MILWAUKEE, Oct. 29, 2013 (GLOBE NEWSWIRE) -- ARI Network Services (OTCBB:ARIS), a leading provider of website, software, and data solutions that help dealers, distributors, and manufacturers Sell More Stuff! ™, reported financial results today for its fiscal fourth quarter and fiscal year ended July 31, 2013.
Highlights for the fiscal fourth quarter included:
- Revenues for the fourth quarter of fiscal year 2013 were $8.5 million, a 44.0% increase over the same period last year.
- Recurring revenues for the fourth quarter of fiscal year 2013 were $7.9 million, a 65.1% increase over the fourth quarter of fiscal year 2012. As a percentage of total revenues, recurring revenues in the fourth quarter were 93.6% in fiscal year 2013 versus 81.7% for the same period in fiscal year 2012.
- EBITDA, a non-GAAP measure, adjusted for non-cash charges, was $1.5 million in the fourth quarter, an increase of 36.4% over the same period last year.
Highlights for the fiscal year 2013 included:
- The Company reported record revenues of $30.1 million, a 33.8% increase over fiscal year 2012.
- Recurring revenues for the fiscal year 2013 were $27.0 million, a 44.3% increase over fiscal year 2012. As a percentage of total revenues, recurring revenues were 89.7% in fiscal year 2013 versus 83.2% in fiscal year 2012.
- EBITDA, a non-GAAP measure, adjusted for non-cash charges, was $3.5 million in fiscal year 2013, a decline of 19.5% from fiscal year 2012, which was related to costs associated with the two fiscal year 2013 acquisitions.
- On August 17, 2012, the Company acquired substantially all of the assets of Ready2Ride, Inc., the first-to-market and leading provider of aftermarket fitment data to the powersports industry. The Company leveraged this data in its February 2013 release of AccessorySmart™, a fitment driven parts lookup solution, which won a Nifty 50 Award at the powersports industry's largest trade show.
- On November 28, 2012, the Company acquired the assets of the retail division of 50 Below Sales & Marketing, Inc., a leading provider of eCommerce websites to the powersports, automotive tire and wheel and durable medical equipment industries. The 50 Below operation, which was purchased out of bankruptcy, is already generating positive cash flow.
- On March 13, 2013, the Company announced that it entered into agreements with various accredited investors in a private placement of 3.2 million shares ($4.8 million) of its common stock at a purchase price of $1.50 per share. The Company also issued warrants to purchase 1.1 million shares, all but 214,000 of which have been exercised to date. The funds raised in the private placement were used to pay down a substantial portion of the Company's outstanding debt.
- On April 25, 2013, the Company announced that it closed new senior secured credit facilities with Silicon Valley Bank. The facilities include a $4.5 million term loan and a $3.0 million revolving credit facility. The proceeds from the transaction were used to pay down the remaining portion of the Company's outstanding debt with Fifth Third Bank and with a shareholder.
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