This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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, 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 . 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

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

The Asure Software, Inc. logo is available at

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs