achieves 35 consecutive quarters of profitability

08
Dec '09
American Software, Inc. reported financial results for the second quarter of fiscal year 2010, achieving 35 consecutive quarters of profitability.

The overall financial condition of the Company remains strong, with no debt and with cash and investments of approximately $56.4 million as of October 31, 2009. This is approximately a $14.7 million decrease when compared to April 30, 2009 and was primarily due to the payment of $12.8 million for the shares of Logility not owned by American Software plus other expenses associated with the Logility tender offer.

"The Company delivered its 35th consecutive quarter of profitability and increased net earnings by 188% over the same period last year," stated James C. Edenfield, president and CEO of American Software. "Despite the difficult global economy, we added 16 new customers and signed license agreements with customers in 9 countries during the quarter," said Edenfield. "The increased visibility, discipline and efficiency provided by our portfolio of application solutions enable manufacturing, wholesale and specialty retail enterprises the opportunity to significantly improve cash flow, reduce inventory, increase supply chain responsiveness and accelerate the sales and operations planning process," continued Edenfield. "As a result, our solutions drive value for our customers in both good and bad economies."

"Our sustained profitability has continued to allow the Company to provide a tangible benefit to our shareholders with a quarterly dividend as well as a share repurchase program," stated Edenfield. "On November 17, 2009 our Board of Directors authorized the Company's next quarterly dividend of $0.09 per common share, which is payable on March 5, 2010 to shareholders of record at the close of business on February 19, 2010. During the first half of the current fiscal year, the Company has distributed approximately $4.6 million in dividends to shareholders. "

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American Software Inc


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