MILWAUKEE, Dec. 16, 2013 (GLOBE NEWSWIRE) -- ARI Network Services (Nasdaq: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 2014 first quarter ended October 31, 2013.
Highlights for the fiscal first quarter included:
- Revenues for the first quarter of fiscal year 2014 were $8.2 million, a 37.3% increase over the same period last year.
- Recurring revenues for the first quarter of fiscal year 2014 were $7.7 million, a 57.7% increase over the first quarter of fiscal year 2013. As a percentage of total revenues, recurring revenues in the first quarter were 94.7% in fiscal year 2014 versus 82.5% for the same period in fiscal year 2013.
- Net income for the first quarter of fiscal year 2014 was $25,000 or $0.00 per share, compared to $113,000 or $0.01 per share for the first quarter of fiscal 2013.
- EBITDA, a non-GAAP measure, adjusted for non-cash charges, was $966,000 in the first quarter of fiscal year 2014, a decrease of 1.7% compared to the same period last year.
Fiscal Year 2014 First Quarter FinancialsARI reported revenues of $8.2 million for the first quarter of fiscal year 2014 versus $5.9 million for the first quarter of fiscal year 2013, an increase of 37.3%. Recurring revenue comprised 94.7% of total revenue for the first quarter of fiscal year 2014 versus 82.5% for the first quarter of fiscal year 2013. Overall gross margin for the first quarter of fiscal year 2014 was 80.9%, versus 76.3% last year. The gross margin improvement resulted from the Company's focus on higher margin, recurring revenue streams and its continued shift away from one-time revenue sources. Operating income was $167,000 for the first quarter of fiscal year 2014, compared to $303,000 for the same period last year. The decrease in operating income was primarily a result of expanding our sales and marketing resources and campaign expenditures.
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