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Asure Software Reports 2013 First Quarter Financial Results Exceeding Expectations

Stocks in this article: ASUR

  • First quarter EBITDA*, excluding one-times*, was $727,000 vs. guidance range of $400,000 to $600,000
  • First quarter revenue of $6.0 million vs. guidance range of $5.7 to $6.0 million
  • First quarter net loss per share, excluding one-times* was $(0.15)

AUSTIN, Texas, May 15, 2013 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq:ASUR), a leading provider of workplace management software, announced results for the first quarter ended March 31, 2013.

Q1 Strategic Highlights

  • Expanded the AsureSpace solution with long-time global customer Proctor & Gamble; the client purchased additional Resource Scheduler software licenses for their global offices that do not currently use the AsureSpace solution. This sale, in addition to recent contract expansions with clients such as Merck (for professional services and videoconferencing integration), demonstrates success with Asure's "Land & Expand" strategy to increase customer profitability and retention with innovative, trusted solutions. Within the AsureForce product line, success with SaaS-based sales in the mid-market continues with the addition of Health Concepts, Hiscox, Inc., and Multiquip, Inc. to the AsureForce customer family.  
  • Launched new version of the Web site, www.asuresoftware.com to better support Asure Software's growth objectives. The new site improves the user experience and demonstrates a more elevated thought leadership position in the workplace management industry. It also features social media integration, a company blog, integrated access to customer tools and resources, and a much deeper level of industry and product-related information for the AsureForce TLM offerings and AsureSpace workplace management solutions.  
  • Deployed an integrated enterprise-wide Client Service Portal, which allows complete integration of customers from prior acquisitions, better client access to information, and the ability to cross-sell multiple offerings based on a client's objectives. The portal will help improve client retention and satisfaction through better access to information and resources.

Q1 Results

  • Revenue for the quarter was $6.0 million compared to $5.9 million in the previous quarter and $4.2 million in the first quarter 2012.  
  • Non-GAAP revenue* for the quarter was $6.2 million compared to $6.3 million in the previous quarter and $4.2 in the first quarter 2012.  
  • Gross margin for the quarter was $4.2 compared to $4.3 in the previous quarter and $3.1 in the same quarter 2012.  
  • EBITDA* excluding one-time items* for the quarter was approximately $727,000 compared to $948,000 in the previous quarter and $777,000 in the first quarter of 2012. One-time items* in the quarter were approximately $320,000 up from $175,000 in the previous quarter and down from $509,000 in the first quarter of 2012, and were related to legal and professional fees, site consolidation related to the acquisition of Meeting Maker and other one-time expenses*.   
  • Recurring revenue remained steady at 79% as compared to the previous quarter and increased from 74% over the first quarter of 2012.   
  • Cloud (SaaS-based) revenue for the quarter increased to $3.1 million up 1.41% over the previous quarter and up $75,000, or 3.48% over the first quarter of 2012, excluding PeopleCube.  
  • Cloud (SaaS-based) bookings for the quarter decreased slightly by 4% from the previous quarter and increased by 16% from the first quarter of 2012, excluding PeopleCube.

Management Commentary

Pat Goepel, Chief Executive Officer of Asure Software commented, "We are pleased with our performance in the first quarter. The initiatives we kicked off in prior quarters are gaining momentum and are now showing in the financial results. We completed our hosting cost synergies and are now on track to save $1.2 million annually. The transition to a SaaS-based recurring revenue model is continuing to take hold and now represents 51% of all revenue in the quarter. Our "Land & Expand" sales strategy is being executed and can be seen in several strategic add-on purchases by key customers, including Proctor & Gamble and Merck. We look forward to seeing these strategies drive increased revenue and EBITDA in the quarters to come."  

Jennifer Crow, Asure's Chief Financial Officer added, "Our continued cost discipline enabled us to achieve guidance while on boarding the strategic additions to our direct sales team. We are on track to deliver on our 2013 goals and  achieve EBITDA positive growth over the long term."

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

Company Outlook    
  Q2 13 FY 13
Revenue    $6,200 - $6,500 $25,000 - $27,000
EBITDA, excluding one-time items $900 - $1,100 $6,000

Conference Call Details

Asure will follow this announcement with a conference call for the investment community on Wednesday, May 15, 2013 at 11:00 a.m. ET, (10:00 a.m. CT) 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 48238837.

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: AsureSpaceā„¢ 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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