- Fourth quarter EBITDA*, excluding one-times*, was $948,000 vs. guidance range of $1.0 to 1.3 million
- Fourth quarter revenue of $5.9 million vs. guidance range of $5.8 to $6.2 million
- Fourth quarter net loss per share, excluding one-times* was $(0.09)
AUSTIN, Texas, April 1, 2013 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq:ASUR), a leading provider of workplace management software, announced results for the fourth quarter ended December 31, 2012.
Q4 Strategic Highlights
- Signed exclusive agreement with FotoPunch to sell the first-ever time & labor management mobile facial recognition solution as part of a fully integrated TLM offering. AsureForce® GeoPunch™ is a highly differentiated offering that allows Asure to bring innovative technology solutions that are ideally suited for today's mobile workforces.
- Filed a shelf registration statement which will allow Asure Software to offer and sell, in one or more offerings, common stock, preferred stock, debt securities, warrants, units or any combination thereof with a maximum aggregate offering price of $30 million. While Asure Software has no immediate plans to resell shares, the S-3 filing is a routine administrative matter that enables the business's future growth strategy. The filing also positions Asure to have the flexibility needed to take advantage of future acquisition opportunities and to meet the interests of large investors who may be looking to make investments.
- Increased our conditional commitment debt facility from $5 million to $10 million with our lending partner Deerpath Funding, LP. On March 29, 2013 we amended our loan agreement. This amended credit facility requires less stringent covenant requirements, and expanded credit commitment and increased flexibility for growth for targeted future acquisitions.
Q4 and Year-End Results
- Revenue for the quarter was $5.9 million compared to $5.7 million in the previous quarter and $3.7 million in the fourth quarter 2011. Revenue for the year ending December 31, 2012 was $20.0 million versus $10.9 million in 2011.
- Non-GAAP revenue* for the quarter was $6.3 million. Non-GAAP revenue for the year ending December 31, 2012 was $20.9 million.
- Gross margin for the quarter was $4.3 compared to $4.7 in the previous quarter and $2.7 in the same quarter 2011. Gross margin for the year ending December 31, 2012 was $15.4 million versus $8.7 million in 2011.
- EBITDA* excluding one-time items* for the quarter was $948,000 compared to $906,000 in the previous quarter. One-time items* in the quarter were $175,000 down from $739,000 in the previous quarter, and were related to legal and professional fees, site consolidation related to the acquisition of Meeting Maker and other one-time expenses*. EBITDA* excluding one-time items* for the year ended December 31, 2012 was $3.3 million vs. $1.8 million in 2011.
- Recurring revenue for the quarter was 79% of total revenue compared to 80% in the previous quarter. Recurring revenue for the year ending December 31, 2012 was 79% compared to 72% in 2011.
- Cloud SaaS-based revenue for the quarter increased to $3.0 million up 8% over the previous quarter. Cloud SaaS-based revenue for the year ending December 31, 2012 was $9.9 million compared to $6.0 million in 2011.
- Cloud SaaS-based bookings for the quarter increased by 2% from the previous quarter and by 36%, excluding PeopleCube, over 2011.
|Q1 13||FY 13|
|Revenue||$5,700 - $6,000||$25,000 - $27,000|
|EBITDA, excluding one-time items||$400 - $600||$6,000|
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