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Asure Software Reports 2012 Fourth Quarter And Fiscal Year Financial Results

Stocks in this article: ASUR

  • 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® GeoPunchâ„¢ 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.

Management Commentary

Pat Goepel, Chief Executive Officer of Asure Software commented, "Fiscal year 2012 was a strong year financially and strategically, resulting in $20.0 million in revenue and improved strategic positioning. We completed the acquisition of PeopleCube, as well as two smaller acquisitions of technology and customers, shifted more of our business to SaaS as recurring revenue and upgraded our products via strong development efforts throughout the year. This quarter we increased the number of sales people in our direct sales channel reflecting our focus on growth going forward. Revenue was up over the previous quarter and we exited the year with $2.4 million in cash. " Mr. Goepel also commented, "We met our revenue guidance and came just short of our EBITDA guidance as we absorbed the cost of more new sales hires and continued our shift to SaaS-based recurring revenue which represented 50% of all revenue in 2012."  

Jennifer Crow, Asure's Chief Financial Officer added, "We recently amended our credit facility with our primary lender, Deerpath Funding, LP. This amendment provides for less stringent covenant requirements, given our investments toward growth, and an expanded conditional credit commitment to $10 million to fund permitted acquisitions. We are excited about our continued relationship with Deerpath and look forward to working with them to execute our continued growth strategy through targeted acquisitions. We are maintaining our 2013 revenue guidance range but due to the aforementioned increased investment in our direct sales channel and our spending for growth, we have revised our 2013 EBITDA guidance, excluding one-times*, to be at the low end of the previously communicated range."

Please see below for details around Asure's financial results.

Company Outlook    
   Q1 13   FY 13
Revenue  $5,700 - $6,000 $25,000 - $27,000
EBITDA, excluding one-time items $400 - $600 $6,000
     

Conference Call Details

Asure will follow this announcement with a conference call for the investment community on Monday, April 1, 2013 at 4:15 p.m. EDT, (3:15 p.m. CDT) to further discuss the quarter and outlook. Participating in the call will be Pat Goepel, Chief Executive Officer and Jennifer Crow, 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 15202606.

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) headquartered in Austin, Texas, offers cloud-based time and labor management and workspace management solutions that enable businesses to control their biggest costs -- labor, real estate and technology  -- and prepare for the workforce of the future in a highly mobile, geographically disparate and technically wired work environment. Asure serves approximately 6,000 clients worldwide and currently offers two main product lines: AsureSpaceâ„¢ workplace management solutions enable organizations to maximize the ROI of their real estate, and AsureForce ® time and labor management solutions deliver efficient management of human resource and payroll processes.  For more information, please visit  www.asuresoftware.com

The Asure Software, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11986

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