MILWAUKEE, March 6, 2014 (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 second quarter ended January 31, 2014.
Highlights for the fiscal second quarter included:
- Recurring revenues for the second quarter of fiscal year 2014 were $7.7 million, a 17.1% increase over the second quarter of fiscal year 2013. As a percentage of total revenues, recurring revenues in the second quarter were 94.7% in fiscal year 2014 versus 87.9% for the same period in fiscal year 2013.
- Total revenues for the second quarter of fiscal year 2014 were $8.1 million, an 8.8% increase over the same period last year.
- EBITDA, a non-GAAP measure, adjusted for non-cash charges, was $258,000 in the second quarter of fiscal year 2014, an increase of 7.1% compared to the same period last year. Adjusting for the charge for termination benefits noted below, EBITDA would have been $492,000, an increase of 104% over the same period last year.
- As part of the company's ongoing integration of acquisitions, the firm reduced its headcount in the second quarter resulting in a $234,000 charge for termination benefits. It is anticipated that the reduction in headcount associated with the charge will result in $2.5 million in annualized savings.
Fiscal Year 2014 Second Quarter FinancialsARI reported revenues of $8.1 million for the second quarter of fiscal year 2014 versus $7.5 million for the second quarter of fiscal year 2013, an increase of 8.8%. Recurring revenue comprised 94.7% of total revenue for the second quarter of fiscal year 2014 versus 87.9% for the second quarter of fiscal year 2013. Overall gross margin for the second quarter of fiscal year 2014 was 79.3%, versus 77.0% last year. The gross margin improvement resulted primarily from the growth in the firm's recurring revenue which carries a higher gross profit.
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