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Asure Software Reports Second Quarter Results

Stocks in this article: ASUR

  • Q2 EBITDA of $838,000, excluding one-time items; vs. guidance range of $740,000 to $840,000  
  • Q2 Revenue of $4.2 million vs. guidance range of $4.10 to $4.20 million  
  • Q2 Earnings of $0.03 per share, excluding one-time items

AUSTIN, Texas, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq:ASUR), a leading provider of workplace management software, announced results for the second quarter ended June 30 th, 2012.

Second quarter results, excluding one-time items, included earnings of $0.03 per share and EBITDA of $838,000. One-time acquisition-related legal and professional services, site consolidation and other one-time expenses related to Asure's acquisitions of PeopleCube, ADI Time and Legiant amounted to $487,000, or ($0.10) per share.

Asure recently split the company's common stock on a 3-for-2 basis, in the form of a 50% stock dividend.  This split went into effect on May 1, 2012.

KEY FACTS FOR Q2:

Second quarter revenue was $4.2M, a 0.5% increase over the prior quarter, and a 73% increase over the second quarter of 2011. The year over year increase was largely driven by the full quarter effect of the acquisitions of ADI Time and Legiant, which occurred in the fourth quarter of 2011. Asure's recurring revenue as a percentage of overall revenue remained strong at 76%.  Gross margins improved sequentially by one point, to 76%.  Total bookings increased 8% sequentially, while cloud bookings were down 30% sequentially, largely due to successful seasonal promotions for our AsureForce offerings in the first quarter.

"The second quarter of 2012 recognized continued strong growth in organic cloud bookings," commented Pat Goepel, Asure Software's Chief Executive Officer. "The increase of 10% year over year with first year contract comparisons confirms the results of our strategy, as well as the acceptance of our products in the market. We expect this trend to continue as we execute organic and inorganic growth in the workplace management space."

David Scoglio, Asure's Chief Financial Officer added, "Asure posted a strong second quarter financially as EBITDA and revenue were at the upper end of published guidance.  Free cash flow for the quarter, at $223K, fell below earlier guidance due to effects of the acquisition of PeopleCube, lower bookings and slightly higher capital expenditures."  See tables below for details around Asure's financial results and guidance.            

2012 / 2013 Guidance      
$000s      
       
  Q3 '12 Q4 '12 FY '13
Revenue 6,900-7,100 7,800-8,100 31,000
EBITDA Gain, excl. 1-time items 1,100-1,300 1,900-2,200 9,000
Free Cash Flow     7,000

Conference Call Details

Asure Software will follow this announcement with a conference call for the investment community on Tuesday August 14, at 11:00 a.m. EDT, (10:00 a.m. CDT) to further discuss the quarter and outlook.  Participating in the call will be Pat Goepel, Chief Executive Officer and David Scoglio, Chief Financial Officer.  To participate, dial (877) 853-5636 ten minutes before the call begins. International callers should dial (631) 291-4544.  The conference ID for all callers is 15153489.

Investors, analysts, media and the general public will also have the opportunity to listen to the conference call in listen-only mode via the Internet by visiting the investor relations page of Asure's web site at www.asuresoftware.com. To monitor the live call, please visit the web site at least ten minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an archived replay will be available shortly after the call at http://investor.asuresoftware.com/

About Asure Software

Asure Software, Inc. (Nasdaq:ASUR), is headquartered in Austin, Texas. Asure Software's intuitive and innovative technologies enable companies of all sizes and complexities to operate more efficiently. Simply put, we turbocharge your workplace by stimulating your workforce and maximizing your company's resources while eliminating waste out of employee's workflow.

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